Resolve Business Outsourcing Income Fund

Resolve Business Outsourcing Income Fund

December 22, 2006 10:07 ET

Resolve Wins Exclusive $270M Contract With Canadian Government to Manage the Canada Student Loans Program 'CSLP'

TORONTO, ONTARIO--(CCNMatthews - Dec. 22, 2006) –

Attention Business and Financial Editors

Resolve (TSX:RBO.UN), a Canadian leader in business process outsourcing (BPO), announced today that it has been awarded a five year, $270M contract to provide end to end servicing for the Canada Student Loans Program on behalf of Human Resources and Social Development Canada (HRSDC), one of Canada's largest government departments.

"This is a very significant contract - the largest in our 35 year outsourcing history - and reinforces our position as a leading BPO organization, and the premier provider of student loan servicing solutions in Canada," said Lawrence Zimmering, president and CEO of Resolve. "Resolve's continued ability to win large contracts for integrated solutions clearly demonstrates that Resolve is successfully executing on its growth strategy. We're seeing growing interest from major players in the industry for solutions such as this, which offer an end-to-end servicing platform from a single partner."

The Canada Student Loans Program is the cornerstone of the Government of Canada's commitment to accessible education. Since 1964, the CSLP has been helping students to achieve their lifelong learning goals and overcome financial barriers to acquiring a post-secondary education. The Canada Student Loans Program has assisted over 3.4 million students with $21 billion in loans since the CSLP was founded.

Resolve, who has been servicing a portion of this program since 2002, has been named the exclusive partner for CSLP following a rigorous government tender process to consolidate program suppliers. Resolve will service a direct loan portfolio of $6.8 billion, with approximately 1.6 million borrowers in repayment. Building on decades of outsourcing experience in back office financial and administrative solutions, Resolve will provide end-to-end loan processing services, managing the full loan process from origination through to repayment. Resolve expects to begin delivering services to HRSDC under this contract in Q2 2008 using its transaction processing and contact centre facilities across Canada.

About Resolve

Resolve is a progressive business process outsourcing (BPO) firm, providing services to over 1000 blue-chip businesses and governments across North America. Resolve delivers essential business functions to its clients on an outsourced basis, enabling them to spend more time focused on building customer relationships, growing sales revenue, and improving operational efficiency. Resolve's diverse BPO solution portfolio includes Finance and Administrative solutions (F&A), Customer Relationship Management solutions (CRM), and Supply Chain Management solutions (SCM). Along with various government ministries and agencies, Resolve's clients include some of the most recognizable brand names from the financial services, retail, consumer goods and manufacturing sectors. Resolve Business Outsourcing Income Fund is listed on the Toronto Stock Exchange, symbol RBO.UN. For more information, visit


This news release contains certain ''forward-looking information'' under applicable securities laws. Such forward-looking information may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Resolve, or industry results, to be materially different from any future results, performance, achievements, or opportunities expressed or implied by such forward-looking information. This forward-looking information includes estimates, forecasts and statements as to management's and others' expectations with respect to, among other things, growth strategies and the outlook for Resolve and the business process outsourcing industry, and may use words such as ''may'', ''will'', ''estimate'', ''expect'', ''anticipate'', ''believe'', ''intend'', ''plan'', ''could'', "continue" and other similar terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release. Forward-looking information involves significant risks and uncertainties, and should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, but not limited to, loss of key customer contracts or reduction of services purchased by key customers, foreign exchange rates, increases in costs to Resolve that cannot be passed on to customers, disputes with key customers, competition, the ability of Resolve to manage operations and execute growth strategies, stability of internal and government information systems and technology, technological changes, ability to maintain software licenses, changes in privacy laws, and risks inherent in bidding on government contracts. These risk factors as well as additional factors are discussed in greater detail under ''Risk Factors'' on page 117 in Resolve's prospectus dated March 9, 2006. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, Resolve cannot assure that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date of this news release, and Resolve assumes no obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • Investor Inquiries:
    Resolve Corporation
    Lawrence Zimmering
    President and CEO
    (416) 503-1800

    Media Inquiries:
    Nolan Reeds
    (416) 979-1120 ext 316