Concept III Announces Glenoit’s Return To American Ownership

Red Bank, N.J.-based Concept III Textiles International – a developer, producer and sourcer of
fabric-based finished products for outdoor and activewear markets – has announced that its supplier
Glenoit Fabrics (TT) Corp. Inc., Tarboro, N.C., has been sold by China-based Haixin Group Co. Ltd.
to Tarboro Textiles LLC.

Glenoit was founded more than 50 years ago as a producer of sliver knit pile fabrics.
Following bankruptcy reorganization in 2002, Haixin purchased Glenoit, and in the subsequent years,
Glenoit experienced a loss in market share and a reduction in output. In late 2005, Haixin
announced plans to close the Tarboro plant, intending to move its production to China and Canada.
To avert the closure, plant manager Jerry Howard and his staff, confident they could improve
personnel relations and efficiency and run the operation profitably, formed Tarboro Textiles,
taking over production and manufacturing Glenoit fabrics on a contract basis. By 2007, the
operation had returned to profitability.

After rethinking its strategies, Haixin entered into an agreement with Tarboro Textiles to
sell the Glenoit brand for making fabrics in the United States. Tarboro now is in total control of
Glenoit’s operations – which encompass the company’s production, customer interface and its
relationship with Concept III, as well as all profits and losses.

“Innovation and service – the two most important elements in [Concept III’s] business model
are now back in place at Glenoit,” said David Parkes, president, Concept III. “We couldn’t be
happier to have the ‘customer first’ attitude return and to, once again, be able to help develop
unique products with our customers that sell.”

April 21, 2009