FOR IMMEDIATE RELEASE
For information contact:
PSC
Robert C. Strandberg, President and CEO
William J. Woodard, Vice President and CFO
Charis W. Copin, Director-Investor Relations
716-265-1600
Percon
Michael P. Coughlin, President and CEO
Andy J. Storment, EVP
Jason A. Davis, CFO
541-344-1189
PSC AND PERCON ANNOUNCE MERGER AGREEMENT
Rochester, New York--November 10, 1999--PSC Inc. (Nasdaq:PSCX), a global leader
in the manufacture and marketing of bar code scanning and automatic
identification solutions and Percon Incorporated (Nasdaq:PRCN), a manufacturer
of wireless and batch portable data terminals, decoders, input devices and data
management application software, located in Eugene, Oregon, today announced they
have entered into a merger agreement. The transaction, which was approved by the
board of directors of each company, is subject to Percon shareholder and
regulatory approvals.
PSC will pay $15.00 in cash for each outstanding share of Percon common stock.
Robert C. Strandberg will retain his position as PSC's President and Chief
Executive Officer. Andy J. Storment, Percon's Executive Vice President, will
join PSC and will direct the Company's portable data terminal and software
businesses. Michael P. Coughlin, Percon's President and CEO, will assist PSC in
a consulting capacity regarding sales channel strategies and business
development opportunities.
"This acquisition provides significant benefits for PSC shareholders and
customers, primarily because it immediately expands our product line beyond bar
code scanning into complementary and fast-growing segments of the automatic
identification and data capture industry," said Robert C. Strandberg, PSC
President and CEO. "Together we will have broader distribution for both
companies' product sets and the opportunity to reduce costs, as we capitalize on
the strengths of each company."
Michael P. Coughlin, Percon's President and CEO, said, "We are very excited
about our merger with PSC. Percon's wireless systems fit very well with PSC's
scanner product line and will enable us to offer complete data collection
solutions to customers."
- MORE -
PSC Inc. is a leading manufacturer and marketer of bar code scanning and
automatic data collection solutions of the highest quality and exceptional
reliability. Its broad range of products includes a line of laser based and
non-laser based handheld and fixed position bar code scanners, bar code engines
and verifiers and automated carton dimensioning systems. Headquartered in the
Rochester, New York, suburb of Webster, PSC has manufacturing facilities in
Webster and Eugene, Oregon. PSC has sales and service offices throughout Europe,
Asia, Australia and the Americas.
Percon Incorporated, a recognized leader in the automatic data collection
industry, helps companies improve their productivity and inventory control by
providing affordable, high-performance wireless and batch bar code-based data
collection systems. From its Eugene, Oregon headquarters and its Paris-based
European subsidiary, Percon sells its products through distributors, value-added
resellers (VARs), original equipment manufacturers (OEMs) and system integrators
in more than 70 countries worldwide.
The projections and other forward-looking statements contained in this release
are based on estimates of future performance and are highly dependent upon a
variety of factors which could cause actual results to differ materially from
these estimates. These factors include the integration of Percon following the
contemplated merger, market acceptance of products, competitive product
offerings and pricing pressures, the ability to control manufacturing and
operating costs, foreign currency and interest rate fluctuations and the
disposition of legal issues. Reference should be made to filings with the
Securities and Exchange Commission for further discussions of factors that could
affect PSC's future results.
Further information is available at the PSC web site: www.pscnet.com and at the
Percon web site at www.percon.com.
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