Swedish company TextileSolutions, the system for global textiles trading, announced today that it has received an investment of $2.5m (Euro3m) from one of Europe's largest textile manufacturers, Textil Manuel Goncalves S.A. (TMG) of Portugal.

"We are extremely pleased to have such an excellent partner on board," said Tommy Lowback, CEO TextileSolutions. "TMG will not only inject capital, but more importantly, further strengthen our network in the textile business. This relationship is an excellent fit." he added.

The investment is the first in a series of announcements of industry investments in TextileSolutions, according to Lowback. "This investment is further proof that TextileSolutions has the right business concept for the industry," Lowback said.

With extensive knowledge in the electronics and telecommunications industries, the TMG Group brings to TextileSolutions a deep understanding of integrating high technology applications in the textile industry.

"TMG considers the $2.5m to be the first in a series of investments in the new economy," according to Henrique Dionisio, TMG general manager. "Our investment strategy is to make the textile industry more efficient all along the value chain. We look forward to mutual success with TextileSolutions in expanding this dynamic approach to the market."

About TextileSolutions AB
Established in Sweden in 1999, TextileSolutions is a $30m US online trading project. TextileSolutions has created the world's first interactive shopping facility for textiles - a complete tool for the trade. The company provides a web-based textile marketplace as well as integrated order management systems for the industry.

TextileSolutions is based in Gothenburg, Sweden, and has local offices in 11 countries in Europe, Asia, and the United States. For more information, visit the company website at www.textilesolutions.com.

About TMG
Founded in 1937 by Manuel Goncalves, TMG is today the largest and most successful group within Portugal's thriving textile industry. Building on its own experience, TMG has developed a reputation for producing innovative products and services. TMG is structured into several strategic business units, each responsible for a specific range of products: TMG Yarns, TMG Fabrics, TMG Automotive, and TMG Knitting. Each business unit is independent enough to react swiftly to market opportunities. Clients include leading fashion companies such as Marzotto, Lacoste, Gant, and Marks & Spencer.