Irving Tanning Agreement Announced

IRVING TANNING COMPANY AND IRVING SCHWEIZER ASIA LTD. (to be known as ISA Limited, a division of Tan Tec) ANNOUNCE AGREEMENT IN PRINCIPLE

Hartland, Maine/Guangzhou, People's Republic of China, Feb. 7, 2002-Irving Tanning Company ("Irving Tanning") and Irving Schweizer Asia Ltd., to be known as ISA Limited, a division of Tan Tec ("ISA"), today announced that they have reached an agreement in principle for the termination and settlement of Irving Tanning's share holding interests in and commercial relationships with ISA. The tentative agreement is subject to the negotiation and execution of definitive agreements and to the approval of the U.S. Bankruptcy Court in Maine.

Irving Tanning, a global supplier of leather for the footwear, accessories and upholstery markets, began its operations in Hartland in 1936. Irving employs approximately 300 people at its facilities in Hartland. Irving Tanning, which is currently operating its business under Chapter 11 of the U.S. Bankruptcy Code, expects to propose a plan of reorganization and to emerge from Chapter 11 as a revitalized company in the next several months.

ISA operates through Guangzhou Tan Tec Leather Ltd., a cooperative joint venture in Guangzhou, People's Republic of China, where it manufactures and processes leather and leather goods in a modern facility covering 32,000 square meters. ISA supplies leather to major footwear producers in Asia and currently has approximately 500 employees in China.

In connection with the consummation of the transactions contemplated in the tentative agreement, ISA will cease to operate under the Irving name and is expected to be known commercially as ISA Limited, a division of Tan Tec.

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