STAMFORD, Conn., Sept. 18 /PRNewswire/ -- Pitney Bowes Inc. (NYSE: PBI) today announced that it has completed the steps necessary to receive the regulatory and tax approvals required for a tax-free 100% spin-off of its Office Systems operations to its shareholders and has concluded all of the inter-company agreements between the two companies.

Pitney Bowes Office Systems (PBOS) and Pitney Bowes are presently arranging a credit facility for PBOS, the final step in the spin-off process. It is expected that the Board of Directors of the company will set record and share distribution dates for the spin-off when the finance arrangements are in place. The distribution of shares is anticipated to occur in the fourth quarter.

Pitney Bowes Office Systems is a $650 million company offering high performance, leading-edge digital and analog copier/printer and facsimile systems for the corporate market through a national direct sales and service organization.

Pitney Bowes is a $4 billion global provider of integrated mail and document management solutions headquartered in Stamford, Connecticut. The company serves over 2 million businesses of all sizes through dealer and direct operations. For additional information on the company, its products and solutions visit http://www.pitneybowes.com.

The statements contained in this news release that are not purely historical are forward-looking statements with the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by their use of forward-looking terminology such as the words "expects," "anticipates," "intends" and other similar words. Such forward-looking statements 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: adverse changes in the economic environment, timely development and acceptance of new products or gaining product approval; successful entry into new markets; changes in interest rates; and changes in postal regulations, as more fully outlined in the company's 2000 Form 10-K Annual Report filed with the Securities and Exchange Commission. In addition, the forward-looking statements are subject to change based on the timing and specific terms of the Office Systems spin-off and any announced or proposed acquisitions. The forward-looking statements contained in this news release are made as of the date hereof and we do not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

CONTACTS: Editorial - Sheryl Y. Battles, Exec. Director, External Affairs

               +1-203-351-6808

               Website - http://www.pitneybowes.com

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SOURCE Pitney Bowes Inc.

CONTACT: Editorial - Sheryl Y. Battles, Exec. Director, External Affairs, +1-203-351-6808; or Financial - Charles F. McBride, Exec. Director, Investor Relations, +1-203-351-6349, both for Pitney Bowes Inc./