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TEFRON RECEIVES NOTIFICATION OF SUSPENSION
FROM THE NEW YORK STOCK EXCHANGE
MISGAV, ISRAEL, DECEMBER 12, 2008 - TEFRON LTD. (NYSE:TFR; TASE:TFRN), a leading
producer of seamless intimate apparel and engineered-for-performance (EFPTM)
active wear, today announced it has been notified by the New York Stock Exchange
(NYSE) that trading of Tefron's ordinary shares on the NYSE will be suspended
effective prior to the opening of the market on 22, December, 2008. The NYSE has
taken this action because Tefron has recently fallen below certain of the NYSE's
continued quantitative listing standards, including the requirement that listed
companies maintain an average global market capitalization over a 30 trading-day
period of not less than $25 million.
Under applicable NYSE procedures, Tefron has 10 days from the receipt of the
notice to appeal the decision with the NYSE. At the present time, Tefron does
not intend to appeal.
Tefron intends to have its shares quoted on the OTC Bulletin Board and will
consider available alternatives. The Company anticipates disclosing further
trading venue information for its common stock, including any changes to its
ticker symbol, once such information becomes available.
ABOUT TEFRON
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TEFRON MANUFACTURES BOUTIQUE-QUALITY EVERYDAY SEAMLESS INTIMATE APPAREL,
ACTIVE-WEAR AND SWIMWEAR SOLD THROUGHOUT THE WORLD BY SUCH NAME-BRAND MARKETERS
AS VICTORIA'S SECRET, NIKE, TARGET, THE GAP, J. C. PENNEY, LULULEMON ATHLETICA,
WARNACO/CALVIN KLEIN, PATAGONIA, REEBOK, SWIMWEAR ANYWHERE, ABERCOMBIE&FITCH,
AND EL CORTE ENGLESE, AS WELL AS OTHER WELL KNOWN RETAILERS AND DESIGNER LABELS.
THE COMPANY'S PRODUCT LINE INCLUDES KNITTED BRIEFS, BRAS, TANK TOPS, BOXERS,
LEGGINGS, CROP, T-SHIRTS, NIGHTWEAR, BODYSUITS, SWIMWEAR, BEACH WEAR AND
ACTIVE-WEAR.
THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS, WITHIN THE
MEANING OF SECTION 27A OF THE US SECURITIES ACT OF 1933, AS AMENDED, SECTION 21E
OF THE US SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND THE SAFE HARBOR
PROVISIONS OF THE US PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WE HAVE
BASED THESE FORWARD-LOOKING STATEMENTS ON OUR CURRENT EXPECTATIONS AND
PROJECTIONS ABOUT FUTURE EVENTS.
WORDS SUCH AS "BELIEVE," "ANTICIPATE," "EXPECT," "INTEND," "WILL," "PLAN,"
"COULD," "MAY," "PROJECT," "GOAL," "TARGET," AND SIMILAR EXPRESSIONS OFTEN
IDENTIFY FORWARD-LOOKING STATEMENTS BUT ARE NOT THE ONLY WAY WE IDENTIFY THESE
STATEMENTS. EXCEPT FOR STATEMENTS OF HISTORICAL FACT CONTAINED HEREIN, THE
MATTERS SET FORTH IN THIS PRESS RELEASE REGARDING OUR FUTURE PERFORMANCE AND ANY
STATEMENTS REGARDING OTHER FUTURE EVENTS OR FUTURE PROSPECTS ARE FORWARD-LOOKING
STATEMENTS.
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THESE FORWARD LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTEMPLATED IN SUCH
FORWARD-LOOKING STATEMENTS, INCLUDING, BUT NOT LIMITED TO:
o THE OTCBB APPROVING THE QUOTATION OF OUR SHARES;
o OUR CUSTOMERS' CONTINUED PURCHASE OF OUR PRODUCTS IN THE SAME VOLUMES
OR ON THE SAME TERMS;
o THE CYCLICAL NATURE OF THE CLOTHING RETAIL INDUSTRY AND THE ONGOING
CHANGES IN FASHION PREFERENCES;
o THE COMPETITIVE NATURE OF THE MARKETS IN WHICH WE OPERATE, INCLUDING
THE ABILITY OF OUR COMPETITORS TO ENTER INTO AND COMPETE IN THE
SEAMLESS MARKET IN WHICH WE OPERATE;
o FLUCTUATIONS IN INFLATION AND CURRENCY RATES;
o THE POTENTIAL ADVERSE EFFECT ON OUR BUSINESS RESULTING FROM OUR
INTERNATIONAL OPERATIONS, INCLUDING INCREASED CUSTOM DUTIES AND IMPORT
QUOTAS (E.G., IN CHINA, WHERE WE MANUFACTURE FOR OUR SWIMWEAR
DIVISION);
o THE POTENTIAL ADVERSE EFFECT ON OUR FUTURE OPERATING EFFICIENCY
RESULTING FROM OUR EXPANSION INTO NEW PRODUCT LINES WITH MORE
COMPLICATED PRODUCTS, DIFFERENT RAW MATERIALS AND CHANGES IN MARKET
TRENDS;
o THE PURCHASE OF NEW EQUIPMENT THAT MAY BE NECESSARY AS A RESULT OF OUR
EXPANSION INTO NEW PRODUCT LINES;
o OUR DEPENDENCE ON OUR SUPPLIERS FOR OUR MACHINERY AND THE MAINTENANCE
OF OUR MACHINERY;
o THE FLUCTUATIONS COSTS OF RAW MATERIALS;
o OUR DEPENDENCE ON SUBCONTRACTORS IN CONNECTION WITH OUR MANUFACTURING
PROCESS;
o OUR FAILURE TO GENERATE SUFFICIENT CASH FROM OUR OPERATIONS TO PAY OUR
DEBT; AND
o POLITICAL, ECONOMIC, SOCIAL, CLIMATIC RISKS, ASSOCIATED WITH
INTERNATIONAL BUSINESS AND RELATING TO OPERATIONS IN ISRAEL;
AS WELL AS CERTAIN OTHER RISKS DETAILED FROM TIME TO TIME IN THE COMPANY'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO
OBLIGATION TO PUBLICLY RELEASE ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS
TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE
OCCURRENCE OF UNANTICIPATED EVENTS.
CONTACTS
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COMPANY CONTACT: IR CONTACT:
ERAN ROTEM EHUD HELFT / KENNY GREEN
CHIEF FINANCIAL OFFICER G.K. INVESTOR RELATIONS
+972-4-9900803 1 646 201 9246
reran@tefron.com info@gkir.com
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