content: <PAGE>
                                UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
  
                                   FORM 8-K
  
                                CURRENT REPORT
  
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ACT OF 1934
  
  
  Date of Report (Date of earliest event reported):	October 1, 1996
  
                              PREMIS Corporation	
                (Name of small business issuer in its charter)
  
  
  
       Minnesota                       0-12196           	41-1424202            	
  (State of other jurisdiction   (Commission File No.)    (IRS Employer 
   of incorporation)                                       Identification Number)
  
  
                 15301 Highway 55 West, Plymouth, MN	55447	
         (Address of principal executive offices)	     (Zip Code)
  
  
  Issuer's telephone number:		       612/550-1999	
  
  (Former name, former address and former fiscal year, if changed since 
  last report):  N/A
  
  <PAGE>
  
                             TABLE OF CONTENTS
  
  
  Item 2.         Acquisition or Disposition of Assets	3
  
  Item 7.		Financial Statements and Exhibits	3
  
  INDEX TO EXHIBITS	4
  
  SIGNATURE		5
  
  				-2-
  <PAGE>
  
  
  ITEM 2.	ACQUISITION OR DISPOSITION OF ASSETS
  
  On October 1, 1996, PREMIS Corporation (the "Company") completed the acquisition
  of all of the issued and outstanding equity securities of REF Retail Systems 
  Corporation ("REF"), a closely-held corporation organized under the laws of 
  Ontario, Canada, from the several shareholders of REF.
  
  The purchase price for the acquisition was paid in cash in the amount of 
  $6,500,000 on the date of closing.  The purchase price was determined by 
  negotiation based upon various factors, including, principally, management's 
  assessment that the REF products, which are complementary to the Company's 
  products, offer significant growth opportunities.  The payment of the purchase
  price was not financed by any third party but was paid from funds of the Company
  obtained through a public offering of its Common Stock.
  
  The Company and REF both engage in businesses involving the development and 
  marketing of computer software which, in overview, provide multi-store retailers
  and food brokers with an integrated system for:
  
    point of sale data collection and management review of transactions
  
    "real time" sales analysis reporting by store, product, customer, salesperson
  
    individual store stock positions and enterprise inventory tracking
  
    purchasing, order tracking and warehouse control
  
    accounts receivable management and commission receivable accounting
  
    sales promotion fund management and advertising budget accounting
  
    electronic data interface for on-line ordering from vendors and customers
  
    intranet communications connections between stores and main corporate office
  
  
  ITEM 7.	FINANCIAL STATEMENTS AND EXHIBITS
  
  	The following financial statements are filed herewith:
  
    Audited consolidated balance sheets of REF as of March 31, 1995 and 1996 and 
  related consolidated statements of operations, shareholders equity and cash 
  flows for the years then ended; 
  
                                     -3-
  <PAGE>
   
    Unaudited interim consolidated balance sheet of REF as of June 30, 1996 and 
  related consolidated statements of operations, shareholders' equity and cash 
  flows for the three months ended June 30, 1996 and 1995; 
  
    Pro forma combined balance sheet as of June 30, 1996 and pro forma combined 
  statements of operation for the year ended March 31, 1996 and for the three 
  months ended June 30, 1996.
  
  	The following exhibits are filed herewith.
  
  Exhibit No.			Description of Exhibit
  
  				Stock Purchase Agreement by and between 
  				PREMIS Corporation dated July 9, 1996(1)
  
  
  
  (1)Incorporated by reference to exhibit filed as part of registration statement 
  of Form S-2, Commission file no. 333-10917.
  
                                  -4-
  <PAGE>
  
  
  
  SIGNATURE
  
  	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 hereunto duly authorized.
  
  
  Dated:  October 15, 1996.			PREMIS CORPORATION
  
  
  
  						By /s/ F. T. Biermeier
  						F.T. Biermeier
  						Financial Officer 
                                                  (Principal accounting
  						and financial officer)
  
  
  
  				 -5-
  <PAGE>
  
                           INDEX TO FINANCIAL STATEMENTS
   
  <TABLE>
  <CAPTION>
                                                                              PAGE
                                                                              ----
  <S>                                                                         <C>
                           REF RETAIL SYSTEMS CORPORATION
   
  Report of Independent Accountants.........................................  F-12
   
  Consolidated Balance Sheet as of March 31, 1995 and 1996 (audited) and
   June 30, 1996 (unaudited)................................................  F-13
   
  Consolidated Statement of Operations for the Years ended March 31, 1995
   and 1996 (audited) and the three months ended June 30, 1995 and 1996
   (unaudited)..............................................................  F-14
   
  Consolidated Statement of Shareholders' Equity for the years ended March
   31, 1995 and 1996 (audited) and the three months ended June 30, 1996
   (unaudited)..............................................................  F-15
   
  Consolidated Statement of Cash Flows for the years ended March 31, 1995
   and 1996 (audited) and the three months ended June 30, 1995 and 1996
   (unaudited)..............................................................  F-16
   
  Notes to the Consolidated Financial Statements............................  F-17
   
                    PREMIS CORPORATION PRO FORMA COMBINED
   
  Introduction to Pro Forma Financial Information...........................  F-22
   
  Pro Forma Combined Balance Sheet as of June 30, 1996 (unaudited)..........  F-23
   
  Pro Forma Combined Statement of Operations for the year ended March 31,
   1996 (unaudited).........................................................  F-24
   
  Pro Forma Combined Statement of Operations for the three months ended June
   30, 1996 (unaudited).....................................................  F-25
   
  Notes to Pro Forma Financial Statements...................................  F-26
  </TABLE>
   
  <PAGE>
                         REPORT OF INDEPENDENT ACCOUNTANTS
   
  To the Shareholders and
  Board of Directors of
  REF Retail Systems Corporation
   
      In our opinion, the accompanying consolidated balance sheet and the related
  consolidated statements of operations, of shareholders' equity and of cash flows
  present fairly, in all material respects, the financial position of REF Retail
  Systems Corporation and its subsidiary at March 31, 1995 and 1996, and the
  results of their operations and their cash flows for the years then ended, in
  conformity with generally accepted accounting principles. These financial
  statements are the responsibility of the Company's management; our
  responsibility is to express an opinion on these financial statements based on
  our audits. We conducted our audits of these statements in accordance with
  generally accepted auditing standards which require that we plan and perform the
  audit to obtain reasonable assurance about whether the financial statements are
  free of material misstatement. An audit includes examining, on a test basis,
  evidence supporting the amounts and disclosures in the financial statements,
  assessing the accounting principles used and significant estimates made by
  management, and evaluating the overall financial statement presentation. We
  believe that our audits provide a reasonable basis for the opinion expressed
  above.
   
  Price Waterhouse LLP
  Minneapolis, Minnesota
  August 7, 1996
   
                                        F-12
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
                             CONSOLIDATED BALANCE SHEET
                                       ASSETS
   
  <TABLE>
  <CAPTION>
                                                                           MARCH 31,
                                                                    ------------------------   JUNE 30,
                                                                       1995         1996         1996
                                                                    -----------  -----------  -----------
                                                                                              (UNAUDITED)
  <S>                                                               <C>          <C>          <C>
  Current assets:
    Cash and cash equivalents.....................................  $   523,399  $   197,327  $   107,101
    Trade accounts receivable, less allowance for doubtful
     accounts of $63,306 and $16,420, respectively................      301,444      596,279      587,123
    Inventory.....................................................                    96,852       78,118
    Prepaid expenses..............................................       52,721       22,499       23,589
    Cost and estimated earnings in excess of billings.............      747,140      423,915      529,703
    Other current assets..........................................        3,392       58,695       56,890
                                                                    -----------  -----------  -----------
      Total current assets........................................    1,628,096    1,395,567    1,382,524
                                                                    -----------  -----------  -----------
  Property and equipment:
    Furniture and equipment.......................................      467,622      787,424      817,359
    Leasehold improvements........................................        5,521
    Less accumulated depreciation and amortization................     (270,309)    (416,264)    (445,742)
                                                                    -----------  -----------  -----------
                                                                        202,834      371,160      371,617
                                                                    -----------  -----------  -----------
  Capitalized software development................................                   473,038      602,393
                                                                    -----------  -----------  -----------
      Total assets................................................  $ 1,830,930  $ 2,239,765  $ 2,356,534
                                                                    -----------  -----------  -----------
                                                                    -----------  -----------  -----------
   
                                   LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities:
    Trade accounts payable........................................  $    20,422  $    37,129  $    54,002
    Other accrued liabilities.....................................      107,442      128,507       82,050
    Accrued income taxes..........................................      137,507       67,083      159,473
    Unearned income...............................................       90,745       77,800      104,066
    Customer deposits.............................................       65,680       82,008       12,016
    Notes payable -- banks........................................                    25,718
    Notes payable.................................................                    41,064
    Note payable -- shareholder...................................       28,305           63           62
    Deferred rent.................................................                    24,976       49,791
                                                                    -----------  -----------  -----------
      Total current liabilities...................................      450,101      484,348      461,460
                                                                    -----------  -----------  -----------
  Long-term liabilities:
    Deferred income taxes.........................................       19,295      120,650       59,927
    Notes payable -- banks........................................                    98,823      137,274
    Notes payable.................................................                   112,783      143,533
                                                                    -----------  -----------  -----------
      Total long-term liabilities.................................       19,295      332,256      340,734
                                                                    -----------  -----------  -----------
  Shareholders' equity:
    Preferred Class A stock: no par value; unlimited shares
     authorized; 20,000 shares outstanding at March 31, 1995......      162,417
    Class B Special stock: no par value; unlimited shares
     authorized; 925,000 shares outstanding at both dates.........       36,379       35,700       35,700
    Common stock: no par value; unlimited shares authorized; 2,000
     shares outstanding at both dates.............................            1            1            1
    Retained earnings.............................................    1,168,884    1,335,524    1,471,516
    Cumulative translation adjustment.............................       (6,147)      51,936       47,123
                                                                    -----------  -----------  -----------
      Total shareholders' equity..................................    1,361,534    1,423,161    1,554,340
                                                                    -----------  -----------  -----------
      Total liabilities and shareholders' equity..................  $ 1,830,930  $ 2,239,765  $ 2,356,534
                                                                    -----------  -----------  -----------
                                                                    -----------  -----------  -----------
  </TABLE>
   
          See accompanying notes to the consolidated financial statements.
   
