BERNARDSVILLE, N.J., Nov. 3, 2004 (PRIMEZONE) -- SoftNet Technology (OTCBB:STTC) (German WKN No.: A0B7RZ) announced today that Wholly-owned Subsidiary, WholesaleByUs, LLC (WBU) accelerated sales at a much quicker rate than previously forecasted and profitability of the new STTC subsidiary increased at a quicker pace as well.
Daily sales in the last week of October were approximately 400% greater than daily sales during the first two weeks of the month. The current daily sales figures already put STTC on pace to surpass previous November projections. Even with finalizing the acquisition of WBU late in September and the interruption of moving to a new facility in October, WholeSaleByUs easily grew daily sales at rates never thought possible.
To project new and higher sales figures for November would be too difficult due to the unexpected explosion in sales experienced in the last 3 weeks. If daily sales increase even further as expected, November and even December sales projections will subsequently increase well above previous forecasts. Additionally, WBU is not sure the date of expanding product offering to a 3rd portal. The expansion to an additional portal should tremendously increase sales even further providing for a truly breakout quarter for SoftNet Technology.
Contrary to post holiday sales, SoftNet Technology expects sales to remain strong for the company into the New Year due to expansion of the WBU system to the European Community. Plans are already being put into place for expansion to foreign markets beyond the United States and European markets.
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.