Continental Information Systems Corporation Announces Additional $500,000 Stock Repurchase Program

Business Wire, Feb 19, 1999

NEW YORK--(BUSINESS WIRE)--Feb. 19, 1999--Continental Information Systems Corporation (NASDAQ:CISC) announced that its Board of Directors authorized the expenditure of an additional $500,000 for the repurchase of its common stock.

The Company previously authorized a $500,000 buyback program in May 1997. Under the prior program the Company conducted an odd lot tender which after completion was followed by open-market repurchases. Continental has expended nearly all funds previously authorized under the buyback program, having bought back about 200,000 shares, representing approximately 2.9% of outstanding shares.

Under the buyback program the Company may repurchase additional shares at prevailing prices in the open market or in negotiated or other permissible transactions at the discretion of management.

As of December 31, 1998, Continental had 6,939,060 shares outstanding.