                                        F-13
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
                        CONSOLIDATED STATEMENT OF OPERATIONS
   
  <TABLE>
  <CAPTION>
                                                                                                THREE MONTHS
                                                               YEAR ENDED MARCH 31,            ENDED JUNE 30,
                                                           ----------------------------  ---------------------------
                                                               1995           1996           1995          1996
                                                           -------------  -------------  ------------  -------------
                                                                                                 (UNAUDITED)
  <S>                                                      <C>            <C>            <C>           <C>
  Revenue:
    System sales.........................................  $   2,676,945  $   2,725,256  $    384,604  $     967,473
    Maintenance fees and other service revenue...........        410,155        471,260       107,648         80,528
                                                           -------------  -------------  ------------  -------------
      Total revenue......................................      3,087,100      3,196,516       492,252      1,048,001
                                                           -------------  -------------  ------------  -------------
  Cost of sales..........................................      1,140,348      1,434,018       313,613        482,397
                                                           -------------  -------------  ------------  -------------
  Gross profit...........................................      1,946,752      1,762,498       178,639        565,604
  Selling, general, and administrative expenses..........      1,199,555      1,726,537       312,514        440,093
                                                           -------------  -------------  ------------  -------------
  Income (loss) from operations..........................        747,197         35,961      (133,875)       125,511
  Interest expense.......................................         (3,026)        (5,475)         (175)        (4,209)
  Other income...........................................         45,500        148,000       --            --
                                                           -------------  -------------  ------------  -------------
  Income (loss) before income taxes......................        789,671        178,486      (134,050)       121,302
  Income tax expense (benefit)...........................        246,470         (7,975)      (46,903)       (14,690)
                                                           -------------  -------------  ------------  -------------
  Net income (loss)......................................  $     543,201  $     186,461  $    (87,147) $     135,992
                                                           -------------  -------------  ------------  -------------
                                                           -------------  -------------  ------------  -------------
  </TABLE>
   
          See accompanying notes to the consolidated financial statements.
   
                                        F-14
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
                   CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
  <TABLE>
  <CAPTION>
                                     CLASS A PREFERRED      CLASS B SPECIAL               COMMON            CUMULATIVE
                                    --------------------  --------------------  --------------------------  TRANSLATION   RETAINED
                                     SHARES     AMOUNT     SHARES     AMOUNT      SHARES        AMOUNT      ADJUSTMENT    EARNINGS
                                    ---------  ---------  ---------  ---------  -----------  -------------  -----------  ----------
  <S>                               <C>        <C>        <C>        <C>        <C>          <C>            <C>          <C>
  Balance at March 31, 1994.......     40,000  $ 324,834    925,000  $  36,379       2,000     $       1     $ (12,029)  $  645,936
    Net income....................                                                                                          543,201
    Preferred dividends...........                                                                                          (20,253)
    Effect of currency translation
     adjustment...................                                                                             (10,282)
    Redeem preferred shares.......    (20,000)  (162,417)                                                       16,164
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
  Balance at March 31, 1995.......     20,000    162,417    925,000     36,379       2,000             1        (6,147)   1,168,884
    Net income....................                                                                                          186,461
    Dividends on preferred
     stock........................                                                                                          (10,324)
    Redeem Class B special
     shares.......................                          (18,500)      (679)                                              (9,497)
    Redeem Class A preferred
     shares.......................    (20,000)  (162,417)                                                       15,746
    Currency translation
     adjustment...................                                                                              42,337
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
  Balance at March 31, 1996.......          0          0    906,500     35,700       2,000             1        51,936    1,335,524
    Net income (unaudited)........                                                                                          135,992
    Currency translation
     adjustment (unaudited).......                                                                              (4,813)
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
  Balance at June 30, 1996
   (unaudited)....................          0  $       0    906,500  $  35,700       2,000     $       1     $  47,123   $1,471,516
                                                                                                      --
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
   
  <CAPTION>
   
                                      TOTAL
                                    ----------
  <S>                               <C>
  Balance at March 31, 1994.......  $  995,121
    Net income....................     543,201
    Preferred dividends...........     (20,253)
    Effect of currency translation
     adjustment...................     (10,282)
    Redeem preferred shares.......    (146,253)
   
                                    ----------
  Balance at March 31, 1995.......   1,361,534
    Net income....................     186,461
    Dividends on preferred
     stock........................     (10,324)
    Redeem Class B special
     shares.......................     (10,176)
    Redeem Class A preferred
     shares.......................    (146,671)
    Currency translation
     adjustment...................      42,337
   
                                    ----------
  Balance at March 31, 1996.......   1,423,161
    Net income (unaudited)........     135,992
    Currency translation
     adjustment (unaudited).......      (4,813)
   
                                    ----------
  Balance at June 30, 1996
   (unaudited)....................  $1,554,340
   
                                    ----------
                                    ----------
  </TABLE>
   
          See accompanying notes to the consolidated financial statements.
   
                                        F-15
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
                        CONSOLIDATED STATEMENT OF CASH FLOWS
   
  <TABLE>
  <CAPTION>
                                                                                                    THREE MONTHS ENDED
                                                                       YEAR ENDED MARCH 31,              JUNE 30,
                                                                    --------------------------  --------------------------
                                                                        1995          1996          1995          1996
                                                                    ------------  ------------  ------------  ------------
                                                                                                       (UNAUDITED)
  <S>                                                               <C>           <C>           <C>           <C>
  Cash flows from operating activities:
    Net income (loss).............................................  $    543,201  $    186,461  $    (87,147) $    135,992
    Adjustments to reconcile net income to net cash provided
     (used) by operating activities:
      Depreciation and amortization...............................        62,757       141,697        22,083        57,822
      Changes in assets and liabilities:
        Trade accounts receivable.................................        14,771      (245,371)       (9,553)        7,244
        Inventory.................................................                     (95,448)       (2,788)       18,452
        Prepaid expenses..........................................        21,620         8,554      (187,430)          451
        Costs and earnings in excess of billings..................      (751,247)      340,205       754,391      (107,329)
        Income tax receivable.....................................       144,091        50,262
        Deferred taxes............................................       (13,078)       89,176                     (60,432)
        Trade accounts payable....................................         4,847        15,873          (881)       17,021
        Accrued liabilities.......................................       121,165      (102,095)      (42,250)       46,637
        Unearned income...........................................        31,792       (15,389)       10,666        26,560
        Customer deposits.........................................        57,490        14,186       (43,923)      (69,840)
        Deferred rent.............................................                      24,614                      24,936
                                                                    ------------  ------------  ------------  ------------
          Net cash provided by operating activities...............       237,409       412,725       413,168        97,514
                                                                    ------------  ------------  ------------  ------------
   
  Cash flows from investing activities:
    Purchase of property and equipment............................      (118,094)     (272,860)      (41,740)      (38,300)
    Capitalized software development..............................                    (351,636)                   (152,270)
    Investment in subsidiary......................................                    (205,176)
                                                                    ------------  ------------  ------------  ------------
          Net cash (used) by investing activities.................      (118,094)     (829,672)      (41,740)     (190,570)
                                                                    ------------  ------------  ------------  ------------
   
  Cash flows from financing activities:
    Payment of dividend...........................................       (20,253)      (10,324)      (10,102)
    Repayment of note payable to shareholder......................       (22,865)      (28,715)      (28,580)
    Repayment of notes payable....................................                     274,351                       3,323
    Redemption of Common Shares...................................                     (10,178)
    Redemption of preference shares...............................      (146,253)     (146,671)     (144,316)
                                                                    ------------  ------------  ------------  ------------
          Net cash provided (used) by financing activities........      (189,371)       78,463      (182,998)        3,323
                                                                    ------------  ------------  ------------  ------------
   
  Effect of exchange rate changes on cash.........................        (3,487)       12,412        12,105          (493)
                                                                    ------------  ------------  ------------  ------------
   
  Net increase in cash and cash equivalents.......................       (73,543)     (326,072)      200,535       (90,226)
  Cash and cash equivalents at beginning of period................       596,942       523,399       523,399       197,327
                                                                    ------------  ------------  ------------  ------------
  Cash and cash equivalents at end of period......................  $    523,399  $    197,327  $    723,934  $    107,101
                                                                    ------------  ------------  ------------  ------------
                                                                    ------------  ------------  ------------  ------------
  </TABLE>
   
          See accompanying notes to the consolidated financial statements.
   
                                        F-16
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
                   NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
   
  NOTE 1 -- ORGANIZATION
      REF Retail Systems Corporation (the "Company") is a Canadian business that
  develops and markets point-of-sale application software to the retail
  distribution marketplace. In August, 1995, the Company acquired 100% of the
  outstanding common shares of Softworks Group, Inc. ("Softworks"). The operations
  of Softworks have been incorporated into the Company on the date of acquisition.
   
  NOTE 2 -- ACCOUNTING POLICIES
   
      CASH AND CASH EQUIVALENTS
   
      Cash and cash equivalents include cash and investments in Canadian
  treasuries with an original maturity of three months or less. Investments are
  valued at cost, which approximates market.
   
      BASIS OF PRESENTATION
   
      The consolidated financial statements are presented in U.S. dollars and are
  presented in accordance with accounting principles generally accepted in the
  United States.
   
      PRINCIPLES OF CONSOLIDATION
   
      The consolidated financial statements include the accounts of the Company
  and its wholly-owned subsidiary. All significant intercompany accounts are
  eliminated in consolidation.
   
      INVENTORY
   
      Inventory is stated at the lower of cost (first-in, first-out) or market.
  Inventory consists primarily of software licenses held for resale. No reserves
  have been provided, since historical writedowns have been insignificant.
   
      PROPERTY AND EQUIPMENT
   
      Property and equipment are stated at cost and depreciated for financial
  statement purposes on a declining-balance basis over the estimated useful lives
  of the assets, which is three to five years for furniture and equipment.
   
