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EXHIBIT 99.1
[PUBLICARD LOGO]
FOR IMMEDIATE RELEASE CONTACT: PubliCARD, Inc.
Antonio DeLise
212-489-8021
Ruder Finn, Inc.
Tom Pratt
212-715-1636
PUBLICARD COMPLETES SALE OF GREENWALD INDUSTRIES
AND GREENWALD INTELLICARD FOR $22.5 MILLION
NEW YORK, NY - JUNE 29, 2000 - PubliCARD, Inc. (Nasdaq:CARD) today
completed the previously announced sale of Greenwald Industries, Inc. and
Greenwald Intellicard, Inc. to The Eastern Company (AMEX:EML) for $22.5 million
in cash. The Greenwald companies manufacture, market and distribute mechanical
coin handling systems and smart card solutions for the commercial laundry
industry.
"We are pleased to have expeditiously executed the most important piece
of the divestiture program we announced three months ago, which enables us to
turn our full attention to leveraging our core technologies in the emerging
broadband arena," said Jan-Erik Rottinghuis, PubliCARD's President and CEO.
ABOUT PUBLICARD, INC.
Headquartered in New York, NY, PubliCARD, through its Infineer subsidiary,
recently repositioned itself to leverage its core competencies in patented chip
technology and to focus on interactive security and conditional access in the
broadband arena. The Company has partnerships with major cable component
manufacturers, set-top box
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original equipment manufacturers and smart card promotion distributors,
including Motorola's Broadband Communications Sector, formerly known as General
Instrument Corp., and SoftCARD Systems Inc., a company owned in part by News
America Marketing. More information about the Company can be found on its web
site, www.infineer.com.
Special Note Regarding Forward-Looking Statements: Certain statements contained
in this press release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that involve
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied in the applicable statements. Such factors
include general economic and business conditions, the ability to fund
operations, business and product development, time to market, the loss of market
share, ability to attract and retain employees, changes in consumer buying
habits and other factors over which PubliCARD has no control. For more
information on the potential factors, which could affect financial results,
refer to the Company's most recent SEC reports, including the Form 10-K for the
year ended December 31, 1999, as amended, and the Form 10-Q for the quarter
ended March 31, 2000.
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