Continental Information Systems Corporation Informed that it is in Compliance with Nasdaq Continued Listing Requirements

Business Wire, June 8, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--June 8, 2001

Continental Information Systems Corporation (NASDAQ: CISC) announced today that it is no longer subject to possible delisting and is in full compliance with continued listing requirements on Nasdaq SmallCap Market.

As previously announced, Continental Information Systems Corporation, ("Continental"), had received a Nasdaq Staff Determination on May 16, 2001 indicating that it was not in compliance with the minimum bid price requirements for continued listing set forth in Marketplace Rule 4310(c)(4), and that its securities were, therefore, subject to delisting. Continental requested an oral hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. The hearing request automatically stayed the delisting of Continental's common stock. A hearing before the Nasdaq Listing Qualifications Panel was scheduled for Thursday, June 14, 2001.

By letter dated June 4, 2001, from the office of the Chief Counsel for Nasdaq Listing Qualification Hearings, Continental was informed that the hearing was no longer necessary as Continental has evidenced compliance with the bid price requirement and all other requirements necessary for continued listing on the Nasdaq SmallCap Market.

Continental's President and Chief Executive Officer, Michael Rosen, stated, "We are gratified that we have been able to satisfactorily demonstrate compliance with the Nasdaq continued listing rules without having to appear at a hearing, and that we are no longer faced with the possibility of the delisting of our common stock."

Continental is focused on the development and commercialization of an Internet-enabled electronic securities processing software platform which would adapt to changes in the securities industry, including operational changes related to the ability to effect trades through the Internet, expanded trading hours, decimalization, various rule changes and the shift from settling trades in three days to settling trades in one day.

This press release includes "forward-looking statements," within the meaning of the federal securities laws, that involve uncertainties and risks. These include statements regarding events or developments that Continental expects or anticipates will occur in the future, such as those set forth above. The actual results may differ significantly from those currently anticipated. Among the factors that could cause actual results to differ materially are risk factors described from time to time in Continental's reports filed with the SEC. Continental wishes to caution readers not to place undue reliance on any forward-looking statements, which statements are made pursuant to the private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.

Continental undertakes no obligation to update any of the forward-looking statements contained in this statement. Refer to the Continental's 2000 Annual Report on Form 10-K and its other filings with the SEC for a complete discussion of these and other important factors that could cause actual results to differ materially from those projected by these forward-looking statements.