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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Colin Christie who wrote (795)	12/30/1997 10:56:00 AM
From: BM	Respond to of 9818

Financing for Y2000 remediation BANK OF MONTREAL'S YEAR 2000 FINANCING PROGRAM OFFERS LOW-COST OPPORTUNITY TO PREPARE FOR THE MILLENNIUM TORONTO, Dec. 30 /CNW/ - Bank of Montreal has introduced a special reduced rate financing program designed to help businesses overcome the so-called ''Year 2000 Problem.'' The program offers access to low-cost financing for expenses related to Year 2000 compliance. For example, funds can be used for the hiring of outside consultants, conversion of software or the upgrading of computer systems. ''The Year 2000 Problem is a serious issue that virtually every business has to tackle,'' said Lynda Brochu, Vice-President, Small and Medium-Sized Enterprises, Bank of Montreal. ''Bank of Montreal is offering businesses flexible financing alternatives that can help them to make their computer systems and software Year 2000 compliant.'' A recent survey by Statistics Canada suggested that only one in ten Canadian companies is taking the Year 2000 issue seriously. The problem stems from the fact that on January 1, 2000, most computers will mistakenly assume that the date is January 1, 1900. Major computer foul-ups are predicted. ''Different businesses have different needs,'' said Ms. Brochu. ''We've developed a range of reduced rate loan alternatives so that borrowers can choose the option that suits them best.'' Among the choices:(x) - a floating interest rate option at one-quarter per cent below prevailing rates, with a minimum of prime; - a fixed-rate term option at one-quarter per cent below regularly posted rates (a first-year interest rate of 4.9 per cent is available through January 31, 1998). Terms are available from three to five years; - the option to apply for total required financing, yet draw funds as needed over a set period of time. (x)All loans subject to normal borrowing criteria. Ms. Brochu noted that other options are also available. ''The program will be in effect until December 31, 1999,'' she said. For further information: Rick Kuwayti, Toronto, (416) 927-2740; Lucie Gosselin, Montreal, (514) 877-1101; Internet: bmo.com