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 WELLESLEY, Mass., May 12 /PRNewswire/ -- I. MacAllister Booth,

Polaroid chairman, president and chief executive officer, told stockholders at the company's 55th annual meeting today that Polaroid plans to "broaden its participation" in expanding imaging markets beyond the company's traditional photography business.
 Booth said the company is currently undergoing an intensive "strategic visioning" process that will target new business opportunities for Polaroid. "We fully recognize that we are building the structure of our corporation's future. Our focus is to determine which choices will allow us to deliver the greatest shareholder return."
 Booth said new applications for imaging technology in markets, such as graphic arts, electronic image acquisition, and color image printers, have expanded the imaging field into a $155 billion industry, and Polaroid is strategically positioning itself to build growth in profitable segments of this larger imaging arena.
 "Today, Polaroid participates in approximately 9 percent of this $155 billion imaging field," Booth told shareholders at Wellesley College. "We know we can actively participate in one-third of this larger imaging industry. The segments we are adding to reach this one-third have a growth potential greater than that of the photography industry alone. We have every confidence that we will broaden our participation potential in the imaging market."
 Booth said new technologies Polaroid has developed, such as its Helios medium, new competencies, and the technical direction the imaging field is taking will allow Polaroid to focus on 30 percent of the total imaging market. "Joshua" Unveiled
 Booth also gave the public its first-ever look at the company's new instant consumer camera system, code-named Joshua, when he showed a picture of the camera and briefly held a camera up for the audience to see.
 "We are currently on plan for our Joshua introduction this fall," said Booth, who announced that Polaroid's new portable instant camera system will be introduced in Europe this fall.
 Calling it "an outstanding platform for telling our Joshua story," Booth said Polaroid will formally unveil the camera at Photokina, the world's largest photographic exhibition, on Sept. 16, 1992, in Cologne, Germany.
 Following its European introduction, Booth said, "We intend to continue our worldwide roll-out by moving into Japan in the spring of 1993 during Golden Week, a gala festival where new cameras of the year are introduced. In the United States, we plan to take orders and ship product in the late summer of 1993 to be ready for the autumn and holiday shopping and picture-taking seasons."
 Booth called Joshua an "exciting photographic system" that will attract new customers to Polaroid's worldwide family of instant imaging. "We believe Joshua, with its unique features, will attract a new, largely incremental, group of customers to instant photography. When added to our other camera and film initiatives, Joshua will serve as a base for important growth in both our family and business imaging markets."
 Booth said Polaroid is equally excited about Helios, the company's revolutionary dry laser imaging system for the medical community, which is "on track" for shipments later this year.
 "We are excited as ever about this truly remarkable dry imaging medical system and the overwhelmingly positive response it receives, both domestically and overseas," said Booth, adding that the company is also "examining adaptation of its dry imaging technology for a range of applications in non-medical markets as well." CFO William O'Neill Reviews Company's 1991 Performance
 William J. O'Neill, Jr., Polaroid chief financial officer, told shareholders the company's sales surpassed the $2 billion mark for the first time in 1991. Polaroid shipped 3.9 million instant cameras worldwide in 1991 -- 25 percent more than the previous year and the largest volume since 1986.
 As previously reported, for the year ended Dec. 31, 1991, Polaroid reported net earnings of $684 million, or $12.54 per common share on sales of $2.07 billion. Net earnings for 1991 included a pretax amount of $925 million received by the company from Kodak in settlement of the company's patent infringement litigation. Polaroid had net earnings of $6.2 million, or 13 cents per common share on sales of $431.3 million in the first quarter of 1992.
 O'Neill said Polaroid is continuing its drive to meet its 1992 performance goals, but remains concerned "that economic climates in Europe and Japan not deteriorate from where they are today, that there is continued improvement in the U.S. economy for the balance of the year, and that the U.S. dollar returns to the level of exchange we experienced at the beginning of the year."
 O'Neill said Polaroid is continuing to offer a wide range of new products and customer-oriented solutions, such as its recently announced relationship with Citibank and Datacard to produce state-of-the-art photo credit cards to help Citibank reduce credit card fraud.
 Polaroid's PhotoScanner CS-500 is used to convert a cardmember's picture to digital information to produce photo credit cards for Citibank, the nation's largest issuer of credit cards. The new Photo Bank Card system also includes Polaroid Miniportrait cameras and Polaroid film to provide customers with the option of getting their instant color passport-size photos on-the-spot in specific locations.
 "We are improving our product quality to provide greater value to our customers," O'Neill said, noting that earlier this year the company included a built-in close-up lens on its best-selling OneStep Flash camera at no extra cost to consumers. O'Neill also announced that Polaroid will continue to enhance its most popular camera by offering a restyled OneStep Flash model in Europe later this year and in 1993 in the United States. Polaroid Executives Brief Security Analysts and Media on Research Initiatives
 Earlier in the day, Sheldon A. Buckler, vice chairman of the board, and James A. Ionson, Polaroid's new vice president of research, presented an overview of the company's research and development initiatives to security analysts and media representatives.
 Ionson joined Polaroid last August after spending four years as the first director of the Strategic Defense Initiative Organization's Office of Innovative Science and Technology.
 "Polaroid is entering a new era of intense competition -- competition that will be fueled by a world whose rate of change is increasing rapidly," Ionson said. "The world population's thirst for information, entertainment and health will explode into worldwide markets with demanding regional requirements -- requirements that will be more image-intensive than ever before. Photography and the information/communications industries will merge together creating new opportunities and competitive challenges."
 Using high-intensity lasers and a new proprietary dry, single- sheet color medium, Ionson demonstrated one example of how Polaroid will apply its creative research resources to produce innovative products for tomorrow's customers.
 "The role of research at Polaroid will be to identify today's and tomorrow's imaging business opportunities and add unique value to technologies that will rapidly develop into high-value products designed to meet the needs of a sophisticated and demanding customer base," Ionson said.
 "I'm intensely interested in paradigm shifts. This is how companies grow," Ionson continued. "An innovation-driven company, such as Polaroid, can continue to evolve products from a single technology for only so long. At a certain point we have to make the shift from advancing a single technology to creating an entirely new class of capabilities. We need to set the new standard -- to own the new technological capabilities, not follow ones created by others."
 Buckler told the audience that innovation in imaging continues to be an essential driving force for Polaroid "in the post-Land era."
 "We, in imaging, are one of the few industries whose growth in opportunity is certain. In our tradition of imaging innovation, we are reaching out beyond the boundaries of our inheritance in instant photography. Some of these are in areas in which we have created totally new imaging capabilities, and others are cases in which we are combining some of our instant photography friends with new electronic imaging capabilities to provide hybrid systems to capture opportunities that are there for us," said Buckler, who unveiled a new instant thermal imaging material, called Polatherm, which utilizes a new Polaroid chemistry to produce high-quality monochrome images from computer assisted design systems.
 Polaroid Corporation, with sales of more than $2 billion, is the worldwide leader in instant imaging. The company supplies instant photographic cameras and films, conventional films, videotapes and electronic visual communication products to family, business and technical and industrial markets.
 -0- 5/12/92
 /CONTACT: Samuel A. Yanes, 617-577-4191, or Michael J. Spataro, 617-577-2455, of Polaroid/
 (PRD) CO: Polaroid Corporation ST: Massachusetts IN: HOU SU:

TM-SH -- NE014 -- 9189 05/12/92 13:51 EDT
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Date:May 12, 1992

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