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UNIFI AND VINTAGE YARNS ANNOUNCE SIGNING OF MERGER AGREEMENT

 GREENSBORO, N.C., Feb. 10 /PRNewswire/ -- In a joint statement today, Unifi, Inc. (NYSE: UFI) of Greensboro, N.C., and Vintage Yarns, Inc., of Eden, N.C., announced that they have entered into a merger agreement pursuant to which Unifi would acquire Vintage Yarns. The agreement, which was approved by both Boards of Directors, provides that the shareholders of Vintage Yarns will receive 96.8895 shares of Unifi common stock for each share of Vintage Yarns common stock in a tax-free merger. A maximum of 8,204,409 shares of Unifi common stock (adjusted to reflect a three-for-two stock split effective Feb. 16, 1993) will be issued in the merger, or 13.7 percent of the currently outstanding capital stock of Unifi.
 The consummation of the proposed merger is subject to numerous conditions including without limitation, obtaining regulatory approvals, using pooling of interests accounting treatment and obtaining the approval of the Vintage Yarns shareholders. The shares of Unifi common stock to be delivered to Vintage Yarns 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 March 1993.
 Unifi is one of the world's largest texturizers of polyester and nylon filament fiber, with net sales of $1.1 billion during its fiscal year ended June 28, 1992. Vintage Yarns is a privately-held yarn manufacturer, with net sales of $169.6 million in its fiscal year ended Sept. 30, 1992.
 -0- 2/10/93
 /CONTACT: Robert A. Ward, Executive Vice President, Unifi, Inc., 919-316-5461/
 (UFI)


CO: Unifi, Inc.; Vintage Yarns, Inc. ST: North Carolina IN: TEX SU: TNM

MM -- CH007 -- 5329 02/10/93 16:20 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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