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Universal Furniture to Acquire Pennsylvania House

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Universal Furniture announced that it has entered into a letter of intent with La-Z-Boy Incorporated to purchase the Pennsylvania House brand name for an undisclosed amount. The deal is expected to close later this fall. “Pennsylvania House is a quality brand with outstanding consumer recognition,” said Randy Chrisley, chief executive officer of Universal Furniture. “That recognition combined with Universal Furniture’s exceptional factory support provides us with a unique opportunity to expand our ability to meet the changing needs of our customers.” Kevin O’Connor, President and CEO of Samson Marketing, stated: “The strategic plan for Universal Furniture is to develop brands like Better Homes and Gardens and now Pennsylvania House, which we will market to the industry and the consumer. The ‘value added’ of consumer brands coupled with better-end products made in China is a direction we feel will ultimately create a ‘win-win’ equation for the corporation and our Universal Furniture retail dealer base.” Adds Kurt Darrow, President and CEO of La-Z-Boy Incorporated, “While Pennsylvania House has an excellent name and reputation in the marketplace, the company does not fit with La-Z-Boy’s overall long-term strategy. Universal is a well-respected company and will be a natural partner for Pennsylvania House as it moves forward.” Universal Furniture plans to reintroduce the Pennsylvania House brand name with new products in time for the Spring 2008 International Home Furnishings Market in High Point, North Carolina. About Universal Furniture International: Universal Furniture International, Inc. is a highly regarded source for beautiful home furnishings at attractive prices. Universal offers design excellence and exceptional manufacturing processes from its dedicated facilities in China. Universal distributes its collections through fine home furnishings retailers throughout North America and in numerous other countries. For more information, please visit www.universalfurniture.com. About Samson Marketing: Samson Marketing is a wholly owned subsidiary of Samson Holding (Lacquercraft Manufacturing) and management company of two U.S. Casegoods marketing companies (Universal Furniture and Legacy Classic Furniture).