Canterbury Reports Second Quarter; Revenues Increase by 71%; Net Income Increases by 64%; For Six Months Revenues Increase by 89%; Net Income Increases by 96%.

Business Editors/Hi-Tech Writers

MEDFORD, N.J.--(BUSINESS WIRE)--July 17, 2000

Canterbury Information Technology, Inc. (NASDAQ - CITI) - announced today that for the three months ended May 31, 2000 revenues were $6,009,000 versus $3,519,000 in 1999. Net income was $371,000 in 2000 versus $227,000 for the same period in 1999. Earnings per share was $.04 in 2000 versus $.03 in 1999.

For the six months ended May 31, 2000, revenues were $11,963,000 versus $6,321,000 in 1999. Net income was $528,000 versus $269,000 for 1999. Earnings per share was $.06 in 2000 versus $.04 in 1999.

Stanton M. Pikus, President, was quoted as saying, "Due to internal growth and the acquisition of USC/Canterbury Corp. in the fourth fiscal quarter of 1999, our revenues for six months increased 89%; our net income increased 96%; and our earnings per share increased by 50%, even though our common stock outstanding increased from 9,508,000 to 10,514,287 shares. Our net worth is $18,826,000; total assets are $27,791,000; and our total bank debt, which was in excess of $12 million in June of 1994, is now $2,515,000."

Mr. Pikus went on to say, "We are very pleased with our progress and expect our growth to continue throughout the year. All four of our subsidiaries are performing well and CALC Web University, our online training and educational portal, is now fully operative. We are also actively seeking the acquisition of profitable, well-managed companies in the information technology sector. Much of our past growth has resulted from strategic acquisitions and we expect this trend to continue."

"CALC/Canterbury Corp. continues to work closely with e*machinery.net, inc. (OTCBB: EMAC) to develop an industry specific portal which will serve the worldwide construction and mining machinery industry. This is a major and ongoing project which should contribute nicely to our future revenue stream. We anticipate that phase one of this portal (www.emachinery.net) will be operative in early August to align the domestic and international Caterpillar(R) (NYSE: CAT) dealer and distributor network."

The Canterbury Companies, wholly-owned subsidiaries of Canterbury Information Technology, Inc. (NASDAQ: CITI), provide a wide variety of computer and management training programs and technology consulting services to Fortune 1000 companies. CALC/Canterbury is a Microsoft Solutions Provider and a Microsoft Certified Technical Education Center (CTEC), as well as a Lotus Authorized Education Center (LAEC). CALC/Canterbury is the first Linuxcare Authorized Mentoring Center with the exclusive territory of the eastern seaboard and Texas. CALC/Canterbury provides application and technical computer training, technical services and staffing and both instructor led and on-line course development. CALC Web University, an online training portal, developed and hosted by CALC/Canterbury, focuses on design and delivery of online training in both Internet and intranet environments. USC/Canterbury, a CTEC in the Mid-Atlantic area, provides technical training and network development and design. USC/Canterbury is also a premier value added reseller of hardware and software. MSI/Canterbury offers sales and management training and consulting to corporations nationwide. ATM/Canterbury is a software consulting and development company that specializes in document imaging, tracking and retrieval.

In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. The Company's performance and financial results could differ materially from those reflected in the forward-looking statements due to general financial, economic, regulatory and political conditions or additional factors unknown to the Company at this time, as well as more specific risks and uncertainties such as those set forth in documents filed by the Company with the SEC (including, but not limited to, its most recent reports on Form 8-K, Form 10-Q and Form 10-K, copies of which are available upon request or over the Internet at www.sec.gov). Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Furthermore, the Company has no intent, and disclaims any obligation, to update any such factors or forward-looking statements to reflect future events or developments.

      The Internet addresses for the Canterbury companies are:
Corporate - www.canterburyciti.com
CALC/Canterbury Corp. - www.calc.com
USC/Canterbury Corp. - www.gettrained.com
ATM/Canterbury Corp. - www.atmcan.com
MSI/Canterbury Corp. - www.msitrain.com
CALC Web University - http://learn.calc.com