Press Release Details

GREENSBORO, N.C., April 15 /PRNewswire-FirstCall/ -- Unifi, Inc. (NYSE: UFI) announced today that Brian Parke has been named Chairman of the Board, effective April 22. Parke will assume the role of Chairman in addition to his current responsibilities as President and CEO. Donald F. Orr, who has served as Chairman of the Board since March 2001 will continue to serve as a valued member of the Company's Board of Directors.

In addition, William M. Lowe, Jr., the Company's CFO, will add the position of Chief Operating Officer to his current responsibilities. Lowe, who joined Unifi in December 2003, will be responsible for the Company's day-to-day operations concentrating on returning the business to profitability, allowing Parke to focus on growing the Company's business in Asia. "Unifi's growth in the Asian market is an essential component of our strategic plan. In this new role, I will be able to concentrate on the implementation of that plan and the development of our business in China," Parke said.

Earlier this week, Unifi announced its intention to create a wholly-owned subsidiary in China. Today's changes provide the organizational and leadership structure necessary to successfully implement the Company's strategy for international growth. Parke, who was named President in January 1999 and CEO in January of 2000, brings a global perspective to the position of Chairman, as well as significant knowledge of international textiles. This decision reflects the confidence of the Board of Directors in the vision and leadership that Parke has provided for Unifi.

The Company will further review these organizational changes, as well as its detailed plan for its China expansion with investors during its April 22, 2004 earnings conference call.

Unifi is one of the world's leading producers and processors of textured yarns. Its primary business is the texturing, dyeing, twisting, covering, and beaming of multi-filament polyester and nylon yarns. Unifi's textured yarns are found in home furnishings, apparel and industrial fabrics, automotive, upholstery, hosiery, and sewing thread.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal security laws about Unifi, Inc.'s (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, management's beliefs and assumptions made by management. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, availability, sourcing and pricing of raw materials, pressures on sales prices and volumes due to competition and economic conditions, reliance on and financial viability of significant customers, operating performance of joint ventures, alliances and other equity investments, technological advancements, employee relations, changes in construction spending, capital expenditures and long-term investments (including those related to unforeseen acquisition opportunities), continued availability of financial resources through financing arrangements and operations, outcomes of pending or threatened legal proceedings, negotiation of new or modifications of existing contracts for asset management and for property and equipment construction and acquisition, regulations governing tax laws, other governmental and authoritative bodies' policies and legislation, the continuation and magnitude of the Company's common stock repurchase program and proceeds received from the sale of assets held for disposal. In addition to these representative factors, forward-looking statements could be impacted by general domestic and international economic and industry conditions in the markets where the Company competes, such as changes in currency exchange rates, interest and inflation rates, recession and other economic and political factors over which the Company has no control. Other risks and uncertainties may be described from time to time in the Company's other reports and filings with the Securities and Exchange Commission.

SOURCE Unifi, Inc.