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CITICORP SIGNS NEW CONTRACT WITH SAFECARD

 CITICORP SIGNS NEW CONTRACT WITH SAFECARD
 FORT LAUDERDALE, Fla., April 9 /PRNewswire/ -- SafeCard Services,


Incorporated (NYSE: SSI) announced today the signing of a new contract amendment with Citicorp that extends their relationship through at least December 1997.
 Citicorp, the nation's largest bank and bank card issuer, is also SafeCard's biggest customer. In SafeCard's 1991 fiscal year, Citicorp represented 41 percent of SafeCard's revenues.
 "SafeCard has made significant progress in recent years, achieving record revenues, earnings, and cash position in fiscal 1991. Additionally, I believe organizational strength has been broadened," said Steve Halmos, SafeCard's chief executive officer.
 Halmos said that he was particularly pleased that the new contract eliminates a provision that gave Citicorp the right to terminate the contract in the event that Steve Halmos or Peter Haloms, SafeCard's co-founders, ceased to manage SafeCard's business. In addition, Citicorp's right to terminate in the event as unaffiliated third party acquires a majority of SafeCard's shares has been restricted to specified credit card issuers and certain others. "I believe these contract changes show the continuing evolution and progress SafeCard is making, both financially and organizationally," said Halmos.
 The new contract also provides that, under certain circumstances, SafeCard may sell the CreditLine service to Citicorp credit card customers if Citicorp decides to offer such a service. CreditLine is now being sold through 45 credit card companies, including Texaco, Mobil and Shell Oil.
 "We are very pleased to formally extend SafeCard's long relationship with Citicorp. We intend to continue to earn Citicorp's trust and confidence by doing the best work we can," said Halmos.
 In fiscal 1991, SafeCard had recorded revenues of $151.9 million and record earnings of $29.7 million. Debt free since its inception in 1969, SafeCard now has $191 million in cash and services 12 million consumers nationwide. SafeCard recently announced plans to move its headquarters and operations to Cheyenne, Wyo. The relocation is expected to be completed in September 1992.
 -0- 4/9/92
 /CONTACT: Peter Halmos of SafeCard, 305-776-2501/
 (SSI) CO: SafeCard Services, Incorporated; Citicorp ST: Florida, New York IN: FIN SU: CON


KD-SM -- NY093 -- 7004 04/09/92 18:07 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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