Conac/Keelor Joint Venture Update.Business Editors CONAC CONAC Continental Air Command CONAC Center of North America Coalition for Rural Development (North Dakota, USA) SOFTWARE CORPORATION (TSX-VEN: COT), June 28, 2002. Further to the News Release of May 23, 2002, Conac Software Corporation is please to announce that Keelor Corporation has completed the incorporation of the New Joint Venture Company, Konac Software Corporation, in the Territory of the British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. , under the International Business Companies Act, CAP291. Konac Software Corporation plans to immediately start the process of setting up the Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. Trust Fund, in which US $9million will be deposited and made payable to Conac Software Corporation. The Escrow Fund will be setup for the purpose of ensuring 12 equal payments to Conac Software Corporation in the amount of US $750,000 per quarter, for the exclusive marketing rights to the Conac suite of Construction Management Software and B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. Construction Portal services in Europe, Australia and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The Escrow fund will be held in Trust by solicitors, Lamborne & Associates, and are expected to be setup within 30 days from the date of the incorporation. Conac Software Corporation is the leading edge specialist in project oriented and financial software for the Construction Industries. Since 1984, Conac's innovative and easy-to-use products have grown in market acceptance among general contractors, home builders, sub trades, designers and engineers and has become the standard for the construction industry in Canada. The Company's integrated software Separate software components or applications that have been combined into one package. See integrated software package. products control every fact of the Construction Management process. Keelor Corporation Limited is a holding company based out the United Kingdom, with offices in Europe and Australia. Keelor Corp. has interests in shipping, oil and gas rigging, engineering and construction. It has existing partnerships and alliances with several major construction companies in Europe and Australia and South America. To learn more about Conac Software Corporation, visit our website at: www.conac-ir.com or www.conac.com On behalf of Conac Software Corporation, "Jacqueline Michael" Jacqueline Michael, President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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