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Technology Stocks : Corel Corp.
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To: Daniel Shaffer who wrote (6845)6/25/1999 10:22:00 AM
From: Vitalsigns  Read Replies (2) of 9798
 
Settled. Now we move on.

Corel reaches agreement with government of Canada

Corel Corp COR
Shares issued 59,411,209 Jun 24 close $5.15
Fri 25 Jun 99 News Release
Dr. Michael Cowpland reports
The government of Canada and Corel Corporation have reached agreement on a
final settlement related to complaints filed by Corel in the summer of 1998
with the Canadian International Trade Tribunal (CITT). These complaints
concerned a procurement for a standard Year 2000-compliant desktop office
suite for Revenue Canada. The agreement was jointly announced today by the
Hon. Alfonso Gagliano, minister of public works and government services and
Dr. Michael Cowpland, chairman, president and chief executive officer of
Corel Corporation.
In accordance with direction contained in the determination rendered by the
CITT after hearing the complaints, a negotiated settlement in the amount of
$9.9-million has been reached. This amount represents full and final
settlement covering all claims by Corel arising from this procurement.
"I am pleased that an agreement has been reached in this claim," stated Mr.
Gagliano in announcing the settlement. Dr. Cowpland also expressed his
satisfaction with the final settlement. "This is a reasonable settlement
and we look forward to future opportunities to market our products to the
government of Canada, within Canada and internationally."
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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