EXHIBIT 99.1
Empire Of Carolina Receives Final Notice of AMEX Delisting, DELRAY BEACH, Fla.,
Jan. 12/PRNewswire/ --Empire of Carolina, Inc. (Amex: EMP) today announced that,
effective January 10, 2001, the American Stock Exchange ("Amex") had determined
that the Company's common stock, Series A preferred stock and warrants should be
removed from listing and registration on Amex. Amex instituted a trading halt of
the Company's securities on November 17, 2000.
As a result of the delisting, it will likely become more difficult to buy or
sell the Securities or to obtain timely and accurate quotations to buy or sell
the Securities. In addition, the delisting will likely result in a decline in
the trading market for the Securities which could potentially depress the
Securities' prices, among other consequences. The Company currently has no
market makers and no assurance can be provided that trading, in any forum
including Amex, OTC-BB or the Pink Sheets, will ever recommence.
On January 9, 2001, Empire announced that it had received an offer to purchase
three of its non-debtor subsidiaries, Dorson Sports, Inc., Apple Golf Shoes,
Inc. and Apple Sports, Inc., for a purchase price totaling approximately $8
million, comprised of payment to the Sellers of approximately $2 million in cash
and the repayment of approximately $6 million in bank loans. As a condition to
the sale, the stock and assets of the subsidiaries must be free of all liens.
This release contains certain forward-looking statements and information that
are based on management's beliefs, as well as assumptions made by and
information currently available to management, including management's plans and
objectives. Such statements are subject to various risks and uncertainties. The
Company's liquidity, capital resources, and results of operations may be
affected from time to time by a number of factors and risks, including, but not
limited to, the factors described in the Company's filings with the Securities
and Exchange Commission; the ability of the Company to continue operations under
debtor-in-possession financing; operate successfully under a Chapter 11
proceeding; obtain shipments and negotiate terms with vendors and service
providers for current orders; fund and execute a new operating plan for the
Company; attract and retain key executives and associates; meet competitive
pressures which may affect the nature and viability of the Company's business
strategy; generate cash flow; attract and retain customers; and manage its
business notwithstanding potential adverse publicity. Certain of these as well
as other risks and uncertainties are stated in more detail in the Company's
Annual Report on Form 10-K. The Company undertakes no obligation to update any
such factors or to publicly announce the result of any revisions to any of the
forward-looking statements contained herein to reflect future events or
developments.
CONTACT: Tom MacDougall, CFO of Empire of Carolina, Inc., 631-585-5400,
Or e-mail, [email protected]
