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PETER HALMOS ISSUES STATEMENT ON SAFECARD DECISION

 MIAMI, Sept. 14 /PRNewswire/ -- Peter Halmos, co-founder and former chairman and chief executive officer of SafeCard Services, Inc. (NYSE: SSI), today issued the following statement:
 "The stay granted today by a panel of the Illinois Appellate Court, staying an order issued by the Circuit Court of Cook County, Ill., on Aug. 16, 1993, that enjoined SafeCard from proceeding with its Wyoming lawsuit, is a temporary stay pending a definitive resolution of the matter. We are confident that, when the Illinois Appellate Court fully considers the merits of the Circuit Court's order, the injunction, issued on Aug. 16, blocking the Wyoming lawsuit will be reinstated. In any case, we fully intend to vigorously pursue our litigation."
 As previously reported, the Circuit Court of Cook County on Aug. 16 issued an order enjoining and restraining SafeCard from proceeding with the lawsuit it filed against Mr. Halmos on Aug. 11, 1993, in state court in Wyoming. The Aug. 16 order by the Cook County Circuit Court was based on that court's finding that SafeCard's Wyoming action against Halmos "could possibly result in fraud, gross wrong and oppression" of Halmos by SafeCard, and "a manifest wrong and injustice."
 Mr. Halmos is seeking redress against SafeCard in Illinois state court for reneging on SafeCard's promises and obligations made to Mr. Halmos over the past several years. Instead of fulfilling its commitment, Mr. Halmos has alleged, SafeCard has engaged in a pattern of misconduct in order to cover up certain issues with respect to SafeCard which Mr. Halmos raised and to deprive him of pursuing his other business interests. Mr. Halmos' suit seeks a variety of relief, including but not limited to monetary damages in excess of $100 million.
 -0- 9/14/93
 /CONTACT: Robert Siegfried or Roy Winnick of Kekst and Company, 212-593-2655/
 (SSI)


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

GK-TS -- NY080 -- 1940 09/14/93 16:58 EDT
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Publication:PR Newswire
Date:Sep 14, 1993
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