Dutton Associates Announces Investment Opinion: Forgent Networks Strong Buy Rating Maintained By Dutton Associates

Dutton Associates updates its coverage of Forgent
Networks (Nasdaq:FORG), maintaining a Strong Buy rating and a $5.00
price target. The 12-page report by Dutton senior analyst Richard
West, CFA is available at www.jmdutton.com as well as from First Call,
Bloomberg, Zacks, Reuters, Knobias, and other leading financial
portals.
   At current price levels, we believe an investment in Forgent
presents minimal downside risk and a most attractive upside potential.
Forgent Networks, Inc.'s aggressive and, thus far, successful program
of licensing its intellectual property continues to result in the
licensing of additional companies for its United States Patent No.
4,698,672 (672), with Forgent having licensed the '672 Patent to 56
companies that include a wide variety of businesses, and recorded
revenue of over $106.8 million in license fees. We discuss Forgent's
Markman hearing for the '672 Patent litigation and the Markman hearing
for the '746 Patent litigation now scheduled for July 2006.
Considering the possible additional royalty fees that Forgent may
receive before the trial dates in the coming quarters, and assuming a
possible judgment of $100.0 to $200.0 million from the '672 Patent
litigation, and a possible judgment of $50.0 million to $100.0 million
from the '746 Patent litigation, we believe that our price target of
$5.00 per share or a market valuation of $125.0 million, is a
conservative target. At current price levels, with a market
capitalization of approximately $34.5 million, we believe an
investment in Forgent presents minimal downside risk and a most
attractive upside potential. We reiterate our Strong Buy rating and
our 12-month price target of $5.00 per share.

   About Dutton Associates

   Dutton Associates is one of the largest independent investment
research firms in the U.S. Its 29 senior analysts are primarily CFAs
and have expertise in many industries. Dutton Associates provides
continuing analyst coverage of over 130 enrolled companies, and its
research, estimates, and ratings are carried in all the major
databases serving institutions and online investors.
   The cost of enrollment in our one-year continuing research program
is US $35,000 prepaid for 4 Research Reports, typically published
quarterly, and requisite Research Notes. We received $63,000 from the
Company for 7 quarterly Research Reports with coverage commencing on
12/21/2004. The Firm does not accept any equity compensation. Our
principals and analysts are prohibited from owning or trading in
securities of covered companies. The views expressed in this research
report accurately reflect the analyst's personal views about the
subject securities or issuer. Neither the analyst's compensation nor
the compensation received by us is in any way related to the specific
ratings or views contained in this research report or note. Please
read full disclosures and analyst background at www.jmdutton.com
before investing.