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FOAMEX NAMES HENRY TANG TO BOARD OF
DIRECTORS
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LINWOOD, PA, March
6, 2003 – Foamex International Inc. (NASDAQ: FMXI), the leading
manufacturer of flexible polyurethane and advanced polymer foam products
in North America, announced today that Henry
Tang has been named to the Foamex Board of Directors.
Marshall S. Cogan,
chairman and founder of Foamex, said, "We are very pleased to have Henry
join our Board of Directors. His extensive intellectual property,
patents and technology licensing experience will be very beneficial to
Foamex as we continue to develop and market quality flexible
polyurethane and advanced polymer foam products to industrial,
technology and consumer markets."
Henry Tang said, "I am
delighted to be joining the Foamex Board and I look forward to assisting
in the company in its global pursuits.”
Mr. Tang, 62, is a
partner at Baker Botts LLP, where he specializes in intellectual
property, patents, technology licensing and technology solutions. From
1982 to 1997 he was at the law firm of Brumbaugh, Graves, Donohue and
Raymond, where he was a named partner in 1986.
Mr. Tang received his
bachelor’s degree in electrical engineering from New York University and
his master’s and doctorate degrees in electrical engineering from
Columbia University. Mr. Tang also has a J.D. from Fordham University.
Mr. Tang is a member of
the New York State Bar Association, where he serves on the Executive
Committee of Section on International Law and Practice, and is Chairman
of the Committee on Asian Pacific Law. He is also a member of the
American Bar Association, and a member of the ABA’s Sections on Patents
and on Litigation. Mr. Tang is a member of the Association of the Bar
of the City of New York. In addition, Mr. Tang is the founder and a
director of the American Friends of the Shanghai Museum.
About Foamex International Inc.
Foamex, headquartered
in Linwood, PA, is the world's leading producer of comfort cushioning
for bedding, furniture, carpet cushion and automotive markets. The
Company also manufactures high-performance polymers for diverse
applications in the industrial, aerospace, defense, electronics and
computer industries as well as filtration and acoustical applications
for the home.
Forward-Looking Statements
This press release contains, and oral
statements made from time to time by representatives of the Company may
contain, forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, without limitation, those relating to completion of
the operational restructuring as currently contemplated and the
currently anticipated benefits of the restructuring, including those
relating to the work force reductions, cost savings and restructuring
charges from Project Transformation, the expected benefits of expanding
the use of VPF technology, the Company's ability to introduce new
products, enhance sales growth and margins and the outlook for the
Company's financial performance. These forward-looking statements are
affected by risks, uncertainties and assumptions that the Company makes
about, among other things, its ability to implement customer selling
price increases in response to higher raw material costs, raw material
price increases, general economic conditions, conditions in the capital
markets, the interest rate environment, the level of automotive
production, carpet production, furniture and bedding production and
housing starts, the completion of various restructuring/consolidation
plans, the achievement of management’s business plans, its capital and
debt structure (including various financial covenants), litigation and
changes in environmental legislation and environmental conditions and
other factors mentioned in the documents filed by the Company with the
Securities and Exchange Commission. While the Company believes that its
assumptions regarding the foregoing matters are reasonable, any of the
assumptions could be inaccurate, and therefore there can be no assurance
that the Company's forward-looking statements will prove to be accurate.
Additional information that could cause actual results to vary
materially from the results anticipated may be found in the Company's
most recent Form 10-K and other reports filed with the Securities and
Exchange Commission. Readers should be aware that any forward-looking
statement made in this press release or elsewhere by the Company speaks
only as of the date on which it is made, and the Company disclaims any
obligation or intent to update any of the factors listed above or
forward-looking statements.
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