PRESS RELEASE
Published on
Pitney Bowes Inc. - Form 8-K
Exhibit (i)
Contact:
Press - Sheryl Y. Battles
Executive Director,
External Affairs
(203) 351-6808
Financial - Michael Monahan
Director,
Investor Relations
(203) 351-6349
PITNEY BOWES DECLARES 2-FOR-1 STOCK SPLIT
FOR IMMEDIATE RELEASE
Stamford, Conn., October 6, 1997-- Today, the board of directors of Pitney Bowes
Inc. (NYSE:PBI) declared a two-for-one split of the company's common stock
subject to approval by stockholders of an amendment of the company's Restated
Certificate of Incorporation. The amendment will increase the number of
authorized common shares from 240,000,000 to 480,000,000 shares. The split will
be effected through a dividend of one share of common stock for each common
share outstanding.
Notes Pitney Bowes Chairman and Chief Executive Officer Michael J.
Critelli, "The strength of our core business, focus on profitable growth and
solid financial foundation are all reflected in the steady increase of our stock
valuation. We are excited about today's stock split declaration because it
underscores our confidence in the continued growth and profitability of the
company, and the success of our ongoing strategy to generate and deliver
enhanced shareholder value. The lower post-split trading price should make our
stock even more attractive to the public."
The proposal will be voted on by stockholders of record as of October 24,
1997, at a special stockholders meeting December 18, 1997. If approved, the
company will distribute the stock dividend on or about January 16, 1998, for
each share held of record at the close of business December 29, 1997. The last
Pitney Bowes stock split was in 1992.
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