FRI Corporation Gift of $1-million in Bond Trading Software Bolsters Information Technology Training at York University

TORONTO, January 13, 2000 -- Financial software and information services company FRI Corporation has donated $1.06 million in bond trading software to York University to support York's goal of boosting the number of highly-trained information technology (ITEC) graduates into the next decade. FRI's gift will be matched by the Ontario government's Access to Opportunities Program (ATOP) for enhancing the teaching of computer science and high demand engineering programs at Ontario post-secondary institutions.

"We are pleased and excited to make such an important contribution to educating tomorrow's business leaders," said FRI President and CEO Lee Gaudio. "We hope our donation will help York graduates compete in the global financial marketplace, which is based more than ever on enhanced information technology." Gaudio said FRI chose York among four universities considered because of York's dynamic business and information technology programs.

An estimated 30,000 vacancies for IT workers could exist by 2002, according to the Information Technology Association of Canada. To address this skills gap, York plans to double by 2001 the number of computer science and information technology students registered in its undergraduate and graduate programs, and has begun to integrate ITEC into many other disciplines at the undergraduate level. Atkinson College, York's second largest faculty, offers an Honours Bachelor of Administrative Studies (B.A.S.) that allows students to combine the ITEC core curriculum with studies in business and management. York has also made a significant investment in upgrading existing classrooms and laboratories, and in construction of a new, state-of-the-art computer science building scheduled for completion in 2001. It is now committed to outfitting these new facilities, and gifts like FRI's will help accommodate the exceptional demands of the expanded programs.

FRI is donating a license of their SuperBond Trader v5.0 software and their Fixed Income Security Master Database. SuperBond is a real-time trading system handling a broad range of domestic and international fixed income and money market investment instruments and providing up-to-date investment positions, prices, yields, spreads, profit and loss and risk exposure for fixed income traders in brokerage houses, banks and trust companies. FRI's proprietary bond pricing is the Canadian industry standard, used by virtually all of Canada's largest banks and trust companies.

The SuperBond Trader and the Security Master Database will be invaluable tools for students in the B.A.S. program at Atkinson. FRI has also agreed to take part in York's ATOP computer science internship program, which places second and third year students in private sector jobs for a 16-month period prior to graduation. York will name a lecture hall for FRI in the new Computer Science Building.

As the Conference Board of Canada has pointed out:

"Successful companies realize they must invest early in the science, math and technology education of students. One benefit is student awareness of careers in technology and innovation--where demand exceeds supply. Later benefits include increased employee morale and higher retention rates, since employees see the employer's commitment to science, technology, research and youth."

"The anticipated result of FRI's partnership with York is to meet our interdependent goals of securing jobs in the booming high-tech industry, supplying highly trained graduates for competitive Ontario businesses, and creating an attractive business environment for technology leaders," said York University Vice-President (University Advancement) Gary J. Smith. He emphasized that York's launch of three new Information Technology degree programs last year at Atkinson College, Glendon College, and the Faculty of Arts, go beyond the traditional computer science curriculum to deliver a broadly based education for applying information technology in contemporary organizations.

"The response to our new ITEC programs has been overwhelming because they are designed to meet the needs of today's workplace," said Atkinson College Dean Ron Bordessa. "Our partnership with FRI will further help to ensure that we produce highly skilled graduates," he said.

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For further information, please contact:

Ron Bordessa
Dean, Atkinson College
York University
(416) 736-5220
bordessa@yorku.ca

Christina Carscallen
Assistant Vice-President, Marketing
FRI Corporation
(416) 598-9500
mktg@fri.ca

Susan Bigelow
Media Relations
York University
(416) 736-2100, ext. 22091
sbigelow@yorku.ca

Joanne Magee
Associate Dean, Atkinson College
York University
(416) 736-5220
joanne.magee@mail.atkinson.yorku.ca
YU/002/00