AremisSoft Reports Additional Resignations Retains Forensic Accounting Capabilities of Deloitte & Touche; Comments on SEC Investigation and Second Quarter Reporting.

Business and Technology Editors

NEW YORK--(BUSINESS WIRE)--Aug. 14, 2001

AremisSoft Corporation (NASDAQ:AREM), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, announced the resignation of MC Mathews, President of the Emerging Markets Group, as well as the resignations of Alex Eapen, Senior Vice President of India Software Development Facilities, and key controllers of the Company's India-based Corporate accounting group.

Roys Poyiadjis, Chairman and CEO of AremisSoft stated, "The Company, in its effort to close the second quarter financial statements, provide its independent auditors PKF with additional information and respond to the SEC investigation currently underway, is concerned that important financial documents relating to its emerging market business could be missing. The Company is vigorously pursuing the recapture of such information and has retained Deloitte & Touche for its global forensic accounting capabilities to assist management in this effort. However, the Company does not believe that it will be in position to file a timely report of Form 10-Q for its second quarter, and at the present time cannot estimate when it will be able to file the 10-Q.

"We have begun the process of centralizing operations in Minneapolis, the headquarters of our Fourth Shift operation, which will enable us to work globally on a seamless basis. David Latzke, Chief Financial Officer, will direct the centralization process to establish company-wide systems, procedures and safeguards in our financial and human resource operations."

Mr. Poyiadjis emphasized, "We have not seen an impact on our western world business from these developments and our key managers, along with Deloitte & Touche, are conducting on-site examinations of our Emerging Markets Group locations."

Dr. Paul I. Bloom, President and Chief Operating Officer, said, "A global management team, empowered by the Board, continues to focus on key growth opportunities to further stimulate the Company's future prospects. We remain committed to our growth strategy which is based on leadership in vertical application software markets, leverage of low-cost research and development and focused growth in select emerging markets."

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.