Press Release
Tuesday May 12, 10:52 am Eastern Time
Company Press Release
Financial Intranet Engages Investment Banking Firm
May 12, 1998--Financial Intranet Inc. (OTCBB:FNTN - news), a New
York based network developer of Intranet, Internet and specialized
communications services for the Financial Industry, including Mutual
Funds, Broker Dealers and the Insurance Industry, announced today it has
engaged the Investment Banking Firm of Josephberg Grosz & Co. Inc. of
New York, New York, to act as their investment banker. Josephberg Grosz
specializes in providing private Institutional Equity financing for
publicly traded companies. The firm has provided substantial equity
capital for the Telecommunications, Software and Technology industries.
Richard Josephberg has owned his own firm for 20 years and was formerly
a member of the New York Stock Exchange and a Securities Analyst with
Goldman Sachs. He will be personally handling the account on behalf of
Financial Intranet. The Investment Banking firm will be raising the
necessary capital to achieve future working capital needs, current
acquisitions and Nasdaq Small Cap status. Michael Sheppard, president
and chief operating officer of Financial Intranet Inc. said, ''We have
interviewed many firms and were pleased with the positive response
received from the Investment Banking community. However, Josephberg
Grosz responded most favorably to our needs and also met our timeline.
This relationship will advance the company to well beyond the next level
of its corporate goals.'' Josephberg said, ''We are looking forward to
providing the necessary capital to Financial Intranet, so that the
company can achieve its objectives. I view Financial Intranet as having
the potential of being a major force in the Financial Services
Industry.'' Financial Intranet is in the process of establishing the
nation's first, proprietary, secured on demand, interactive high-speed
video, voice and dedicated data-stream Information Network, that will
enable enhanced links to be created between the Brokerage and Mutual
Fund Industries and allow interactive access by the individual investor.
The proprietary network is customizable for any application, group,
franchise or association that requires dynamic information exchange,
especially for organizations that are heavily data laden such as
Federal, State, Local and City Government Departments, Law Enforcement,
Insurance, Financial, Medical and Legal industries. |
