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Gold/Mining/Energy : GPW Group West Systems Ltd. (Year 2000 Software Company) -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Forthright who wrote (1381)	6/18/1999 11:18:00 AM
From: RBMac	Read Replies (1) \| Respond to of 1443

Group West Systems Ltd - News Release Group West Systems' year-end results to be below expectations Group West Systems Ltd GPW Shares issued 6,210,229 Jun 16 close $1.36 Wed 16 Jun 99 News Release Mr. Jag Sandhu reports Group West Systems' results will be below analysts' estimates and management's expectations for the current year. The company is anticipating a small loss for fiscal 1999. The loss is related to a faster than expected decline in revenues derived from Year 2000 conversion projects. The industry projected that the Year 2000 conversion revenue would decrease over the year but that it would be a gradual decline extending into the year 2001. Instead, the industry experienced a dramatic drop off in new Y2K conversion projects early in the calendar year. The company is working on replacing the Year 2000 conversion business with new contracts in targeted growth markets of e-commerce and midrange outsourcing. The re-focusing of the marketing efforts is well underway and we expect to see positive results from these efforts in the fourth quarter of this fiscal year. We have obtained certification to provide planning, implementation, and support for IBM's Net.Commerce product, developed partnerships with other companies, and released e-commerce products of our own. We are also continuing to grow our outsourcing business by re-tooling our existing operations and entering new markets by establishing relationships with additional software vendors. Bill Ste. Marie, President and CEO of Group West, commented "The investments we made this year in e-commerce and midrange outsourcing are starting to show positive results which should flow into the fourth quarter of 1999. The company continues to exhibit strong year over year revenue growth. We are also aggressively pursuing financing and acquisition opportunities to further enhance the growth of the company." (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com