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

To: Jim Keohane who wrote (187)	1/25/1999 11:57:00 PM
From: Jim Keohane	Respond to of 229

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: PROGINET CORPORATION VSE SYMBOL: PRF.U JANUARY 25, 1999 Proginet to Buy Back Own Stock; Filing Made for Second Normal Course Issuer Bid GARDEN CITY, NEW YORK--Proginet Corporation (VSE:PRFu.V) today announced that it has filed Notice of Intention to Make a Normal Course Issuer Bid, in respect of 300,000 shares of common stock, with the Vancouver Stock Exchange. This is the second year in a row that the company has implemented a share buy back program. The Company has purchased 920,500 shares of its Common Stock over the previous 12 months and considers its shares to be an attractive investment at current prices. "We believe that current market prices of Proginet common shares do not reflect the underlying value of Proginet and accordingly believe that a share repurchase program enhances value by reducing the number of shares outstanding at attractive prices.", said Kevin M. Kelly, President and CEO of Proginet. The maximum number of shares that the Company may acquire is 300,000 common stock which represent less than five percent of the common shares issued and outstanding. All purchases will be open market purchases made in accordance with the By-laws and Rules of the Vancouver Stock Exchange. At the discretion of Proginet's Board of Directors, shares may be purchased for investment purposes, reserved for issuance or canceled. The bid will expire no later than one year from the date of regulatory approval from the VSE, which is expected in approximately one week. The company will provide notice when regulatory approval is received.