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14a-12
DESIGNS, INC.
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
JEWELCOR MANAGEMENT, INC.
(NAME OF PERSON(S) FILING DEFINITVE ADDITIONAL MATERIAL, IF OTHER THAN
REGISTRANT)
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FOR IMMEDIATE RELEASE
January 22, 1999
Contact: Jacqueline Quigley (561) 447-4713
Jewelcor Management, Inc. Makes a Proposal to Purchase All Outstanding
Shares of Common Stock of Designs, Inc.
Wilkes-Barre, Pennsylvania...Jewelcor Management, Inc. (JMI) announced today
that it has made a proposal to purchase all of the outstanding shares of Common
Stock of Designs, Inc. (NASDAQ-DESI) at a price of $3.00 per share.
In a letter to Joel Reichman, President and CEO of Designs, Inc. Seymour
Holtzman, President of JMI, stated, "We have great concerns as to how the sale
of the company is proceeding. It is well over a month since the process began,
and there does not appear to be any significant activity in that regard."
The proposal which was sent to Designs, Inc. was made without the receipt of any
non-public information or the benefit of conducting financial and legal due
diligence on non-public information. If such due diligence were to demonstrate
additional value beyond that demonstrated by JMI's review of publicly available
documents, it would be prepared to consider increasing the $3.00 per share
proposal.
JMI expects to use third party financing, and thus its proposal is subject to
obtaining such financing.
Notwithstanding recent circumstances regarding JMI's consent solicitation,
Holtzman stated that the company should welcome this proposal. "I hope to be
able to work with the company expeditiously to further this process for the
benefit of all shareholders."