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• GERALD L. GITNER AND LAURIE M. SHAHON NAMED TO BOARD OF DIRECTORS AT FACTORY CARD OUTLET CORP.
• LESLIE FAY STOCKHOLDERS APPROVE MERGER
• SALANT CORPORATION RESTRUCTURING PLAN IS CONFIRMED BY COURT —COMPANY EXPECTS TO EMERGE FROM CHAPTER 11 BY APRIL 30, 1999
• SALANT CORPORATION COMPLETES THE SALE OF CERTAIN ASSETS OF ITS CHILDREN’S BUSINESS TO WORMSER COMPANY
• FRISBY TECHNOLOGIES, INC. (NASDAQ: FRIZ) COMPLETES ACQUISITION OF STEELE AND ASSOCIATES, INC., MAKER OF STEELEVEST® BRAND COOLING PRODUCTS
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SALANT CORPORATION COMPLETES THE SALE OF CERTAIN ASSETS OF ITS CHILDREN’S BUSINESS TO WORMSER COMPANY

March 9, 1999

Last week, Salant Corporation completed the sale of certain assets of its children’s apparel division to Wormser Company. Wormser purchased the Dr. Denton trademark, Salant’s rights under various licenses and certain other assets related to the Dr. Denton name and the licenses.

For further information, please contact Michael F. Gries of Conway, Del Genio, Gries & Co., LLC, a firm providing specialized corporate finance advisory services focused on mergers and acquisitions and restructurings. Mr. Gries’ telephone number is (212) 813-1300.