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UPS Buys MAIL BOXES ETC., Amos to Lead New UPS Division

Thursday, April 05, 2001

Press release from the issuing company

ATLANTA & SAN DIEGO -March, 2001--UPS (NYSE: UPS) and MAIL BOXES ETC. today jointly announced that UPS has agreed to acquire MBE. MBE, a subsidiary of US Office Products (OTC BB: OFIS), is the world's largest franchisor of independently owned and operated business, communication and shipping centers worldwide. The transaction is structured as an acquisition of the assets of MBE. The parties expect to close as soon as practicable. "This is a strategic fit that complements UPS's existing access channels and underscores the common vision MBE and its franchisees share with UPS to meet the changing needs of customers," said Jim Kelly, UPS chairman and CEO. "The alignment of our brands and the retail expertise MBE and its franchisees bring to UPS will open doors of opportunity for us to better serve small businesses and consumers around the world." UPS and MBE have had a strong relationship for more than two decades. In recent years, both companies have unveiled industry-leading solutions for small businesses and for shipping and returning goods sold and purchased over the Internet by businesses and consumers. In addition, UPS and MBE have complementary portfolios of business-focused financial services. "In joining the UPS organization, we intend for our franchisees - the backbone of the MBE family - to maintain the entrepreneurial spirit and independence they need to run their businesses and provide world-class service options to their customers, while benefiting from the mutually innovative thinking of these two great companies," said Jim Amos, president and CEO of MBE. MBE business will be conducted through a subsidiary of UPS under the guidance of Amos, who this week was named chairman of the International Franchise Association. MBE franchisees will continue to offer a broad array of business services, products and shipping alternatives.




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