Continental Information Systems Corporation Advises of Nasdaq Delisting Notice and Requests Hearing To Appeal Nasdaq Staff Determination.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 22, 2001

Continental Information Systems Corporation (NASDAQ:CISC) announced today that it received a Nasdaq Staff Determination on May 16, 2001 indicating that Continental Information Systems Corporation fails to comply with the minimum bid price requirements for continued listing set forth in Marketplace Rule 4310(c)(4), and that its securities are, therefore, subject to delisting from The Nasdaq SmallCap Market.

Continental Information Systems Corporation has requested an oral hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. The hearing request automatically stays the delisting of Continental Information Systems Corporation's common stock, which otherwise would have occurred on May 24, 2001, pending the decision of the Nasdaq Listing Qualifications Panel. There can be no assurance the Nasdaq Listing Qualifications Panel will grant Continental Information Systems Corporation's request for continued listing. If Continental Information Systems Corporation's common stock is delisted following the hearing, its shares would likely trade on the OTC Bulletin Board or in the "pink sheets," a publication of bid and ask prices for over-the-counter stocks.

Continental Information Systems Corporation's President and Chief Executive Officer, Michael Rosen, stated, "We believe that we are currently in compliance with all Nasdaq continued listing rules and intend to appeal expeditiously. We further believe that we will be able to clearly and unambiguously demonstrate that we have been complying with all of the requirements under Nasdaq's continued listing rules."

This press release includes "forward-looking statements," within the meaning of the federal securities laws, that involve uncertainties and risks. These include statements regarding events or developments that Continental Information Systems Corporation expects or anticipates will occur in the future, such as those set forth above. The actual results may differ significantly from those currently anticipated. Among the factors that could cause actual results to differ materially are risk factors described from time to time in Continental Information Systems Corporation's reports filed with the SEC. The Continental Information Systems Corporation wishes to caution readers not to place undue reliance on any forward-looking statements, which statements are made pursuant to the private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.

Continental Information Systems Corporation undertakes no obligation to update any of the forward-looking statements contained in this statement. Refer to the Continental Information Systems Corporation's 2000 Annual Report on Form 10-K and its other filings with the SEC for a complete discussion of these and other important factors that could cause actual results to differ materially from those projected by these forward-looking statements.