ADVANCED GLASSFIBER YARNS LLC

                  Announces Appointment of New Chairman and CEO

         Aiken, South Carolina, July 29, 2002/Businesswire/ -- Advanced
         Glassfiber Yarns LLC (AGY) has today announced that, effective
         immediately, Philippe Porcher has replaced Robert Porcher as AGY's
         Chairman of the Board and Chief Executive Officer. Philippe Porcher has
         served as a director of AGY since its formation in 1998 and is
         President of the Executive Board of Porcher Industries. A wholly owned
         subsidiary of Porcher Industries, Glass Holdings Corp., owns a 51%
         controlling interest in AGY.

         Robert Porcher will continue to serve as Chairman of the Supervisory
         Board of Porcher Industries.

         As part of his new duties, Philippe Porcher will have primary
         responsibility for all U.S. operations of Porcher Industries, including
         Porcher's banking and advisory relationships with U.S.-based financial
         institutions.

         As previously disclosed, AGY has engaged Credit Suisse First Boston as
         its financial advisor to explore strategic alternatives including, but
         not limited to, a restructuring of AGY's debt.

         Certain matters discussed in this press release, such as statements
         about our future operations and liquidity, may be forward-looking
         statements within the meaning of the federal securities laws. Although
         we believe that the expectations reflected in any such forward-looking
         statements are based upon reasonable assumptions, we can give no
         assurance that our expectations will be achieved. Factors that could
         cause actual results to differ materially from our current expectations
         include conditions in the electronics industry and the economy
         generally, the level of our indebtedness, our ability to obtain
         alternative financing on acceptable terms and the other risks detailed
         in the Company's SEC quarterly and annual reports and in our
         Registration Statement on Form S-4 (SEC File No. 333-72305).

         Advanced Glassfiber Yarns, headquartered in Aiken, SC, is one of the
         largest global suppliers of glass yarns, which are a critical material
         used in a variety of electronic, industrial construction and specialty
         applications.