BERNARDSVILLE, N.J., Oct. 4, 2004 (PRIMEZONE) -- SoftNet Technology (OTCBB:STTC) announced today that the President and CEO has now purchased more than 750,000 shares of STTC in the open market. The company's CEO purchased 150,000 shares during the last week of September.
This now marks the 4th time in just over one month that the CEO of STTC has purchased shares in the open market. Even though the President/CEO has already acquired such a large position, he informs the company that he intends to further add to his purchases.
It is evident that the acquisition of Wholesalebyus, LLC has had an impact on his decision to purchase the shares in the market. However, the CEO has expressed his excitement about the recent developments with the SecureTime Biometric ID System developed by STTC's other wholly owned subsidiary.
"I am just so excited to see this company coming together and developing at a pace quicker and more robust than I first thought possible," said Mr. James M. Farinella, CEO/President of SoftNet Technology. "I feel even stronger about STTC with every day that passes. The Holiday season should really provide for a tremendous forward push for the overall company."
Four 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 4.2 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. (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.