AremisSoft Comments on SEC Civil Lawsuit

Business Wire, Oct 5, 2001

Business Editors/High-Tech Writers

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 5, 2001

AremisSoft Corporation (OTCBB:AREM), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today commented on the civil lawsuit brought against the company and its former officers, Dr. Lycourgas Kyprianou and Roys Poyiadjis.

AremisSoft has actively cooperated with the SEC in its investigation and will continue to do so. The AremisSoft officials named in yesterday's action are, as previously reported by the company, no longer affiliated with AremisSoft.

As previously reported, George Ellis has been installed as the new chairman and chief executive officer of the company. The new management team is focusing on the growth of the company's global vertical software operations. The company does not expect the SEC's lawsuit to interfere with these business operations.

About AremisSoft Corporation

AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare, hospitality and construction industries. The company's software products help streamline and enhance an organization's ability to manage and execute mission-critical functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. For more information on AremisSoft access our website, www.aremissoft.com.

Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements, other than historical facts, included in the foregoing press release regarding the Company's financial position, business strategy, and plans of management for future operations are "forward looking statements." These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward looking statements include, but are not limited to, statements in which words such as "expect," "see," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used. Forward looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions, including risks discussed under "Risk Factors" in the Company's annual report on Form 10-K, SEC File No. 0-25713, all of which are incorporated herein by reference. The Company's actual results and stockholder values may differ materially from those anticipated or expressed in these forward looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict. Readers of this press release are cautioned not to put undue reliance on any forward looking statement. The Company undertakes no obligation to publicly update these forward looking statements, whether as a result of new information, future events or otherwise.