Financial Intranet Obtains Reporting Issuer Status

Business Wire, Oct 12, 1999

MOUNT KISCO, N.Y.--(BUSINESS WIRE)--Oct. 12, 1999--

Financial Intranet, Inc. (OTCBB: FNTN) today announced that the Securities Exchange Commission has declared effective the Company's SB-2 Registration Statement on October 8, 1999. The Company is now a fully reporting entity under the Securities Act of 1934 and will begin filing regular quarterly and annual reports with the Securities Exchange Commission.

Financial Intranet, having met the requirements of the OTC Bulletin Board Eligibility Rule, will continue to be quoted on the OTCBB under the symbol FNTN.

The Company also reported that it has received $700,000 from an institutional investor to purchase the Company's common stock in the public offering.

Michael Sheppard, President and Chief Operating Officer of Financial Intranet, acknowledged the confidence and patience shown in the Company, saying, "This Registration was something we had been looking forward to completing for the past few months, and to get the response we have to date has been gratifying. Meeting the requirements of the OTCBB Eligibility Rule was of paramount importance to the Company, and we are appreciative of the continued shareholder support we've received throughout the process. We are pleased to report this positive event and we look forward to broadening our lines of communication through our status as a fully reporting entity." Mr. Sheppard also expressed his appreciation for the work performed by the Company's outside legal and accounting firms, citing their efforts in completing this registration process.

About Financial Intranet

Financial Intranet, Inc. has established a proprietary, secured, on-demand data and video information network that links the brokerage and mutual fund industries together and connects both to the individual investor at the Company's web site, http://www.fntn.com. The Company also derives revenue from similar communication networks linking individual businesses with their remote location affiliates, in addition to the resale of communications services to the financial and business communities.

Safe Harbor Statement

Certain statements made in this release may contain language describing the plans, goals, strategies, intentions, forecasts and expectations of Financial Intranet that may be referred to as "forward-looking statements." Prospective investors are cautioned that any such such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.