Mirus Advises Troy Mills, Inc. on sale of Troy Mills Filtration Products to Knowlton Nonwovens, Inc.

Boston, MA, May 21, 2002 – Mirus announced today that they have successfully completed the sale of Troy Mills Filtration Products (known commercially as Troy Felt) to Knowlton Non-Wovens, Inc. of Utica, New York. Troy Mills, Inc., based in Troy, New Hampshire, sold the Company’s technical felt and filtration product lines, which serve major customers and OEMs in the automotive industry. Knowlton Non-Wovens intends to move the operations to their Utica, New York, facility, while Cosmopolitan Textile will acquire Troy’s headliner business and continue to operate in New Hampshire.

Knowlton Nonwovens will benefit from an expanded engine filtration media product line; Troy’s filtration media composites; water-based and solvent-based post saturation capabilities, molding compounds and the addition of industrial filtration nonwovens.

Mirus was retained in late November to assist Troy Mills, Inc., with finding buyers for the Company’s businesses in West Virginia and New Hampshire, and received several competing offers for Troy Felt.

“Together with the sale of Troy’s luggage compartment business in West Virginia and the pending sale of the headliner manufacturing operations in New Hampshire, this transaction represents a very positive outcome for the Company,” said Jamie Grant, the Managing Director for The Mirus Special Situations Group.

About the Mirus Special Situations Group

Mirus provides investment banking solutions to corporate clients in distress, including divestitures, restructurings, and bankruptcy sales. Since 1987, Mirus has provided corporate finance advisory services to clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. For additional information, visit www.merger.com.