Pitney Bowes Announces Intention to Voluntarily Delist Preference Stock
STAMFORD, Conn.--(BUSINESS WIRE)-- Pitney Bowes Inc. (NYS: PBI) today announced that it has notified the New York Stock Exchange (the "NYSE") of its intention to voluntarily delist its $2.12 Convertible Preference Stock (the "Preference Stock") from the NYSE.
The Company's decision to delist the Preference Stock was driven by the low number of shares outstanding, low daily trading volume, listing fees and compliance administration costs. Currently, 23,928 shares of Preference Stock remain outstanding, which is below the minimum number of shares specified by Section 802.01 of the NYSE Listed Company Manual.
The Company expects the delisting of its Preference Stock to become effective on or about April 22, 2013. The Company does not intend to re-list the Preference Stock on another securities exchange, but expects that the Preference Stock will be quoted on one or more over-the-counter markets.
Delisting the Preference Stock from the NYSE will not affect its terms, including dividend payments. The company intends to maintain the Preference Stock's registration under the Securities Exchange Act of 1934, as amended.
The Company will continue to maintain the listing of its common stock on the NYSE.
About Pitney Bowes
Pitney Bowes provides technology solutions for small, mid-size and large firms that help them connect with customers to build loyalty and grow revenue. The company's solutions for financial services, healthcare, legal, nonprofit, public sector and retail organizations are delivered on open platforms to best organize, analyze and apply both public and proprietary data to two-way customer communications. Pitney Bowes is the only firm that includes direct mail, transactional mail, call centers and in-store technologies in its solution mix along with digital channels such as the Web, email, live chat and mobile applications. Pitney Bowes has approximately USD $5 billion in annual revenue and 27,000 employees worldwide. Pitney Bowes: Every connection is a new opportunity™. www.pb.com
This press release contains "forward-looking statements" about our expected or potential future business and financial performance. For us forward-looking statements include, but are not limited to, statements about the expected quotation of the Preference Stock on one or more over-the-counter markets or statements about our future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: steps taken by third parties to make the Preference Stock eligible for trading on one or more over-the-counter markets; mail volumes; the uncertain economic environment; timely development, market acceptance and regulatory approvals, if needed, of new products; fluctuations in customer demand; changes in postal regulations; interrupted use of key information systems; management of outsourcing arrangements; foreign currency exchange rates; changes in our credit ratings; management of credit risk; changes in interest rates; the financial health of national posts; and other factors beyond our control as more fully outlined in the Company's 2012 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.
KEYWORDS: United States North America Connecticut
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