Tuesday May 12, 10:52 am Eastern Time
Company Press Release
Financial Intranet Engages Investment Banking Firm
ARDSLEY, N.Y.--(BUSINESS WIRE)--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.
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Contact:
Financial Intranet Inc., Ardsley
Michael Sheppard, 914/693-5060
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