UPS To Acquire MAIL BOXES ETC.Franchise In Cash Transaction

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Alanta and SAN DIEGO, March 2, 2001 - UPS (NYSE: UPS) and MAIL BOXES ETC. Franchise today jointly announced that UPS has agreed to acquire MBE.

MBE (Mail Boxes Etc.), a subsidiary of US Office Products (OTC BB: OFIS), is the world's largest franchisor of independently owned and operated business, communication and shipping centers worldwide.

The transaction will allow UPS and MBE to develop new opportunities in such areas as small business services, e-commerce and financial services. It also strengthens the important physical link UPS has to a growing segment of retail customers, such as Internet consumers, SOHO (small office/home office) owners and an increasingly mobile, technology-connected society.

The transaction is structured as an acquisition of the assets of MBE. The parties expect to close as soon as practicable.

"This is a strategic fit that complements UPS's existing access channels and underscores the common vision MBE and its franchisees share with UPS to meet the changing needs of customers," said Jim Kelly, UPS chairman and CEO. "The alignment of our brands and the retail expertise MBE and its franchisees bring to UPS will open doors of opportunity for us to better serve small businesses and consumers around the world."

UPS and MBE have had a strong relationship for more than two decades. In recent years, both companies have unveiled industry-leading solutions for small businesses and for shipping and returning goods sold and purchased over the Internet by businesses and consumers. In addition, UPS and MBE have complementary portfolios of business-focused financial services.

"In joining the UPS organization, we intend for our franchisees - the backbone of the MBE family - to maintain the entrepreneurial spirit and independence they need to run their businesses and provide world-class service options to their customers, while benefiting from the mutually innovative thinking of these two great companies," said Jim Amos, president and CEO of MBE.

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