ISELIN, N.J., May 9, 2007 (PRIME NEWSWIRE) -- SoftNet Technology Corporation (OTCBB:STTC) (German WKN:TG6) announced today the expiration of a warrant originally issued to Sabrina Holdings.
In its Form 8-K filing of August 3, 2006, the Company announced the retirement and cancellation of $1,030,000 of long term debt in exchange for a Warrant to purchase up to 20,000,000 shares of the Company's Class A Common Stock at an exercise price of $.035 per share. That Warrant expired on April 30, 2007.
"The expiration of the Warrant reduces the number of shares the Company may have been obligated to issue in the future in the event the share price climbs. It is unfortunate that in spite of the performance of the Company over the past year the share price was not at a level commensurate with the progress recorded. Management continues to focus on growing the Company and achieving profitability. We are confident that the combination of the attainment of revenue projections and cost containment activities will result in the Company reporting a profitable position in the upcoming months" said Jim Booth, CEO.
Please visit our website at http://www.softnettechnology.com for more information. For Investor Relations, please contact James Booth, CEO, at 908-212-1799, option 7.
To stay abreast of what's happening at SoftNet, subscribe to our new monthly newsletter at http://www.softnettechnology.com/tcc/Newsletter.htm.
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 statements 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.