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) February 28, 2001
CONTINENTAL INFORMATION SYSTEMS CORPORATION
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(Exact name of registrant as specified in its charter)
New York 0-25104 16-0956508
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State or other jurisdiction Commission IRS Employer
of incorporation File Number Identification No.
Broadway Atrium, 45 Broadway, Suite 1105
New York, New York 10006-6700
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Address of principal executive offices Zip Code
(212) 771-1000
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Registrant's Telephone Number, Including Area Code
CONTINENTAL INFORMATION SYSTEMS CORPORATION
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Item 5. Other Events
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On March 5, 2001, T1Xpert.com Corp. ("T1Xpert"), a subsidiary of Continental
Information Systems Corporation (the "Company"), and Investec Ernst & Company
("Investec Ernst") announced that it had entered into the first phase of a
project to implement the T1Xpert P&S solution at Investec Ernst. T1Xpert is
developing a suite of middle office brokerage products, a software platform for
the next generation of real time systems for risk reduction and in preparation
for the SEC/SIA mandated shortening of the securities industry settlement cycle
from three days to one day (T + 1).
T1Xpert's P&S and Allocation Module incorporates Straight Through Processing and
Automated Process Control allowing a brokerage firm to monitor its middle office
processes and operational risk in real time, as part of a comprehensive middle
office trade balancing and allocation process.
T1Xpert is developing real-time compliance and credit risk tools, utilizing the
same base technologies.
Investec Ernst is part of the Investec Group (the "Group"), a leading
international specialist-banking group, headquartered in Johannesburg, South
Africa. The Group is one of the 20 largest companies listed on the Johannesburg
Stock Exchange and ranks among the world's top 300 banks with total assets under
management exceeding $74 billion. Over the past 10 years, Investec Group has
registered a compound growth rate in fully diluted earnings per share in excess
of 30 percent per annum.
Investec Ernst offers fully disclosed and omnibus clearance as well as the
execution of stocks, bonds and options to institutional and retail broker
dealers, money managers, hedge funds and related financial institutions
internationally. The firm provides asset management, investment banking
services, international securities research, mutual fund and unit trust advisory
services. Investec Ernst's Private Client Group offers a wide range of
comprehensive financial services to retail, institutional, and professional
clients around the world.
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 T1Xpert or
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 inability of T1Xpert to either complete
satisfactorily the above-described project or continue its relationship with
Investec Ernst. 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. The Company undertakes no obligation to update any of the
forward-looking statements contained in this statement.
Please refer to the Company's 2000 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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CONTINENTAL INFORMATION SYSTEMS CORPORATION
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SIGNATURES
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
Date: March 5, 2001 By: /s/Jonah M. Meer
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Name: Jonah M. Meer
Title: Chief Financial Officer
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