NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PROGINET CORPORATION
VSE SYMBOL: PRF.U
JANUARY 25, 1999
Proginet to Buy Back Own Stock; Filing Made for Second
Normal Course Issuer Bid
GARDEN CITY, NEW YORK--Proginet Corporation (VSE:PRFu.V) today
announced that it has filed Notice of Intention to Make a Normal
Course Issuer Bid, in respect of 300,000 shares of common stock,
with the Vancouver Stock Exchange. This is the second year in a
row that the company has implemented a share buy back program.
The Company has purchased 920,500 shares of its Common Stock over
the previous 12 months and considers its shares to be an
attractive investment at current prices.
"We believe that current market prices of Proginet common shares
do not reflect the underlying value of Proginet and accordingly
believe that a share repurchase program enhances value by reducing
the number of shares outstanding at attractive prices.", said
Kevin M. Kelly, President and CEO of Proginet.
The maximum number of shares that the Company may acquire is
300,000 common stock which represent less than five percent of the
common shares issued and outstanding. All purchases will be open
market purchases made in accordance with the By-laws and Rules of
the Vancouver Stock Exchange. At the discretion of Proginet's
Board of Directors, shares may be purchased for investment
purposes, reserved for issuance or canceled.
The bid will expire no later than one year from the date of
regulatory approval from the VSE, which is expected in
approximately one week. The company will provide notice when
regulatory approval is received. |
