SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 15, 2000
CONTINENTAL INFORMATION SYSTEMS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 025104 16-0956508
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
COMMISSION) FILE NUMBER) IDENTIFICATION NO.)
BROADWAY ATRIUM, 45 BROADWAY, SUITE 1105, NEW YORK, NEW YORK 10006-6700
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 771-1000
NOT APPLICABLE
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
On July 15, 2000 Continental Information Systems Corporation (the
"Company") announced that it had placed its commercial aircraft engine portfolio
up for competitive bid and that upon completion of the sale it will be exiting
the aviation business. The Company also reported that in June it sold a portion
of its engine portfolio. The Company has notified its lender and has been using
the proceeds of that sale to pay down associated debt. The Company separately
announced that its CIS Aircraft Partners, Inc. subsidiary had completed the sale
of all but one of the aircraft under its managed portfolio, and is awaiting the
resolution of legal issues to enable it to sell the remaining aircraft. The
Company expects that the Partnerships which own the managed portfolios will then
be liquidated.
The Company stated that it plans to account for and report the aviation
business as a discontinued operation and will provide appropriate reserves under
generally accepted accounting principles (GAAP).
Following its exit from the aviation business, the Company will be left
with some financial assets as well as other assets still carried from prior
years operations. The Company's continuing operations will focus on the
development and commercializing, through its T1Xpert.com Corp. subsidiary, of an
electronic securities processing software platform making use of proprietary
technology, adapted to changes in the financial market place, which is also
Internet enabled.
This Current Report on Form 8-K 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 the Company 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 the Company's reports filed with the SEC, as well as the
litigation the Company's air subsidiary is engaged in, and the risks
generally associated with technology projects including but not limited to
adequate funding as well as implementation. The Company 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.
Please refer to the Company's 1999 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.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
CONTINENTAL INFORMATION SYSTEMS CORPORATION
BY: /S/ JONAH M. MEER
---------------------------
JONAH M. MEER
CHIEF OPERATING OFFICER
DATED: AUGUST 11, 2000