NEWS OUT
Wednesday March 22, 10:02 pm Eastern Time
Company Press Release
Newgold.com Selects CGI as Technology Partner
Agreement Provides Newgold.com With Due Diligence and B2B Technology Support in Evaluation of Investment, Acquisition Targets
DALLAS--(BUSINESS WIRE)--March 22, 2000-- Newgold, Inc. (OTCBB:NGLD - news), dba Newgold.com, a publicly traded Internet incubator, announced today the selection of CGI (NYSE:GIB - news; TSE:GIB.A - news) as a partner in support of Newgold.com's startup companies.
CGI will provide pre-acquisition technology due diligence and development of core Business-to-Business (B2B) Internet technologies.
As an Internet incubator, Newgold.com provides a partnership incubation model for high-tech, Internet-based, business-to-business, e-commerce and application service provision (ASP) start-up companies, enabling them to achieve business critical mass more effectively than the typical Internet industry model. Newgold.com identifies and engages business-to-business, fully supply-chain enabled e-commerce and ASP start-ups for investment, acquisition, or similar transaction. Newgold.com develops these portfolio companies in the areas of technology, strategic alliances and partnerships, marketing and sales, information technology, staffing/human relations, and finance, enabling them to go public as quickly as possible.
With a solid, updated knowledge base of significant trends and in-depth understanding of client needs in specific economic sectors, CGI provides an invaluable understanding of today's technology market that will streamline Newgold.com's due diligence of targeted companies.
``I'm very excited about our relationship with CGI. Their unique knowledge of technology issues, trends and requirements will enhance our ability to quickly qualify a strong portfolio of new Internet startup companies for our investors,' said James Cutburth, President and CEO of Newgold.com.
``Additionally, CGI's expertise in e-commerce and supply chain management will provide us with the technology arm to fully support and launch our portfolio companies into the marketplace. Their knowledge and skill set will become a core service offering for our business. As a partner, CGI brings a full complement of Web-enabling technology that includes six key functions: e-commerce, supply chain management, customer relationship management, knowledge management, business intelligence and collaborative technology. This unique skill set will provide Newgold.com's portfolio companies with a needed technology foundation to implement business goals and a competitive advantage in supporting product and service offerings.'
``We are very pleased to work on this project with a group of highly skilled Internet investment professionals,' said Ken Dickinson, CGI's Senior Vice President, and general manager of the South and West Group. ``This project will cover many dot-com industries, each in an area where CGI has the technical strength and experience. As this relationship unfolds, CGI will be an integral part of the success of Newgold.com and the many new companies they select.'
About Newgold.com
Newgold.com is an Internet start-up incubation company that identifies and engages with business-to-business, fully supply-chain enabled e-commerce and ASP companies. Newgold.com provides integrated, Internet-based services that include digital business and marketing strategy and consulting services, creative design services, and technology and systems integration services. Utilizing a hybrid Internet business model, Newgold.com offers institutional and accredited investors the ability to invest in a portfolio of new Internet startup companies without having the heavy burden of individual due diligence while preserving absolute liquidity, through direct investment in Newgold.com. Website: www.newgold.com
About CGI
CGI is the largest independent information technology consulting firm in Canada and the fifth largest in North America, based on its revenue run rate of CDN$1.6 billion. Its order backlog totals approximately CDN$7.2 billion and the company currently has proposals outstanding for an additional CDN$4 billion in potential large contracts. CGI has 10,000 professionals and provides end-to-end IT services and business solutions to 2,500 clients in Canada, the United States and 23 countries around the world. CGI's shares are listed on the New York Stock Exchange (GIB) and Toronto Stock Exchange(GIB.A). They are included in the Toronto Stock Exchange's TSE 300 Composite and TSE 100 indexes. Web site: www.cgi.ca.
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words ``believes,' ``anticipates,' ``plans,' ``expects' and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, uncertainties regarding the performance of Newgold.com's partner companies, the unproven nature of Newgold.com s business model, the risk that investment opportunities in target companies meeting the Newgold.com criteria may not be available upon terms acceptable to Newgold.com, if at all, the risk that the capital and other resources that Newgold.com will need to exploit its business model will not be available, and the other risks discussed in Newgold.com's Annual Report on Form 10-KSB and in Newgold.com's other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. NewGold.com undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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