CONTINENTAL INFORMATION SYSTEMS CORPORATION

CONTINENTAL INFORMATION SYSTEMS CORPORATION

Previous company name

Name change date

Company Overview
Continental Information Systems Corporation is a privately held company that is engaged in the acquisition, leasing, and selling of capital assets. The company has its registered head office located in New York, USA.
The company sells capital assets such as computers, telecommunications equipment, aircraft, rail cars, and production equipment. In addition, the company offers various services to support these activities, including transaction financing, warehousing, equipment refurbishing, and technical support.
Its operating subsidiaries include CIS Corporation, CMI Corporation, LaserAccess, and CIS Air Corporation.
Business Summary
Continental Information Systems Corporation has no business operations. It was a specialized financial services company that engaged in the leasing, sales and management of commercial aircraft and engines, among other assets, and was also engaged in other financing activities, including commercial real estate financing. In August 1999, the Company ceased entering into new equipment leases and sold a substantial portion of its remaining lease portfolio. Since then, it has disposed of the balance of its remaining lease portfolio. In July 2000, one of the Company’s subsidiaries, CIS Air Corporation, exited the aviation business. As of May 2002, the majority of the assets and liabilities relating to CIS Air’s business have been sold or settled.
Description and history
Continental Information Systems Corporation, organized in 1968, has no business operations. It was a specialized financial services company that engaged in the leasing, sales and management of commercial aircraft and engines, among other assets, and was also engaged in other financing activities, including commercial real estate financing. In August 1999, the Company ceased entering into new equipment leases and sold a substantial portion of its remaining lease portfolio. Since then, it has disposed of the balance of its remaining lease portfolio. In July 2000, one of the Company’s subsidiaries, CIS Air Corporation, exited the aviation business. As of May 2002, the majority of the assets and liabilities relating to CIS Air’s business have been sold or settled.

In August 1999, the Company changed its focus to the development and commercialization of a Web-enabled electronic securities processing software platform using proprietary technology. T1Xpert Corp was the subsidiary formed to become engaged in this line of business. T1Xpert had begun developing a suite of middle and back-office brokerage products and solutions. The products and solutions were designed to serve as a software platform for risk reduction for the next generation of real-time systems and in preparation for settling trades in one day, referred to as T+1, as opposed to three days. Prior to September 11, 2001, T1Xpert had begun work on a software development project for a global investment bank. This project was canceled as a result of the terrorist attacks of September 11, 2001, against the United States, which had a negative effect on the United States securities industry and T1Xpert.

On December 27, 2001, the Company ceased active operations and additional funding of product development at T1Xpert for several reasons. Continental made claims under its existing policies of insurance for compensation in order to continue operations. The Company had sufficient coverage to allow it to continue development and installation under its existing contract and sufficient funding to locate a substitute investment banking customer to replace the cancelled contract had it received sufficient insurance proceeds. Efforts to collect under Continental’s insurance policies resulted in a settlement agreement with its insurance company. In exchange for a release, certain representations and assignment of certain rights of its subsidiary T1Xpert Corp., the Company received settlement proceeds, which left it with insufficient resources to recommence its operations as previously established.

Continental, having ceased operations and disbanded its management team, decided that it was imprudent and unable to pursue any patent applications. The Company retains ownership of its software, which is proprietary, but which is not likely to realize significant value.

Business Line
Engaged in the acquisition, leasing, and selling of capital assets
Subsidiary

Advisor
LAZAR- LEVINE & CO.
IPO date

US SIC Code
7372
Company Address
Suite 7F
50, Battery Place
City province or state postal code
10280, NEW YORK, NY
Phone: +1 212 945 2080
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.ciscorporation.com