NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PROGINET CORPORATION
VSE SYMBOL: PRF.U
OCTOBER 30, 1998
Proginet Announces Stock Voting Agreement
GARDEN CITY, NEW YORK--Proginet Corporation today announces that
it has signed an agreement with its largest shareholder.
The company's founder, Mr. Joe Mohen, has owned 2,777,336 shares
of the Common Stock and had voting power over additional shares
owned by others. In aggregate, Mr. Mohen had voting rights in
excess of 25 percent of the company's outstanding shares. In the
agreement signed with the company, Mr. Mohen agreed to vote no
more than 5 percent of the company's outstanding shares for the
next three years, eliminating himself as the largest voting
shareholder.
The company has also purchased 750,000 of Mr. Mohen's shares, at a
purchase price of $232,500, reducing his share ownership to
slightly more than 2 million shares.
Simultaneously, the company also announced that it has signed an
employment agreement with Mr. Mohen, by which he will serve as the
company's "Chief of Strategic Alliances". This new position
enables Mr. Mohen to dedicate all his efforts in pursuing
strategic business partners within the industry, a critical
component of Proginet's business strategy.
Proginet is a Long Island, New York based software development
company that provides mission critical software solutions for
seamlessly integrating IBM mainframes and midrange computers with
Microsoft Windows NT and other distributed client/server
environments. The company's products address the systems
management software space, including security and managed data
transfer. Proginet has established a worldwide user base of more
than 450 companies in 25 countries engaged in literally all
industry sectors.
For more information on Proginet, please visit the Proginet web
site at: proginet.com.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Proginet Corporation
James F. Kelly
Senior Vice President, Corporate Secretary
(516) 248-2000
(516) 248-4398 (FAX)
proginet.com
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responsibility for the adequacy or accuracy of this release. |
