CGI Signs Systems Development Contract Worth CDN$9.2 Million.
CGI (NYSE: GIB) (TSE: GIB.A) (ME: GIB.A) announced today that it has signed a systems development contract worth CDN$9.2 million with the Regie des rentes du Quebec. Under the terms of the agreement, over the next two years CGI will develop information systems required to manage the new family benefits act.
"We are very pleased that the Government of Quebec has chosen us as their partner for this important project," said Jean Brassard, President and Chief Operating Officer of CGI. "Over the years, CGI has acquired an in-depth knowledge of the needs of la Regie des rentes du Quebec, and we will draw upon this knowledge in order to deliver a business solution that meets its current and future needs."
CGI estimates that over the two-year period, approximately 70 IT specialists will work on the project to develop the mainframe system and provide follow up, including implementation and testing. CGI will also support its client in implementing a new in client/server infrastructure.
La Regie des rentes du Quebec was created in 1966 to administer the Regime de rentes du Quebec. La Regie des rentes plays a vital role in Quebec's economy. In 1998-1999, it paid out more than $6.5 billion in various benefits and annuities under the terms of Quebec Pension Plan laws and the family benefits act. Contributions paid into the Quebec Pension Plan allowed the Regie to amass, by March 31, 1999, a reserve of CDN$16.15 billion. This reserve is administered by the Caisse de depot et placement du Quebec and contributes to the economic development of the province.
CGI is the largest independent information technology consulting firm in Canada and the fifth largest in North America, based on its revenue run rate of CDN$1.5 billion. Its order backlog totals approximately CDN$7.5 billion and the company currently has proposals outstanding for an additional CDN$4 billion in potential large contracts. CGI has 10,000 professionals and provides end-to-end IT services and business solutions to 2,500 clients in Canada, the United States and some 23 countries around the world. CGI's shares are listed on the New York Stock Exchange (GIB), as well as on the Toronto and Montreal exchanges (GIB.A). They are included in the Toronto Stock Exchange's TSE 300 Composite and TSE 100 indexes. Web site: www.cgi.ca.
All statements contained in this or any other press release of CGI Group Inc., or in any document filed by the Company with the U.S. Securities and Exchange Commission, or in any other written or oral communication by or on behalf of the Company, that do not directly and exclusively relate to historical facts, constitute "forward looking statements" within the meaning of the U.S. Private Securities Litigation Report Act of 1995. These statements represent the Company's expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved.
This press release may contain forward looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the company's business and results of operations. There are a number of factors that could cause actual results to differ materially from those indicated. Such factors include, without limitation, the various factors set forth in the Company's annual report or Form 40F filed with the SEC and its Annual Information Form filed with Canadian securities commissions, which important factors are included here by reference.
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 5, 1999|
|Previous Article:||Global Entertainment Holdings Announces Three-for-One Forward Stock Split; Audit in Preparation for Nasdaq Filing.|
|Next Article:||Noven Announces Record Financial Results.|