DANSKIN ANNOUNCES PROGRESS WITH RECAPITALIZATION, OUTLINES NEW BRAND AWARENESS EFFORTS.NEW YORK--(BUSINESS WIRE)--Dec. 22, 1994--Danskin, Inc. (Nasdaq: DANS), announced today that it has made significant progress towards increasing the equity base of its capital structure to enhance future growth opportunities. As part of an agreement with its senior lender, First Union National Bank of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , which increased Danskin's term note facility by $6.1 million on November 8, 1994, the Company had agreed to seek an additional $10 million in equity by year-end 1994. First Union has extended the completion date of the capitalization by six months, to June 30, 1995. Howard Cooley, Danskin's Chief Executive Officer, noted, "Both First Union and our Board of Directors believe that new capital will ensure Danskin of achieving the levels of growth and profitability of which it is capable." Mr. Cooley continued, "While we have been in discussions with a number of parties, the logistics of getting a deal completed by the Christmas holidays were proving insurmountable. As our bankers felt comfortable with the progress of our discussions, they have significantly extended the completion date of this transaction. We believe that the longer time frame will allow us to choose our best equity option, one that will be most advantageous to our current shareholders and which will maintain their current and future equity value." Additionally, the Company announced new television sponsorship to further enhance the Danskin brand name. The Company will sponsor The Danskin Gold Gymnastics Spectacular featuring such noted Olympic gold Olympic Gold is the official video game of the XXV Olympic Summer Games, hosted by Barcelona, Spain in 1992. It was released for the Sega consoles, Mega Drive/Genesis and Master System, and Sega's handheld, Game Gear. medalists as Bart Conner Bart Wayne Conner (born March 28, 1958 in Chicago, Illinois) is a former American gymnast, who was a member of the gold medal-winning men's gymnastics team at the 1984 Summer Olympic Games; he also won an individual gold on the parallel bars. and Nadia Comaneci. The program will be aired Christmas Eve at 9:00 p.m.(eastern time) on ESPN ESPN Entertainment and Sports Programming Network , the sports-oriented cable channel, and will be re-broadcast at 4:00 p.m. (eastern time) on New Year's day New Year's Day, among ancient peoples the first day of the year frequently corresponded to the vernal or autumnal equinox, or to the summer or winter solstice. In the Middle Ages it was celebrated among Christians usually on Mar. 25. . "Sponsoring The Danskin Gold Gymnastics Spectacular is a new endeavor in our continuing program to enhance the Danskin brand-name, currently considered the best-recognized name in women's athletics," noted Mary Ann Domuracki, Danskin's President. "This represents a continuing part of our strategy to sponsor cost effective, high visibility events that appeal to our target customer, women who want high quality from their activewear." Danskin, Inc. markets and manufactures leading brands of women's activewear and dancewear dance·wear n. Clothing such as leotards and warmup suits that are worn for dance practice and exercising. under the Danskin, SHAPE, and Dance France trademarks and legwear under the Danskin, Anne Klein Anne Klein (August 3, 1923 - March 19, 1974) was an American fashion designer whose label was continued by designer Donna Karan after Anne Klein's death. Anne Klein was born as Hannah Golofski in New York City on August 3, 1923. , Christian Dior Noun 1. Christian Dior - French couturier whose first collection in 1947 created a style that became known as the New Look (1905-1957) Dior , Givenchy, and Round-the-Clock trademarks. Also, its Pennaco division is the largest manufacturer of private label hosiery sold in department stores and fine specialty stores. CONTACT: Danskin, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
Mary Ann Domuracki, 212/930-9139
Beverly Eichel, 212/930-9157
or
Morgen-Walke Associates, New York
Lynn Morgen/Howard Zar/Wendy Merson
Press: Stacy Berns
212/850-5600
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