Conac Software Corporation - Term Sheet Signed For C$2 Million Financing In Hong Kong Joint Venture.Business Editors RICHMOND, British Columbia--(BUSINESS WIRE)--March 6, 2002 CONAC CONAC Continental Air Command CONAC Center of North America Coalition for Rural Development (North Dakota, USA) SOFTWARE CORPORATION ("COT-V"). Further to the Definitive Agreement, announced on January 28, 2002, Conac Software Corporation and Macro Build.Com (the "Parties") are pleased to announce that an agreement has been signed for the financing of C$2 million for the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. JV Company. Accordingly, the Term Sheet for the above financing has been agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy and signed by the Parties and Mr. Paul Keelor ("Investor"), under the following conditions: 1. Evaluation of the JV Company determined at C$8 Million. 2. Financing amount for the JV Company is C$2 Million. 3. The above financing will be secured with 25% equity in the JV Company, of which Conac will divest 15% and Macro Build will divest 10% of each of it's equity in the JV Company to the Investor. 4. Macro Build will provide to the Investor, the required documents from its partners, Great Eagle Sun Fook Kong Group and New World Service Group, confirming their agreement to become Beta Test Sites for the JV Company's products. 5. Due Diligence on Conac and Macro Build management team and software. 6. The Term Sheet is subject to Regulatory approval. The completion is scheduled to take place within 90 days of the signing of the Term Sheet Agreement. 7. Investor shall be assigned a seat on the JV Company Board of Directors. Conac Software Corporation is the leading edge specialist in software financial management systems for the construction and engineering industries. Since 1984, Conac's innovative and easy-to-use products have grown in market acceptance among general contractors A general contractor is an organization or individual that contracts with another organization or individual (the owner) for the construction of a building, road or any other execution of work or facility. , house builders, sub trades, designers and engineers, to become the standard for the construction industry. The Company's integrated software Separate software components or applications that have been combined into one package. See integrated software package. products control every facet facet /fac·et/ (fas´it) a small plane surface on a hard body, as on a bone. fac·et n. 1. A small smooth area on a bone or other firm structure. 2. of the construction management process. To learn more about Conac Software Corporation, visit our website at: www.conac-ir.com On behalf of Conac Software Corporation, "Jacqueline Michael" Jacqueline Michael, President The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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