AremisSoft Announces Organizational, Executive and Board Member Changes.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 1, 2001

AremisSoft Corporation

(Nasdaq:AREM)

-- Management Shifts Position Company for Broad Based Future Growth

-- Focus on Regional Operations Lays Foundation for Additional Acquisitions and
Internal Expansion

AremisSoft Corporation (Nasdaq:AREM) an international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced a series of organizational and management changes designed to position the Company for future growth. AremisSoft has formalized its management structure to reflect the geographic and market diversity of its business. Additionally, changes have been made to the AremisSoft board of directors to correspond more closely with the evolving business of the Company.

Organizational Changes

AremisSoft has created three operating groups under a new organizational structure that management believes will enhance the ability to deliver key strategic and financial goals. The operating groups are the:

-- US Group, which is responsible for the operation of its US

based business, including the acquisition and consolidation of

enterprise application software and related companies.

-- Emerging Markets Group, which focuses on management of the

emerging markets business, including acquisitions of

technology and enterprise applications software companies in

these geographic areas.

-- Europe Group, which focuses on operation of the UK and Western

European based business, including the acquisition and

consolidation of enterprise application software and related

companies.

The AremisSoft operating groups will work together to coordinate product and business development as well as market strategy to maximize business opportunities and leverage its powerful India-based development capability of over 325 software professionals.

Executive Management Shifts

Effectively immediately Dr Lycourgos Kyprianou, Founder and Chairman of the Board will assume the role of Co-Chief Executive Officer (Co-CEO) of Aremissoft. Roys Poyiadjis, President and CEO will assume the position of Co-CEO of the Company and President of the US Group. Dr. Kyprianou and Mr. Poyiadjis will share responsibility for the executive management of AremisSoft. The Co-CEO structure is intended to provide for maximum top executive involvement in the business while enabling AremisSoft to pursue an increasingly wide range of geographic and product based growth opportunities.

Mr. Poyiadjis will be directing his attention to the US and Europe Groups while Dr. Kyprianou increases his focus on the AremisSoft Emerging Markets Group. The sharing of executive level responsibility is designed to maximize the 10+ years of technology and other business experience of Mr. Poyiadjis in the US and Europe and the 20+ years of emerging market business experience of Dr. Kyprianou.

AremisSoft intends to continue to focus its software development activities in emerging market geographies, such as India. The India development centers will be headed by Alex Eapen, serving as Senior Vice President of India Software Development Facilities. Mr. Eapen has been with AremisSoft for eight years and was previously Chief Operating Officer of the development centers. In addition, Bala Gopal-Karat has been appointed Chief Technology Officer, replacing Dr. Kyprianou. Previously, Mr. Gopal-Karat was Chief Executive Officer of e-nnovations.com, a company acquired by AremisSoft in December 1999. Functionally, the India development groups work with teams of product designers and managers in the US and Europe Groups to develop and deliver competitive products to market.

Each of the Group operations will be managed by a President. These are:

-- US Group - Mr. Roys Poyiadjis

-- Emerging Markets Group - Mr. M.C. Mathews

-- Europe Group - Mr. Noel Voice

The Group Presidents will be responsible for the financial performance of the respective business operations as well as business development and coordination between the AremisSoft organizations. The Presidents of the Group operations will report to the Co-CEO's. Prior to his appointment as President of the Emerging Markets Group, M. C. Mathews was Senior Vice President of the India Software Development Facilities. Noel Voice, President of the European Markets Group was previously Chief Operating Officer of AremisSoft.

Changes to the Board of Directors

AremisSoft also announced the following changes to the Board of Directors:

-- Mr. Stan J. Patey has been added as an outside director. Mr.

Patey is Managing Director of Capital Strategies, a research

and financial advisory firm. Mr. Patey was previously with

Pennell Kerr Foster as Head of UK and European Mergers and

Acquisitions. Mr. Patey has over 15 years of accounting and

financial management experience as well as extensive business

experience throughout Europe and the Middle East.

-- Mr. Michael Tymvios of AremisSoft joins the board. Mr. Tymvios

has been the Chief Financial Officer of AremisSoft since

September 1999, and has over 10 years accounting experience

with Delloite Haskins & Sells, and Morison International.

These changes are intended to broaden the international business experience base of the Board while maintaining a high level of outside director involvement. Departures from the Board of Directors include M.C. Mathews and Noel Voice. In addition, Mr. George Ellis has left the Board and will work in an advisory capacity with AremisSoft on acquisitions and operations. Mr. Theodoros Fessas of Info-quest S. A. has also left the Board in order to rebalance Board representation from the wide range of AremisSoft constituencies.

The AremisSoft Board of Directors will now consist of the following eight members:

 Dr Lycourgos Kyprianou (AremisSoft)   Mr. Roys Poyiadjis (AremisSoft)
 Mr. Michael Tymvious (AremisSoft)     Mr. John Malamas
 Mr. George Papadopoulos               Mr. Dann Angeloff

 Mr. H. Tate Holt                      Mr. Stan Patey

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.