      RESEARCH AND DEVELOPMENT COSTS
   
      Costs incurred to establish the technological feasibility of computer
  software to be marketed are expensed as research and development costs in the
  period incurred. Costs incurred subsequent to the establishment of technological
  feasibility and before the software is released to the general public are
  capitalized as software development costs. Such costs are amortized to cost of
  revenues at the greater of straight-line amortization over three years or the
  proportion of the current period's product revenues to total expected product
  revenues. Recording of amortization of software development cost began in May,
  1996 when certain modules of the software were released to the general public.
   
      REVENUE RECOGNITION
   
      Revenues derived from system installation contracts are recognized over the
  period the Company satisfies its obligations using the percentage-of-completion
  method. Progress on the contracts is measured by the percentage of cost incurred
  to date to the total estimated cost for each contract. Management considers cost
  to be the best available measure of progress on these contracts. Changes in
  conditions and estimated earnings may result in revisions of estimated costs and
  earnings during the course of the contract and are reflected in the accounting
  period in which the facts which require the revision become known. In the normal
  course of business, the Company may also be subject to a risk of loss by
  incurring costs to complete a contract in excess of the fixed bid price.
   
      Customers are provided with a warranty which provides customer support for a
  90-day period. No reserve has been provided, since warranty costs have been
  insignificant. After the 90-day warranty period, support is provided only if a
  maintenance contract is in place. Revenues derived from system maintenance
  contracts are deferred and recognized ratably over the contract period.
   
                                        F-17
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 2 -- ACCOUNTING POLICIES (CONTINUED)
      INCOME TAXES
   
      The Company accounts for income taxes under the liability method of
  accounting. Deferred tax assets are determined based on the difference between
  the financial statement and tax basis of assets and liabilities using currently
  enacted tax rates.
   
      FAIR VALUE OF FINANCIAL INSTRUMENTS
   
      The Company's financial instruments consist of cash and cash equivalents,
  short-term trade receivables and payables for which current carrying amounts
  approximate fair market value. Additionally, interest rates on outstanding debt
  are at rates which approximate market rates for debt with similar terms and
  average maturities.
   
      USE OF ESTIMATES
   
      The preparation of financial statements in conformity with generally
  accepted accounting principles requires management to make estimates and
  assumptions that affect the reported amounts of assets and liabilities and
  disclosure of contingent assets and liabilities at the date of the financial
  statements and the reported amounts of revenue and expenses during the reporting
  period. Actual results could differ from those estimates.
   
      CASH FLOW DISCLOSURE
   
      For the years ended March 31, 1995 and 1996, the Company made cash payments
  for interest of $3,026 and $5,475, respectively.
   
      UNAUDITED INTERIM FINANCIAL STATEMENTS
   
      In the opinion of management, REF Retail Systems Corporation has made all
  adjustments consisting primarily of normal recurring accruals, necessary for a
  fair presentation of the financial condition of the Company as of June 30, 1996
  and the results of operations and cash flows for the three month periods ended
  June 30, 1996 and 1995, as presented in the accompanying unaudited financial
  statements.
   
  NOTE 3 -- COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS IN
            PROGRESS
      Costs, estimated earnings and billings on uncompleted contracts are
  summarized as follows:
   
  <TABLE>
  <CAPTION>
                                                                             MARCH 31,
                                                                    ----------------------------
                                                                        1995           1996
                                                                    -------------  -------------
  <S>                                                               <C>            <C>
  Costs incurred on uncompleted contracts.........................  $     400,426  $     762,849
  Estimated earnings..............................................        926,240        549,819
                                                                    -------------  -------------
                                                                        1,326,666      1,312,668
  Billings to date................................................        579,526        888,753
                                                                    -------------  -------------
  Costs and estimated earnings in excess of billings..............  $     747,140  $     423,915
                                                                    -------------  -------------
                                                                    -------------  -------------
  </TABLE>
   
      This amount is included in current assets as all contracts in progress are
  expected to be completed within one year.
   
      Billings in excess of costs and estimated earnings of $65,080 and $82,008
  are reported as customer deposits at March 31, 1995 and 1996, respectively.
   
                                        F-18
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 4 -- BUSINESS COMBINATIONS
      In August, 1995, the Company acquired all of the outstanding shares of
  Softworks for $207,539 (CDN$283,000) in a transaction accounted for as a
  purchase. For financial statement purposes, the assets acquired and liabilities
  assumed were recorded at their respective fair market values as follows:
   
  <TABLE>
  <S>                                                                <C>
  Tangible assets acquired.........................................  $ 148,890
  Software development costs.......................................    115,862
  Total liabilities assumed........................................    (57,213)
                                                                     ---------
    Purchase price.................................................  $ 207,539
                                                                     ---------
                                                                     ---------
  </TABLE>
   
      The software development costs relate to specific products which were
  determined to be technologically feasible at the date of acquisition and will be
  amortized in accordance with the polices disclosed in Note 2.
   
  NOTE 5 -- LEASE COMMITMENTS
      The Company leases equipment and its facilities under various operating
  leases. Future minimum payments under noncancelable leases are as follows:
   
  <TABLE>
  <CAPTION>
                                FISCAL YEAR ENDING
                                     MARCH 31,
  -------------------------------------------------------------------------------
  <S>                                                                              <C>
  1997...........................................................................  $      78,863
  1998...........................................................................        147,582
  1999...........................................................................        173,229
  2000...........................................................................        147,186
  2001...........................................................................        149,946
  Thereafter.....................................................................        806,782
                                                                                   -------------
                                                                                   $   1,503,588
                                                                                   -------------
                                                                                   -------------
  </TABLE>
   
      Rental expense under operating leases was $84,090 and $139,235 for the years
  ended March 31, 1995 and 1996, respectively.
   
  NOTE 6 -- NOTES PAYABLE
      The Company's notes payable to banks at March 31, 1996 are Small Business
  Development Loans, are secured by assets of the Company and consist of the
  following:
   
  <TABLE>
  <S>                                                                <C>
  Note payable -- bank, monthly payments $1,759 through December,
   2000, interest at 2% above prime (8.75% at March 31, 1996)......  $  54,273
  Note payable -- bank, monthly payments $2,201 through February,
   2001, interest at 2% above prime (8.75% at March 31, 1996)......     70,268
                                                                     ---------
                                                                       124,541
  Less current portion.............................................     25,718
                                                                     ---------
                                                                     $  98,823
                                                                     ---------
                                                                     ---------
  </TABLE>
   
                                        F-19
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 6 -- NOTES PAYABLE (CONTINUED)
      The Company has notes payable at March 31, 1996 for the purchase of a
  software license and distribution rights and the purchase of inventory as
  follows:
   
  <TABLE>
  <S>                                                                <C>
  Note payable related to acquisition of Softworks, monthly
   payments of $1,533 through August, 2000, secured by assets of
   the Company, interest at 7%.....................................  $  81,231
  Inventory note payable, monthly payments of $2,384 through
   February, 1999, interest at 9.7%p...............................     72,616
                                                                     ---------
                                                                       153,847
  Less current portion.............................................     41,064
                                                                     ---------
                                                                     $ 112,783
                                                                     ---------
                                                                     ---------
  </TABLE>
   
      The Company also has an interest bearing note payable to an officer with a
  balance of $28,305 and $63 at March 31, 1995 and 1996, respectively. The note
  carries an interest rate of 7.42% and is payable in monthly installments of
  $1,471.
   
  NOTE 7 -- INCOME TAXES
      Income tax expense is comprised of the following at March 31:
   
  <TABLE>
  <CAPTION>
                                                                          1995          1996
                                                                       -----------  ------------
  <S>                                                                  <C>          <C>
  Current income taxes:
    Federal..........................................................  $   160,740  $   (100,914)
    Provincial.......................................................      105,200        (8,416)
                                                                       -----------  ------------
      Total current income taxes.....................................      265,940      (109,330)
  Deferred income taxes expense (benefit)............................      (19,470)      101,355
                                                                       -----------  ------------
  Income taxes expense (benefit).....................................  $   246,470  $     (7,975)
                                                                       -----------  ------------
                                                                       -----------  ------------
  </TABLE>
   
      A reconciliation of the expected Canadian federal income taxes for the years
  ended March 31, 1995 and 1996 is as follows:
   
  <TABLE>
  <CAPTION>
                                                                            1995         1996
                                                                         -----------  ----------
  <S>                                                                    <C>          <C>
  Expected tax provision at 29%........................................  $   229,000  $   53,349
  Provincial income tax provision, net of federal tax effect...........      114,500      25,880
  Small business tax rate benefit......................................      (71,000)    (16,000)
  Net benefit from research and development credits....................      (28,800)    (68,000)
  Other................................................................        2,770      (3,204)
                                                                         -----------  ----------
    Total income taxes expense (benefit)...............................  $   246,470  $   (7,975)
                                                                         -----------  ----------
                                                                         -----------  ----------
  </TABLE>
   
      Deferred tax (assets) liabilities are comprised of the following at March
  31:
   
  <TABLE>
  <CAPTION>
                                                                           1995        1996
                                                                         ---------  -----------
  <S>                                                                    <C>        <C>
  Capitalized software development.....................................             $    90,400
  Research and development credit......................................  $  15,205       34,552
  Deferred revenue.....................................................                  (8,772)
  Depreciation.........................................................      4,090        4,470
                                                                         ---------  -----------
    Net deferred income tax liabilities................................  $  19,295  $   120,650
                                                                         ---------  -----------
                                                                         ---------  -----------
  </TABLE>
   
                                        F-20
  <PAGE>
                           REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 8 -- EMPLOYEE BENEFITS
      During fiscal year 1996, the Company established a defined contribution
  employee retirement plan. All employees with at least one year of employment are
  eligible to participate. The Company's contributions to the plan range from 1%
  to 2% of the employee's compensation depending upon length of service. The
  Company's contribution for the year ended March 31, 1996 was $15,504.
   
