COT
Shares issued 16,052,668 Jul 7 close $0.30
Wed 7 Jul 99 News Release
Ms. Jacqueline Michael reports
Conac Software Corp. has entered into an agreement with ATC Corporation of
Bothell, Wash., to represent Conac software products. Effective July 1,
1999, ATC president, Courtney Stearns, will become vice-president marketing
and sales for Conac Software (USA) Inc. Mr. Stearns will also join the
board of directors for Conac Software Corp.
Ms. Stearns, through ATC Corporation, has successfully distributed
construction management software for 15 years. ATC's pioneering efforts
with respect to high-tech, effective sales strategies and techniques have
resulted in a sterling industry reputation and steadily increasing sales.
These procedures working in concert with the quality staff and software of
Conac make for a bright future in terms of sales and product development.
According to Jacqueline Michael, president of Conac Software Corp., the
development and management infrastructure brought to the table by Ms.
Stearns and ATC will compliment the existing structure of Conac. In
particular, sales for ATC have averaged in excess of $1.3-million
(Canadian) over the last few years and are expected to supplement the
growing U.S. sales volume of Conac Software (USA) Inc.
Ms. Stearns, whose views on the disposition and practical application of
construction software have been published in national construction industry
magazines, was quoted: "Conac's products represent the state of the art in
construction management software. The commitment of management to visionary
yet practical software applications for the construction industry excite
me. This vision, the existing software tools, and our confidence in
presenting solutions to customers makes Conac a powerful force in the
marketplace. Clearly, we are extremely pleased to join Conac at this time.
Their burgeoning position as a market leader represents an irresistible
opportunity."
In addition to Ms. Stearns, ATC will bring the balance of its experienced
staff to assist in the company's U.S. sales activities.
Due to the continuing reduction in the sales cycle, U.S. revenue has been
growing steadily since the U.S. office opened in October, 1998. May, 1999,
proved to be the most significant month to date.
Private Placement
The company has arranged a non-brokered private placement of four million
units at 25 cents to raise $500,000. Each unit shall consist of one share
and one warrant. One whole warrant entitles the holder to purchase one
share at 25 cents for 12 months following the date of issue of the warrant
and thereafter, at 30 cents until 24 months following the date of issue of
the warrant. Finder's fee of 2 per cent will be payable on gross proceeds.
The previous announcement on May 4, 1999, for 1.5 million units at 50 cents
has been cancelled.
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