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U.S. BANKNOTE TO ACQUIRE 40 PERCENT INTEREST IN LEADING ARGENTINE SECURITY PRINTER

 NEW YORK, April 13 /PRNewswire/ -- United States Banknote Corporation (NYSE: UBK) today announced it had signed a Memorandum of Understanding to acquire a 40 percent interest in the common stock of Ciccone Calcografica, S.A. (Ciccone), Argentina's leading security document and lottery ticket printer. The initial investment is $20 million of which a significant portion will be used to repay approximately half of Ciccone's bank debt. In addition, a contingent payment of up to $7.5 million may be payable to the current shareholders over the next four years, if certain earnings targets are achieved.
 In addition to being Argentina's leading supplier of lottery tickets and related data processing services, Ciccone is also Argentina's largest check printer as well as a major producer of stock and bond certificates, banknotes, computerized lottery terminal systems and secure business forms. Ciccone is also a major exporter of secure checks, lottery tickets and lottery terminals to a number of Latin American countries including Chile, Uruguay, Columbia, El Salvador and Honduras. Ciccone, a privately held concern, had sales in excess of $60 million for its fiscal year ended Aug. 31, 1992.
 Morris Weissman, chairman and CEO of United States Banknote, stated that, "the investment in Ciccone is an important strategic step that will expand our presence in the Americas and gives us direct access to two of the strongest economies in South America -- Argentina and Chile. Ciccone's presence in many other countries in Latin America will also allow U.S. Banknote to expand its security printing and holographic product lines into these markets. The company will now have access to lottery ticket printing and on-line lottery technology, developed in conjunction with IBM, which we presently do not have and which we believe can be expanded throughout the Americas and elsewhere in the world."
 Consummation of the transaction is subject to the execution of definitive stock purchase and shareholders' agreements, completion of due diligence, approval by the board of directors of U.S. Banknote and the shareholders of Ciccone, and other customary closing conditions. The transaction is expected to close during U.S. Banknote's second quarter ending June 30, 1993.
 U.S. Banknote prints United States food coupons, postage stamps, treasury checks, stock and bond certificates, travelers cheques and currency for foreign countries using the intaglio method. Through its American Bank Note Holographics subsidiary, the company is also the world's leading producer of holograms used for security applications.
 -0- 4/13/93
 /CONTACT: Jeffrey A. Oberg, vice president - finance & development of United States Banknote Corporation, 212-741-8500; or Gregory W. Miller, senior vice president of Robinson, Lake, Lerer & Montgomery, 212-484-7404, for United States Banknote Corporation/
 (UBK)


CO: United States Banknote Corporation; Ciccone Calcografica, S.A. ST: New York IN: FIN SU:

SB-LR -- NY066 -- 5305 04/13/93 15:04 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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