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Pitney Bowes Acquires Danka Canada Inc.

Press release from the issuing company

STAMFORD, Conn., July 1, 2005 - Pitney Bowes Inc., through its subsidiary Pitney Bowes of Canada Ltd., today announced that it has acquired 100% of the stock of Danka Canada Inc., a subsidiary of Danka Business Systems PLC, for approximately $14 million. Danka Canada Inc. is a leading provider of office systems services, supplies and equipment in Canada, and generated approximately $36 million in revenue during its most recent fiscal year. It will report into the Pitney Bowes' Canadian operation, which provides office systems, services and supplies to customers as part of its mail and document management product and service offerings. This acquisition supports the company's growth in several ways, according to Pitney Bowes President and Chief Operating Officer Murray Martin. "The addition of Danka Canada strengthens our Canadian operations by enhancing our geographic coverage, extending our offerings and growing the value we can provide to all customers. This acquisition also expands our direct service network and our range of direct service offerings for document management equipment and systems." Danka Canada Inc., headquartered in Toronto, has approximately 300 employees and 20 offices across Canada.