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TOMEN AMERICA TO ACQUIRE GOLDTEX THROUGH CASH MERGER

 GOLDSBORO, N.C., Feb. 8 /PRNewswire/ -- Goldtex, Inc. (NASDAQ: GLTX) and Tomen America Inc. announced today that they have reached an agreement in principle for Tomen to acquire Goldtex for a price of $6.75 per share. The transaction will be accomplished through a cash merger and is expected to be consummated in May. Wilbur O. Hopper, President and Chief Executive Officer of Goldtex, and Robert Zucker, Executive Vice President, will remain with the company following the merger.
 The agreement is subject to several conditions, including the successful completion by Tomen of a due diligence review of Goldtex's operations including environmental matters, negotiation of a definitive merger agreement and the expiration of the Hart-Scott-Rodino waiting period.
 Hopper said, "We are very pleased with this transaction, which we believe to be very beneficial to our stockholders, customers and employees. Following the acquisition, Goldtex will continue servicing its customers in a dependable, uninterrupted manner. Both our employees and our customers will benefit from our new association with Tomen, as a result of Tomen's financial strength and its ability to provide additional technology and expanded product capability to Goldtex. Our manufacturing and administrative operations will remain in Goldsboro. I personally look forward to working with the Tomen organization."
 Tomen America Inc., headquartered in New York City, is a wholly owned subsidiary of Tomen Corp., a multinational Japanese general trading company. Kazuo Miyaoka, President of Tomen America Inc., said, "We believe that the combination of Goldtex's current product capability and the specialized printing technology and know-how which the Tomen organization can bring to Goldtex will enhance Goldtex's ability to provide high quality fashion fabrics on a timely basis to its customers and contribute to its growth."
 Goldtex, Inc., headquartered in Goldsboro, N.C., is engaged in printing, dyeing and finishing of fabrics and in marketing apparel fabrics.
 -0- 2/8/93
 /CONTACT: Wilbur O. Hopper, Goldtex, Inc., 919-736-7411/
 (GLTX)


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

SB -- CH002 -- 3945 02/08/93 09:06 EST
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Publication:PR Newswire
Date:Feb 8, 1993
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