BERNARDSVILLE, N.J., Sept. 23, 2004 (PRIMEZONE) -- SoftNet Technology (OTCBB:STTC) announced today that SoftNet Technology and WholesaleByUs, LLC (WBU) has entered into a final binding agreement to complete the acquisition of WBU. An audit of WBU is being completed and a final payment of $37,000 USD will be paid upon the completion of the audit.
However, a complete review and due diligence of WBU has been completed making the audit of the new subsidiary just a formality as required by law. WBU is a technology-driven company that developed proprietary technology to sell products through the Internet.
In the short existence of one year, WBU has been able to reach the Platinum seller status on EBAY and is close to reaching the highest level -- Titanium. WBU designed a business model that allows the company to integrate with other Internet sellers programs as well as with Paypal's system developers program. All sales can be tracked immediately to allow for the quickest shipping time possible.
WBU has been able to achieve and maintain a 99.5% satisfaction feedback rate or higher on EBay. The shopping cart created by WBU has integrated a back-end system to process orders, inventory, purchase ordering system, sales tracking and an email system. WBU has been able to provide vendor integration into the equation to create a more efficient process.
WBU's President estimates sales to reach over $150,000 USD per month by the end of 2004. Additionally, he sees sales reaching $500,000 a month in 2005 in the USA alone. However, immediate expansion to Countries in Europe and other lucrative markets is in the process of being setup and sales through these new web portals is expected to occur in the near future. Please visit www.wholesalebyus.com to get a better feel for the company. Additionally, STTC will update it's website with all of the exciting and interesting things happening.
Please visit our website at www.softnettechnology.com for more information or call the company directly at 866-898-4842.
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 statement 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.