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Standard Register Completes Sale of Equipment Services Business to Pitney Bowes

Press release from the issuing company

DAYTON, Ohio, Jan. 6 -- Effective Dec. 31, 2004, Standard Register completed the sale of its equipment services business to Pitney Bowes for approximately $17 million cash. The transaction involved the sale of selected assets and the transfer of selected accrued liabilities of Standard Register's equipment services business to Pitney Bowes. Standard Register retained and will collect an estimated $3 million in equipment service business accounts receivable. Under the terms of the sale, all of Standard Register's approximately 200 equipment service associates were offered jobs by Pitney Bowes. The business generated annual revenue of approximately $23 million for Standard Register from the servicing of an installed base of printers and other document handling devices for 7,000 customers. The sale to Pitney Bowes will generate a fourth-quarter gain for Standard Register.