NEW ORLEANS, June 12, 2003 (PRIMEZONE) -- Federal Security Protection Services, Inc. ("FSPS") (OTCBB:FSPS) announced that the Board of Directors voted to reverse the tax-free stock exchange acquisition agreement of Iris Broadband, Inc. and FSPS. Blair Merriam, the newly elected President and CEO of FSPS said, "This action came about as further assessment was done of the potential to develop profitable markets in the areas of Homeland Security and Internet Security services. Given the prolonged downturn in the economy and delays in significant government funding of Homeland security legislation it has been extremely difficult to create a successful and revenue producing business model." Gary O'Neal and Michael Landers resigned as President/CEO and Vice President of Finance, respectively, and as Directors. Two other Directors, John Fentum and Thomas Polich also resigned.
Certain information and statements included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.