BERNARDSVILLE, N.J., Oct. 13, 2004 (PRIMEZONE) -- SoftNet Technology (OTCBB:STTC) announced today that WholesaleByUs, LLC (WBU) has experienced a dramatic increase in sales in just the first week since offering product for sale on Amazon.com. The sales in the first week are more than double from what WBU was generating just prior to going live on Amazon.com.
Monthly revenue is expected to immediately increase by approximately 200% to 300% in the current month. This increase is about double the amount than was originally expected. It is now possible that monthly sales are to jump from about $25,000 per month in the 3rd quarter that just ended, to $200,000 in December of this year. However, WBU plans on having 10,000 plus products offered by the end of this week alone, which is a more than 100% increase from the 4,400 products that were offered in the first week on Amazon.com.
Baring anything unforeseen, STTC will most likely increase year-end projections even further. Just this week, WBU completed the move to a new facility. While this move has taken about 45 days to complete and has somewhat muted 3rd quarter results, it will now allow for the rapid expansion of sales into and through the 4th quarter to be handled and managed in an efficient manner.
"I was aware of the potential that existed but was not sure if this exponential growth would be realized," said Mr. James M. Farinella, CEO/President of SoftNet Technology. "Now I not only know that we will meet the original sales estimates, but I am highly confident that we will far exceed them. 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."
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 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.
Please visit our website at www.softnettechnology.com for more information or 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 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.