Eastern Completes Purchase of Greenwald Industries and Greenwald Intellicard for $22.5 Million

6/30/2000 9:26:00 AM

NAUGATUCK, Conn.--(BUSINESS WIRE)--June 30, 2000--The Eastern Company (AMEX:EML) yesterday completed the previously announced purchase of Greenwald Industries Inc. and Greenwald Intellicard Inc. from PubliCARD Inc. (NASD:CARD) 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.

Leonard F. Leganza, President and CEO of Eastern stated, "We are extremely pleased to have finalized this purchase, which brings Greenwald Industries, a long-standing market leader in mechanical coin handling systems, and Greenwald Intellicard, a developer and manufacturer of smart card technology, into the Eastern family. In addition to Greenwald's reputation as a supplier of coin handling and smart card solutions to the commercial laundry industry, this purchase brings certain technologies that we hope to apply to other areas of the company, as well as develop for application in other industries."

The Eastern Company manufactures and markets a broad range of locks, latches, fasteners and other security hardware that meets diverse security and safety needs of industrial and commercial customers. Headquartered in Naugatuck, CT, the Company has seven manufacturing locations in the U.S.A., Canada, Mexico, and the Pacific Rim.

Forward-Looking Statements: Information in this news release contains statements which reflect the Company's current expectations regarding the future operating performance and achievements. Actual results may differ due to the many economic uncertainties that affect the Company's business environment. Further information about the potential factors which could affect the Company's financial result are included in the Company's reports and filings with the Securities and Exchange Commission. The Company is not obligated to update or revise the aforementioned statements for those new developments.

CONTACT: The Eastern Company

             Leonard F. Leganza
             (203) 729-2255 Ext.105