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Exhibit 99.1
MOHAWK CORP. AND PSC INC. AGREE TO TERMINATE MERGER AGREEMENT AND TENDER OFFER
Rochester, New York and Skaneateles Falls, New York, July 25, 2000--Mohawk
Corp., an affiliate of Welch Allyn Data Collection, Inc., Mohawk Acquisition
Corp., a wholly owned subsidiary of Mohawk Corp., and PSC Inc. (Nasdaq: "PSCX"),
announced today that they have mutually agreed to terminate the Agreement and
Plan of Merger, dated June 5, 2000, as amended, and to terminate the pending
announced tender offer for all of the outstanding shares of common stock, Series
A Preferred Stock and warrants of PSC Inc.
The parties are terminating the transaction due to a number of unforeseen
circumstances in the financing markets which make it impracticable to obtain
financing.
All shares of common stock, Series A Preferred Stock and warrants of PSC
tendered and not withdrawn in the tender offer will be returned promptly by
Mohawk Acquisition Corp. Questions regarding the tender offer may be directed to
Innisfree M&A Incorporated, which is acting as Information Agent with respect to
the tender offer, at (212) 750- 5833 or (888) 750-5834.