  NOTE 9 -- SIGNIFICANT CUSTOMERS
      Sales to one customer represented 42% and 40% of total revenues during 1995
  and 1996, respectively. This customer represented 14% of trade accounts
  receivable at March 31, 1996. In addition, two different customers represented
  10% and 13% of 1995 revenues and two separate customers represented 10% and 11%
  of 1996 revenues.
   
  NOTE 10 -- OTHER INCOME
      Other income in 1996 represents proceeds from the settlement of a law suit
  brought against former employees.
   
                                        F-21
  <PAGE>
                                 PREMIS CORPORATION
                      PRO FORMA COMBINED FINANCIAL STATEMENTS
                                    (UNAUDITED)
   
      The following unaudited pro forma financial statements give effect to the
  acquisition by PREMIS Corporation (PREMIS) of REF Retail Systems Corporation
  (REF) in a transaction to be accounted for as a purchase. The unaudited pro
  forma balance sheet is based on the individual balance sheets of PREMIS and REF
  appearing elsewhere in this Prospectus and has been prepared to reflect the
  acquisition by PREMIS of REF as of June 30, 1996. The unaudited pro forma
  statement of income is based on the individual statements of income of PREMIS
  and REF appearing elsewhere in this Prospectus, and combines the results of
  operations of PREMIS and REF for the year ended March 31, 1996 and for the three
  months ended June 30, 1996 as if the acquisition occurred on April 1, 1995.
  These unaudited pro forma financial statements should be read in connection with
  the historical financial statements and notes thereto of PREMIS and REF included
  elsewhere in this Prospectus. The accompanying unaudited pro forma financial
  statements do not necessarily reflect the financial position or results of
  operations of the Company had the Company acquired REF as of June 30, 1996 (for
  purposes of the Pro Forma Combined Balance Sheet) or as of April 1, 1995 (for
  purposes of the Pro Forma Combined Statement of Operations for the year ended
  March 31, 1996 or for the three months ended June 30, 1996).
   
                                        F-22
  <PAGE>
                                 PREMIS CORPORATION
                          PRO FORMA COMBINED BALANCE SHEET
                              YEAR ENDED JUNE 30, 1996
                                    (UNAUDITED)
   
  <TABLE>
  <CAPTION>
                                         PREMIS       REF       PRO FORMA       PRO FORMA
                                         ACTUAL      ACTUAL    ADJUSTMENTS       COMBINED
                                       ----------  ----------  -----------     ------------
  <S>                                  <C>         <C>         <C>             <C>
  ASSETS:
  Cash and cash equivalents..........  $  368,366  $  107,101  $ 1,150,000(e)  $  1,625,467
  Trade accounts receivable..........   2,077,471     587,123                     2,664,594
  Inventory..........................     217,794      78,118                       295,912
  Prepaid expenses and other current
   assets............................     163,636      80,479                       244,115
  Costs and estimated earnings in
   excess of billings................                 529,703                       529,703
                                       ----------  ----------                  ------------
    Total current assets.............   2,827,267   1,382,524                     5,359,791
   
  Property and equipment, net........   1,027,750     371,617                     1,399,367
  Goodwill...........................                            4,945,660(b)     4,945,660
  Capitalized software development...     236,421     602,393                       838,814
                                       ----------  ----------                  ------------
    Total assets.....................  $4,091,438  $2,356,534                  $ 12,543,632
                                       ----------  ----------                  ------------
                                       ----------  ----------                  ------------
   
  LIABILITIES AND SHAREHOLDERS' EQUITY:
  Trade accounts payable.............  $  361,853  $   54,002                  $    415,855
  Other accrued liabilities..........     172,069      82,050                       254,119
  Accrued income taxes...............     131,211     159,473                       290,684
  Unearned income....................     139,098     104,066                       243,164
  Customer deposits..................      94,603      12,016                       106,619
  Notes payable......................      78,255          62                        78,317
  Deferred rent......................                  49,791                        49,791
  Current portion of capital lease
   obligation........................     226,115                                   226,115
                                       ----------  ----------                  ------------
    Total current liabilities........   1,203,204     461,460                     1,664,664
   
  Deferred income taxes..............                  59,927                        59,927
  Notes payable......................     112,097     280,807                       392,904
  Capital lease obligations..........     723,885                                   723,885
                                       ----------  ----------                  ------------
    Total long-term liabilities......     835,982     340,734                     1,176,716
   
  Class B Special stock..............                  35,700      (35,700)(c)
  Common stock.......................      27,015           1           (1)(c)       44,515
                                                                    17,500(e)
  Additional paid-in capital.........     937,821                7,632,500(e)     8,570,321
  Retained earnings..................   1,087,416   1,471,516   (1,471,516)(c)    1,087,416
  Cumulative translation
   adjustment........................                  47,123      (47,123)(c)
                                       ----------  ----------                  ------------
                                        2,052,252   1,554,340                     9,702,252
                                       ----------  ----------                  ------------
  Total liabilities and shareholders'
   equity                              $4,091,438  $2,356,534                  $ 12,543,632
                                       ----------  ----------                  ------------
                                       ----------  ----------                  ------------
  </TABLE>
   
                                        F-23
  <PAGE>
                                 PREMIS CORPORATION
                     PRO FORMA COMBINED STATEMENT OF OPERATIONS
                         FOR THE YEAR ENDED MARCH 31, 1996
                                    (UNAUDITED)
   
  <TABLE>
  <CAPTION>
                                         PREMIS    REF RETAIL   PRO FORMA        PRO FORMA
                                         ACTUAL      ACTUAL    ADJUSTMENTS       COMBINED
                                       ----------  ----------  -----------      -----------
  <S>                                  <C>         <C>         <C>              <C>
  STATEMENT OF OPERATIONS DATA:
  Revenue
    Systems sales....................  $4,923,132  $2,725,256                   $ 7,648,388
    Maintenance fees, supplies and
     other income....................     979,029     471,260                     1,450,289
                                       ----------  ----------                   -----------
      Total Revenue..................   5,902,161   3,196,516                     9,098,677
  Cost of sales......................   3,036,322   1,434,018                     4,470,340
                                       ----------  ----------                   -----------
  Gross profit.......................   2,865,839   1,762,498                     4,628,337
  Selling, general and
   administrative....................   1,204,065   1,726,537   $ (131,694)(a)    3,293,474
                                                                   494,566(b)
  Research and development...........     303,000                                   303,000
                                       ----------  ----------  -----------      -----------
    Income from operations...........   1,358,774      35,961     (362,872)       1,031,863
  Interest expense...................      (4,142)     (5,475)                       (9,617)
  Other income.......................                 148,000                       148,000
                                       ----------  ----------                   -----------
    Income before income taxes.......   1,354,632     178,486                     1,170,246
  Income tax expense (benefit).......     527,000      (7,975)      46,093(a)       565,118
                                       ----------  ----------                   -----------
  Net income.........................     827,632     186,461                       605,128
                                       ----------  ----------                   -----------
                                       ----------  ----------                   -----------
   
  Net income per share...............  $     0.28                               $      0.14
                                       ----------                               -----------
                                       ----------                               -----------
  Weighted average common and common
   equivalent shares outstanding.....   2,925,581                1,486,928(d)     4,412,509
                                       ----------                               -----------
                                       ----------                               -----------
  </TABLE>
   
                                        F-24
  <PAGE>
                                 PREMIS CORPORATION
                     PRO FORMA COMBINED STATEMENT OF OPERATIONS
                      FOR THE THREE MONTHS ENDED JUNE 30, 1996
                                    (UNAUDITED)
   
  <TABLE>
  <CAPTION>
                                    PREMIS    REF RETAIL   PRO FORMA        PRO FORMA
                                    ACTUAL      ACTUAL    ADJUSTMENTS       COMBINED
                                  ----------  ----------  -----------      -----------
  <S>                             <C>         <C>         <C>              <C>
  STATEMENT OF OPERATIONS DATA:
  Revenue
    Systems sales...............  $1,570,791  $  967,473                   $ 2,538,264
    Maintenance fees, supplies
     and other income...........     343,388      80,528                       423,916
                                  ----------  ----------                   -----------
  Total revenue.................   1,914,179   1,048,001                     2,962,180
  Cost of sales.................     967,739     482,397                     1,450,136
                                  ----------  ----------                   -----------
  Gross profit..................     946,440     565,604                     1,512,044
  Selling, general and
   administrative...............     302,574     440,093      (28,919)(a)      837,390
                                                              123,642(b)
  Research and development......      94,650                                    94,650
                                  ----------  ----------  -----------      -----------
    Income from operations......     549,216     125,511      (94,723)         580,004
  Interest expense..............      (4,519)     (4,209)                       (8,728)
                                  ----------  ----------                   -----------
    Income before income
     taxes......................     544,697     121,302                       571,276
  Income tax expense
   (benefit)....................     212,461     (14,690)      10,122(a)       207,893
                                  ----------  ----------                   -----------
  Net income....................     332,236     135,992                       363,383
                                  ----------  ----------                   -----------
                                  ----------  ----------                   -----------
  Net income per share..........  $     0.11                               $      0.08
                                  ----------                               -----------
                                  ----------                               -----------
  Weighted average common and
   common equivalent shares
   outstanding..................   2,979,683                1,486,928(d)     4,466,611
                                  ----------                               -----------
                                  ----------                               -----------
  </TABLE>
   
                                        F-25
  <PAGE>
                                 PREMIS CORPORATION
                           NOTES TO PRO FORMA INFORMATION
                                    (UNAUDITED)
   
  REF ACQUISITION ADJUSTMENTS
   
  (a) Adjustment to reflect the decrease in salary, benefits and auto expenses for
      an officer of REF Retail Systems Corporation (REF) whose employment
      terminates with the acquisition by PREMIS Corporation (PREMIS) and the
      income tax effect of this adjustment.
   
  (b) The purchase price of REF exceeds the fair value of the assets acquired. As
      a result, PREMIS will record goodwill of approximately $4.9 million with
      annual amortization of $494,566. The Company amortizes goodwill over a
      period of 10 years. The recoverability of the unamortized goodwill will be
      assessed on an ongoing basis by comparing anticipated undiscounted future
      cash flows from operations to net book value.
   
  (c) Adjustment to reflect the elimination of REF shareholder equity and REF
      retained earnings.
   
