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SoftNet Technology Corporation (OTCBB: STTC) |
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STTC * NEWS * UPDATE *
Dear Reader:
Sometimes it takes a little pruning to make the garden grow. And clearly that’s what SoftNet Technology (OTCBB: STTC) has in mind.
The news just released by the company affirms this notion. SoftNet has sold off one division outside what its deems to be its core strengths, allowing it to focus on the more lucrative software and IT consulting operations of the company.
Along the way, they picked up a substantial equity position in intriguing wireless company Seamless Wi-Fi Inc. (OTCBB: SLWF) while streamlining operations.
Take a look at today’s news, released just moments ago.
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**BREAKING** News From SoftNet Technology |
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Press Release
Source: SoftNet Technology Corp.
Wednesday October 19, 4:00 pm ET
SoftNet Consolidates Business Operations and Sells 24/7 High Speed Hotel Internet
Customer Support Center to Seamless Wi-Fi
BERNARDSVILLE, N.J.--(BUSINESS WIRE)--Oct. 19, 2005--SoftNet Technology (OTCBB Symbol: STTC - News; German WKN#: A0B7RZ) is pleased to announce a consolidation and centralized focus on its high profit margin, high growth software and Information Technology business divisions. In line with SoftNet's increased focus on software and IT consulting, the company has sold its 24/7 customer service support center to Seamless Wi-Fi, Inc. (OTCBB: SLWF - News) for $100,000 in equity.
Upon an extensive and ongoing evaluation process, Softnet Technology will centralize its business operations during the next 30 days, focusing on its software and IT consulting concerns and divest itself of business units that fall outside of these criteria. As a significant step towards maximizing internal synergies and brand-building efforts, all continuing operations of Softnet, including Indigo Technology Services will conduct future business under the name of SoftNet Technology.
SoftNet has sold Indigo's hotel Internet provider services division utilizing the High Speed Wired and Wireless Internet GuestWorx system. This includes the 24/7 call center for support of the Hotel guests using the GuestWorx High Speed Internet access System and the use of the GuestWorx software. Indigo will continue to install High Speed internet access in hotels.
Indigo, over the last 5 months, has put a very high focus on the software, IT consulting, small business services and web applications divisions. The 24/7 Customer support service for the hotels could develop into a very nice business, but would require a more focused effort to make such progress in that business line happen. Seamless Wi-Fi has that focus, making this transaction a natural.
"We will continue to evaluate the overall operations of SoftNet in an effort to increase efficiencies, improve productivity, and bring SoftNet to profitability," said Mr. James M. Farinella, CEO/President of SoftNet Technology. The Company will focus exclusively on those businesses providing the greatest profit potential. These mark our first steps towards that end."
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact Stephanie Soleas, Blue-Sky Solutions at (877) 4-BLUE-IR or sttc@blueskyir.com. You may also call the company directly at 866-898-4842 (local - 908-204-9911) James M. Farinella, CEO.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by SoftNet Technology Corp (STTC) may differ materially from these statements due to a number of factors. STTC assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
Contact:
SoftNet Technology
James M. Farinella
(866) 898-4842
local: (908) 204-9911
www.softnettechnology.com
or
Investor Relations:
Blue-Sky Solutions
Stephanie Soleas, 877-4-BLUE-IR
sttc@blueskyir.com
Source: SoftNet Technology Corp.
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About SoftNet Technology Corporation |
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SoftNet Technology has two wholly-owned subsidiaries - Solutions Technology and WholesaleByUs.
Solutions Technology’s SecureTime® software application offers a complete Biometric turnkey program for a small or mid-sized company that needs to collect time and attendance, scheduling, entitlements, and personal/pay records. With a seamless interface to payroll services, it provides the client with one of the most cohesive time and attendance management systems available anywhere. The software also secures critical work areas and high rise office buildings by positively identifying employees and workers, and the program works in tandem with doorlocks and surveillance cameras to prevent any unauthorized access.
SoftNet Technology's WholesaleByUsWeb site is an actual operating demonstration of the Company's proprietary search engine software. SoftNet is bringing its search engine to online retailers that want dynamic processes on their Web site instead of the ordinary static pages currently in use by so many sellers and resellers.
**Our October 2004 Profile on STTC can be viewed HERE**
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Other Recent News from SoftNet |
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aaPress Release Source: SoftNet Technology
Press Release
Source: SoftNet Technology
Thursday August 18, 4:49 pm ET
SoftNet Technology Announces Second Quarter Results - Record Growth in Sales Reported Again
BERNARDSVILLE, N.J.--(BUSINESS WIRE)--Aug. 18, 2005--SoftNet Technology (OTCBB Symbol: STTC - News; German WKN#: A0B7RZ) is pleased to announce its second quarter results for the period ending June 30, 2005. STTC posted revenues of $350,000, an increase of approximately 50% over first quarter 2005 results of $230,000. In addition, these revenues reflect a more than 700% increase compared to the second quarter 2004.
STTC has recently bolstered its internal governance procedures with the addition of an internal audit committee and a control and procedures committee, which is reviewing its financial policies and accounting procedures. As a result of the committee's recommendations, certain policies have been implemented in order to ensure STTC's continued compliance with GAP accounting and SEC guidelines.
Due to these recent changes in accounting procedures, approximately $100,000 plus in additional booked revenue is not reflected in this statement. This upward revision will bring STTC Up to the projected revenue for the Quarter that was previously announced. SoftNet expects to file an amended 10Q for the second quarter to revise upward its second quarter report. It is of the utmost to management to report the more conservative revenue figure today to make sure that the additional revenue expected to be added to the revised report is accurate and complete.
"I'm very pleased with the advances STTC has made in the second quarter," says James M. Farinella, CEO. "Our growth rate is strong and sustainable. WholesaleByUs is rapidly growing and Indigo's contributions continue to expand very quickly. To help accommodate our growth, we strengthened our infrastructure considerably over the last quarter, with the addition of an Audit committee, a Procedures and Control committee and the retention of Mike Pollack."
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact Stephanie Soleas, Blue-Sky Solutions at (877) 4-BLUE-IR or sttc@blueskyir.com. You may also call the company directly at 866-898-4842 (local - 908-204-9911) James M. Farinella, CEO.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by SoftNet Technology Corp (STTC) may differ materially from these statements due to a number of factors. STTC assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
Contact:
For Investor Relations
Blue-Sky Solutions
Amy Woodel, (877) 4-BLUE-IR
sttc@blueskyir.com
or
SoftNet Technology
James Farinella, 908-204-9911
www.softnettechnology.com
Source: SoftNet Technology
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Financial Highlights For SoftNet |
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aa
Shares Outstanding - 117,556,000
52 week Hi /Low: $0.018 to $0.327
Avg Vol: 1,336,700 (200-day)
Market Cap: $25.7 Million
Fiscal Year End: 12-31
Industry: Computers-Hardware
Transfer Agent: Interwest Transfer Co. |
To view the latest SEC filings for STTC - the link is Here
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To Contact SoftNet Technology |
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Headquarters
James M. Farinella, CEO/PR/CB
1 Anderson Road, Suite 105
Bernardsville, NJ 07924 United States
Phone: (866) 898-4842 - Fax: (908) 204-0201
www.softnettechnology.com
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