ATLANTA, July 16, 2007 /PRNewswire via COMTEX News Network/ -- ATLANTA, July 16 /PRNewswire-FirstCall/- Interface, Inc. (Nasdaq: IFSIA),
a worldwide floorcoverings company, today announced that it has completed the
previously announced transaction to sell its fabrics division, known as
InterfaceFABRIC, to an affiliate of Sun Capital Partners, Inc. The Company
said the transaction was closed on terms and conditions consistent with those
previously disclosed.
Interface, Inc. is a recognized leader in the worldwide interiors market,
offering modular and broadloom floorcoverings. The Company is committed to
the goal of sustainability and doing business in ways that minimize the impact
on the environment while enhancing shareholder value. The Company is the
world's largest manufacturer of modular carpet under the InterfaceFLOR, FLOR,
Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street
brand, enjoys a leading position in the high quality, designer-oriented
segment of the broadloom carpet market.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: Except for historical information contained herein, the other matters
set forth in this news release are forward-looking statements. The forward-
looking statements set forth above involve a number of risks and uncertainties
that could cause actual results to differ materially from any such statement,
including risks and uncertainties associated with economic conditions in the
commercial interiors industry as well as the risks and uncertainties discussed
under the heading "Risk Factors" included in Item 1A of the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2006, which
discussion is incorporated herein by this reference, including, but not
limited to, the discussion of specific risks and uncertainties under the
headings "We compete with a large number of manufacturers in the highly
competitive commercial floorcovering products market, and some of these
competitors have greater financial resources than we do," "Sales of our
principal products have been and may continue to be affected by adverse
economic cycles in the renovation and construction of commercial and
institutional buildings," "Our success depends significantly upon the efforts,
abilities and continued service of our senior management executives and our
principal design consultant, and our loss of any of them could affect us
adversely," "Our substantial international operations are subject to various
political, economic and other uncertainties that could adversely affect our
business results, including by restrictive taxation or other government
regulation and by foreign currency fluctuations," "Large increases in the cost
of petroleum-based raw materials could adversely affect us if we are unable to
pass these cost increases through to our customers," "Unanticipated
termination or interruption of any of our arrangements with our primary third-
party suppliers of synthetic fiber could have a material adverse effect on
us," "We have a significant amount of indebtedness, which could have important
negative consequences to us," "The market price of our common stock has been
volatile and the value of your investment may decline," "Our earnings in a
future period could be adversely affected by non-cash adjustments to goodwill,
if a future test of goodwill assets indicates a material impairment of those
assets," "Our Chairman, together with other insiders, currently has sufficient
voting power to elect a majority of our Board of Directors," and "Our Rights
Agreement could discourage tender offers or other transactions for our stock
that could result in shareholders receiving a premium over the market price
for our stock." Any forward-looking statements are made pursuant to the
Private Securities Litigation Reform Act of 1995 and, as such, speak only as
of the date made. The Company assumes no responsibility to update or revise
forward-looking statements made in this press release and cautions readers not
to place undue reliance on any such forward-looking statements.
SOURCE Interface, Inc.
Daniel T. Hendrix, President and Chief Executive Officer,
or Patrick C. Lynch, Senior
Vice President and Chief Financial Officer both of Interface, Inc.,
+1-770-437-6800;
or Christine Mohrmann or Bob Joyce, both of FD,
+1-212-850-5600
http://www.interfaceinc.com