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CWORKS ANNOUNCEMENTS
General Announcement
Reference No CC-070419-2E2E0
Company Name : CWORKS SYSTEMS BERHAD (MESDAQ Market)
Stock Name : CWORKS
Date Announced : 20/04/2007


Type : Announcement
Subject : CWORKS SYSTEMS BERHAD ("CWORKS" OR "THE COMPANY")
- MEMORANDUM OF UNDERSTANDING

Contents :

1. INTRODUCTION
      The Board of Directors of CWorks ("Board") wishes to announce that the Company has entered into a Memorandum of Understanding ("MOU") with AZM Computer Services (Pvt) Ltd Islamabad ("AZM"), to collaborate to develop, market and implement the Computerised Maintenance Management Software (CMMS) and other software products prepared by CWorks and AZM and to carry out computerisation assignments in Pakistan and its adjacent countries.

2. INFORMATION ON AZM
      AZM was incorporated in Pakistan and its principal activity is that of carrying out information technology related services.


3. SALIENT TERMS OF THE MOU
      The salient terms of the MOU are as follows:-

      (i) The marketing effort to be made jointly will include the preparation of proposals, making of presentations, follow-up and negotiations with clients till the award of contracts.

      (ii) For all clients introduced by AZM (for CWorks), unless agreed otherwise, AZM will be responsible for the customisation, implementation of software in Pakistan provided CWorks, carrying out of accepatnce tests, recovery of amounts receivable and obtaining of completion certificates from clients. CWorks will be responsible for providing the software in accordance with agreed requirements.

      (iii) Nothing in the MOU will restrict any of the parties from entering into similar agreements with other parties.

      (iv) The working and operational model will be finalised in the detailed agreement between AZM and CWorks within one (1) month of signing of the MOU between both parties.


4. RATIONALE
      The MOU was entered into for CWorks to open market in Pakistan and to vicinity for CWorks products.

5. TOTAL CAPITAL AND INVESTMENT OUTLAY
      There is no capital and investment outlay required by CWorks pursuant to the MOU.


6. TERMS OF COST AND PROFIT SHARING
      There are no terms of cost or profit sharing between CWorks and AZM pursuant to the MOU.


7. SOURCE OF FUNDS FOR FINANCING THE ACTIVITIES/COLLABORATION RELATING TO THE MOU
      There are no funds for financing the activities/collaboration for CWorks and AZM pursuant to the MOU.


8. FINANCIAL EFFECTS
      The MOU is not expected to have any material effect on the earnings, net assets and gearing of CWorks for the financial year ending 31 December 2007. The MOU does not have any effect on the share capital and shareholding structure of CWorks.


9. APPROVALS REQUIRED
      The MOU is not subject to approval of shareholders or any regulatory authorities as it does not involve any acquisition or disposal of assets.

10. DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST
      None of the directors and/or major shareholders and/or person(s) connected to them has any interest, directly or indirectly in the MOU.


11. STATEMENT BY DIRECTORS
      The Directors of CWorks is of the opinion that the MOU is in the best interest of CWorks.

12. DOCUMENTS AVAILABLE FOR INSPECTION
      The MOU is available for inspection at the registered office of CWorks at No. 23-1, Jalan Sri Hartamas 7, Sri Hartamas, 50480 Kuala Lumpur during normal business hours from Mondays to Fridays (except public holidays) for a period of one (1) month from the date of this announcement.

Further announcement will be made upon the execution of formal agreement in relation to the above project.

This announcement is dated 20 April 2007.
 
 
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