Please wait
Exhibit
(a)(1)(D)
OFFER
TO PURCHASE FOR CASH
Up
to 1,500,000 SHARES OF COMMON STOCK
of
PROGINET
CORPORATION
at
$1.65
NET PER SHARE
by
RED
OAK FUND, L.P.
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THE
OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK TIME,
ON
AUGUST 17, 2007 UNLESS THE OFFER IS
EXTENDED.
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July
23, 2007
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To
Brokers, Dealers, Commercial Banks,
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Trust
Companies and Other Nominees:
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We
have
been appointed by Red Oak Fund, L.P. (the “Purchaser”), a Delaware limited
partnership, to act as information agent in connection with the Purchaser’s
offer to purchase up to 1,500,000 shares of common stock, par value $0.01 per
share (the “Shares”), of Proginet Corporation, a Delaware corporation
(“Proginet”) at a price of $1.65 per share, net to seller (subject to
withholding taxes, as applicable), in cash, without interest and subject to
the
terms and conditions set forth in the Offer to Purchase, dated July 23, 2007,
the related Letter of Transmittal and the other related documents (which,
together with the Offer to Purchase and any amendments or supplements thereto,
collectively constitute the “Offer”). The description of the Offer in
this letter is only a summary and is qualified by all the terms of, and
conditions to, the Offer set forth in the Offer to Purchase and Letter of
Transmittal. Please furnish copies of the enclosed materials to those
of your clients for whom you hold Shares registered in your name or in the
name
of your nominee.
For
your
information and for forwarding to your clients for whom you hold Shares
registered in your name or in the name of your nominee, we are enclosing the
following documents:
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1.
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Offer
to Purchase, dated July 23, 2007;
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2.
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Letter
of Transmittal for your use in accepting the Offer and tendering
Shares
and for the information of your
clients;
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3.
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A
form of letter which may be sent to your clients for whose accounts
you
hold Shares registered in your name or in the name of your nominee,
with
space provided for obtaining the client’s instructions with regard to the
Offer;
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4.
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Notice
of Guaranteed Delivery with respect to Shares to be used to accept
the
Offer if you are unable to deliver the Share certificates together
with
all other required documents, to American Stock Transfer & Trust
Company (the “Depositary”) before the Expiration Date (as defined in the
Offer to Purchase) or if the procedures for book-entry transfer cannot
be
completed before the Expiration Date;
and
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5.
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Return
envelope addressed to the
Depositary.
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We
encourage you to contact your clients as promptly as possible. Please note
that the Offer and withdrawal rights expire at 5:00 p.m., New York time, August
17, 2007, unless the Offer is extended.
In
all
cases, payment for shares accepted for payment pursuant to the Offer will be
made only after timely receipt by the Depositary of (1) certificates evidencing
the Shares (or a confirmation of a book-entry transfer (as described in the
Offer to Purchase) with respect to such shares into the Depositary’s account at
the Depository Trust Company), (2) the Letter of Transmittal (or facsimile
thereof), properly completed and duly executed with any required signature
guarantees or, in the case of a book-entry transfer, an agent’s message (as
described in the Offer to Purchase) and (3) any other required
documents. If a stockholder desires to tender Shares, but that
stockholder’s certificates for Shares are not immediately available or the
procedure for book-entry transfer cannot be completed on
a
timely
basis prior to the expiration of the Offer, a tender may be effected by
following the procedure for guaranteed delivery described in the Offer to
Purchase. Under no circumstances will interest be paid on the
purchase price of the Shares regardless of any extension of or amendment to
the
Offer or any delay in paying for such Shares.
The
Purchaser will not pay any fees or commissions to any broker, dealer or other
person in connection with the solicitation of tenders of shares pursuant to
the
Offer (other than the Depositary and Red Oak Capital Partners, LLC, as described
in the Offer to Purchase). However, the Purchaser will, upon request,
reimburse you for customary and reasonable mailing and handling expenses
incurred by you in forwarding any of the enclosed materials to your
clients.
Questions
and requests for additional copies of the enclosed material may be obtained
from
us, at the address and telephone number set forth on the back cover page of
the
Offer to Purchase.
Very
truly yours,
RED
OAK
CAPITAL PARTNERS, LLC
Nothing
contained in this letter or in the enclosed documents shall be deemed to render
you or any other person as the agent of the Purchaser, the Information Agent
or
the Depositary, or of any affiliate of any of them, or authorize you or any
other person to use any document or to make any statement on behalf of any
of
them in connection with the Offer other than the enclosed documents and the
statements contained therein.
Enclosures
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