CGI AWARDED CONTRACT TO MODERNIZE VERMONT’S TAX OPERATIONS
CGI Group, Inc. (TSX: GIB.A; NYSE: GIB), a leading provider of information technology and business process services, today announced that it has been selected by the State of Vermont for a project to dramatically improve state tax operations. The two-year contract is valued at US$6.3M.
To enhance Vermont's revenue collection and improve overall efficiency of its tax department, CGI will convert many of Vermont's remaining mainframe legacy tax accounting applications onto a modernized web-based architecture based on Oracle's Enterprise Taxation Management (ETM) software suite. The State's Corporate Income Tax, Business Income Tax, Fuel Gross Receipts Tax, Property Transfer Tax, and Individual Use Tax will be converted and processed in the new system. "We are eager to begin this project to continue our transformation of the way taxes are processed and administered in the State of Vermont," declared Tom Pelham, Commissioner of the Vermont Department of Taxes. "We anticipate that the E™ platform will allow the Department the flexibility to add other taxes over time."
"We are very pleased to work with the State of Vermont on this important project," said Paul Raymond, Senior Vice-President, CGI. "We look forward to delivering additional capabilities to the State and helping to enhance its operations and ability to serve its citizens."
"CGI will combine its significant tax management expertise with Oracle's E™ product to provide tremendous value to the government tax and revenue marketplace," said Philip Brand, Vice-President, CGI. "With a 20-year proven track record of implementing transformation projects, our Tax and Revenue practice provides federal, state and local governments with the opportunity to dramatically improve their operations. This project will provide a dynamic service-oriented architecture (SOA) to process Vermont's mission critical tax return and financial information," added Brand. "CGI has the ability to deliver high-end applications combined with a deep experience in tax administration and management - which delivers significant value to our clients."
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 26,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's annual revenue run rate stands at $3.7 billion and at September 30th, 2007, CGI's order backlog was $12.0 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: www.cgi.com.
Forward- Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of sections 138.3 and following of the Ontario Securities Act. These statements and this information represent CGI's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include and are not restricted to the timing and size of new contracts, acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly-evolving IT industry; general economic and business conditions, foreign exchange and other risks identified in the MD&A, in CGI's Annual Report or Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov), the Company's Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at www.sedar.com), as well as assumptions regarding the foregoing. The words "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
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