NEW ORLEANS, April 7, 2003 (PRIMEZONE) -- Federal Security Protection Services, Inc. ("FSPS") (OTCBB:FSPS) announced that it is discontinuing further discussions with Valta Communications, Inc. ("Valta") to negotiate and consummate a tax-free stock exchange acquisition agreement. Michael Landers, Vice President of Finance of FSPS said, "As due diligence discussions with Valta continued, it became apparent that the acquisition would not be in the best interests of the FSPS shareholders. Management of FSPS continues looking for suitable mergers and acquisitions."
About FSPS. FSPS, based in New Orleans, is a secure Internet Protocol ("IP") network services provider and full-service managed security services company. The company provides its products and services to other IP-based service providers, systems integrators and the enterprise market. It is developing custom solutions for secure virtual private networks, e-mail/document security management, digital rights management, content delivery networks, IP-based video products suite and others requiring IP-based network security solutions. IP video services include remote surveillance, video conferencing and video e-mail services to businesses. The company also provides transport, co-location and dedicated server services. One key product offering to multinational and enterprise customers is an easily installed surveillance system, connecting multiple locations, which are viewed via virtual private network from a central monitoring area. The ability for security staff to monitor multiple areas via video dramatically reduces staffing needs while improving overall coverage.
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.