CGI Group Inc. (CGI) (TSX: GIB.A; NYSE: GIB;), a global leader in information technology (IT) and business process services today announced the signing of a seven-year, CDN$39.3 million outsourcing contract with Emera Inc.'s (TSX: EMA) two wholly-owned subsidiaries - Nova Scotia Power and Bangor Hydro-Electric. As part of this agreement, CGI will assume responsibility for all infrastructure services including data centre, help desk, network and desktop services. Emera is an energy company operating in Northeastern North America.
"Nova Scotia Power and Bangor Hydro-Electric are regulated utilities that need to reliably deliver electricity to our customers at the best possible price. To do this, we need to continuously seek ways to be more efficient. We believe we have found an IT partner with the expertise to very quickly provide us with the kind of solutions that we need," said Chris Huskilson, chief operating officer of Emera.
Michael Roach, CGI's president and chief operating officer added: "We are pleased to welcome Nova Scotia Power and Bangor Hydro-Electric as new clients. Our goal is to work together to enhance their existing IT capability by streamlining their operations ultimately resulting in improved competitiveness. We are committed to growing our presence in Nova Scotia and this win clearly represents a solid step forward in our efforts to further expand our services in Halifax."
CGI employs over 350 professionals in Atlantic Canada most of whom are dedicated to clients in the insurance, government, utilities and financial/credit union sectors. In Atlantic Canada, CGI has created a niche with its single-window-access solution (government-on-line), component based development, services to credit unions and project management expertise. CGI has offices in Halifax, Saint John and Fredericton.
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 20,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe and centers of excellence in India. CGI's annualized revenue run rate is currently CDN$2.8 billion (US$2.1 billion) and at December 31, 2003, CGI's order backlog was CDN$12.2 billion (US$9.3 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.
About Emera Inc.
Emera Inc. (EMA-TSX) is a diversified energy and services company with 570,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro provides electricity transmission and distribution service to 110,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. In addition, Emera Energy incorporates Emera's 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; and Emera Energy Services, Emera Fuels, and Emera's business development activities.
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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