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To: barbara sperino who wrote (21456)	5/26/1998 2:02:00 PM
From: Zakattack	Read Replies (1) \| Respond to of 34592

APTX... On the road to success! First $2M financing (last Friday), now this proactive news: Apparel Technologies, Inc. Terminates Investment Banking Relationship With First Fidelity Capital, Inc. BusinessWire, Tuesday, May 26, 1998 at 13:35 COMMERCE, Calif.--(BUSINESS WIRE)--May 26, 1998--APPAREL TECHNOLOGIES, INC. (NASDAQ:APTX) announced today that it has terminated its investment banking relationship with First Fidelity Capital, Inc. The Company's Board of Directors unanimously elected to terminate the relationship as a result of serious breaches by First Fidelity of its agreement with APTX, including its failure to honor funding commitments at the times and in the amounts agreed to be provided by First Fidelity, dissemination of confidential non-public information to third parties, and conflicts of interest resulting from its representation of other investors. The investment banking relationship was originally entered into in April 1997 by the Company's former management under what was to be a five year exclusive agreement. According to Kathryn Van Ness, the Company's President and Chief Executive Officer: "Our revenues for March and April 1998 exceeded the Company's revenues for the prior six months ended February 28, 1998, as a result of the commencement of digital production activity in March. However, the recent delay in funding has impacted the Company's production activity in May 1998. We expect that the $2.0 million debt financing concluded last week will allow APTX to resume its growth." The Company is presently engaged in discussions with third parties to obtain new sources of working capital, which may include debt and equity financings, joint ventures and licensing arrangements. Apparel Technologies, Inc. provides advanced proprietary technology for digital fabric printing, manufactures apparel for leading national retailers and designs and installs state-of-the-art retail fixtures. Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Apparel Technologies, Inc.'s business and prospects and cause actual results to differ materially from these forward-looking statements. CONTACT: Kathryn Van Ness President & CEO (213) 725-4955 KEYWORD: CALIFORNIA INDUSTRY KEYWORD: APPAREL/TEXTILES COMED COMPUTERS/ELECTRONICS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 1998, Business Wire Companies or Securities discussed in this article: Symbol Name NASDAQ:APTX Apparel Technologies Inc