Exhibit 99

For Further Information Contact:
Jonah M. Meer
Chief Operating Officer and Chief Financial Officer
(212) 771-1000

FOR IMMEDIATE RELEASE


                   CONTINENTAL INFORMATION SYSTEMS CORPORATION
          ANNOUNCES DISCONTINUANCE OF ITS LASER PRINTING BUSINESS UNIT

NEW YORK,  NY,  May 29,  1998 --  Continental  Information  Systems  Corporation
(NASDAQ:  CISC) announced that its Board of Directors has decided to discontinue
and liquidate the  Company's  LaserAccess  laser  printing  business.  The Board
concluded  that  the  printing  business  was  unlikely  to be able  to  operate
profitably in the foreseeable  future.  The Company also decided not to pursue a
previously  announced  joint venture with another  company in the laser printing
business.  The Company concluded after additional review that the venture, which
would  require a  substantial  infusion of capital from CIS,  would not generate
returns sufficient to justify the additional capital.

"We have  spent the last year  attempting  to  develop  alternatives  that would
enable us to restore our laser printing  business to profitability  and continue
it as a going  concern,"  said Jonah  Meer,  Chief  Operating  Officer and Chief
Financial  Officer.  "Unfortunately,  no viable  alternative  has  emerged,  and
management  decided that the best course was to close the  business  rather than
putting in more capital.  Closing this ancillary business will enable management
to focus fully on the Company's core businesses."

The Company expects to take a charge in the quarter ending May 31, 1998, related
to the  discontinuance of the laser printing  business.  The charge is currently
estimated at approximately $4 million,  primarily consisting of the write-off of
goodwill.

Mr. Meer  added,  "Regrettably,  former  LaserAccess  management,  from whom the
Company  purchased the business,  failed to deliver the return on our investment
that we hoped for.  We will  continue to pursue our legal  remedies  against the
former managers."

Continental  Information  Systems  Corporation  is engaged in buying and selling
commercial  aircraft and engines,  high-speed  production laser printing systems
and certain other  industrial  equipment,  in addition to providing  real estate
financing and leasing services.

This press release  contains  forward looking  statements that involve risks and
uncertainties.  The actual results may differ significantly from those currently
anticipated.  Among the  factors  that  could  cause  actual  results  to differ
materially  are those set forth above and the other risk factors  described from
time to time in the Company's  reports filed with the SEC. The Company wishes to
caution  readers  not to  place  undue  reliance  on any  such  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.

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