Asia PR News

NEW YORK, July 28 /PRNewswire-AsiaNet/ –

On Tuesday, July 26, 2005, the Nicosia District Court issued additional
Orders in the case by the Trustees of the AremisSoft Liquidating Trust on
behalf of its more than 6,000 beneficiaries, against Lycourgos Kyprianou and
others.

In one Order, the court granted leave to the Trustees to serve several
non-domiciliary entities which were identified as alter ego companies of
Lycourgos Kyprianou used by him to assist in the alleged fraud on AremisSoft
Corporation and its shareholders. A second Order extended the freeze and other
injunctive relief which had previously been granted by the Nicosia District
Court on July 21, 2005 against Lycourgos Kyprianou to those additional alter
ego companies. The third Order impounds the shares nominally owned by Hermione
Kyprianou in the company L & N Kyprianou Estates, Ltd.

The new Orders expand and solidify the Order issued on July 21, 2005
against Lycourgos Kyprianou and others as the AremisSoft Liquidating Trust
tightens its grip on Lycourgos Kyprianou to recover the damages he caused to
the AremisSoft Liquidating Trust beneficiaries.

In the underlying application the Plaintiffs traced more than US $100
million in illegal trading profits in AremisSoft shares to Lycourgos Kyprianou
and additional US $30 million which he allegedly misappropriated from
AremisSoft.

Last week the Nicosia District Court issued an interim Order to immediately
freeze assets worldwide of Lycourgos Kyprianou and persons and companies
affiliated with him, as a result of his role in one of the largest
international frauds resulting in losses of over US $500 million to investors
who were former shareholders of AremisSoft Corp.

AremisSoft Corporation, which purported to be a multinational software
company listed on the United States NASDAQ stock exchange, was the victim of a
massive fraud perpetrated by Kyprianou, AremisSoft’s former Chairman and Chief
Executive Officer and others who conspired with him.

The AremisSoft Liquidating Trust was established in 2002 by Order of the
Honorable Joel A. Pisano of the United States District Court for the District
of New Jersey to investigate and pursue claims and recoveries for the former
shareholders of AremisSoft Corp.

SOURCE: Greenberg Traurig, LLP

NOTE TO EDITORS:
For copies of the Orders signed yesterday in Cyprus by Madame
Justice Hadjiyianni in the Cyprus civil action commenced by the
Trustees of the AremisSoft Liquidating Trust please contact Ms.
Perry as listed below.

CONTACT: Jill Perry, Greenberg Traurig, LLP
+1-212-801-9231, perryj@gtlaw.com

Web site: http://www.gtlaw.com