AremisSoft Co-CEOs Announce Plans for Individual Stock Purchase; Reiterate 1 Million Share Corporate Buy-Back Program.Business Editors NEW YORK--(BUSINESS WIRE)--May 21, 2001 AremisSoft Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AREM AREM All-Random Easy Mode (gaming, Dota Allstars) AREM Avian Richness Evaluation Method ), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced its Co-CEOs, Dr. Lycourgos Kyprianou and Mr. Roys Poyiadjis, will each purchase 100,000 shares of AremisSoft common stock. Currently Dr. Kyprianou owns 3.78 million shares of AremisSoft common stock and Mr. Poyiadjis recently purchased 100,000 shares. The Company also reiterated its plan announced on May 18, 2001 to repurchase 1,000,000 shares of AremisSoft common stock. In light of its recent trading price Trading price The price at which a security is currently selling. , the Company believes that its common stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. . The share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program as well as the individual share purchases by the Co-CEOs reflects management's continued confidence in the business. Despite the misinformation mis·in·form tr.v. mis·in·formed, mis·in·form·ing, mis·in·forms To provide with incorrect information. mis circulating in the stock market, AremisSoft continues to gain strength in the markets in which it does business. AremisSoft recently issued a press release, which clarifies whatever misconceptions there have been about the Bulgarian Healthcare Contract including a statement from the Director of the NHIF NHIF National Health Insurance Fund (various countries) validating our characterization of the contract. 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. AremisSoft reported total revenue of $123.6 million for the twelve months ended December 31, 2000 and pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $29.2 million for the same period. AremisSoft has approximately 1,300 employees, with sales in over 20 countries and a customer base in excess of 8,000. The Company also operates a software development and support facility in India, with over 325 employees, which provides significant organizational efficiencies and cost advantages in software development and support. Cautionary Statement for Purposes of the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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