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GOLDTEX AND TOMEN AMERICA ENTER INTO DEFINITIVE MERGER AGREEMENT

 GOLDSBORO, N.C., April 16 /PRNewswire/ -- Goldtex, Inc. (NASDAQ: GLTX) and Tomen America Inc. announced today that they have entered into a definitive merger agreement pursuant to which Tomen will acquire Goldtex for a price of $6.75 per share. The merger is subject to several conditions, including expiration of the Hart-Scott-Rodino waiting period and approval by the Goldtex stockholders. A Goldtex stockholders' meeting has been scheduled for June 17, 1993 to consider the merger. The meeting date is contingent upon the timing of clearance by the Securities and Exchange Commission of Goldtex's proxy solicitation materials.
 The merger will be consummated promptly following approval by Goldtex's stockholders. Wilbur O. Hopper, president and chief executive Officer of Goldtex, and Robert Zucker, executive vice president, will remain with the company following the merger.
 Tomen America Inc., headquartered in New York City, is a wholly owned subsidiary of Tomen Corporation, a multinational Japanese general trading company.
 Goldtex, Inc., headquartered in Goldsboro, N.C., is engaged in printing, dyeing and finishing of fabrics and in marketing apparel fabrics.
 -0- 4/16/93
 /CONTACT: Wilbur O. Hopper, Goldtex, Inc., 919-736-7411/
 (GLTX)


CO: Goldtex, Inc. ST: North Carolina IN: TEX SU: TNM

SB -- CH011 -- 6955 04/16/93 16:58 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
Words:205
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