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To: P.E. Allen who wrote (1)	6/26/1998 1:35:00 PM
From: campe	Respond to of 1051

What do you know that the rest of the world doesn't? Will the Phoenix rise from the dead? dljdirect.com ST. PETERSBURG, Fla., Dec. 3 /PRNewswire/ -- Phoenix Information Systems Corp. ("Phoenix")(OTC Bulletin Board: PHXS) announces that after an extensive and unsuccessful search for permanent financing it has determined to seek protection under Chapter 11 of the Bankruptcy Code. The Company also announces that, subject to court approval, it has arranged for debtor-in-possession financing and a sale of all its major assets for $20 million to S-C Phoenix Partners, a major shareholder. As part of the terms and conditions of the sale, the Company has agreed to a $1 million breakup fee and a non-solicitation arrangement that prohibits the Company from actively seeking other buyers or offers of financing. SOURCE Phoenix Information Systems Corp. -0- 12/03/97 /CONTACT: Paul Henry, Director, or Michael Gordon, Investor Relations, 800-664-7472 or 813-894-8021, both for Phoenix Information Systems/ (PHXS) CO: Phoenix Information Systems Corp. ST: Florida IN: SU: BCY