Conac Software Corporation Signs Definitive Agreement With Macro Build.Com Inc.Business Editors RICHMOND, British Columbia--(BUSINESS WIRE)--Jan. 28, 2002 CONAC CONAC Continental Air Command CONAC Center of North America Coalition for Rural Development (North Dakota, USA) SOFTWARE CORP ("COT-V"). Further to the Memorandum Of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. , announced on August 23, 2001, Conac Software Corporation ("Conac") and Macro Build. Com Inc. have signed a Joint Venture Agreement, dated January 24, 2002, to form a Joint Venture Company ("the JV Company") that will focus on establishing the first major Construction Portal Service 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. , China and ASEAN ASEAN: see Association of Southeast Asian Nations. ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in regions that will provide complete turnkey services for project and document management control. Pursuant to the Joint Venture Agreement, the two Partners will provide the following: Conac Software Corporation will contribute its full suite of integrated leading edge Estimating, Job Cost and Financial Management systems, as well as Document Control. The Conac systems shall become the "back engine" for the JV Company's Construction Management Portal. Subscribers to the JV Company's services will be able to process all business functions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Projects including Collaboration and Procurement. Conac will also help to raise the initial seed capital of $2 million for the JV Company in four equal payments of $500,000. The first payment is to be made within 45 days of the date of the Joint Venture Agreement and upon receipt of the documentary from New World Service Group and Great Eagle Sun Fook Kong Group and the remaining payments every 30 days thereafter. Last by not least, Conac will assist in implementing its systems on two major beta test A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the sites in Hong who are intending, after the test period of 6 months is successfully completed, to become full revenue subscribers of the Portal Services and act as flagships for the JV Company's products and services. Macrobuild.com Inc. will contribute its current business relationship, partnership and alliance with a number of regional construction and property development companies, including New World Service Group and Great Eagle-Sun Fook Kong Group. These companies are two of the largest construction companies in Hong Kong This is a list of companies from Hong Kong.
JV COMPANY'S PRODUCTS AND SERVICES The business model of the JV Company will be based on a suite of software applications that includes online tendering, procurement, marketplace and enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ) system based largely on the proven construction management software of CONAC. Utilizing this suite of software applications, the JV Company will facilitate the capture of information relating to a project, onto one common platform, which can be shared and utilized by different departments within an organization without duplication of effort. Furthermore, this minimizes the occurrence of errors. The JV Company will offer construction management software and services for the construction industry in Hong Kong & China in Phase 1 with a rollout plan to penetrate other parts of Asia at an opportune moment. To do this, the JV Company's strategy is to set up joint ventures with local and regional partners who will use the JV Company systems and capabilities in taking on a franchise. The JV Company will cement alliances that can uphold similar synergy or have the ability to enhance the existing products. The main products and services offered by the JV Company will include: (a) Project & Construction Management Tool, (b) ERP System for Construction Companies, (c) Marketplace (Licensing) (d) Online Tendering Platform, (e) Customer Support, (f) Value-added services. Conac believes that the JV Company will be the first major player in the Hong Kong, China and ASIAN regions market niche that offers and delivers a suite of integrated application services See ASP and Web services. for the Construction Industry. With a mission to facilitate computerization com·put·er·ize tr.v. com·put·er·ized, com·put·er·iz·ing, com·put·er·iz·es 1. To furnish with a computer or computer system. 2. To enter, process, or store (information) in a computer or system of computers. activities within the construction industry, the JV Company's ultimate goal at market maturity, is to create a neutral online marketplace, promoting fair and unbiased business activities with security and integrity. Construction professionals will also be able to follow up-to-date industry developments and to receive continuous professional training and education. The Joint Venture Agreement is subject to regulatory approval. Completion is scheduled to take place within 30 business days of the date of the Joint Venture Agreement. On behalf of Conac Software Corporation, "Jacqueline Michael" Jacqueline Michael, President Conac Software Corporation is the leading edge specialist in software financial management systems for the construction and engineering industries. Since 1984,Conac's innovative easy-to-use products have grown in market acceptance among general contractors, 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 of the construction management process. 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. To learn more about Conac Software Corporation, visit our website at: www.conac-ir.com |
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