CST: 29/09/2016 22:13:53   

ISC to Continue to Manage and Operate CBI and BRS Programs on Behalf of Province of Saskatchewan

206 Days ago

REGINA, SASKATCHEWAN--(Marketwired - Mar 7, 2016) - Information Services Corporation (TSX:ISV) ("ISC" or the "Company") today announced the signing of a new Programs Operating Agreement ("POA") with the Province of Saskatchewan (the "Province") for ISC's continued management and operation of the Common Business Identifier ("CBI") Program and the Business Registrations Saskatchewan ("BRS") Program until 2033.

Key Highlights of the POA

  • New Annual Operating Fee ("AOF") of $825,000 to manage and operate the CBI and BRS Programs on behalf of the Province;
  • Annual CPI Adjustments to AOF; and
  • The POA is added to the existing Master Service Agreement ("MSA") for ISC's delivery of several registries for the Province of Saskatchewan.

"We are pleased that the Province continues to trust in our ability to manage and operate registries and programs effectively and efficiently on its behalf," said Jeff Stusek, President & CEO. "The CBI and BRS programs simplify the formation of a new business or non-profit enterprise and make it easier to do business in Saskatchewan."

The CBI and BRS Programs

The CBI Program allows for the use of the Canada Revenue Agency Business Number ("BN") as the common business identifier for business entities that interact with participating public sector programs in Saskatchewan.

The BN is a unique 9-digit number assigned by the Canada Revenue Agency that can be used to identify a business that has accounts or is registered with public sector programs and services. This number is assigned when a business is registered through the Saskatchewan Corporate Registry, which is also managed and operated by ISC.

The BRS Program was first developed by ISC in 2011 as part of an initiative designed to deliver a suite of government and information services to Saskatchewan business owners within a single platform. BRS (www.business.isc.ca) enables new businesses to complete three initial steps to register in one online environment by permitting business owners to access the Saskatchewan Corporate Registry, register as an employer with Saskatchewan Workers' Compensation Board and register for Provincial Sales Tax with the Saskatchewan Ministry of Finance.

ISC intends to integrate delivery of the CBI and BRS Programs into the Saskatchewan Corporate Registry solution as part of a suite of full service Corporate Registry enhancements, expected to be completed in July 2016 (www.isc.ca/corporateregistry).

The POA

For the CBI and BRS Program services, the Province will pay ISC an Annual Operating Fee of $825,000, effective December 1, 2015. This fee will be reviewed annually and can be adjusted based on a formula tied to inflation as measured by the Saskatchewan Consumer Price Index. The term of the CBI and BRS POA is concurrent with the MSA.

Amendments to the MSA and SRLSA

In addition to the new POA, ISC and the Government of Saskatchewan also executed amendments to the MSA and the Shared Resources License and Support Agreement ("SRLSA") (collectively, the "Agreements"). The amendments to these Agreements facilitate and allow for the POA and development of any future POAs between ISC and the Province.

Also included in the amendments to the MSA is a new category of ancillary service, competitive ancillary service, which is a value added product or service using registry data that is provided by ISC or an affiliate and competes with third parties in a downstream market. These amendments require that approval of these new services will include conditions that reflect ISC's obligations to not unreasonably prefer itself or unreasonably discriminate against third parties in relation to the provision of registry data associated with such services.

Where to find these documents

The new POA and amended MSA, and SRLSA have all been filed on SEDAR and can be reviewed by going to www.sedar.com.

About ISC

ISC is an experienced provider of registry and information services for government, individuals and private sector business. As the exclusive provider of the land titles, surveys, personal property and corporate registries for Saskatchewan, the Company maintains and operates these registries, which are key supporters of economic activity in the province.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian securities legislation, including management's expectations and certain assumptions with respect to the amount of revenue received from ISC's service offerings, including pursuant to the CBI and BRS program services, the intended integration of the CBI and BRS Programs with the Saskatchewan Corporate Registry and the expected implementation date for the Corporate Registry enhancements. In addition, the words "may", "will", "would", "should", "could", "expect", "plan", "intend", "trend", "indicate", "anticipate", "believe", "estimate", "predict", "project", "targets", "strive", "strategy", "continue", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases are intended to identify forward-looking statements. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Although ISC believes the forward-looking information contained in this release is based upon reasonable assumptions, readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. Many factors and risks could cause our actual results to differ materially from those expressed or implied by forward-looking information including those detailed in ISC's Annual Information Form, dated March 17, 2015, ISC's Consolidated Financial Statements and Notes and Management's Discussion and Analysis for the period ended September 30, 2015 as well as other documents filed by ISC with Canadian securities regulators through SEDAR at www.sedar.com from time to time. Investors and others should carefully consider the above-noted factors and risks and other uncertainties and potential events. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, ISC assumes no obligation to update or revise such information to reflect new events or circumstances.

Information Services Corporation
Jonathan Hackshaw
Director, Investor Relations & Corporate Communications
Toll Free: 1-855-341-8363 in North America or 1-306-798-1137
investor.relations@isc.ca
Information Services Corporation
Pamela Keck
Manager, Investor Relations
Toll Free: 1-855-341-8363 in North America or 1-306-798-1137
investor.relations@isc.ca