Thank you for your reply.
I have attached the rasterized font file generated by the tool, which is in .c format , to this post. This is the raterized file of a font called PROG.BOT, which you can get from:http://www.fontspace.com/divide-by-zero/progbot
. It's a dot matrix font.
And if you want to get the library and the tool, you can get it from: https://sites.google.com/a/sdcontrols.com/www/arduino
Also, i'm using 74hc595 shift register(for displaying the content), with 4017 decade counter(for multiplexing) as controller of my LED matrix display.