BCE Emergis Changes Name to Emergis and Provides Financial Guidance for 2005

Business Wire, Dec 1, 2004

MONTREAL -- BCE Emergis Inc. (TSX:IFM) announced that at a special meeting held in Montreal earlier today, its shareholders approved a change in the Company's name to "Emergis Inc."The change was made in the context of the divestiture by BCE Inc. of its interest in the Company earlier this year. Two other items, a reduction in the Company's stated capital account and a shareholder rights plan, were also approved at the meeting.

"The Emergis name has positive brand equity and credibility in the marketplace and is synonymous with competence and dependability for our clients and partners," said Francois Cote, President and Chief Executive Officer of Emergis. "Our new visual identity, which we unveiled at the shareholder meeting, represents a break from the past, conveying a sense of renewal and a strong step forward for us."

The Company will take advantage of the name change to replace its stock ticker symbol "IFM", under which its shares are currently listed, with "EME" effective at market open on Friday, December 3, 2004.

Shareholders also approved a reduction in the stated capital account for common shares to an aggregate amount of $1. This reduction is a housekeeping matter relating to meeting certain tests under the Company's governing statute that will provide additional flexibility to manage the capital structure of the Company going forward.

In addition, shareholders ratified the Company's shareholder rights plan, which had been approved by the Board of Directors and which has been in effect since June 16, 2004. The plan was adopted to provide adequate time to properly assess any unsolicited takeover bid for the Company and also, where appropriate, give the Board sufficient time to pursue other alternatives for maximizing shareholder value.

Of the votes cast at the meeting, at least 97% were cast in favour of each of the three resolutions.

New President and CEO confirms plans in health and finance sectors

"I have confidence in the company's future and in its ability to improve its financial performance," said Mr. Cote in his remarks to shareholders on the Company's current position and future direction.

Mr. Cote said that in the health area, the Company will expand its capabilities as the application of electronic commerce grows in the sector in Canada, and will consider the expansion of certain of its existing Canadian lines of businesses into the U.S. Emergis intends to continue to pursue opportunities to serve governments looking to outsource health-related services and functions, such as the processing of medical and drug claims.Another important component of its eHealth operations is in pharmacy back-office management, where the Company has quickly taken a solid position through recent acquisitions.Emergis plans to work closely with the provider community and with governments to help define and create future applications such as drug information systems and related systems.

In the eFinance area, the Company intends to continue to rationalize its diverse portfolio with a view to enhancing the value and capabilities of these assets.It will seek to profitably leverage its strong market presence going forward and will consider partnering opportunities in this area.

Financial outlook for 2005

The financial targets for 2005 reflect an improved outlook for profitability at both the EBITDA and earnings levels in combination with a decline in total revenue.The revenue decline results mainly from the absence of revenue from the Bell legacy contract in 2005 and a lower revenue contribution from eFinance, partly offset by a higher contribution from eHealth operations.

In eFinance, the decline is due to the non-renewal of specific contracts with Bell mainly relating to messaging and collaboration and of a point-of-sale contract with another client, as well as a significant decrease in integration revenue from its U.S. eLending business as the initiative transitions out of the development phase.

In eHealth, growth in revenue is expected to come from all major areas such as drug and dental, workers' compensation and medical claims processing, as well as pharmacy back-office systems.Using the midpoint of the target range for 2005, eHealth revenue is expected to increase 51% (15% CAGR) from the $58 million generated by this business in 2002.

For EBITDA, margins are targeted to increase to 11% to 15% of revenue, with the eHealth margin increasing to a range of 21% to 23% and eFinance reaching the breakeven level.Earnings per share is targeted at $(0.04) to $0.03, with no contribution from discontinued operations.Capital expenditures are expected to be in the range of $10 million to $15 million, approximately half of that expected for 2004.

The 2005 targets are as follows:

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2005 Targets         Revenue ($ M)     EBITDA ($ M)       EPS ($/sh)
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eHealth                  85 to 90         18 to 21
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eFinance                 70 to 75           0 to 2
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Total                  155 to 165         18 to 23   (0.04) to 0.03
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