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Technology Stocks : AREM: Aremissoft Corp.
AREM 0.10000.0%Aug 17 4:00 PM EDT

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From: betone5/25/2001 11:12:07 AM
   of 1
 
Friday May 25, 9:29 am Eastern Time
Press Release
AremisSoft Intends Vigorous Defense Against Baseless Lawsuit
NEW YORK--(BUSINESS WIRE)--May 25, 2001--AremisSoft Corporation (NASDAQ:AREM - news), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today commented on a lawsuit filed against the Company, announced on May 24, 2001.

The press release announcing the action asserts that AremisSoft, and its key officers, misrepresented the size of the Bulgarian HealthCare contract to inflate its stock price. As of today, neither the Company nor any of its officers have been served, nor have they seen the complaint or its allegations.

AremisSoft considers this suit to be frivolous, totally without merit, and intends to mount a vigorous defense. As stated in prior press releases, the Company stands behind its characterization of the contract. The Company's description of the contract is supported by independent legal advice from one of Bulgaria's most prestigious legal firms experienced in Bulgarian government contracts, and other signed statements.

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. AremisSoft reported total revenue of $123.6 million for the twelve months ended December 31, 2000 and pro forma net income of $29.2 million for the same period. AremisSoft has approximately 1,300 employees, with sales in over 20 countries and a customer base in excess of 8,000. The Company also operates a software development and support facility in India, with over 325 employees, which provides significant organizational efficiencies and cost advantages in software development and support.

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.

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Contact:

AremisSoft Corporation
Paul Bloom, 856/869-0770
paul.bloom@aremissoft.com
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