CGI Group Inc. (CGI) (TSX: GIB.A; NYSE: GIB) announced today that it has completed the acquisition of Halifax-based Cornerstone Project Management Group Inc. (Cornerstone) with revenues of CDN$2.8 million.
Established in 1998, Cornerstone's 25 professionals provide project management and consulting services to organizations in the government, healthcare and financial services sectors including Atlantic Blue Cross Care, Maritime Life, Brainworks International and the Province of Nova Scotia. Cornerstone is recognized for its expertise in project management, and for its leadership in the Project Management Institute.
Michael Roach, president and chief operating officer for CGI said: "Cornerstone has built its quality reputation with its strong, highly skilled team, all of whom have an average of 17 years experience and are very respected in the region. With this acquisition, we continue to demonstrate our commitment to growing our presence in Atlantic Canada as well as providing our clients with best-of-breed project management professionals. We welcome our new team members and look forward to expanding our Halifax operations."
CGI employs over 200 professionals in Atlantic Canada most of whom are dedicated to clients in the financial services and government sectors. In Atlantic Canada, CGI has created a niche with its single-window-access solution (government-on-line), component based development and credit union services. CGI has offices in Halifax, Saint John and Fredericton.
About CGI
Founded in 1976, CGI is the fourth largest independent information technology services firm in North America, based on its headcount. CGI and its affiliated companies employ more than 21,000 professionals. CGI's annualized revenue run-rate is CDN$3 billion (US$2 billion) and at December 31, 2002, CGI's order backlog was CDN$10.7 billion (US$7.1 billion). CGI provides end-to-end IT and business process services to more than 3,500 clients worldwide from offices in Canada, United States and Europe. CGI's shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the TSX 100 Composite Index as well as the S&P/TSX Canadian Information Technology and Canadian 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. These statements represent CGI Group Inc.'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.
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 Annual Report or Form 40-F filed with the SEC, the Company's Annual Information Form 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 disclaims 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.
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For more information:
CGI:
Investor relations
Julie Creed
Vice-president, investor relations
(312) 201-4803
Ronald White
Director, investor relations
(514) 841-3230
Media relations
Eileen Murphy
Director, media relations
(514) 841-3430
