Westpoint Stevens (NASDAQ:WSPT)
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WestPoint Stevens Adds Territory With Agreement for Sales and
Distribution of Brands in Middle East
WEST POINT, Ga., Aug. 25 /PRNewswire-FirstCall/ -- WestPoint Stevens Inc.
(OTC:WSPT) (BULLETIN BOARD: WSPT) ( http://www.westpointstevens.com/ ) today
announced a significant expansion of its famous brand names into Middle East
retail locations via a sales and distribution agreement with American Business
Development, based in Germany.
The new agreement, effective Oct. 1, strengthens global distribution of the
Company's brands and offers brand extension to its current bed and bath home
fashion assortments at retail in Oman, the United Arab Emirates, Qatar,
Bahrain, Kuwait, Iraq, Jordan, Lebanon, Yemen, Saudi Arabia, Cyprus, Turkey,
Greece, Egypt, Libya, Tunis, Algeria Morocco and Sudan.
"This is a tremendous opportunity for our great brands," emphasized Bed and
Bath Division President Robert B. (Bob) Dale. "It will put our flagship
Martex(R) brand, as well as Grand Patrician(R), Utica(R), Lady Pepperell(R),
Vellux(R) and several others, into key retail outlets across the Middle East.
These are smart, savvy shoppers who appreciate quality and style; and our
brands already resonate with them. Being able to easily buy our products in
their stores will answer the many requests we've had from consumers in that
part of the world."
Products offered will include sheets, bedding ensembles, bedding accessories,
blankets and towels and bath accessories.
Another facet in this focus on extending the brands is the development of a new
licensing agreement with ABD for the manufacture of bedding and bath products
under the Company's brands by carefully selected Middle East manufacturers --
putting the supply near the demand.
"This has been a carefully developed strategy and one that requires the
international expertise of a partner such as American Business Development. ABD
has all the skills and appreciation of cultural and geographic characteristics
that are essential to global marketing," Mr. Dale pointed out. "ABD is also
acutely conscious of WestPoint Stevens' commitment to protecting the integrity
of our brands and controlling the quality of our products."
American Business Development owner Michael Yamout agrees with Mr. Dale's
assessment of the sales opportunities for WestPoint Stevens products in the
Middle East. "WestPoint is a company known globally for product innovation and
its premier position in the industry. ABD is delighted to offer WestPoint's
famous brands in this part of the world. It should offer a real sales advantage
to both WestPoint and ABD with long-term penetration of our brands in the
marketplace."
WestPoint Stevens Inc. is the nation's premier home fashions consumer products
marketing company, with a wide range of bed linens, towels, blankets,
comforters and accessories marketed under the well-known brand names GRAND
PATRICIAN, PATRICIAN, MARTEX, ATELIER MARTEX, BABY MARTEX, UTICA, STEVENS, LADY
PEPPERELL, SEDUCTION, VELLUX and CHATHAM -- all registered trademarks owned by
WestPoint Stevens Inc. and its subsidiaries -- and under licensed brands
including RALPH LAUREN HOME, DISNEY HOME and GLYNDA TURLEY. WestPoint Stevens
can be found on the World Wide Web at http://www.westpointstevens.com/ .
Safe Harbor Statement: Except for historical information contained herein,
certain matters set forth in this press release are "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Such risks and uncertainties may be
attributable to important factors that include but are not limited to the
following: Product margins may vary from those projected; Raw material prices
may vary from those assumed; Additional reserves may be required for bad debts,
returns, allowances, governmental compliance costs, or litigation; There may be
changes in the performance of financial markets or fluctuations in foreign
currency exchange rates; Unanticipated natural disasters could have a material
impact upon results of operations; There may be changes in the general economic
conditions that affect customer practices or consumer spending; Competition for
retail and wholesale customers, pricing and transportation of products may vary
from time to time due to seasonal variations or otherwise; Customer preferences
for our products can be affected by competition, or general market demand for
domestic or imported goods or the quantity, quality, price or delivery time of
such goods; There could be an unanticipated loss of a material customer or a
material license; The availability and price of raw materials could be affected
by weather, disease, energy costs or other factors; The future results of
operations may be adversely affected by factors relating to the Chapter 11
proceedings. The information contained in this release is as of August 25,
2004. WestPoint Stevens assumes no obligation to update publicly any
forward-looking statements, contained in this document as a result of new
information or future events or developments.
Contact: Lorraine D. Miller, CFA
Senior Vice President Finance and External Communications
404.378.0491
DATASOURCE: WestPoint Stevens
CONTACT: Lorraine D. Miller, CFA, Senior Vice President Finance and
External Communications of WestPoint Stevens Inc., +1-404-378-0491
Web site: http://www.westpointstevens.com/