I wrote the below code quickly, let me know if you have any concerns about it.

Click to reveal..

#include<acknex.h>
#include<default.c>

var filehandle;
STRING* time_str = "";
STRING* track_str = "";
var eof;

var dbg_DataLocation=0;
var dbg_TimeLocation = 0;
var dbg_TrackLocation = 0;

int dbg_counter=0;

TEXT* timing_txt =
{
pos_x = 0;
pos_y = 0;
//string(greeting_str);
string(time_str);
flags = VISIBLE;
}

TEXT* track_txt =
{
pos_x = 0;
pos_y = 50;
string(track_str);
flags = VISIBLE;
}

function read_file()
{
int eof = 0;
while(eof != -1)
{
file_find(filehandle, "<Data>");

file_find(filehandle, "time=\"");
eof = file_str_readto(filehandle, time_str, "\"", 4000); // Read till the set delimiter
}
}

function read_file2()
{
eof = 0;
dbg_DataLocation = file_find(filehandle, "<Data>");

if (dbg_DataLocation>0)
{

do
{
dbg_counter+=1;

dbg_TimeLocation = file_find(filehandle, "time=\"");
if (dbg_TimeLocation>0)
{
eof = file_str_readto(filehandle, time_str, "\"", 40);
}

dbg_TrackLocation = file_find(filehandle, "track=\"");
if(dbg_TrackLocation>0)
{
eof = file_str_readto(filehandle, track_str, "\"", 40);
}
wait(1000);

}while((dbg_TimeLocation > 0)||(dbg_TrackLocation > 0));
}
}

function main()
{
video_mode = 7;
screen_color.blue = 150;
filehandle = file_open_read("testversion.sng");
read_file2();
file_close(filehandle);
}