Continental Information Systems Corporation Announces Open Market Share Repurchase Program.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 29, 2002

Continental Information Systems Corporation (the "Company"), announced that the Board of Directors has approved a share repurchase program of its common stock, commencing September 3, 2002.

The Company intends to repurchase up to 20% of the outstanding shares of its common stock ($0.01 par value) or 1,033,230 of its outstanding shares.

This repurchase program is being instituted because the Company believes that the repurchase of the Common Stock by the Company would be in the best interests of the Company and its shareholders, in light of the current price of the Common Stock and the general market and economic conditions affecting the Company.

The Company intends to conduct its repurchases from shareholders through registered broker-dealers in open market purchase transactions. The Company intends to hold the shares repurchased as treasury shares. The Company may utilize such shares for any purpose the Board of Directors of the Company deems advisable in compliance with applicable law.

This press release contains forward-looking statements which may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of the Company that are subject to various factors which could cause the actual results to differ materially from these estimates. These factors include, but are not limited to, the Company's success in implementing its initiatives and changes in general, economic and market, legislative and regulatory conditions. The Company assumes no obligation to update these forward-looking statements to reflect the actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.