FORM 3 OMB APPROVAL
OMB NUMBER 3235-0104
EXPIRES: September 30, 1998
Estimated Average burden
hours per response.....0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
INITIAL STATEMENT OF BENEFICIAL
OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company act of 1940
1. Name and Address of Reporting Person
Dr. Romano Volta
c/o Hydra S.p.A.
Via Massimo d'Azeglio 57
40123 Bologna, Italy
2. Date of Event Requiring Statement (Month/Day/Year)
September 10, 1997
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
PSC Inc. (NASDAQ: PSCX)
5. Relationship of Reporting Person to Issuer (Check all applicable)
X Director X 10% Owner
---- ----
____ Officer (give title below) ____ Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
Not applicable
___________________________________________________________________________
TABLE I - NON DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Security (Instr. 4)
Common Stock, par value $0.01 per share
2. Amount of Securities Beneficially Owned (Instr. 4)
425,000
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)
D
4. Nature of Indirect Beneficial Ownership (Instr. 5)
___________________________________________________________________________
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TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Derivative Security (Instr. 4)
a) Series A Convertible Preferred Stock{1}
b) Warrants{1}
2. Date Exercisable and Expiration Date (Month/Day/Year)
a) Date Exercisable: Not applicable*
Expiration Date: Not applicable*
b) Date Exercisable: 9/10/97
Expiration Date: 9/10/2001
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
a) 1,375,000 shares of Common Stock, par value $0.01 per share
b) 180,000 shares of Common Stock, par value $0.01 per share
4. Conversion or Exercise Price of Derivative Security
a) Not applicable*
b) $8.00/share
5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
a) I
b) I
6. Nature of Indirect Beneficial Ownership (Instr. 5)
a) By Hydra Investissements S.A.**
b) By Hydra Investissements S.A.**
Explanation of Responses:
* According to the Restated Certificate of Incorporation of PSC Inc., shares
of Series A Convertible Preferred Stock are convertible into shares of Common
Stock at any time at the option of the holder of such shares of Series A
Preferred Stock. The conversion rate is 12.5 shares of Common Stock for each
share of Series A Preferred Stock and is subject to adjustment in certain
circumstances.
** Dr. Volta owns 50 percent of the capital stock of Hydra S.p.A., an Italian
corporation, which, in turn, owns 100 percent of the capital stock of Hydra
Investissements S.A., a Luxembourg corporation.
{1} This ownership of Series A Convertible Preferred Stock and Warrants is
also being reported by Hydra Investissements S.A., Hydra S.p.A. and Lucia
Fantini. See Schedule I hereto. Hydra Investissements S.A. reports direct
ownership of such securities.
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*** Signature of Reporting Persons
Each Dated: September 23, 1997
DR. ROMANO VOLTA
/S/ ROMANO VOLTA
_______________________________________
HYDRA INVESTISSEMENTS S.A.
By: /S/ SERGE THILL
__________________________________
Serge Thill
Director
By: /S/ JEAN-PAUL DEFAY
__________________________________
Jean-Paul Defay
Director
HYDRA S.p.A.
By: /S/ ROMANO VOLTA
_________________________________
Romano Volta
President of the Board of Directors
LUCIA FANTINI
/S/ LUCIA FANTINI
_______________________________________
*** Intentional misstatements or omission of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C.78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
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SCHEDULE I
Designated Filer: Dr. Romano Volta
Issuer Name and Ticker or Trading Symbol
PSC Inc. (NASDAQ: PSCX)
Date of Event Requiring Statement (Month/Day/Year)
September 10, 1997
ADDITIONAL REPORTING PERSONS
(Each of the Reporting Persons listed below is filing this Form 3 as a 10%
Owner of the Issuer.)
1. Name and Address of Reporting Person:
Lucia Fantini
c/o Hydra S.p.A.
Via Massimo d'Azeglio 57
40123 Bologna, Italy
2. Name and Address of Reporting Person:
Hydra S.p.A.
Via Massimo d'Azeglio 57
40123 Bologna, Italy
3. Name and Address of Reporting Person:
Hydra Investissements S.A.
3, Place Dargent
Luxembourg
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