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Speizman Industries Announces Joint Venture

JV Provides for Exclusive Worldwide Distribution of G.A. Braun Dye/Extracting Machines CHARLOTTE, N.C., Feb. 12 /PRNewswire/ -- Speizman Industries(Nasdaq: SPZN) announced that it has signed a joint venture agreement with Martint Equipment Company (Martint) of Cornelius, North Carolina to distribute Braun dye/extracting machines worldwide. Martint has the exclusive right tosell Braun dye/extracting machines principally to the textile industry through a worldwide distributorship agreement with G.A. Braun, Inc., of Syracuse, NewYork. Consistent with Speizman's strategy, the Company expects the joint venture to result in expanding sales and profits by offering additional competitive products manufactured by Braun through Speizman's existing marketing channels.The term of the joint venture agreement with Speizman and Martint ends in January 2004. This coincides with the term of Martint's distribution agreement with G. A. Braun. Speizman and Martint have also agreed to work together as a joint venture on additional textile wet processing equipment,which neither company currently represents. Martint reported sales for Braun equipment during the 12 months ending December 2000 of approximately$7.2 million. Robert S. Speizman, President and Chief Executive Officer of Speizman Industries, comments, "We are excited about selling Braun's pocketed textile dyeing machines in North America and other international areas that we feelare poised for growth. This joint venture will combine the strengths of Martint's sales and marketing department and Speizman's global network of sales agents and reputation for service. It will also permit us to achieve economies of scale in office administration and the sale of equipment parts." Speizman Industries is a leader in the sale and distribution of specialized industrial machinery, parts and equipment. The Company acts as exclusive distributor in the United States, Canada, and Mexico for leading Italian manufacturers of textile equipment and is a leading distributor in the United States of industrial laundry equipment representing several United States manufacturers. Certain matters within this press release are discussed using forward-looking statements as specified in the 1995 Private Securities Litigation Reform Law. These statements are based on management's currentexpectations about the industry and the markets in which the Company operates.Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties or other factors that may cause the actual results, performance or achievements of the Company to differ from those projected in the forward-looking statement. From time to time, the serisks are discussed in the Company's filings with the Securities and Exchange Commission.SOURCE Speizman Industries Web Site: http://www.speizman.com Copyright 2001 PR Newswire