Conac Software Corporation Receives Take Over Bid From Kapco Venture Group Inc.Business Editors Conac Software Corporation (TSX-VEN:COT) (the "Company") is pleased to announce that it has received a letter of intent from Kapco Venture Group Inc. ("Kapco") proposing to acquire the shares of the Company, subject to specified terms and conditions. Under the proposed acquisition, Kapco has offered to purchase for cash up to 100% of the shares of the Company at a price of $0.50 (Cdn) per share plus pay the existing liabilities of the Company to a maximum of $700,000 (Cdn). There are currently 48,319,032 shares of the Company issued and outstanding. The offer remains open until July 15, 2002 and is subject to, satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by Kapco and the following conditions:
(i) The proposed acquisition is supported and recommended to the
shareholders of the Company by the Board of Directors and
management of the Company;
(ii) The successful execution of the joint venture agreements of
the Company with MacroBuild.com Corporation announced on
January 24, 2002 with respect to China and the ASEAN Region
and with Keelor Corporation announced on May 21, 2002 with
respect to Europe, Australia and South America;
(iii) Obtaining all requisite approvals and compliance with all
applicable legislation.
The Board of Directors of the Company have determined that the proposed acquisition is worthy of further consideration and the following additional conditions are to be included as terms of the offer:
(i) Kapco will be required to deposit the sum of $200,000 (Cdn)
in trust for payment of the Company's expenses relating to
this offer; and
(ii) A formal valuation shall be obtained by the Board prepared
by a qualified and independent valuator, which contains an
opinion as to value or range of values representing the fair
market value of the Company.
In order for this proposed acquisition to proceed, extensive discussions and negotiations between the Company and Kapco will be necessary and there is no assurance at this time that an agreement will be reached between the Company and Kapco. The proposed acquisition may be effected through a formal take over bid, a plan or arrangement or an amalgamation amalgamation /amal·ga·ma·tion/ (ah-mal´gah-ma´shun) trituration (3). amalgamation ( or other form of business combination to be determined and agreed by the Company and Kapco. Kapco Venture Group Inc. was incorporated in April 1997 in the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. as a 100% subsidiary of Kapco International. The Kapco Group of companies has provided venture capital, merchant banking and corporate advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to companies in a variety of industries across Asia, Europe and Australia. Kapco's management professionals are employed by a number of Fortune 500 Companies and collectively have over 100 years of experience across a variety of sectors. Kapco has made investments in several successful Real Estate projects across Asia and has been instrumental in providing required funding and expertise in the procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. of several government licenses in the Telecom and Internet industries. Kapco has also funded numerous call Centres and Software development units in Asia that are 100% Export Oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. Units (EOUs) that service the requirement of 41 publicly listed companies listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → in Asia, Europe & U.S. 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 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. , 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. To learn more about Conac Software Corporation, visit our website at: www.conac-ir.com or www.conac.com. Investor Relations Investor relations The process by which the corporation communicates with its investors. : PacWest Group, Mike Marrandino, PH: 604-684-6999 or TF: 877-684-6999 investor@conac-ir.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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