BERNARDSVILLE, N.J., Nov. 8, 2004 (PRIMEZONE) -- SoftNet Technology (OTCBB:STTC) (German WKN#:A0B7RZ) announced today that the President and CEO has now purchased more than 1,000,000 shares of STTC in the open market since August 18, 2004. The CEO followed through on his previous announced intentions to purchase more than the 1 million shares but he claims to be so excited about the new developments that he may continue to purchase even more shares.
Wholesalebyus, LLC (WBU) continues to surpass previous forecasts in sales. It is expected that additional product lines will be added to the mix, which should even further increase projections to levels that were not even contemplated just one month ago. It appears that management may increase sales projections for November by as much as 35 percent. New increases in December projections are not yet able to be set, but it is expected that a substantial increase will be made.
With expansion to the European community expected shortly, sales in the New Year are expected to continue to be explosive through 2005 and even into 2006. Additionally, there seems to be very exciting things brewing with STTC's other wholly owned subsidiary, Solutions Technology and its product, the SecureTime Biometric ID System. Solutions Technology has recently increased staff and has begun to expand marketing for the product. Early indications are very positive. Sales from this technology subsidiary should begin to contribute to the overall company in the near future.
"I imagined special things for SoftNet Technology back in August when we acquired Wholesalebyus," said Mr. James M. Farinella, CEO/President of SoftNet Technology. "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. What we are experiencing is the true definition of explosive growth."
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 10.6 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.