Resolve Business Outsourcing Income Fund
TSX : RBO.UN

Resolve Business Outsourcing Income Fund

January 29, 2008 16:30 ET

Resolve Wins Nova Scotia Student Loan Servicing Contract

TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - Resolve Business Outsourcing Income Fund (TSX:RBO.UN) -

Attention Business and Financial Editors:

The government of Nova Scotia announced today that they had awarded Resolve Corporation, one of the Canadian leaders in business process outsourcing, a five year contract to service their new direct lending student loan program.

The contract, which commences on August 1, 2008, is worth approximately $2 million annually and it has two 2-year extensions plus an additional 1-year extension available. As per the terms of the agreement, Resolve will be providing end-to-end servicing to the direct lending initiative from loan disbursement through repayment.

"We are pleased to have been chosen by the province of Nova Scotia to support their new direct lending student loan program," said Lawrence Zimmering, President & CEO of Resolve. "This is another exciting opportunity for us to demonstrate the end-to-end service and processing capability that is helping differentiate Resolve from our competition."

The new Nova Scotia student loan program follows a direct lending model and will reduce the interest rate charged on the loans by 2%. Student borrowers who are in study or in their grace period (6 months after ending full-time student status) will be part of the new program and will receive service from Resolve.

About Resolve

Resolve works with businesses as an outsourced resource taking on critical processes and managing them better, faster and more cost-effectively. We have over 35 years experience managing processes for Fortune 500 clients in the financial services, retail, government, consumer goods and communications industries. Headquartered in Toronto, Canada, Resolve employs more than 4,500 people in 29 locations and is listed on the Toronto Stock Exchange as Resolve Business Outsourcing Income Fund, symbol RBO.UN. For more information, visit www.resolve.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This press release may include certain statements that constitute forward-looking information within the meaning of 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 press 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, the ability to maintain software licenses, changes in privacy laws, and risks inherent in bidding on government contracts. These risk factors are discussed in greater detail under "Risks" on page 14 of Resolve's MD&A for the period ended December 31, 2006, which is available on SEDAR at www.sedar.com. Although the forward-looking information contained in this press 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 press release, and Resolve assumes no obligation to update or revise it to reflect new events or circumstances.

Contact Information

  • Resolve Corporation
    Investor Inquiries:
    Jamie Hyde
    Executive Vice President & Chief Financial Officer
    (905) 306-2196 or (905) 306-6200
    or
    Resolve Corporation
    Media Inquiries:
    John Nevins
    Director, Corporate Communications & Brand Management
    (905) 306-2642
    Website: www.resolve.com
    or
    Government of Nova Scotia
    Dan Harrison
    Department of Education
    (902) 424-3150
    Email: harrisdj@gov.ns.ca