COGNICASE Acquires SHL Systemhouse Montreal-Based Year 2000 Code Conversion Resources, Enters Major Subcontracting Agreement.MONTREAL--(BUSINESS WIRE)--March 6, 1998--COGNICASE Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :COG.) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COGIF) and SHL SHL Shift Logical Left SHL Schweizerische Hochschule für Landwirtschaft (German: Swiss College of Agriculture) SHL Southern Hockey League SHL Silver Haired Legislature SHL Single Hidden Layer (neural networks) Systemhouse announced today a transaction that will see COGNICASE acquire the Montreal-based Year 2000 code conversion resources of Systemhouse. Systemhouse will also subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts to COGNICASE on-going and future Y2000 business opportunities. The relationship between the two companies was established in 1996, when Systemhouse purchased a minority interest in COGNICASE to support its Year 2000-related software conversions using COGNICASE automated toolsets and processes under license. The current transaction will allow Systemhouse to focus more fully on high-end consultative Year 2000 activities while leveraging the industry- leading toolset and expertise of COGNICASE. "This acquisition is in line with our strategy to capitalize fully on Year 2000 conversion opportunities and to augment our critical mass of resources," said Ronald Brisebois, President and Chief Executive Officer of COGNICASE. "The addition of these resources to our existing conversion factory increases our capacity as Year 2000-related work accelerates." James C. Madden mad·den v. mad·dened, mad·den·ing, mad·dens v.tr. 1. To make angry; irritate. 2. To drive insane. v.intr. To become infuriated. , Chief Financial Officer of SHL Systemhouse, said the transaction marks a new step in the relationship between the two companies. "COGNICASE will now be a preferred supplier of subcontracting services to SHL Systemhouse for Year 2000-related conversions." Systemhouse holds 18.5 percent of the outstanding common shares of COGNICASE. SHL Systemhouse, MCI's global information technology company, is the industry's only single source provider of convergence products and services that address businesses' total networking, communications, and consulting needs. With 120 offices and approximately 8,500 professionals worldwide, Systemhouse is preparing major corporate, mid-sized and public sector clients in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe and Asia with enterprise solutions for the new millennium. COGNICASE, through its wholly-owned subsidiaries Icotech and Hexagon, is an integrated provider of value-added software solutions and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , differentiated by its industry- leading toolsets and processes for automated systems modernization and platform migration. The Company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. is COGNI-2000, a comprehensive, flexible software toolset for Year 2000 compliance introduced in 1994. CONTACT: COGNICASE Inc. Ronald Brisebois, 514/866-6161 http://www.cognicase.ca brir@cognicase.ca or Marc Lamy, 514/866-6161 lamm@cognicase.ca |
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