MANULIFE FINANCIAL AND CGI FINALIZE AGREEMENT FOR THE INTERNATIONAL SYSTEMS DEVELOPMENT CENTRE (ISDC)
Manulife Financial (TSX, NYSE and PSE: MFC; SEHK: 0945) and CGI Group Inc. (CGI) (TSX: GIB.A; NYSE: GIB), today announced the signing of the contract to create a new information technology development centre in Halifax. The signing of the memorandum of understanding was previously announced on June 9, 2004.
The mission of this centre of expertise will be to provide systems development, maintenance and integration services to Manulife and other CGI clients worldwide. As part of the six-year contract valued at CDN$125 million, 300 Halifax-based technology professionals will join CGI. CGI expects to grow employment at the centre to 500 technology positions.
"We are very excited about this new initiative and look forward to further solidifying our presence in the Halifax region. As we expand as a company we expect the centre will provide a solid platform from which to grow," said Bruce Gordon, Senior Executive Vice President and General Manager of Manulife Financial's Canadian Operations.
Michael Roach, CGI's President and Chief Operating Officer added: "We would like to welcome our new professionals to the company. We look forward to working together on many stimulating projects as the centre evolves and serves other international clients. Our strategy is to continually enhance our global delivery model by offering world class clients competitively priced IT services through our homeshore, nearshore and offshore centres of excellence."
Manulife Financial Corporation and John Hancock Financial Services, Inc., including its Canadian subsidiary, The Maritime Life Assurance Company, completed their merger on April 28, after receiving all necessary regulatory and shareholder approvals.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and most of Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$360 billion (US$269 billion) as at June 30, 2004. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
Founded in 1976, CGI is among the largest independent information technology and business process services firms in North America. CGI and its affiliated companies employ approximately 25,000 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 India and Canada. CGI's annualized revenue run rate is currently CDN$3.8 billion (US$2.8 billion) and at June 30, 2004, CGI's order backlog was CDN$13.2 billion (US$9.8 billion). CGI's 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.
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. These statements represent CGI Group Inc.'s and Manulife Financial's intentions, plans, expectations, and beliefs, and are subject to risks, uncertainties, and other factors, of which many are beyond the control of the Companies.. These factors could cause actual results to differ materially from such forward-looking statements.
These factors include and are not restricted to the timing and size of contracts, acquisitions and other corporate developments; the ability to attract and retain qualified employees; market competition in the rapidly-evolving information technology industry; general economic and business conditions, foreign exchange and other risks identified in the Management's Discussion and Analysis (MD&A) in CGI Group Inc.'s and Manulife Financial's Annual Reports or Form 40-Fs filed with the SEC, the Companies' Annual Information Forms filed with the Canadian securities authorities, 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, which speak only as of the date on which they are made. In particular, statements relating to future revenue from outsourcing contracts are forward-looking statements. CGI and Manulife Financial disclaim any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
For more information:
Edwina Stoate, Vice-President, Investor Relations
(800) 795-9767 or (416) 926-3490
Tom Nunn, Assistant Vice-President, Media Relations
Jane Watson, vice-president, investor relations
(514) 841-3200 or (416) 945-3616
Ronald White, director, investor relations
Eileen Murphy, director, media relations