For Immediate Release
May 16, 2005

Contact:
David Middleton, CEO
((207) 938-4491
Michael A. Fagone, Esq.
(207) 774-1200
E-mail: beryl@wolfenews.com

Irving Tanning Company (“Irving”) announced today that it signed a letter-of-intent with Meriturn Partners LLC (“Meriturn”) under which Irving agreed to sell its business to Meriturn.

If consummated, the sale would result in the continuation of Irving’s long tradition of supplying high quality leather to the global footwear, handbag, and personal leather goods industries, and would preserve Irving’s status as an economic anchor in Somerset County, Maine.

“We are extremely pleased that Meriturn recognizes the tremendous value in Irving’s business, value that has been created through many years of hard work and innovation by Irving and its business partners,” said David P. Middleton, Irving’s President and CEO.

Irving’s creditors will have an opportunity to evaluate the transaction, which must be approved by the United States Bankruptcy Court for the District of Maine. According to Middleton, negotiations with creditors, including Banknorth, the Town of Hartland, and Tyson Fresh Meats, are ongoing.

“We are hopeful that the creditors will recognize this as a positive development for all involved, and that the sale will be approved by the Court expeditiously,” said Middleton. A hearing to consider the sale has been scheduled for May 25, 2005.

Irving Tanning Company is a leading supplier of leather to global footwear, handbag, and personal leather goods industries. Based in Hartland, Maine, the company has annual sales of approximately $65 million and employs approximately 250 people at its facility in Hartland. Meriturn is an investor and advisor for middle-market restructurings and turnarounds.

NOTE: Wolfe News Wire is an online posting service providing news from noteworthy companies and organizations. We do not collect or share information re: visitors to our site. Members of the media and other visitors are invited and encouraged to share these news items by utilizing the "ShareThis" link or email tool above. Click the side logos to view background info and past news items from a specific company or organization. For more info, please contact Wolfe PR at info@wolfenews.com or (520) 207-9581. Thank you!