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UNIFI AND PIONEER YARNS ANNOUNCE SIGNING OF MERGER AGREEMENT

 GREENSBORO, N.C., July 16 /PRNewswire/ -- In a joint statement today, Unifi, Inc. (NYSE: UFI) of Greensboro, N.C., and Pioneer Yarn Mills, Inc., Pioneer Spinning, Inc., Edenton Cotton Mills, Inc., and Pioneer Cotton Mill, Inc. of Sanford, N.C. (the "Pioneer Corporations"), announced that they have entered into a merger agreement pursuant to which Unifi would acquire the Pioneer Corporations. The agreement, which was approved by all Boards of Directors, provides that the shareholders of the Pioneer Corporations will receive 49.1366 shares of Unifi common stock for each share of the Pioneer Corporations' common stock in a tax-free merger. Approximately 2,831,000 shares of Unifi's common stock will be issued in the merger, or 4.2 percent of the currently outstanding capital stock of Unifi.
 The consummation of the proposed merger is subject to, without limitation, obtaining regulatory approvals, obtaining the approval of the Pioneer Corporations' shareholders and purchase of land and buildings leased by the Pioneer Corporations.
 The shares of Unifi common stock to be delivered to the Pioneer Corporations' shareholders in the merger will be registered with the Securities and Exchange Commission prior to the closing of the merger. Unifi expects the merger to be consummated in late August 1993.
 Unifi, Inc. is one of the world's largest yarn texturizers, with net sales of $1.3 billion during its fiscal year ended June 28, 1992. The Pioneer Corporations are privately-held yarn manufacturers, with net sales of $62 million in its fiscal year ended Sept. 26, 1992.
 -0- 7/16/93
 /CONTACT: Robert A. Ward, Executive Vice President of Unifi, 919-316-5461/
 (UFI)


CO: Unifi, Inc.; Pioneer Corporations ST: North Carolina IN: TEX SU: TNM

CM -- CH002 -- 2400 07/16/93 10:41 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
Words:287
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