Proginet Corporation

January 06, 2005 12:51 ET

Proginet Raises Capital in Private Placement




JANUARY 6, 2005 - 12:51 ET

Proginet Raises Capital in Private Placement

GARDEN CITY, N.Y.--(CCNMatthews - Jan 6, 2005) -

Proginet Corporation (OTCBB:PRGF) today announced that it has completed
a private placement of its common stock.

Proginet raised a total of $950,000 and issued 1,055,555 restricted
shares of common stock at $.90 per share. The Company indicated that the
funds are to be used to finance Proginet's acquisition strategy and
other general purposes.

Proginet's President and CEO, Kevin M. Kelly stated, "Proginet is in a
unique position to aggressively pursue growth plans announced at the
November 24, 2004 Annual Shareholder Meeting." He continued, "The funds
raised compliment Proginet's other sources of capital to fund the
planned growth strategies."

About Proginet Corporation

Proginet Corporation develops software to enable the controlled
integration of data across enterprises of all sizes. The company has
earned a solid reputation for its multi-platform expertise and
dedication to customer service. Its products, including CyberFusion®,
SIFT and SecurPass®, support all major computing platforms, from PCs
to mainframes. Proginet's global customer base spans more than 23
countries and includes many Fortune 500 companies. The company is
headquartered in Garden City, N.Y., and is publicly traded under the
symbol (OTCBB: PRGF). For more information, visit


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