FOR: FIRSTSERVICE CORPORATION
President & Chief Executive Officer
FOR IMMEDIATE RELEASE
FIRSTSERVICE WINS GOVERNMENT CONTRACTS
TORONTO, Ontario (October 16, 2000)-- FirstService Corporation today announced that BDP Business Data Services, a unit of its Business Services Division, has recently won two significant government contracts, one with the Canadian Government's Department of Justice and the second with the Province of British Columbia.
Under the terms of the Canadian Government contract, BDP will provide an integrated suite of services to process and administer firearm applications for residents of Canada owning firearms. The contract requires BDP to provide its services within a highly secure environment governed by stringent RCMP regulations. The financial terms of this contract were not disclosed.
"BDP is successful because of its reputation for high quality client service and ability to match technological solutions with creative business process reengineering," said Lawrence Zimmering, BDP's President and Chief Executive Officer. "Our clients have partnered with us to help them maintain their competitive advantage, reduce costs and improve operational efficiencies."
BDP was also successful winning a five-year contract to provide student loan processing, administration and portfolio management for the Government of the Province of British Columbia. The Province expects to issue about $ 90 million dollars in student loans each year to about 80,000 students. The total value of this contract is estimated to be between $ 4 and $ 8 million dollars over five years.
"The decision by the banks to exit the Student Loan business has forced the Province of British Columbia and other provinces to find other arrangements to ensure uninterrupted delivery of Student Loans," said Graeme Bowbrick, Advanced Education Minister for the Province of British Columbia. "The agreement with BDP will allow us to continue to offer students this essential program as it has always been done and it will also minimize costs for our taxpayers."
"These two contracts 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 America'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 growth target 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.