BERNARDSVILLE, N.J., Sept. 28, 2004 (PRIMEZONE) -- SoftNet Technology (OTCBB:STTC) announced today that the President and CEO purchased more than 600,000 shares of STTC in the open market. The purchases occurred from August 18, 2004 to just last week.
This now marks the third time in just one month that the CEO of STTC has purchased shares in the open market. The President/CEO informs the company that he intends to further add to his position. The Company is extremely pleased that the CEO has this much confidence in the future prospects of the Company by purchasing shares in the open market.
It appears that the recent acquisition of Wholesalebyus and the expected 500% growth in monthly revenues by December of this year is what is driving the CEO's decision to be so aggressive in his purchases. Additionally, Solutions Technology has made great strides with the SecureTime Biometric ID System. These two factors combined appear to provide for a bright future for STTC.
"I believed there existed great value in our Company when I made the first purchases in August," said Mr. James Farinella, CEO/President. "I feel even stronger about where STTC is today and where we are heading in the future. We appear to be ready to grow sales at levels that we had not even thought possible when we first entered into this venture. The Company's future appears brighter than it ever has."
Three Form 4's have been filed as required with the SEC and can be viewed by going to the Company's website www.softnettechnology.com. Then click on the link for SEC Filings. It should be noted that purchases were made from as low as 1.9 cents to as high as 3 cents.
Please visit our website at www.softnettechnology.com for more information or call the company directly at 866-898-4842 (local: 908-204-9911).
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 (OTCBB: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.