  (d) Adjusted to reflect net offering proceeds of $6,500,000 needed to fund the
      acquisition of REF through the issuance of 1,486,928 common shares based on
      a public offering price of $5.00 per share ($4.37 per share net of offering
      costs). The weighted average common and common equivalent shares outstanding
      have been adjusted to reflect the number of shares issued in the offering to
      provide cash to be paid in connection with the acquisition of REF.
   
  (e) Adjustment to give effect to the sale of 1,750,000 shares offered hereby at
      a public offering price of $5.00 per share ($4.37 per share net of offering
      costs) and the application of the net proceeds therefrom, including the
      purchase of REF's stock.
   
                                        F-26
  
  <PAGE>
metadata_documents: [{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 60644}]
metadata_filer: {"company-data": {"conformed-name": "PREMIS CORP", "cik": "0000724910", "assigned-sic": "7372", "irs-number": "411424202", "state-of-incorporation": "MN", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-12196", "film-number": "96643530"}, "business-address": {"street1": "15301 HIGHWAY 55 WEST", "city": "PLYMOUTH", "state": "MN", "zip": "55447", "phone": "6125501999"}, "mail-address": {"street1": "15301 HIGHWAY 55 WEST", "city": "PLYMOUTH", "state": "MN", "zip": "55447"}}
text: UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
  
                                   FORM 8-K
  
                                CURRENT REPORT
  
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ACT OF 1934
  
  Date of Report (Date of earliest event reported):	October 1, 1996
  
                              PREMIS Corporation	
                (Name of small business issuer in its charter)
  
       Minnesota                       0-12196           	41-1424202            	
  (State of other jurisdiction   (Commission File No.)    (IRS Employer 
   of incorporation)                                       Identification Number)
  
                 15301 Highway 55 West, Plymouth, MN	55447	
         (Address of principal executive offices)	     (Zip Code)
  
  Issuer's telephone number:		       612/550-1999	
  
  (Former name, former address and former fiscal year, if changed since 
  last report):  N/A
  TABLE OF CONTENTS
  
  Item 2.         Acquisition or Disposition of Assets	3
  
  Item 7.		Financial Statements and Exhibits	3
  
  INDEX TO EXHIBITS	4
  
  SIGNATURE		5
  
  				-2-
  ITEM 2.	ACQUISITION OR DISPOSITION OF ASSETS
  
  On October 1, 1996, PREMIS Corporation (the "Company") completed the acquisition
  of all of the issued and outstanding equity securities of REF Retail Systems 
  Corporation ("REF"), a closely-held corporation organized under the laws of 
  Ontario, Canada, from the several shareholders of REF.
  
  The purchase price for the acquisition was paid in cash in the amount of 
  $6,500,000 on the date of closing.  The purchase price was determined by 
  negotiation based upon various factors, including, principally, management's 
  assessment that the REF products, which are complementary to the Company's 
  products, offer significant growth opportunities.  The payment of the purchase
  price was not financed by any third party but was paid from funds of the Company
  obtained through a public offering of its Common Stock.
  
  The Company and REF both engage in businesses involving the development and 
  marketing of computer software which, in overview, provide multi-store retailers
  and food brokers with an integrated system for:
  
    point of sale data collection and management review of transactions
  
    "real time" sales analysis reporting by store, product, customer, salesperson
  
    individual store stock positions and enterprise inventory tracking
  
    purchasing, order tracking and warehouse control
  
    accounts receivable management and commission receivable accounting
  
    sales promotion fund management and advertising budget accounting
  
    electronic data interface for on-line ordering from vendors and customers
  
    intranet communications connections between stores and main corporate office
  
  ITEM 7.	FINANCIAL STATEMENTS AND EXHIBITS
  
  	The following financial statements are filed herewith:
  
    Audited consolidated balance sheets of REF as of March 31, 1995 and 1996 and 
  related consolidated statements of operations, shareholders equity and cash 
  flows for the years then ended; 
  
                                     -3-
  Unaudited interim consolidated balance sheet of REF as of June 30, 1996 and 
  related consolidated statements of operations, shareholders' equity and cash 
  flows for the three months ended June 30, 1996 and 1995; 
  
    Pro forma combined balance sheet as of June 30, 1996 and pro forma combined 
  statements of operation for the year ended March 31, 1996 and for the three 
  months ended June 30, 1996.
  
  	The following exhibits are filed herewith.
  
  Exhibit No.			Description of Exhibit
  
  				Stock Purchase Agreement by and between 
  				PREMIS Corporation dated July 9, 1996(1)
  
  (1)Incorporated by reference to exhibit filed as part of registration statement 
  of Form S-2, Commission file no. 333-10917.
  
                                  -4-
  SIGNATURE
  
  	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 hereunto duly authorized.
  
  Dated:  October 15, 1996.			PREMIS CORPORATION
  
  						By /s/ F. T. Biermeier
  						F.T. Biermeier
  						Financial Officer 
                                                  (Principal accounting
  						and financial officer)
  
  				 -5-
  INDEX TO FINANCIAL STATEMENTS
  PAGE
                                                                              ----
  REF RETAIL SYSTEMS CORPORATION
   
  Report of Independent Accountants.........................................  F-12
   
  Consolidated Balance Sheet as of March 31, 1995 and 1996 (audited) and
   June 30, 1996 (unaudited)................................................  F-13
   
  Consolidated Statement of Operations for the Years ended March 31, 1995
   and 1996 (audited) and the three months ended June 30, 1995 and 1996
   (unaudited)..............................................................  F-14
   
  Consolidated Statement of Shareholders' Equity for the years ended March
   31, 1995 and 1996 (audited) and the three months ended June 30, 1996
   (unaudited)..............................................................  F-15
   
  Consolidated Statement of Cash Flows for the years ended March 31, 1995
   and 1996 (audited) and the three months ended June 30, 1995 and 1996
   (unaudited)..............................................................  F-16
   
  Notes to the Consolidated Financial Statements............................  F-17
   
                    PREMIS CORPORATION PRO FORMA COMBINED
   
  Introduction to Pro Forma Financial Information...........................  F-22
   
  Pro Forma Combined Balance Sheet as of June 30, 1996 (unaudited)..........  F-23
   
  Pro Forma Combined Statement of Operations for the year ended March 31,
   1996 (unaudited).........................................................  F-24
   
  Pro Forma Combined Statement of Operations for the three months ended June
   30, 1996 (unaudited).....................................................  F-25
   
  Notes to Pro Forma Financial Statements...................................  F-26
  REPORT OF INDEPENDENT ACCOUNTANTS
   
  To the Shareholders and
  Board of Directors of
  REF Retail Systems Corporation
   
      In our opinion, the accompanying consolidated balance sheet and the related
  consolidated statements of operations, of shareholders' equity and of cash flows
  present fairly, in all material respects, the financial position of REF Retail
  Systems Corporation and its subsidiary at March 31, 1995 and 1996, and the
  results of their operations and their cash flows for the years then ended, in
  conformity with generally accepted accounting principles. These financial
  statements are the responsibility of the Company's management; our
  responsibility is to express an opinion on these financial statements based on
  our audits. We conducted our audits of these statements in accordance with
  generally accepted auditing standards which require that we plan and perform the
  audit to obtain reasonable assurance about whether the financial statements are
  free of material misstatement. An audit includes examining, on a test basis,
  evidence supporting the amounts and disclosures in the financial statements,
  assessing the accounting principles used and significant estimates made by
  management, and evaluating the overall financial statement presentation. We
  believe that our audits provide a reasonable basis for the opinion expressed
  above.
   
  Price Waterhouse LLP
  Minneapolis, Minnesota
  August 7, 1996
   
                                        F-12
  REF RETAIL SYSTEMS CORPORATION
                             CONSOLIDATED BALANCE SHEET
                                       ASSETS
  MARCH 31,
                                                                    ------------------------   JUNE 30,
                                                                       1995         1996         1996
                                                                    -----------  -----------  -----------
                                                                                              (UNAUDITED)
  Current assets:
    Cash and cash equivalents.....................................  $   523,399  $   197,327  $   107,101
    Trade accounts receivable, less allowance for doubtful
     accounts of $63,306 and $16,420, respectively................      301,444      596,279      587,123
    Inventory.....................................................                    96,852       78,118
    Prepaid expenses..............................................       52,721       22,499       23,589
    Cost and estimated earnings in excess of billings.............      747,140      423,915      529,703
    Other current assets..........................................        3,392       58,695       56,890
                                                                    -----------  -----------  -----------
      Total current assets........................................    1,628,096    1,395,567    1,382,524
                                                                    -----------  -----------  -----------
  Property and equipment:
    Furniture and equipment.......................................      467,622      787,424      817,359
    Leasehold improvements........................................        5,521
    Less accumulated depreciation and amortization................     (270,309)    (416,264)    (445,742)
                                                                    -----------  -----------  -----------
                                                                        202,834      371,160      371,617
                                                                    -----------  -----------  -----------
  Capitalized software development................................                   473,038      602,393
                                                                    -----------  -----------  -----------
      Total assets................................................  $ 1,830,930  $ 2,239,765  $ 2,356,534
                                                                    -----------  -----------  -----------
                                                                    -----------  -----------  -----------
   
                                   LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities:
    Trade accounts payable........................................  $    20,422  $    37,129  $    54,002
    Other accrued liabilities.....................................      107,442      128,507       82,050
    Accrued income taxes..........................................      137,507       67,083      159,473
    Unearned income...............................................       90,745       77,800      104,066
    Customer deposits.............................................       65,680       82,008       12,016
    Notes payable -- banks........................................                    25,718
    Notes payable.................................................                    41,064
    Note payable -- shareholder...................................       28,305           63           62
    Deferred rent.................................................                    24,976       49,791
                                                                    -----------  -----------  -----------
      Total current liabilities...................................      450,101      484,348      461,460
                                                                    -----------  -----------  -----------
  Long-term liabilities:
    Deferred income taxes.........................................       19,295      120,650       59,927
    Notes payable -- banks........................................                    98,823      137,274
    Notes payable.................................................                   112,783      143,533
                                                                    -----------  -----------  -----------
      Total long-term liabilities.................................       19,295      332,256      340,734
                                                                    -----------  -----------  -----------
  Shareholders' equity:
    Preferred Class A stock: no par value; unlimited shares
     authorized; 20,000 shares outstanding at March 31, 1995......      162,417
    Class B Special stock: no par value; unlimited shares
     authorized; 925,000 shares outstanding at both dates.........       36,379       35,700       35,700
    Common stock: no par value; unlimited shares authorized; 2,000
     shares outstanding at both dates.............................            1            1            1
    Retained earnings.............................................    1,168,884    1,335,524    1,471,516
    Cumulative translation adjustment.............................       (6,147)      51,936       47,123
                                                                    -----------  -----------  -----------
      Total shareholders' equity..................................    1,361,534    1,423,161    1,554,340
                                                                    -----------  -----------  -----------
      Total liabilities and shareholders' equity..................  $ 1,830,930  $ 2,239,765  $ 2,356,534
                                                                    -----------  -----------  -----------
                                                                    -----------  -----------  -----------
  See accompanying notes to the consolidated financial statements.
   
