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Technology Stocks : Proginet Corp -- Ignore unavailable to you. Want to Upgrade?

To: Jim Keohane who wrote (183)	11/21/1998 12:46:00 PM
From: Jim Keohane	Read Replies (1) \| Respond to of 229

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: PROGINET CORPORATION VSE SYMBOL: PRF.U NOVEMBER 20, 1998 Proginet Corporation Announces Year End Results July 31st, 1998 Audited Financials GARDEN CITY, NEW YORK--Proginet Corporation today reported the results of its fiscal year ending July 31, 1998 as audited by KPMG Peat Marwick LLP. Total revenues for the fiscal year 1998 were $3,644,926 v. $3,860,364 for the fiscal year 1997. The company reported a net loss of $1,930,112 or $0.15 per share for the period v. $2,246,112 or $0.17 for the same period last year, which included a one-time tax adjustment of $841,664. As previously announced, Proginet has settled a contract dispute with a customer in Europe resulting in a one time payment to Proginet of $525,000. This payment net of fees resulted in an additional net income of $380,328 which was not included in the revenue number reported above. Revenues for the fourth quarter were $755,866 plus the one time event of $525,000 compared to revenues of $120,806 for the same period last year. For the quarter, the company reported a net profit of $ 44,133, or $0.00 per share v. a net loss of $ 1,998,833 or $0.14 for the same period last year (excluding a one time adjustment for taxes). The company is also announcing that its Annual General Meeting will be held this year for the first time in the United States. The meeting will be held in New York City on Tuesday, December 22nd, 1998 at 5:00 p.m. Eastern Standard Time. Registered shareholders of record on November 17th, 1998 will be receiving notice shortly. Proginet provides advanced technology, which links Microsoft business products with IBM Mainframes. Many of the world's largest corporations and government agencies employ industry leading software developed or owned by Proginet Corporation. Proginet is headquartered in Garden City, New York and has distributors throughout the world. Proginet is listed on the Vancouver Stock Exchange under the stock symbol (VSE - PRF.U). For more information, please visit the Proginet web site at: proginet.com. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release, which has been prepared by the company.