Gilmartin Acquires Covington

November 30, -0001

NEW YORK, New York -- Under a letter of intent executed Tuesday, Oct. 18, Roger Gilmartin, executive vice president and C.O.O of Covington Industries has acquired the assets of the company from the Gilmore family.

Benjamin Gilmore founded the company 65 years ago. The family will continue to have an interest in Covington. Abby Gilmore, chairman and C.E.O, will continue to serve the company in an advisory capacity.

''We want to thank the Gilmore family for the confidence they have shown in us and for their vision for Covington's future in the home textiles industry,'' Gilmartin said.

''We are confident that under Roger's leadership, and with our management team and our excellent and dedicated staff, the company will continue to serve its customers as a leader in the industry,'' said Abby Gilmore.

Covington is scheduled to move to new offices in the midtown south area before 2006. It is expected that the transaction will close prior to the move.

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