                                        F-13
  REF RETAIL SYSTEMS CORPORATION
                        CONSOLIDATED STATEMENT OF OPERATIONS
  THREE MONTHS
                                                               YEAR ENDED MARCH 31,            ENDED JUNE 30,
                                                           ----------------------------  ---------------------------
                                                               1995           1996           1995          1996
                                                           -------------  -------------  ------------  -------------
                                                                                                 (UNAUDITED)
  Revenue:
    System sales.........................................  $   2,676,945  $   2,725,256  $    384,604  $     967,473
    Maintenance fees and other service revenue...........        410,155        471,260       107,648         80,528
                                                           -------------  -------------  ------------  -------------
      Total revenue......................................      3,087,100      3,196,516       492,252      1,048,001
                                                           -------------  -------------  ------------  -------------
  Cost of sales..........................................      1,140,348      1,434,018       313,613        482,397
                                                           -------------  -------------  ------------  -------------
  Gross profit...........................................      1,946,752      1,762,498       178,639        565,604
  Selling, general, and administrative expenses..........      1,199,555      1,726,537       312,514        440,093
                                                           -------------  -------------  ------------  -------------
  Income (loss) from operations..........................        747,197         35,961      (133,875)       125,511
  Interest expense.......................................         (3,026)        (5,475)         (175)        (4,209)
  Other income...........................................         45,500        148,000       --            --
                                                           -------------  -------------  ------------  -------------
  Income (loss) before income taxes......................        789,671        178,486      (134,050)       121,302
  Income tax expense (benefit)...........................        246,470         (7,975)      (46,903)       (14,690)
                                                           -------------  -------------  ------------  -------------
  Net income (loss)......................................  $     543,201  $     186,461  $    (87,147) $     135,992
                                                           -------------  -------------  ------------  -------------
                                                           -------------  -------------  ------------  -------------
  See accompanying notes to the consolidated financial statements.
   
                                        F-14
  REF RETAIL SYSTEMS CORPORATION
                   CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
  CLASS A PREFERRED      CLASS B SPECIAL               COMMON            CUMULATIVE
                                    --------------------  --------------------  --------------------------  TRANSLATION   RETAINED
                                     SHARES     AMOUNT     SHARES     AMOUNT      SHARES        AMOUNT      ADJUSTMENT    EARNINGS
                                    ---------  ---------  ---------  ---------  -----------  -------------  -----------  ----------
  Balance at March 31, 1994.......     40,000  $ 324,834    925,000  $  36,379       2,000     $       1     $ (12,029)  $  645,936
    Net income....................                                                                                          543,201
    Preferred dividends...........                                                                                          (20,253)
    Effect of currency translation
     adjustment...................                                                                             (10,282)
    Redeem preferred shares.......    (20,000)  (162,417)                                                       16,164
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
  Balance at March 31, 1995.......     20,000    162,417    925,000     36,379       2,000             1        (6,147)   1,168,884
    Net income....................                                                                                          186,461
    Dividends on preferred
     stock........................                                                                                          (10,324)
    Redeem Class B special
     shares.......................                          (18,500)      (679)                                              (9,497)
    Redeem Class A preferred
     shares.......................    (20,000)  (162,417)                                                       15,746
    Currency translation
     adjustment...................                                                                              42,337
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
  Balance at March 31, 1996.......          0          0    906,500     35,700       2,000             1        51,936    1,335,524
    Net income (unaudited)........                                                                                          135,992
    Currency translation
     adjustment (unaudited).......                                                                              (4,813)
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
  Balance at June 30, 1996
   (unaudited)....................          0  $       0    906,500  $  35,700       2,000     $       1     $  47,123   $1,471,516
                                                                                                      --
                                                                                                      --
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
                                    ---------  ---------  ---------  ---------       -----                  -----------  ----------
  TOTAL
                                    ----------
  Balance at March 31, 1994.......  $  995,121
    Net income....................     543,201
    Preferred dividends...........     (20,253)
    Effect of currency translation
     adjustment...................     (10,282)
    Redeem preferred shares.......    (146,253)
   
                                    ----------
  Balance at March 31, 1995.......   1,361,534
    Net income....................     186,461
    Dividends on preferred
     stock........................     (10,324)
    Redeem Class B special
     shares.......................     (10,176)
    Redeem Class A preferred
     shares.......................    (146,671)
    Currency translation
     adjustment...................      42,337
   
                                    ----------
  Balance at March 31, 1996.......   1,423,161
    Net income (unaudited)........     135,992
    Currency translation
     adjustment (unaudited).......      (4,813)
   
                                    ----------
  Balance at June 30, 1996
   (unaudited)....................  $1,554,340
   
                                    ----------
                                    ----------
  See accompanying notes to the consolidated financial statements.
   
                                        F-15
  REF RETAIL SYSTEMS CORPORATION
                        CONSOLIDATED STATEMENT OF CASH FLOWS
  THREE MONTHS ENDED
                                                                       YEAR ENDED MARCH 31,              JUNE 30,
                                                                    --------------------------  --------------------------
                                                                        1995          1996          1995          1996
                                                                    ------------  ------------  ------------  ------------
                                                                                                       (UNAUDITED)
  Cash flows from operating activities:
    Net income (loss).............................................  $    543,201  $    186,461  $    (87,147) $    135,992
    Adjustments to reconcile net income to net cash provided
     (used) by operating activities:
      Depreciation and amortization...............................        62,757       141,697        22,083        57,822
      Changes in assets and liabilities:
        Trade accounts receivable.................................        14,771      (245,371)       (9,553)        7,244
        Inventory.................................................                     (95,448)       (2,788)       18,452
        Prepaid expenses..........................................        21,620         8,554      (187,430)          451
        Costs and earnings in excess of billings..................      (751,247)      340,205       754,391      (107,329)
        Income tax receivable.....................................       144,091        50,262
        Deferred taxes............................................       (13,078)       89,176                     (60,432)
        Trade accounts payable....................................         4,847        15,873          (881)       17,021
        Accrued liabilities.......................................       121,165      (102,095)      (42,250)       46,637
        Unearned income...........................................        31,792       (15,389)       10,666        26,560
        Customer deposits.........................................        57,490        14,186       (43,923)      (69,840)
        Deferred rent.............................................                      24,614                      24,936
                                                                    ------------  ------------  ------------  ------------
          Net cash provided by operating activities...............       237,409       412,725       413,168        97,514
                                                                    ------------  ------------  ------------  ------------
   
  Cash flows from investing activities:
    Purchase of property and equipment............................      (118,094)     (272,860)      (41,740)      (38,300)
    Capitalized software development..............................                    (351,636)                   (152,270)
    Investment in subsidiary......................................                    (205,176)
                                                                    ------------  ------------  ------------  ------------
          Net cash (used) by investing activities.................      (118,094)     (829,672)      (41,740)     (190,570)
                                                                    ------------  ------------  ------------  ------------
   
  Cash flows from financing activities:
    Payment of dividend...........................................       (20,253)      (10,324)      (10,102)
    Repayment of note payable to shareholder......................       (22,865)      (28,715)      (28,580)
    Repayment of notes payable....................................                     274,351                       3,323
    Redemption of Common Shares...................................                     (10,178)
    Redemption of preference shares...............................      (146,253)     (146,671)     (144,316)
                                                                    ------------  ------------  ------------  ------------
          Net cash provided (used) by financing activities........      (189,371)       78,463      (182,998)        3,323
                                                                    ------------  ------------  ------------  ------------
   
  Effect of exchange rate changes on cash.........................        (3,487)       12,412        12,105          (493)
                                                                    ------------  ------------  ------------  ------------
   
  Net increase in cash and cash equivalents.......................       (73,543)     (326,072)      200,535       (90,226)
  Cash and cash equivalents at beginning of period................       596,942       523,399       523,399       197,327
                                                                    ------------  ------------  ------------  ------------
  Cash and cash equivalents at end of period......................  $    523,399  $    197,327  $    723,934  $    107,101
                                                                    ------------  ------------  ------------  ------------
                                                                    ------------  ------------  ------------  ------------
  See accompanying notes to the consolidated financial statements.
   
                                        F-16
  REF RETAIL SYSTEMS CORPORATION
                   NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
   
  NOTE 1 -- ORGANIZATION
      REF Retail Systems Corporation (the "Company") is a Canadian business that
  develops and markets point-of-sale application software to the retail
  distribution marketplace. In August, 1995, the Company acquired 100% of the
  outstanding common shares of Softworks Group, Inc. ("Softworks"). The operations
  of Softworks have been incorporated into the Company on the date of acquisition.
   
  NOTE 2 -- ACCOUNTING POLICIES
   
      CASH AND CASH EQUIVALENTS
   
      Cash and cash equivalents include cash and investments in Canadian
  treasuries with an original maturity of three months or less. Investments are
  valued at cost, which approximates market.
   
      BASIS OF PRESENTATION
   
      The consolidated financial statements are presented in U.S. dollars and are
  presented in accordance with accounting principles generally accepted in the
  United States.
   
