Management Services Ltd to Provide Full Home Computers, Bicycles, and Childcare
Vouchers Benefits Package
BRIGHTON, England, June 23 /PRNewswire-FirstCall/ - Futuremedia plc
(Nasdaq: FMDAY), a leading European e-learning and managed benefits services
provider, today announced a multi-year agreement with Friends Provident
Management Services Ltd (LSE: FP.L), one of Britain's oldest established life
assurance companies, to provide a fully-integrated package of home computers,
bicycles and childcare vouchers and support services to all eligible employees
under the UK Government's salary sacrifice initiatives. While there are no
guarantees regarding actual take-up rates, based on a 10 percent take-up rate
this agreement would represent approximately GBP 408,000 in revenues to
Futuremedia over the first phase of the contract.
"Friends Provident is a market leader and highly respected life assurance
and asset management company long established in the UK, and we are delighted
to provide the full package of employee benefits as part of their Total
Rewards benefits scheme," said Futuremedia CEO Leonard M. Fertig. "The leader
in serving the UK's largest companies and intuitions, Futuremedia is unique in
its ability to provide this integrated set of managed benefits. We look
forward to working with Friends Provident in rolling out these lifestyle-enhancing benefits to their employees."
Pete Harris, Manager Rewards and Benefits at Friends Provident Management
Services Ltd, said, "We thoroughly evaluated the introduction of the HCI,
bicycles, and childcare vouchers schemes. As childcare vouchers are closely
aligned to our existing flexible benefits we introduced these first in 2004.
When we started to look at how we could introduce other salary sacrifice
schemes we not only wanted a provider who had the capacity to administer all
three schemes, we looked for a professional organization which approaches
employee benefits provision as we do, and could offer a first-class totally
managed service. Futuremedia fit the bill."
About Friends Provident:
Friends Provident Management Services Ltd is one of the leading financial
services groups in the UK and a member of the FTSE100 Index of leading UK
companies. With a history dating back to 1832, Friends Provident has two core
* The Life and Pensions business markets a broadly based range of life
and pensions products in the UK and throughout Europe, Asia, and the
Middle East, and incorporates the Luxemburg based company Lombard
International (http://www.lombard.lu) acquired in Jan 2005.
* The Asset Management business - F&C Asset Management plc - manages
funds of some 124.8 billion pounds Sterling and markets a wide range of
investment products both to personal and institutional customers.
Friends Provident plc has a majority shareholding of 51% in F&C Asset
Management plc (http://www.fandc.com).
Futuremedia plc is a leading provider of next-generation, value-driven
e-learning content and services to public and private sector organizations.
Backed by two decades of experience, the Company's content and services
offerings include learning consultancy, Learning Management Systems, custom
made learning programs and an extensive library of published courseware
titles. The Company is also recognized as a pioneer and leader in the
development and delivery of a range of fully managed, outsourced employee
benefit programs for large organizations, including products and services
falling under the UK's Home Computing Initiative (HCI), childcare voucher
system and tax-free bicycle programs.
"Safe Harbor" Statement under Section 21E of the Securities Exchange Act
of 1934: This press release contains forward-looking statements related to
future results and speaks only of Futuremedia's expectations as of the date
hereof. Such statements include expectations regarding employee uptake under
new contracts, the Company's future financial performance and the future
performance of the Company's products. Such statements involve known and
unknown risks and uncertainties that may cause actual results to differ
materially from expectations. The risks and uncertainties include risks
associated with new contracts such as the Friends Provident Management
Services Ltd contract (including the possibility that such contracts may be
terminated or not completed due to factors beyond the Company's control),
risks associated with the Company's ability to develop and successfully market
new services and products (including products and services based on government
tax-benefit programs), the Company's ability to operate profitably in the
future, risks associated with rapid growth, the Company's ability to
successfully develop its business in new geographic markets, the early stage
of the e-learning market, rapid technological change and competition, and
other factors detailed in the Company's filings with the US Securities and
Exchange Commission. The Company expressly disclaims any obligation to release
publicly any updates or revisions to any such statement to reflect any change
in expectations or in information on which any such statement is based. All
product names and trademarks mentioned herein are trademarks of Futuremedia or
their respective owners.
SOURCE Futuremedia plc
Mike Smargiassi or Corey Kinger, both of Brainerd Communicators, Inc., +1-212-986-6667, email@example.com
-0- Jun/23/2005 16:59 GMT
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