WLC Wellco Enterprises

Wellco Enterprises, Inc. (AMEX: WLC) today announced that its shareholders have approved the proposed merger between Wellco and a corporation organized by Golden Gate Capital and Integrity Brands. The merger remains subject to other customary closing conditions. Upon completion of the merger, each issued and outstanding share of Wellco�s common stock will be converted into the right to receive $14.00 in cash. Wellco�s shareholders also approved the proposed amendment to its articles of incorporation to provide that the period of duration of Wellco as a corporation will be perpetual. About Wellco Enterprises, Inc. Wellco Enterprises, Inc. engages in the manufacture and sale of military and other rugged footwear in the United States and internationally. Its products include military combat boots - including the hot weather boot, temperate weather boot, and the anti-personnel mine boot - as well as similar military-style boots for the civilian consumer. The company also sells specialized machinery and materials, and renders technical assistance and other services to licensees for the manufacture of footwear. Wellco sells its products primarily to the U.S. government through the Defense Supply Center of Philadelphia. The company was founded in 1941 and is based in Waynesville, North Carolina. For more information, visit www.wellco.com. About Golden Gate Capital Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $3.4 billion of capital under management. The firm is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. Golden Gate targets investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate Capital have a long and successful history of investing with management partners across a wide range of industries and transaction types. For more information, visit www.goldengatecap.com. About Integrity Brands Integrity Brands is a Boston-based investment firm focused exclusively on the consumer brand and retail sectors. The firm invests in firms with compelling brand and product propositions where its principals can add value through applying their knowledge and experience base in the branded retail arena to drive enhanced value. Integrity Brands has been associated with a series of turnaround and growth successes in businesses in areas including apparel, footwear, and accessories. For more information visit www.integrity-brands.com. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION Statements throughout this report that are not historical facts are forward-looking statements. These statements are based on current expectations and beliefs, and involve numerous risks and uncertainties. Many factors could affect the Company�s actual results, causing results to differ materially from those expressed in any such forward-looking information. These factors include, but are not limited to, the receipt of contracts from the U. S. government and the performance thereunder; the ability to control costs under fixed price contracts; the cancellation of contracts; and other risks detailed from time to time in the Company�s Securities and Exchange Commission filings, including Form 10-K for the year ended July 1, 2006. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management. Actual results may differ materially from management expectations. The Company assumes no obligation to update any forward-looking statements.