PREMIS Corporation Shareholders Approve Liquidation Plan

Business Wire, Sept 28, 1999

MINNEAPOLIS--(BUSINESS WIRE)--Sept. 28, 1999--

PREMIS Corporation (OTC BB:PMIS) today announced that it has received the second $3.25 million payment specified under the Company's NCR Corporation License Agreement.

Pursuant to the plan approved by its shareholders, the Company intends to hold back $1 million from its cash assets to seek a merger, and distribute the remaining funds to its shareholders. Prior to the distribution of cash the Company must complete the sale of its ownership of PREMIS Systems Canada Incorporated (PSC) and the OpenEnterprise software to ACA Facilitair BV. It is expected that the sale of PSC will be consummated by October 31, 1999. If the sale of PSC is completed as expected, the distribution of the funds should occur by mid November 1999.

The Company has begun its search for merger candidates and expects the search to intensify now that the NCR funds have been received.

The press release may contain forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Future events may involve risks and uncertainties, among which are uncertainties related to the closing of the sale to ACA Facilitair BV, receipt of the second NCR payment, and the results of search for an acquisition candidate. These forward-looking statements involve risks and uncertainties, and actual results may be different. Please also refer to the Company's Securities and Exchange Commission reports, including but not limited to the Form 10-KSB for the year ended March 31, 1999, Fiscal 1998 and Fiscal 1999 quarterly reports on Form 10-QSB, and other documents filed with the Securities and Exchange Commission.