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INTERFACE ANNOUNCES AGREEMENT TO ACQUIRE PRINCE STREET TECHNOLOGIES

 LAGRANGE, Ga., Dec. 6 /PRNewswire/ -- Interface, Inc. (NASDAQ: IFSIA) announced today that it has entered into a definitive agreement to acquire Prince Street Technologies, Ltd. Details of the financial terms of the proposed acquisition were not disclosed; however, pursuant to the transaction as structured the shareholders of Prince Street Technologies and its holding company may receive shares of Interface Class A Common Stock as all or a part of the consideration. Closing of the transaction, which is subject to certain conditions, is expected to take place within 90 days.
 Prince Street Technologies, Ltd. is a closely held, Atlanta-based manufacturer and marketer of high style, designer-oriented broadloom carpeting used primarily in the United States commercial market. It combines exceptional styling with a marketing strategy tailored to the needs of interior designers. For its fiscal year ended Oct. 3, 1993, Prince Street's sales exceeded $30,000,000.
 Ray C. Anderson, Chairman and Chief Executive Officer of Interface, stated, "During the third quarter, we were pleased with the year-on-year earnings improvements achieved by many of our operations, and particularly encouraged by the positive impact of the Bentley Mills acquisition. The Prince Street acquisition will give further impetus to Interface's renewed emphasis on aesthetics through combinations of high style modular carpet and broadloom products for the commercial and institutional markets. We expect the transaction will not be dilutive of Interface's earnings per share."
 Robert S. Weiner, Chairman and Chief Executive Officer of Prince Street, stated, "I, along with the entire Prince Street management team, enthusiastically support this transaction. This transaction gives Prince Street a home with a major carpet manufacturer with which it has excellent compatibility. It makes great business sense for both companies."
 Interface, Inc. is committed to delivering superior value to its customers, as the world's largest manufacturer of modular carpet under the Interface and Heuga brands, and interior fabrics under the Guilford of Maine and Stevens Linen brands, for use in offices, healthcare facilities, airports, educational and other institutions, and retail facilities. Through its Bentley Mills subsidiary, the Company also manufactures and markets high quality, designer-oriented broadloom carpeting used primarily for commercial and institutional applications. In addition, the Company manufactures and sells chemicals used in various rubber and plastic products, and offers Intersept(R), the Company's proprietary antimicrobial chemical, under a licensing program to manufacturers of other products.
 -0- 12/6/93
 /CONTACT: Dan Hendrix, chief financial officer of Interface, 706-882-1891, or J. Desmond Towey of Towey & Associates, 212-888-7600/
 (IFSIA)


CO: Interface, Inc.; Prince Street Technologies, Ltd. ST: Georgia IN: TEX SU: TNM

MP-LG -- NY027 -- 0662 12/06/93 09:49 EST
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Publication:PR Newswire
Date:Dec 6, 1993
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