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SAFECARD SERVICES ENDS LEGAL PROCEEDINGS AGAINST THE IRS AND ITS AGENTS

 CHEYENNE, Wy., April 30 /PRNewswire/ -- SafeCard Services, Inc. (NYSE: SSI) announced today that it has ended its legal proceedings against the Internal Revenue Service and its agents.
 On Oct. 9, 1992, SafeCard had filed an administrative claim with the Internal Revenue Service under the Federal Tort Claims Act and a lawsuit in the United States Federal District Court for the Southern District of Florida.
 By letter dated April 1, 1993, the Internal Revenue Service denied SafeCard's claim on the ground that it was untimely. SafeCard has decided not to appeal this decision.
 On April 28, 1993, SafeCard filed papers in the United States Federal District Court for the Southern District of Florida, Miami, dismissing its lawsuit against individuals alleged to be agents of the Internal Revenue Service.
 SafeCard had sought to recover alleged damages caused to SafeCard by alleged unlawful conduct on the part of the IRS and various of its agents in connection with an IRS investigation of Peter Halmos (former executive management consultant to SafeCard) and Steven J. Halmos (current advisor on marketing and operational strategy and, until Dec. 19, 1992, SafeCard's chief executive officer and a director) and certain of their related companies.
 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- 4/30/93
 /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 IN: FIN SU:

TS-PS -- NY010 -- 3048 04/30/93 08:49 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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