FOR: FIRSTSERVICE CORPORATION
President & Chief Executive Officer
FOR IMMEDIATE RELEASE
FIRSTSERVICE AWARDED CANADIAN STUDENT LOAN CONTRACT
TORONTO, Ontario (December 4, 2000)-- FirstService Corporation today announced that BDP Business Data Services, a unit of its Business Services Division, has been awarded a three-year contract with Human Resources Development Canada, worth Cdn. $45.7 million, to process and administer student loans for borrowers attending private educational institutions.
Under the terms of the contract, BDP will be responsible for the administration of loan disbursements, management of accounts while student borrowers are attending educational institutions, consolidation and repayment of loans and the management of student loan debt while student borrowers are in repayment.
"Processing and administering student loans is core to BDP's business ", said Lawrence Zimmering, President and Chief Executive Officer of BDP. "The decision by the banks to exit the student loan business has forced the federal government and the provinces to find other arrangements to ensure uninterrupted delivery of student loans and we are thrilled to have been chosen for this task", he concluded.
This new contract win is the second in the Student Loan area over the last few months. Recently, BDP was awarded a five-year contract to provide student loan processing, administration and portfolio management for the Province of British Columbia.
"These two contract wins and others will help BDP continue its enviable record of strong internal growth", said Jay S Hennick, President and Chief Executive Officer of FirstService. "They have built an excellent reputation serving some of North American's leading corporations, financial institutions and government agencies."
FirstService Corporation is a leader in the rapidly growing service sector, providing a variety of specialized property and business outsourcing services-including residential property management, security, consumer services and data processing and specialized trade material fulfillment-to a variety of customers throughout North America. Top and bottom line growth have exceeded the company's 20% annual threshold objective for eight years in a row.
Certain statements included in this release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, impact demand for the Company's services, service industry conditions and capacity; the ability of the Company to implement its business strategy, including the Company's ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations (especially safety and environmental laws and regulations); and other factors which are described in the Company's filings with the Securities and Exchange Commission.