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Pitney Bowes Considers Senate Passage of Postal Reform Legislation an Important, Positive Step

Friday, February 10, 2006

Press release from the issuing company

STAMFORD, Conn., Feb. 9 -- Pitney Bowes Inc. stated that today's action by the United States Senate in approving postal reform legislation (S.662) by unanimous consent is an important and positive step toward enactment of the legislation. Last July, the House of Representatives approved H.R. 22, its version of postal reform legislation, by a vote of 410 to 20. Michael J. Critelli, Chairman and CEO of Pitney Bowes, said: "Today's Senate action is an important and positive step toward enactment of comprehensive postal reform legislation. We applaud the hard work of Senator Susan Collins, Chair of the Senate Homeland Security and Governmental Affairs Committee, Ranking Member Senator Joe Lieberman, Senator Tom Carper, and the other members of the committee, as well as the committee and Senate staffs, in getting this complex bill approved by unanimous consent. We are confident that the legislation which ultimately emerges from the House-Senate Conference Committee will be very beneficial for Pitney Bowes, the mailing industry, including the U.S. Postal Service, and the American people. We will be working closely with all stakeholders to get the legislation enacted this year and to realize the benefits we all seek from it." Pitney Bowes has called for legislation that: -- Enables the Postal Service retirement benefit obligations to be correctly sized and funded, and enables a significant portion of pension fund overpayments applied to mitigate future rate increases; -- Clarifies that the mission of the Postal Service is to maintain universal physical mail service at affordable rates; -- Enhances private sector partnerships for the most cost-effective postal system; -- Encourages the Postal Service to embrace technology; -- Maintains price stability while increasing pricing flexibility; and -- Improves the Postal Service's tools to manage its business.




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