Unifi, Inc. announced that discussions related to a joint venture with Kaiping Polyester Enterprises Group (“Kaiping”) are continuing into 2004. The company originally announced that negotiations were expected to conclude by the end of calendar 2003.
Brian Parke, chief executive officer for Unifi said, “The negotiations are continuing with satisfactory progress and results. However, this is an extremely complicated deal that requires an extraordinary amount of work to bring to the point of closure and implementation. We are moving toward the approval stage, but we want to be realistic in our expectations as to how long this final process may take. Obviously, at this time there are no assurances that we will close the proposed deal.”
