SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the registrant [_] Filed by a party other than the registrant [X] Check the appropriate box: [_] Preliminary proxy statement [_] Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2) [_] Definitive Proxy statement [_] Definitive additional materials [X] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12 DESIGNS, INC. (Name of Registrant as Specified in its Charter) JEWELCOR MANAGEMENT, INC. (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of filing fee (Check the appropriate box): [X] No fee required. [_] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: [_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount previously paid: (2) Form, schedule or registration statement no.: (3) Filing party: (4) Date filed: FOR IMMEDIATE RELEASE Contact: James R. Verano (570) 822-6277, ext. 15 JMI HOPES DESIGNS, INC.'S ANNUAL MEETING OF STOCKHOLDERS WILL PROCEED AS SCHEDULED Wilkes-Barre, Pennsylvania, September 23, 1999.....Jewelcor Management, Inc. ("JMI"), a 9.9% shareholder of Designs, Inc. (NASDAQ: DESI), stated today that it is looking forward to Designs' Annual Meeting of Stockholders on October 4, 1999 and hopes that the Annual Meeting will proceed as scheduled. James R. Verano, CFO of JMI, said, "Unfortunately, Designs failed to schedule an Annual Meeting on a timely basis prior to its anniversary date in June, 1999 and JMI was forced to advise the Company that it would initiate legal action to compel a meeting in accordance with Delaware law if an Annual Meeting was not scheduled immediately". In response to JMI's demands, the Board of Directors originally scheduled the meeting for September 13. However, the Company subsequently rescheduled the Annual Meeting twice without stating any basis for their actions. In JMI's view, these unnecessary delays deprived shareholders of their rights to be heard and caused Designs and JMI to waste precious time and substantial sums of money. Verano stated, "I sincerely hope that the officers and directors of the Company will act responsibly and finally allow the Annual Meeting to proceed as scheduled on October 4 without any further delays or the filing of frivolous lawsuits. Any such actions could cause the Company to waste valuable time and unnecessarily incur millions of dollars in expenses, which it can ill afford. Unfortunately, these types of tactics have sometimes been used by entrenched managements seeking to perpetuate their positions. "JMI believes that current management has placed our Company in dire financial circumstances, and it is time to let the shareholders speak and decide who should manage our Company in the future. I sincerely hope that the Board of Directors will act honorably and take the high road and not resort to desperate tactics."