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SAFECARD ANNOUNCES TERMINATION OF NEGOTIATIONS WITH PETER A. HALMOS; FILES CLAIMS IN FEDERAL AND FLORIDA COURTS

 CHEYENNE, Wyo., May 26 /PRNewswire/ -- SafeCard Services, Inc. (NYSE: SSI), today announced the termination of protracted negotiations with Peter A. Halmos, the company's former chairman, director, secretary and executive management consultant. SafeCard also announced that it had filed claims against Peter Halmos in federal and Florida courts.
 SafeCard sued Peter Halmos in United States District Court in Cheyenne, Wyo., for recoupment of tens of millions of dollars in insider trading profits, breach of fiduciary duty, misappropriation of corporate opportunities, misuse of corporate assets, and other wrongs.
 SafeCard filed additional counterclaims against Peter Halmos in the Circuit Court of Broward County (17th Judicial Circuit) Ft. Lauderdale, Fla., in connection with SafeCard's abandonment of its lease (with a Halmos-related entity) of SafeCard's former corporate headquarters in Ft. Lauderdale.
 In addition, SafeCard also filed suit in Wyoming against Myron M. Cherry and his law firm, Cherry & Flynn, of Chicago, former lawyers to SafeCard, for malpractice and other alleged misconduct.
 Copies of the complaints may be obtained through the appropriate courts.
 "SafeCard's directors, management, and outside corporate and special litigation counsel have spent over five months of time and effort and considerable expense trying to reach a negotiated resolution of the various disputes between Peter Halmos and the company, but to no avail," said SafeCard's president, W.M. Stalcup Jr.
 "We believe we have done everything within reason and within our fiduciary responsibilities to stockholders to avoid lengthy and costly litigation. The issues are now in the hands of the courts. The company does not expect its disputes with Peter Halmos to have any adverse effect on the company's ability to serve its subscribers and its credit card issuer clients. The company intends to continue its efforts to expand its business," Stalcup added.
 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- 5/26/93
 /CONTACT: Gene Miller, investor relations of SafeCard Services, 407-852-1925; or Bob Stone of The Dilenschneider Group, 212-922-0900, or home, 914-591-5534, for SafeCard Services/
 (SSI)


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

WB-PL -- NY034 -- 2458 05/26/93 12:23 EDT
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Publication:PR Newswire
Date:May 26, 1993
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