Gildan Comments on Violations of US Antitrust Law by Browning West - Seite 2

Browning West’s illegal share acquisitions add to the many serious questions raised about the purpose, planning and prudence of Browning West’s campaign. Less than one week after Mr. Chamandy was removed by the Board, and after only a 15-minute meeting with the Chair of the Board, Browning West rushed so recklessly into reinstalling Mr. Chamandy that it violated US antitrust law. At this stage, questions remain about contacts between Browning West and Mr. Chamandy before and after his removal as CEO, contacts between Browning West and other investors, and whether these contacts violate Canadian and US securities laws. What is clear is that Browning West and Mr. Chamandy desire to seize control of Gildan as rapidly as possible, and it appears they will step over the law to do so.

The Board will continue to take all appropriate actions to protect shareholder value, including ensuring that all shareholders play by the same rules.

Caution Concerning Forward-Looking Statements

Certain statements included in this press release constitute “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 and Canadian securities legislation and regulations and are subject to important risks, uncertainties, and assumptions. This forward-looking information includes, amongst others, information with respect to our objectives and strategies. Forward-looking statements generally can be identified by the use of conditional or forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “project”, “assume”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, or the negatives of these terms or variations of them or similar terminology. We refer you to the Company’s filings with the Canadian securities regulatory authorities and the US Securities and Exchange Commission, as well as the risks described under the “Financial risk management”, “Critical accounting estimates and judgments”, and “Risks and uncertainties” sections of our most recent Management’s Discussion and Analysis for a discussion of the various factors that may affect these forward-looking statements. Material factors and assumptions that were applied in drawing a conclusion or making a forecast or projection are also set out throughout such document.