      PRINCIPLES OF CONSOLIDATION
   
      The consolidated financial statements include the accounts of the Company
  and its wholly-owned subsidiary. All significant intercompany accounts are
  eliminated in consolidation.
   
      INVENTORY
   
      Inventory is stated at the lower of cost (first-in, first-out) or market.
  Inventory consists primarily of software licenses held for resale. No reserves
  have been provided, since historical writedowns have been insignificant.
   
      PROPERTY AND EQUIPMENT
   
      Property and equipment are stated at cost and depreciated for financial
  statement purposes on a declining-balance basis over the estimated useful lives
  of the assets, which is three to five years for furniture and equipment.
   
      RESEARCH AND DEVELOPMENT COSTS
   
      Costs incurred to establish the technological feasibility of computer
  software to be marketed are expensed as research and development costs in the
  period incurred. Costs incurred subsequent to the establishment of technological
  feasibility and before the software is released to the general public are
  capitalized as software development costs. Such costs are amortized to cost of
  revenues at the greater of straight-line amortization over three years or the
  proportion of the current period's product revenues to total expected product
  revenues. Recording of amortization of software development cost began in May,
  1996 when certain modules of the software were released to the general public.
   
      REVENUE RECOGNITION
   
      Revenues derived from system installation contracts are recognized over the
  period the Company satisfies its obligations using the percentage-of-completion
  method. Progress on the contracts is measured by the percentage of cost incurred
  to date to the total estimated cost for each contract. Management considers cost
  to be the best available measure of progress on these contracts. Changes in
  conditions and estimated earnings may result in revisions of estimated costs and
  earnings during the course of the contract and are reflected in the accounting
  period in which the facts which require the revision become known. In the normal
  course of business, the Company may also be subject to a risk of loss by
  incurring costs to complete a contract in excess of the fixed bid price.
   
      Customers are provided with a warranty which provides customer support for a
  90-day period. No reserve has been provided, since warranty costs have been
  insignificant. After the 90-day warranty period, support is provided only if a
  maintenance contract is in place. Revenues derived from system maintenance
  contracts are deferred and recognized ratably over the contract period.
   
                                        F-17
  REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 2 -- ACCOUNTING POLICIES (CONTINUED)
      INCOME TAXES
   
      The Company accounts for income taxes under the liability method of
  accounting. Deferred tax assets are determined based on the difference between
  the financial statement and tax basis of assets and liabilities using currently
  enacted tax rates.
   
      FAIR VALUE OF FINANCIAL INSTRUMENTS
   
      The Company's financial instruments consist of cash and cash equivalents,
  short-term trade receivables and payables for which current carrying amounts
  approximate fair market value. Additionally, interest rates on outstanding debt
  are at rates which approximate market rates for debt with similar terms and
  average maturities.
   
      USE OF ESTIMATES
   
      The preparation of financial statements in conformity with generally
  accepted accounting principles requires management to make estimates and
  assumptions that affect the reported amounts of assets and liabilities and
  disclosure of contingent assets and liabilities at the date of the financial
  statements and the reported amounts of revenue and expenses during the reporting
  period. Actual results could differ from those estimates.
   
      CASH FLOW DISCLOSURE
   
      For the years ended March 31, 1995 and 1996, the Company made cash payments
  for interest of $3,026 and $5,475, respectively.
   
      UNAUDITED INTERIM FINANCIAL STATEMENTS
   
      In the opinion of management, REF Retail Systems Corporation has made all
  adjustments consisting primarily of normal recurring accruals, necessary for a
  fair presentation of the financial condition of the Company as of June 30, 1996
  and the results of operations and cash flows for the three month periods ended
  June 30, 1996 and 1995, as presented in the accompanying unaudited financial
  statements.
   
  NOTE 3 -- COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS IN
            PROGRESS
      Costs, estimated earnings and billings on uncompleted contracts are
  summarized as follows:
  MARCH 31,
                                                                    ----------------------------
                                                                        1995           1996
                                                                    -------------  -------------
  Costs incurred on uncompleted contracts.........................  $     400,426  $     762,849
  Estimated earnings..............................................        926,240        549,819
                                                                    -------------  -------------
                                                                        1,326,666      1,312,668
  Billings to date................................................        579,526        888,753
                                                                    -------------  -------------
  Costs and estimated earnings in excess of billings..............  $     747,140  $     423,915
                                                                    -------------  -------------
                                                                    -------------  -------------
  This amount is included in current assets as all contracts in progress are
  expected to be completed within one year.
   
      Billings in excess of costs and estimated earnings of $65,080 and $82,008
  are reported as customer deposits at March 31, 1995 and 1996, respectively.
   
                                        F-18
  REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 4 -- BUSINESS COMBINATIONS
      In August, 1995, the Company acquired all of the outstanding shares of
  Softworks for $207,539 (CDN$283,000) in a transaction accounted for as a
  purchase. For financial statement purposes, the assets acquired and liabilities
  assumed were recorded at their respective fair market values as follows:
  Tangible assets acquired.........................................  $ 148,890
  Software development costs.......................................    115,862
  Total liabilities assumed........................................    (57,213)
                                                                     ---------
    Purchase price.................................................  $ 207,539
                                                                     ---------
                                                                     ---------
  The software development costs relate to specific products which were
  determined to be technologically feasible at the date of acquisition and will be
  amortized in accordance with the polices disclosed in Note 2.
   
  NOTE 5 -- LEASE COMMITMENTS
      The Company leases equipment and its facilities under various operating
  leases. Future minimum payments under noncancelable leases are as follows:
  FISCAL YEAR ENDING
                                     MARCH 31,
  -------------------------------------------------------------------------------
  1997...........................................................................  $      78,863
  1998...........................................................................        147,582
  1999...........................................................................        173,229
  2000...........................................................................        147,186
  2001...........................................................................        149,946
  Thereafter.....................................................................        806,782
                                                                                   -------------
                                                                                   $   1,503,588
                                                                                   -------------
                                                                                   -------------
  Rental expense under operating leases was $84,090 and $139,235 for the years
  ended March 31, 1995 and 1996, respectively.
   
  NOTE 6 -- NOTES PAYABLE
      The Company's notes payable to banks at March 31, 1996 are Small Business
  Development Loans, are secured by assets of the Company and consist of the
  following:
  Note payable -- bank, monthly payments $1,759 through December,
   2000, interest at 2% above prime (8.75% at March 31, 1996)......  $  54,273
  Note payable -- bank, monthly payments $2,201 through February,
   2001, interest at 2% above prime (8.75% at March 31, 1996)......     70,268
                                                                     ---------
                                                                       124,541
  Less current portion.............................................     25,718
                                                                     ---------
                                                                     $  98,823
                                                                     ---------
                                                                     ---------
  F-19
  REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 6 -- NOTES PAYABLE (CONTINUED)
      The Company has notes payable at March 31, 1996 for the purchase of a
  software license and distribution rights and the purchase of inventory as
  follows:
  Note payable related to acquisition of Softworks, monthly
   payments of $1,533 through August, 2000, secured by assets of
   the Company, interest at 7%.....................................  $  81,231
  Inventory note payable, monthly payments of $2,384 through
   February, 1999, interest at 9.7%p...............................     72,616
                                                                     ---------
                                                                       153,847
  Less current portion.............................................     41,064
                                                                     ---------
                                                                     $ 112,783
                                                                     ---------
                                                                     ---------
  The Company also has an interest bearing note payable to an officer with a
  balance of $28,305 and $63 at March 31, 1995 and 1996, respectively. The note
  carries an interest rate of 7.42% and is payable in monthly installments of
  $1,471.
   
  NOTE 7 -- INCOME TAXES
      Income tax expense is comprised of the following at March 31:
  1995          1996
                                                                       -----------  ------------
  Current income taxes:
    Federal..........................................................  $   160,740  $   (100,914)
    Provincial.......................................................      105,200        (8,416)
                                                                       -----------  ------------
      Total current income taxes.....................................      265,940      (109,330)
  Deferred income taxes expense (benefit)............................      (19,470)      101,355
                                                                       -----------  ------------
  Income taxes expense (benefit).....................................  $   246,470  $     (7,975)
                                                                       -----------  ------------
                                                                       -----------  ------------
  A reconciliation of the expected Canadian federal income taxes for the years
  ended March 31, 1995 and 1996 is as follows:
  1995         1996
                                                                         -----------  ----------
  Expected tax provision at 29%........................................  $   229,000  $   53,349
  Provincial income tax provision, net of federal tax effect...........      114,500      25,880
  Small business tax rate benefit......................................      (71,000)    (16,000)
  Net benefit from research and development credits....................      (28,800)    (68,000)
  Other................................................................        2,770      (3,204)
                                                                         -----------  ----------
    Total income taxes expense (benefit)...............................  $   246,470  $   (7,975)
                                                                         -----------  ----------
                                                                         -----------  ----------
  Deferred tax (assets) liabilities are comprised of the following at March
  31:
  1995        1996
                                                                         ---------  -----------
  Capitalized software development.....................................             $    90,400
  Research and development credit......................................  $  15,205       34,552
  Deferred revenue.....................................................                  (8,772)
  Depreciation.........................................................      4,090        4,470
                                                                         ---------  -----------
    Net deferred income tax liabilities................................  $  19,295  $   120,650
                                                                         ---------  -----------
                                                                         ---------  -----------
  F-20
  REF RETAIL SYSTEMS CORPORATION
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
   
  NOTE 8 -- EMPLOYEE BENEFITS
      During fiscal year 1996, the Company established a defined contribution
  employee retirement plan. All employees with at least one year of employment are
  eligible to participate. The Company's contributions to the plan range from 1%
  to 2% of the employee's compensation depending upon length of service. The
  Company's contribution for the year ended March 31, 1996 was $15,504.
   
  NOTE 9 -- SIGNIFICANT CUSTOMERS
      Sales to one customer represented 42% and 40% of total revenues during 1995
  and 1996, respectively. This customer represented 14% of trade accounts
  receivable at March 31, 1996. In addition, two different customers represented
  10% and 13% of 1995 revenues and two separate customers represented 10% and 11%
  of 1996 revenues.
   
