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Joan Fabrics to Purchase a Majority of Stock in Circa 1801

May 20, 2000

Briarcliff Manor, N.Y. – Elkin MacCallum, chairman and CEO of Joan Fabrics Corporation has signed a letter of intent to purchase, along with a small group of investors, majority of the stock of Circa 1801.

Joan Fabrics is the parent company for Mastercraft Fabrics.

"The acquisition of Circa 1801 is a logical addition to the group of companies we currently own and operate," said McCallum according to the press release. "Our strategic goal has been to offer our many customers the very best products produced in the most modern and cost efficient manufacturing environments available to our industry today. Circa 1801's facilties and product offerings fit this profile."

MacCallum said he expected the transaction to be complete within 60 days.

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