NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PROGINET CORPORATION
VSE SYMBOL: PRF.U
NOVEMBER 3, 1998
Proginet and Microsoft Agree on Equity Position
GARDEN CITY, NEW YORK--Proginet Corporation today announced an
agreement with Microsoft Corporation by which Microsoft is
receiving an additional 1,260,000 shares. Microsoft now owns just
under 10 percent of Proginet Corporation Common Stock.
The two companies had entered into an agreement in December 1996,
which entitled Microsoft to additional shares at a later date.
Today's announcement is in full satisfaction of that agreement.
"Microsoft has been an important business partner," said Kevin M.
Kelly, President and CEO. "Our relationship with Microsoft is good
for our customers and we continue to develop technology optimized
for Microsoft technology in the enterprise".
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. For information on Microsoft
Corporation, please visit the Microsoft web site at
microsoft.com.com.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Proginet Corporation
James F. Kelly
(516) 248-2000
(516) 248-4398 (FAX)
proginet.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
