-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PZgfhYPUoeaER65/UKNzkc7DWpAQ+9JqRWVU5HkxaYFpnS/E53q/L2CACEuNuh4o xrBXCdoqJtkJjkyvRuXmFg== 0001325533-09-000009.txt : 20090226 0001325533-09-000009.hdr.sgml : 20090226 20090226155303 ACCESSION NUMBER: 0001325533-09-000009 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20090226 DATE AS OF CHANGE: 20090226 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PROGINET CORP CENTRAL INDEX KEY: 0000934868 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 113264929 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-78092 FILM NUMBER: 09637729 BUSINESS ADDRESS: STREET 1: 200 GARDEN CITY PLAZA STREET 2: STE 220 CITY: GARDEN CITY STATE: NY ZIP: 11530 BUSINESS PHONE: 5165353600 MAIL ADDRESS: STREET 1: 200 GARDEN CITY PLAZA STREET 2: SUITE 220 CITY: GARDEN CITY STATE: NY ZIP: 11530 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Red Oak Partners, LLC CENTRAL INDEX KEY: 0001325533 IRS NUMBER: 020673129 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 145 FOURTH AVENUE STREET 2: SUITE 15A CITY: NEW YORK STATE: NY ZIP: 10003 BUSINESS PHONE: 212-614-8952 MAIL ADDRESS: STREET 1: 145 FOURTH AVENUE STREET 2: SUITE 15A CITY: NEW YORK STATE: NY ZIP: 10003 SC 13G 1 prgf13g20090226.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. ) * Proginet Corporation - - ----------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $.01 per share - - ----------------------------------------------------------------------------- (Title of Class of Securities) 742942105 - - ----------------------------------------------------------------------------- (CUSIP Number) December 31, 2008 - - ----------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the ACT but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 9 pages CUSIP No. 742942105 - - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. Red Oak Partners, LLC I.R.S. Identification Nos. of above persons (entities only). - - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - - ----------------------------------------------------------------------------- 3. SEC Use Only - - ----------------------------------------------------------------------------- 4. Citizenship or Place of Organization New York - - ----------------------------------------------------------------------------- Number of 5. Sole Voting Power 0 Shares Bene- -------------------------------------------------------- ficially owned 6. Shared Voting Power 158,516 by Each -------------------------------------------------------- Reporting 7. Sole Dispositive Power 0 Person With: -------------------------------------------------------- 8. Shared Dispositive Power 158,516 - - ----------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 158,516 - - ----------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - - ----------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 1.07% - - ----------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) OO - - ----------------------------------------------------------------------------- Page 2 of 9 pages CUSIP No. 742942105 - - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. The Red Oak Fund, LP I.R.S. Identification Nos. of above persons (entities only). - - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - - ----------------------------------------------------------------------------- 3. SEC Use Only - - ----------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - - ----------------------------------------------------------------------------- Number of 5. Sole Voting Power 0 Shares Bene- -------------------------------------------------------- ficially owned 6. Shared Voting Power 146,911 by Each -------------------------------------------------------- Reporting 7. Sole Dispositive Power 0 Person With: -------------------------------------------------------- 8. Shared Dispositive Power 146,911 - - ----------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 146,911 - - ----------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - - ----------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 0.99% - - ----------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) PN - - ----------------------------------------------------------------------------- Page 3 of 9 pages CUSIP No. 742942105 - - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. Pinnacle Partners, LLC I.R.S. Identification Nos. of above persons (entities only). - - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - - ----------------------------------------------------------------------------- 3. SEC Use Only - - ----------------------------------------------------------------------------- 4. Citizenship or Place of Organization Colorado - - ----------------------------------------------------------------------------- Number of 5. Sole Voting Power 0 Shares Bene- -------------------------------------------------------- ficially owned 6. Shared Voting Power 11,605 by Each -------------------------------------------------------- Reporting 7. Sole Dispositive Power 0 Person With: -------------------------------------------------------- 8. Shared Dispositive Power 11,605 - - ----------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 11,605 - - ----------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - - ----------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 0.08% - - ----------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) OO - - ----------------------------------------------------------------------------- Page 4 of 9 pages CUSIP No. 742942105 - - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. Pinnacle Fund, LLLP I.R.S. Identification Nos. of above persons (entities only). - - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - - ----------------------------------------------------------------------------- 3. SEC Use Only - - ----------------------------------------------------------------------------- 4. Citizenship or Place of Organization Colorado - - ----------------------------------------------------------------------------- Number of 5. Sole Voting Power 0 Shares Bene- -------------------------------------------------------- ficially owned 6. Shared Voting Power 11,605 by Each -------------------------------------------------------- Reporting 7. Sole Dispositive Power 0 Person With: -------------------------------------------------------- 8. Shared Dispositive Power 11,605 - - ----------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 11,605 - - ----------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - - ----------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 0.08% - - ----------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) PN - - ----------------------------------------------------------------------------- Page 5 of 9 pages CUSIP No. 742942105 - - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. David Sandberg I.R.S. Identification Nos. of above persons (entities only). - - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - - ----------------------------------------------------------------------------- 3. SEC Use Only - - ----------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States - - ----------------------------------------------------------------------------- Number of 5. Sole Voting Power 0 Shares Bene- -------------------------------------------------------- ficially owned 6. Shared Voting Power 158,516 by Each -------------------------------------------------------- Reporting 7. Sole Dispositive Power 0 Person With: -------------------------------------------------------- 8. Shared Dispositive Power 158,516 - - ----------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 158,516 - - ----------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - - ----------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 1.07% - - ----------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) IN - - ----------------------------------------------------------------------------- Page 6 of 9 pages ITEM 1. (a) Name of the issuer is Proginet Corporation (the "issuer"). (b) The address of issuer's principal executive offices is 200 Garden City Plaza, Garden City, NY 11530. Item 2. (a) This statement (this "Statement") is being filed by David Sandberg, the controlling member of Red Oak Partners, LLC, a New York limited liability company ("Red Oak Partners"), which serves as the general partner of The Red Oak Fund, LP, a Delaware limited partnership (the "Red Oak Fund") and a managing member of Pinnacle Fund LLLP, a Colorado limited liability limited partnership ("Pinnacle Fund" and together with the "Red Oak Fund", the "Funds"). The Funds are private investment vehicles formed for the purpose of investing and trading in a wide variety of securities and financial instruments. The Funds directly own the shares as reported in this Statement. Each of the filers hereto disclaims beneficial ownership with respect to any shares other than the shares owned directly by such filer. (b) The principal business office of the Filers is 145 Fourth Avenue, Suite 15A, New York, New York 10003. (c) David Sandberg is a citizen of the United States. (d) This Statement relates to Common Stock, $.01 par value, of the Issuer. (e) The CUSIP Number of the Common Stock of the Issuer is 742942105. Item 3. If this statement is filed pursuant to 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J). Not applicable. ITEM 4. OWNERSHIP. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: With respect to David Sandberg and Red Oak Partners, LLC, 158,516 shares of Common Stock. (b) Percent of class: With respect to David Sandberg and Red Oak Partners, LLC, 1.07% of Common Stock. (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote 0 (ii) Shared power to vote or to direct the vote With respect to David Sandberg and Red Oak Partners, LLC, 158,516 shares of Common Stock. (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of With respect to David Sandberg and Red Oak Partners, LLC, 158,516 shares of Common Stock. Page 7 of 9 pages Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not applicable. Item 8. Identification and Classification of Members of the Group Not applicable. Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certification (a) Not applicable. (b) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 8 of 9 pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: Febuary 26, 2009 /s/ David Sandberg - - ----------------------------- David Sandberg Red Oak Partners, LLC By: /s/ David Sandberg ------------------------------- David Sandberg, Managing Member The Red Oak Fund, LP By: Red Oak Partners, LLC, General Partner By: /s/ David Sandberg ------------------------------- David Sandberg, Managing Member Page 9 of 9 pages -----END PRIVACY-ENHANCED MESSAGE-----