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ILLINOIS COURT DISMISSES HALMOS LAWSUIT AGAINST SAFECARD

 CHEYENNE, Wyo., Nov. 22 /PRNewswire/ -- SafeCard Services, Inc. (NYSE: SSI), today announced that Judge Albert Green of the Circuit Court of Cook County, Illinois dismissed in its entirety a lawsuit brought against the company by Peter A. Halmos, the company's former chairman, director, secretary and executive management consultant. The court ruled that none of the fourteen counts of the complaint stated a valid claim for relief.
 The now-dismissed lawsuit had also included claims by Halmos against William T. Bacon. Jr., one of SafeCard's outside directors, and claims against SafeCard by CreditLine Corporation (a Wyoming company partly owned by Halmos) and Myron Cherry, a Chicago lawyer who has previously represented SafeCard. All of these claims were also dismissed by the Illinois court.
 The Illinois court's ruling allows Halmos and the other plaintiffs a period of 28 days to file amended claims against SafeCard.
 Halmos had filed the suit last May asserting a variety of claims ranging from alleged breach of contract to alleged defamation. During the months prior to today's ruling, Halmos had publicly asserted that he had viewed the claims he had brought against SafeCard as being worth in excess of $100 million.
 Earlier this year SafeCard filed its own claims against Halmos, CreditLine Corporation, and another company partly owned by Halmos in state court in Cheyenne. SafeCard's Wyoming suit seeks recoupment of tens of millions of dollars in insider trading profits and alleges breach of fiduciary duty, misappropriation of corporation opportunities, misuse of corporate assets, and other wrongs. SafeCard has also stated counterclaims against Halmos in litigation in state court in Florida relating to the company's alleged leasing of its prior headquarters from a partnership related to Halmos.
 Today's ruling in Illinois does not impede SafeCard's claims against Halmos in the pending lawsuits in Wyoming and Florida. SafeCard intends to continue vigorously to pursue its claims in those lawsuits.
 SafeCard Services, Inc. is the world's largest provider of credit card registry services and also provides other enhancement services through its credit card issuer clients.
 -0- 11/22/93
 /CONTACT: Bob Stone of The Dilenschneider Group, 212-922-0900, or home 914-591-5534/
 (SSI)


CO: SafeCard Services, Inc. ST: Wyoming, Illinois IN: FIN SU:

LD -- NY087 -- 6982 11/22/93 16:52 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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