To: MICHEL GUIBERT who wrote (2660 ) 9/2/1999 3:59:00 PM From: mitchhh Respond to of 77509
LGS Group Inc - LGS wins U.S. contracts; targets $1-billion in sales; TSE listing LGS Group Inc LGS.A Shares issued 9,973,439 1999-09-01 close $10.4 Thursday Sep 2 1999 Mr. Raymond Lafontaine reports LGS Group's new U.S. subsidiary, LGS Corporation, was recently awarded several significant contracts totalling approximately $2-million (U.S.) for work in behalf of U.S. federal agencies. Currently, LGS's Washington office has over 55 consultants engaged in completing assignments for agencies of the U.S. federal government. In Washington, LGS Corporation has teamed with Unisys Corporation to execute a worldwide assignment for the U.S. Food and Drug Administration. This assignment draws on LGS's considerable expertise in the areas of risk assessment, as well as its experience in the health care industry. LGS Corporation is also supporting Computer Sciences Corporation in executing an assignment for the U.S. Agency for International Development in Cairo, Egypt. In addition to assisting the USAID mission in Cairo, LGS personnel are involved in the development of plans for the telephone, health care and water treatment sectors in the Egyptian capital. Furthermore, in a significant win for LGS Corporation and for LGS's new e-commerce+ business unit, CSC was awarded a blanket purchase agreement as a part of Safeguard, the new $250-million (U.S.) general services administration program to provide IT security services to all agencies of the U.S. federal government. LGS Corporation is an important member of the CSC team and expects to provide IT security services under the Safeguard program. LGS Corporation recently submitted a proposal to the general services administration to establish an authorized federal supply service information schedule for IT services. When this proposal is approved, U.S. federal agencies will be able to purchase scheduled services directly from LGS Corporation. "We are delighted with the rapid development of our business in the United States," said LGS president, Raymond Lafontaine. "Since the opening in April of our first U.S. office in Washington, D.C., our U.S. staff has demonstrated that LGS will be a significant player in the important American IT market." WARNING: The company relies on litigation protection for "forward-looking" statements. Mr. Lafontaine also reports At LGS Group's annual meeting held today, the company unveiled its goal of achieving $1-billion in sales within the next five years. "This strategy is based on vigorous internal growth and carefully selected acquisitions," said Raymond Lafontaine, president of LGS Group. Excluding Year 2000 related activities, LGS experienced compound annual growth of 33 per cent since 1997. During the last fiscal year, the increase in revenue not related to new millennium work was 42 per cent for total sales of $230.1-million. "In the coming years, LGS has set a target of 35-per-cent compound annual growth before any acquisitions," added Mr. Lafontaine. The company is counting on its expertise in electronic commerce, as well as development of its customer relationship management practice to enable it to reach its objectives. LGS also announced today a number of key contracts at its Washington office. Contracts valued at close to $2-million (U.S.) were recently signed with several U.S. government agencies. Senior executive vice-president, Andre Gauthier, outlined the growth in LGS's North American activities by 32.2 per cent during the first quarter ended on June 30, 1999. "The situation also picked up in Europe, where we had a 40-per-cent increase in revenue during the quarter," he said. WARNING: The company relies on litigation protection for "forward-looking" statements. Mr. Lafontaine also reports The company has obtained a conditional approval for the listing of its Class A subordinate voting shares on the Toronto Stock Exchange. Listing of Class A shares is subject to compliance with all the requirements of the exchange on or before Nov. 23, 1999. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)