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GOLDTEX, INC. ENGAGES INTERSTATE/JOHNSON LANE CORPORATION AS ITS FINANCIAL ADVISOR

 GOLDTEX, INC. ENGAGES INTERSTATE/JOHNSON LANE
 CORPORATION AS ITS FINANCIAL ADVISOR
 GOLDSBORO, N.C., Sept. 3 /PRNewswire/ -- Goldtex, Inc. (NASDAQ-NMS: GLTX) announced today that it has engaged Interstate/Johnson Lane Corporation as its financial advisor.
 "The majority of our board members are concerned with the ability of the company's stockholders to realize the value of their investment in the public market because of the very low trading volume and the small 'float' in our share," said Wilbur O. Hopper, Goldtex's President and Chief Executive Officer. "Our stock ownership is very concentrated. Therefore, the Board decided to engage Interstate/Johnson Lane to advise us regarding our various alternatives, including the feasibility of selling the company or finding a merger partner. This process is in the very preliminary stages and there is no assurance that a transaction acceptable to the Board and the stockholders can be structured. While Interstate has been in contact with several interested parties, at this point the company has received no offers for a transaction and may receive none. We anticipate that if the company is involved in any transaction, it will be as a going concern, and we expect our service to our customers to continue uninterrupted."
 Hopper further stated: "The Company continues to be profitable, and we believe that the recent acquisition of the Rosewood Fabrics division from Guilford Mills gives us the potential to increase our revenues and income. Thus, the Board certainly feels no necessity to consummate a transaction at this time. We are simply exploring this possibility to determine whether a transaction could be structured that would be in our stockholders' best interests."
 Goldtex, Inc., headquartered in Goldsboro, N.C., is engaged in the printing, dyeing and finishing of fabrics for others on a commission basis.
 -0- 9/3/92
 /CONTACT: Wilbur O. Hopper, Goldtex, Inc., 919-736-7411/
 (GLTX) CO: Goldtex, Inc. ST: North Carolina IN: TEX SU:


SB -- CH003 -- 6244 09/03/92 08:47 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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