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CONTINUUM ANNOUNCES PAXUS EXCHANGE OFFER TERMS AND FISCAL 1993 RESULTS

 AUSTIN, Texas, June 10 /PRNewswire/ -- The Continuum Company, Inc. (NYSE: CNU) announced today that it will offer to acquire all outstanding ordinary shares of Paxus Corporation Limited of Sydney, Australia, in a stock-for-stock exchange. The offer is expected to commence in late June at the conclusion of a mandatory waiting period imposed by Australian law, and will remain open for one month, unless extended.
 Continuum will offer to exchange 0.0559 of a share of its common stock for each ordinary share of Paxus. Paxus has outstanding approximately 69 million shares. The exchange offer will be made only by a prospectus and will be conditioned upon, among other things, a minimum of 90 percent of Paxus' shares being tendered and approval by Continuum stockholders at a special meeting to be held July 13, 1993. If Continuum acquires at least 90 percent of the Paxus shares pursuant to the exchange offer, it will be entitled, under Australian law, to acquire the remaining shares.
 Paxus is an international consulting and computer services firm based in Sydney, Australia, supplying computer software and services to a variety of customers, including insurance and financial services companies throughout Europe and the Pacific Rim. For the nine month period ended Dec. 31, 1992, Paxus had revenues of approximately $88 million, and at Dec. 31, 1992, Paxus had approximately 1,000 full-time employees.
 Continuum also announced today unaudited results for the quarter and year ended March 31, 1993. For the quarter, net income was $2.4 million, or $.22 per share, on revenues of $32.7 million, compared to net income of $4.3 million, or $.40 per share, on revenues of $35.9 million in the fourth quarter of fiscal 1992. Net income for the quarter ended March 31, 1993 includes an extraordinary tax credit of $800,000 or $0.07 per share resulting from the profitable French operation's utilization of operating loss carryforwards. For the year ended March 31, 1993, net income was $7.2 million, or $.67 per share, compared to $8.6 million, or $.81 per share in fiscal 1992. Revenues for the year were $123.8 million in fiscal 1993, compared to $127.4 million in fiscal 1992. License sales for fiscal 1993 grew 82 percent compared to a year earlier and totaled $14.6 million.
 The Continuum Company, Inc. is an international consulting and computer services firm based in Austin, serving the needs of life insurance, property and casualty insurance and other financial services companies for computer software and services.
 -0- 6/10/93
 /CONTACT: John L. Westermann III of The Continuum Company, Inc., 512-345-5700/
 (CNU)


CO: Continuum Company, Inc. ST: Texas IN: CPR SU: ERN

WB -- NY082 -- 0831 06/10/93 17:09 EST
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Date:Jun 10, 1993
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