Weave Corp In Process Of Reopening After Entering Receivership

Hackensack, N.J.-based Weave Corp. — a designer and weaver of decorative upholstery fabrics
including silk, indoor and outdoor fabrics, cotton and jacquard woven fabrics, among others — has
announced it will reopen this week, after ceasing production at its Denver, Pa., plant on October
27. Weave had defaulted on loans to its lender, Pittsburgh-based PNC Bank N.A., following
significant losses in 2009. Pittsburgh-based Meridian Financial Advisors Ltd. was named Federal
Receiver for Weave on November 10, assuming control of the company’s properties and assets.
According to Meridian President Margaret Good, the turnaround specialist is working with Weave to
restart production and service customers this week.

November 17, 2009