EXHIBIT 99.1 ------------ FAB INDUSTRIES, INC. NEW YORK, N.Y. -- May 30, 2002 - Fab Industries, Inc. (AMEX: FIT), a manufacturer of warp and circular knit fabrics, raschel laces and laminated fabrics, announced that at its annual meeting of...Corporate Liquidation Plan • May 30th, 2002 • Fab Industries Inc • Knitting mills
NEW YORK, N.Y. -- May 30, 2002 - Fab Industries, Inc. (AMEX: FIT), a manufacturer of warp and circular knit fabrics, raschel laces and laminated fabrics, announced that at its annual meeting of stockholders earlier today its stockholders overwhelmingly approved a plan for a sale of Fab Industries' business in the context of a corporate liquidation. The Company's Board of Directors met immediately after the annual meeting and declared an initial liquidating distribution of $10.00 per share, to be payable on June 24, 2002 with a record date of June 10th.
