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UNITED STATES BANKNOTE CORPORATION SHAREHOLDERS APPROVE DELAWARE INCORPORATION

 NEW YORK, July 1 /PRNewswire/ -- On June 29, 1993, United States Banknote Corporation (NYSE: UBK) shareholders approved the re- incorporation of the company in Delaware and the elimination of cumulative voting for the election of directors.
 Shareholders had previously approved the authorization of a new class of 5 million shares of series preferred stock with such terms as the board of directors may determine as well as a new charter provision limiting certain personal liability of directors for monetary damages, prior to adjournment of the 1993 annual meeting of shareholders on June 8, 1993.
 The matters approved on June 8, 1993 and on June 29, 1993 are included in the Certificate of Incorporation of the company's wholly owned Delaware subsidiary with which the corporation intends to merge following receipt of necessary state tax clearances, which may take up to several weeks.
 Separately, the company announced that the previously announced Memorandum of Understanding regarding the purchase of a 40 percent interest in Argentine security printer Ciccone Calcografica, S.A., had expired without the parties having reached a definitive agreement. However, discussions regarding the transaction as well as other joint business opportunities are continuing.
 United States Banknote Corporation is the largest private printer of security documents in North America and Brazil. The company produces United States food coupons, postage stamps, treasury checks, stock and bond certificates, personal checks, financial payment cards, travelers cheques and currency for foreign countries. Through its American Bank Note Holographics subsidiary, the company is also the world's leading producer of holograms used for security applications.
 -0- 7/1/93
 /CONTACT: Jeffrey A. Oberg, vice president - finance and development of United States Banknote Corporation, 212-582-9200; or Lisa Ellis, vice president of Robinson, Lake, Lerer & Montgomery, 212-484-7712, for United States Banknote Corporation/
 (UBK)


CO: United States Banknote Corporation ST: New York IN: SU:

WB-OS -- NY054 -- 7732 07/01/93 12:27 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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