SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17210 / October 29, 2001

   Accounting and Auditing Enforcement Release No. 1473 / October 29,
   2001

   SEC OBTAINS PRELIMINARY INJUNCTION AGAINST AREMISSOFT CORPORATION AND
          TWO FORMER OFFICERS FOR FINANCIAL FRAUD, INSIDER TRADING

   Securities and Exchange Commission v. Roys Poyiadjis, Lycourgos
   Kyprianou and AremisSoft Corp., Civil Action No. 01-CV-8903 (S.D.N.Y.)

   On October 19, 2001, the Honorable Charles S. Haight, Jr., United
   States District Judge for the Southern District of New York, issued a
   preliminary injunction against AremisSoft Corporation, an
   international software company with offices in New Jersey, London,
   Cyprus, and India, two of its former officers, Roys Poyiadjis and
   Lycourgos Kyprianou, and ordered other relief against the defendants
   and two relief defendants, Olympus Capital Investment, Inc., and
   Oracle Capital, Inc. The Court's order resulted from the Commission's
   motion for emergency relief, filed on October 4, 2001, alleging that
   the defendants overstated the value of the Company's contracts,
   revenues and recent acquisitions, and that the two former officers
   engaged in massive insider trading.

   Pending resolution of the Commission's action, the Court's order
   enjoins the three defendants from violations of Section 17(a) of the
   Securities Act of 1933 (15 U.S.C. § 77q(a)) and Sections 10(b), 13(a)
   and 16(a) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78j(b),
   78m(a) and 78p(a)) and Rules 10b-5, 12b, 13a-1, 13a-13, 16a-2 and
   16a-3) thereunder (17 C.F.R. §§ 240.10b-5, 12b, 13a-1, 13a-13, 16a-2
   and 16a-3). The Court's order also restrains the defendants and the
   relief defendants from destroying any documents relating to the
   Commission's allegations in the Complaint. With respect to defendants
   Poyiadjis and Kyprianou and the relief defendants, the order also
     * freezes any of their funds or assets received from the sale of
       AremisSoft stock;
     * directs them to repatriate all such funds or assets to the United
       States; and
     * requires them to submit a sworn accounting of their assets held at
       any time since December 1, 1999.

   For additional information please see Litigation Release No. (October
   4, 2001).
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Modified 10/30/2001