Escrow Agreement Executed for US $9 Million Trust Fund Between Conac Software Corporation and Konac Software Corp.Business Editors Conac Software Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture: COT). Further to the News Release of June 28, 2002, Conac Software Corporation is please to announce that the Escrow Agreement Escrow Agreement A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. Notes: For example, an investor who writes a call option and can present an escrow agreement is considered covered. between Conac Software Corporation ("Conac") and Konac Software Corp. ("Konac") and Lamborne & Associates (the "Escrow Agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) ") has been fully executed by all parties. Under the final terms of this executed escrow agreement: 1. Konac shall deliver to the Escrow Agent, within 30 days of June 27th, 2002, being the date of Konac's incorporation, funds in the amount of US $9,000,000.00 (the "Escrow Funds Noun 1. escrow funds - funds held in escrow cash in hand, finances, funds, monetary resource, pecuniary resource - assets in the form of money ") by way of bank draft or certified cheque Noun 1. certified cheque - a check containing certification that the person who issued the check has sufficient funds on deposit to cover payment certified check , which Escrow Funds shall be held by the Escrow Agent in escrow subject to the terms and conditions of this agreement. 2. The Escrow Agent shall hold the Escrow funds in escrow undelivered undelivered adj → no entregado al destinatario; if undelivered return to sender → en caso de no llegar a su destino devolver al, remitente undelivered and shall deliver the Escrow Funds to Conac, by way of a bank draft or certified cheque, based on the following payment schedule. a. US $750,000 on October 1st, 2002, and b. 11 further payments of US $750,000 every 90 days thereafter. 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 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 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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