Proginet and JAWS Technologies form alliance to provide enhanced Internet security
Proginet Corporation PRF.U
Shares issued 13,623,951 1999-05-25 close $0.77
Wednesday May 26 1999
Mr. James Kelly reports
JAWS Technologies Inc., a provider of the best in information security technologies and practices, has formed an agreement with Proginet Corp., a provider of password management and information movement software solutions.
Through this partnership, JAWS Technologies will work closely with Proginet to develop, market and sell information security products for the secure transmission of information across the Internet. JAWS Technologies encryption technologies coupled with Proginet's information movement technology will enable enterprises to fully exploit the advantages of moving mission critical data across the Internet through a highly secure methodology. The companies' joint efforts will not only support enterprise management but also e-commerce and other Internet applications.
"The formation of this business alliance with Proginet is a significant opportunity for JAWS to fully integrate its encryption technologies into new security products that will support the growth of the Internet economy," states Robert Kubbernus, chief executive officer, JAWS Technologies Inc. "We are also excited about the opportunity of joint development with Proginet and some of JAWS security software products in enhancing our key management systems. This will also increase our depth of market penetration. This relationship will result in the development of business solutions that will allow enterprises to transmit highly confidential information across the Internet, in an incredibly secure manner. According to the Frost & Sullivan U.S. Encryption Application Market report, it is estimated that this market will grow to $3.3-billion by the year 2004 with a compound annual growth rate of 55.4 per cent. Given the size of the marketplace and the superior nature of our combined products we are extremely encouraged by this joint opportunity."
"As the need for using the public Internet to transmit mission critical data increases, current encryption standards can be corrupted," states James F. Kelly, senior vice-president of Proginet Corp. "By incorporating JAWS Technologies' 4096 bit encryption software, our customers will be able to ensure that their data is protected. The 4,096 bit encryption has never been compromised."
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