Thursday November 16, 12:10 pm Eastern Time

Formula Systems (1985) Ltd. Announces Preliminary Results of Tender Offer

HERZLIYA, Israel, Nov. 13 /PRNewswire/ -- Formula Systems (1985) Ltd., (Nasdaq: FORTY - news), a leading provider of information technology products, solutions and services, today announced that the number of ordinary shares of ForSoft Ltd. (Nasdaq: FORS - news) validly tendered and not properly withdrawn prior to the expiration of the tender offer, together with the number of shares already owned by Formula, exceeded 90% of the outstanding shares of ForSoft, which satisfies Formula's minimum condition to the offer. Upon receipt of all shares tendered by means of the guaranteed delivery process described in the Offer to Purchase, which are due no later than November 20, 2000, Formula will determine the total number of tendered shares. Formula intends to announce promptly the final results of the tender offer, accept shams for payment and close the tender offer in accordance with the terms and conditions of the Offer to Purchase.

ForSoft Ltd. (Nasdaq: FORS - news)
ForSoft Ltd. is a leading provider of large scale Information Technology solutions and services for large organizations in growing vertical markets. The company focuses on business driven IT solutions for the Telecom, Banking, Insurance, Retail and Travel markets. The company integrates Internet and e-Commerce technology across mission critical legacy systems, utilizing its over 18 years accumulated practical full service experience in system integration, software development projects, outsourcing and professional services.

Formula Systems (1985) Ltd. (Nasdaq: FORTY - news)
Formula Systems (1985) Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.