Consoltex Retains Salomon Smith Barney to Maximize Shareholder Value.

MONTREAL--(BUSINESS WIRE)--Nov. 5, 1998--CONSOLTEX GROUP(ME:CTX.) (TSE:CTX.) CLAIRVEST GROUP(TSE:CVG.) CONSOLTEX GROUP INC., CLAIRVEST GROUP INC. and LES GANTIERS HOLDING B.V. announced today that Consoltex has retained Salomon Smith Barney as financial advisor to work with Consoltex to maximize shareholder value. Alternatives being explored by Salomon Smith Barney include a sale of Consoltex. The decision of the Board of Directors of Consoltex to pursue this course is based upon:

I. recent expressions of interest by potential third party purchasers;

II. the belief of the Board that the small size of the public float of Consoltex's shares has precluded the market from ascribing a proper valuation for Consoltex's shares; and

III. the commitment of Les Gantiers, Consoltex's controlling shareholder, and Clairvest, Consoltex's largest equity shareholder, following discussions over the past several months, to support a sale process.

Richard H. Willett, Chairman and Chief Executive Officer of Consoltex said: "Our businesses are fundamentally strong and we believe that all of our shareholders should be given an opportunity to realize the significant value that we believe is inherent in our Company".

Although Les Gantiers and Clairvest are supporting the shareholder value maximizing process, they have only agreed to support a transaction which results in what they consider to be a significant premium to the highest trading price of Consoltex's shares over the previous 52 week period. Accordingly, in light of the size of the shareholding of each of Les Gantiers and Clairvest in Consoltex, there can be no assurance that a transaction will be completed.

CONSOLTEX GROUP INC. is a North American textile company with activities divided between its Polypropylene and Apparel Operations. Consoltex is vertically integrated from the production of yarn, in the Polypropylene Operations, through to weaving, dyeing, printing, finishing and coating. Consoltex also conducts its own research and development and maintains its own sales, marketing and distribution network throughout North America, including major centres such as Montreal, Toronto, New York, Los Angeles and Mexico City. Consoltex operates 12 manufacturing plants, which together employ approximately 4,400 associates. Consoltex is listed on the Montreal and Toronto stock exchanges under the symbol CTX.

CLAIRVEST GROUP INC. is a Toronto-based merchant bank backed by leading entrepreneurs that invests in both established and emerging companies which have the potential to create above-average returns in their respective industries. It contributes financing and strategic support to accelerate the growth and development of its entrepreneur partners in order to create long-term value for shareholders. Clairvest is listed on the Toronto Stock Exchange under the symbol CVG.