Proginet Corporation
OTC Bulletin Board : PRGF

November 08, 2005 10:27 ET

Proginet Buys Back Common Stock

GARDEN CITY, N.Y.--(CCNMatthews - Nov 8, 2005) -

Proginet Corporation (OTCBB:PRGF), developer of software to enable the secure integration of data across enterprises of all sizes, today announced that it has completed a private repurchase of 222,222 shares of Proginet Common Stock for the sum of $75,000. The repurchase transaction was approved by the Proginet Board of Directors.

"The repurchase is consistent with Proginet's objective to limit shareholder dilution while optimizing the use of Proginet cash" said Kevin M. Kelly, President and CEO. With the completion of this stock repurchase, Proginet's current outstanding shares, net of Treasury shares is 14,406,387 shares.

About Proginet Corporation

Proginet Corporation develops software to enable the controlled integration of data across enterprises of all sizes. Throughout its 20-year history, the company has earned a solid reputation for its multi-platform expertise and dedication to customer service. Its products, including CyberFusion®, CyberFusion Integration (CFI) Suite™, SecurForce™, SecurPass®, and SecurAccess™, 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., with offices in Toronto, Canada, and is publicly traded under the symbol (OTCBB: PRGF). For more information, visit www.proginet.com.

Disclaimer

This press release may contain forward-looking information within the meaning of Section 29A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbors under those sections. In some cases, you can identify forward-looking statements by terminology such as "expect," "believe," "may," "will," "plans" and "anticipate," or the negative of such terms or comparable terminology. Forward-looking statements appearing herein include statements concerning operating and profitability plans and goals and are based on current expectations.

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