Cotinga Pharmaceuticals Inc COTQF

UPDATE "NEWS"

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Conac Software Corporation - Kapco Venture Group Inc. Take Over Bid Update Richmond, British Columbia -- CONAC SOFTWARE CORPORATION (TSX-VEN: COT), Conac Software Corporation (the "Company") wishes to update its shareholders and the investment community on the letter of intent from Kapco Venture Group Inc. ("Kapco") proposing to acquire the shares of the Company (News Release June 25, 2002). To date the Company has received written notice stating substantial proof of funds via cash asset value from the bankers of Kapco International and Kapco Venture Group Inc. The Company has engaged an independent 3Rd party to commence in the valuation of Conac and is in the process of finalizing the services of an investment-banking consultant as part of its due diligence in the determination of the offer from Kapco. Conac and Kapco have agreed to keep an open dialogue with each other in performing their due diligence in moving forward. The company will continue to inform its shareholders as further information on this proposed takeover becomes news worthy. Kapco Venture Group Inc. was incorporated in April 1997 in the Cayman Islands as a 100% subsidiary of Kapco International. The Kapco Group of company has provided venture capital, merchant banking and corporate advisory services 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 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 Units (EOUs) that service the requirement of 41 publicly listed companies 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, 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. Investor Relations: PacWest Group, Mike Marrandino, PH: 604-684-6999 or TF: 877-684-6999 [e-mail] On behalf of Conac Software Corporation, "Jacqueline Michael" Jacqueline Michael, President The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. ###