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Pitney Bowes to Acquire Print, Inc.

Press release from the issuing company

STAMFORD, Conn., July 24 -- Pitney Bowes Inc. today announced that it has signed a definitive agreement to acquire 100% of the stock of Print, Inc. for approximately $47 million, net of cash and debt. Print, Inc. is a leader in a rapidly growing component of the print management market that provides bundled offerings of printer supplies, service and equipment to manage document production. These operations will be integrated into a wholly-owned subsidiary of the company, and operate as part of its Pitney Bowes Direct group led by Neil Metviner, Executive Vice President and President Pitney Bowes Direct. This acquisition helps the company add value in another critical part of the mailstream, according to Michael J. Critelli, Chairman and CEO of Pitney Bowes. "Managing the printing of documents is a key activity involved in the production of effective mail and documents. Yet, as important as it is, most businesses rely on an array of separate vendors to provide printer equipment, printer supplies such as paper, ink and toner, and maintenance and repair services for their printer fleet. By providing bundled offerings of supplies, services and equipment, Print, Inc. pioneered a holistic approach to optimizing print resources and managing total costs. It serves as the perfect platform for leveraging our national sales and service networks, management services solutions, and current printing supplies offerings, while expanding the array of comprehensive printing solutions available to all of our customers." Print, Inc. uses the term Document Management Infrastructure (DMI) to describe this rapidly growing, emerging component of the mailstream that integrates supplies, service and printers into a consolidated program. They are a leading provider in the DMI market which is projected to grow at 30%. Print, Inc. generated approximately $49 million in revenue in 2005 by supporting small to mid-size customers in a variety of industry verticals, such as legal services. They are headquartered near Bellevue, Washington and they employ 221 people in 15 sites. Gary Stevens, CEO and founder of Print, Inc. noted, "This acquisition represents a win for all of our customers. We are excited to become a part of the leader of the global mailstream and look forward to growing the array of high value print management solutions that we provide." Subject to the completion of customary conditions this transaction is expected to close during the third quarter of 2006.

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