  NOTE 10 -- OTHER INCOME
      Other income in 1996 represents proceeds from the settlement of a law suit
  brought against former employees.
   
                                        F-21
  PREMIS CORPORATION
                      PRO FORMA COMBINED FINANCIAL STATEMENTS
                                    (UNAUDITED)
   
      The following unaudited pro forma financial statements give effect to the
  acquisition by PREMIS Corporation (PREMIS) of REF Retail Systems Corporation
  (REF) in a transaction to be accounted for as a purchase. The unaudited pro
  forma balance sheet is based on the individual balance sheets of PREMIS and REF
  appearing elsewhere in this Prospectus and has been prepared to reflect the
  acquisition by PREMIS of REF as of June 30, 1996. The unaudited pro forma
  statement of income is based on the individual statements of income of PREMIS
  and REF appearing elsewhere in this Prospectus, and combines the results of
  operations of PREMIS and REF for the year ended March 31, 1996 and for the three
  months ended June 30, 1996 as if the acquisition occurred on April 1, 1995.
  These unaudited pro forma financial statements should be read in connection with
  the historical financial statements and notes thereto of PREMIS and REF included
  elsewhere in this Prospectus. The accompanying unaudited pro forma financial
  statements do not necessarily reflect the financial position or results of
  operations of the Company had the Company acquired REF as of June 30, 1996 (for
  purposes of the Pro Forma Combined Balance Sheet) or as of April 1, 1995 (for
  purposes of the Pro Forma Combined Statement of Operations for the year ended
  March 31, 1996 or for the three months ended June 30, 1996).
   
                                        F-22
  PREMIS CORPORATION
                          PRO FORMA COMBINED BALANCE SHEET
                              YEAR ENDED JUNE 30, 1996
                                    (UNAUDITED)
  PREMIS       REF       PRO FORMA       PRO FORMA
                                         ACTUAL      ACTUAL    ADJUSTMENTS       COMBINED
                                       ----------  ----------  -----------     ------------
  ASSETS:
  Cash and cash equivalents..........  $  368,366  $  107,101  $ 1,150,000(e)  $  1,625,467
  Trade accounts receivable..........   2,077,471     587,123                     2,664,594
  Inventory..........................     217,794      78,118                       295,912
  Prepaid expenses and other current
   assets............................     163,636      80,479                       244,115
  Costs and estimated earnings in
   excess of billings................                 529,703                       529,703
                                       ----------  ----------                  ------------
    Total current assets.............   2,827,267   1,382,524                     5,359,791
   
  Property and equipment, net........   1,027,750     371,617                     1,399,367
  Goodwill...........................                            4,945,660(b)     4,945,660
  Capitalized software development...     236,421     602,393                       838,814
                                       ----------  ----------                  ------------
    Total assets.....................  $4,091,438  $2,356,534                  $ 12,543,632
                                       ----------  ----------                  ------------
                                       ----------  ----------                  ------------
   
  LIABILITIES AND SHAREHOLDERS' EQUITY:
  Trade accounts payable.............  $  361,853  $   54,002                  $    415,855
  Other accrued liabilities..........     172,069      82,050                       254,119
  Accrued income taxes...............     131,211     159,473                       290,684
  Unearned income....................     139,098     104,066                       243,164
  Customer deposits..................      94,603      12,016                       106,619
  Notes payable......................      78,255          62                        78,317
  Deferred rent......................                  49,791                        49,791
  Current portion of capital lease
   obligation........................     226,115                                   226,115
                                       ----------  ----------                  ------------
    Total current liabilities........   1,203,204     461,460                     1,664,664
   
  Deferred income taxes..............                  59,927                        59,927
  Notes payable......................     112,097     280,807                       392,904
  Capital lease obligations..........     723,885                                   723,885
                                       ----------  ----------                  ------------
    Total long-term liabilities......     835,982     340,734                     1,176,716
   
  Class B Special stock..............                  35,700      (35,700)(c)
  Common stock.......................      27,015           1           (1)(c)       44,515
                                                                    17,500(e)
  Additional paid-in capital.........     937,821                7,632,500(e)     8,570,321
  Retained earnings..................   1,087,416   1,471,516   (1,471,516)(c)    1,087,416
  Cumulative translation
   adjustment........................                  47,123      (47,123)(c)
                                       ----------  ----------                  ------------
                                        2,052,252   1,554,340                     9,702,252
                                       ----------  ----------                  ------------
  Total liabilities and shareholders'
   equity                              $4,091,438  $2,356,534                  $ 12,543,632
                                       ----------  ----------                  ------------
                                       ----------  ----------                  ------------
  F-23
  PREMIS CORPORATION
                     PRO FORMA COMBINED STATEMENT OF OPERATIONS
                         FOR THE YEAR ENDED MARCH 31, 1996
                                    (UNAUDITED)
  PREMIS    REF RETAIL   PRO FORMA        PRO FORMA
                                         ACTUAL      ACTUAL    ADJUSTMENTS       COMBINED
                                       ----------  ----------  -----------      -----------
  STATEMENT OF OPERATIONS DATA:
  Revenue
    Systems sales....................  $4,923,132  $2,725,256                   $ 7,648,388
    Maintenance fees, supplies and
     other income....................     979,029     471,260                     1,450,289
                                       ----------  ----------                   -----------
      Total Revenue..................   5,902,161   3,196,516                     9,098,677
  Cost of sales......................   3,036,322   1,434,018                     4,470,340
                                       ----------  ----------                   -----------
  Gross profit.......................   2,865,839   1,762,498                     4,628,337
  Selling, general and
   administrative....................   1,204,065   1,726,537   $ (131,694)(a)    3,293,474
                                                                   494,566(b)
  Research and development...........     303,000                                   303,000
                                       ----------  ----------  -----------      -----------
    Income from operations...........   1,358,774      35,961     (362,872)       1,031,863
  Interest expense...................      (4,142)     (5,475)                       (9,617)
  Other income.......................                 148,000                       148,000
                                       ----------  ----------                   -----------
    Income before income taxes.......   1,354,632     178,486                     1,170,246
  Income tax expense (benefit).......     527,000      (7,975)      46,093(a)       565,118
                                       ----------  ----------                   -----------
  Net income.........................     827,632     186,461                       605,128
                                       ----------  ----------                   -----------
                                       ----------  ----------                   -----------
   
  Net income per share...............  $     0.28                               $      0.14
                                       ----------                               -----------
                                       ----------                               -----------
  Weighted average common and common
   equivalent shares outstanding.....   2,925,581                1,486,928(d)     4,412,509
                                       ----------                               -----------
                                       ----------                               -----------
  F-24
  PREMIS CORPORATION
                     PRO FORMA COMBINED STATEMENT OF OPERATIONS
                      FOR THE THREE MONTHS ENDED JUNE 30, 1996
                                    (UNAUDITED)
  PREMIS    REF RETAIL   PRO FORMA        PRO FORMA
                                    ACTUAL      ACTUAL    ADJUSTMENTS       COMBINED
                                  ----------  ----------  -----------      -----------
  STATEMENT OF OPERATIONS DATA:
  Revenue
    Systems sales...............  $1,570,791  $  967,473                   $ 2,538,264
    Maintenance fees, supplies
     and other income...........     343,388      80,528                       423,916
                                  ----------  ----------                   -----------
  Total revenue.................   1,914,179   1,048,001                     2,962,180
  Cost of sales.................     967,739     482,397                     1,450,136
                                  ----------  ----------                   -----------
  Gross profit..................     946,440     565,604                     1,512,044
  Selling, general and
   administrative...............     302,574     440,093      (28,919)(a)      837,390
                                                              123,642(b)
  Research and development......      94,650                                    94,650
                                  ----------  ----------  -----------      -----------
    Income from operations......     549,216     125,511      (94,723)         580,004
  Interest expense..............      (4,519)     (4,209)                       (8,728)
                                  ----------  ----------                   -----------
    Income before income
     taxes......................     544,697     121,302                       571,276
  Income tax expense
   (benefit)....................     212,461     (14,690)      10,122(a)       207,893
                                  ----------  ----------                   -----------
  Net income....................     332,236     135,992                       363,383
                                  ----------  ----------                   -----------
                                  ----------  ----------                   -----------
  Net income per share..........  $     0.11                               $      0.08
                                  ----------                               -----------
                                  ----------                               -----------
  Weighted average common and
   common equivalent shares
   outstanding..................   2,979,683                1,486,928(d)     4,466,611
                                  ----------                               -----------
                                  ----------                               -----------
  F-25
  PREMIS CORPORATION
                           NOTES TO PRO FORMA INFORMATION
                                    (UNAUDITED)
   
  REF ACQUISITION ADJUSTMENTS
   
  (a) Adjustment to reflect the decrease in salary, benefits and auto expenses for
      an officer of REF Retail Systems Corporation (REF) whose employment
      terminates with the acquisition by PREMIS Corporation (PREMIS) and the
      income tax effect of this adjustment.
   
  (b) The purchase price of REF exceeds the fair value of the assets acquired. As
      a result, PREMIS will record goodwill of approximately $4.9 million with
      annual amortization of $494,566. The Company amortizes goodwill over a
      period of 10 years. The recoverability of the unamortized goodwill will be
      assessed on an ongoing basis by comparing anticipated undiscounted future
      cash flows from operations to net book value.
   
  (c) Adjustment to reflect the elimination of REF shareholder equity and REF
      retained earnings.
   
  (d) Adjusted to reflect net offering proceeds of $6,500,000 needed to fund the
      acquisition of REF through the issuance of 1,486,928 common shares based on
      a public offering price of $5.00 per share ($4.37 per share net of offering
      costs). The weighted average common and common equivalent shares outstanding
      have been adjusted to reflect the number of shares issued in the offering to
      provide cash to be paid in connection with the acquisition of REF.
   
  (e) Adjustment to give effect to the sale of 1,750,000 shares offered hereby at
      a public offering price of $5.00 per share ($4.37 per share net of offering
      costs) and the application of the net proceeds therefrom, including the
      purchase of REF's stock.
   
                                        F-26