Cornerstone Investment Group, LLC Enters Into A Binding Asset Purchase Agreement With WesTek Inc.

    BOCA RATON, Fla.--Nov. 1, 2002--Cornerstone Investment Group, LLC, a private equity investment firm located in Boca Raton, Florida, specializing in turnarounds of undercapitalized or distressed small to medium size companies, announced today that it has entered into definitive written agreements to purchase the assets of WesTek Inc. in Thomaston, Georgia.
    WesTek Inc., also known as Martha Mills, is a privately held Georgia company engaged in the manufacture and distribution of tire cord and chafer fabric. The purchase includes all of the assets of the facility and business operations located at 325 E. Goodrich Avenue. Both companies expect the financial arrangements to be completed on or before November 15, 2002.
    Built in 1926, Martha Mills has built a reputation as a leading supplier of high quality tire cord and chafer fabric for sale to major tire manufacturers for more than 75 years. WesTek Inc. also produces yarns for use as reinforcement fiber for tires, hoses, golf club grips and bladders. Manufacturing is performed within the company's approximately 1.3 million square foot facility. This facility maintains a unique treatment apparatus which coats its product with chemicals that facilitate rubber adhesion. WesTek Inc. currently employs more than 230 people and reported sales of approximately $20 million in 2001.
    Adam P. Runsdorf, President and CEO of Cornerstone Investment Group, LLC stated, "By combining financial stability and management expertise along with Martha Mills' strong and experienced local labor force, the company is well positioned to grow and maintain its leadership position in the tire cord industry."

    About Cornerstone Investment Group, LLC

    Cornerstone Investment Group, LLC ("CIG") is a private equity investment firm focused on turnarounds of undercapitalized or distressed small to medium size companies. Areas of specialization include manufacturing, distribution, medical and pharmaceutical, consumer and industrial products. CIG's goal is to increase corporate earnings through improved financial structure, efficiencies and quality control by taking an active role in a company's management and operations. For more information about Cornerstone Investment Group, LLC visit http://www.ciggroup.com.