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SoftNet Technology Cancels 150 Million Shares 1/31/2007
ISELIN, N.J., Jan 31, 2007 (*********wire via COMTEX News Network) -- SoftNet Technology Corp. (OTCBB:STTC) (German WKN#:A0B7RZ) is pleased to announce that it has obtained a . This will reduce the number of shares outstanding from approximately 450 million to approximately 300 million -- about a 33% reduction.
These shares were issued in the name of Pini Ben David as collateral for a restricted stock loan that never funded. A demand for the shares was made approximately one year ago as the failure to fund caused a default on the part of Mr. Ben David. These shares were not returned. Therefore, SoftNet filed a legal action to declare the shares no longer valid and removing them from the issued and outstanding. Ultimately, an Order was issued by the Supreme Court of the State New York, in and for New York County, directing that the shares be canceled of record by Registrar and Transfer Company, the Company's transfer agent.
Mr. James Booth, CEO of SoftNet Technology stated, "We are very pleased to have finally completed the task of canceling these shares. The reorganization of SoftNet's business structure has been finalized including bringing in a topnotch management team. We will continue to take the appropriate steps as a company including adding high-level personnel to the Board of Directors and Management that will enable the continued growth of the business operations of SoftNet well into the future."
-------------------- Trading is a blast!!
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I played this stock and made some money a few years ago. I got back in after talking to the CEO one day and then was only able to get out with the skin of my teeth. There is a news report on RB that describes how the owner of Inspara was caught with both hands (up to his elbows actually) in the cookie jar. James Farinella moved on and is selling his shares. last form 4 showed 4mm for sale. He has around 24mm, most bought out of his pocket, if I am not mistaken. STTC according to their 10q's have been paying bills with shares and have become a dilution machine. If they ever drop into the .00X range i may buy some. Good info on RB about some of the shenanigans that went on. I know that is almost an oxymoron having good and RB in the same sentence but... TMAN...
-------------------- In the end, trust only yourself when trading stocks.
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Oh I know....I meant hoping the buying pressure would continue. This one has done well in the past...I think retiring these shares should keep it going north (not just a quick run).
-------------------- Study before you buy, Sell before you think about it....
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. This will reduce the number of shares outstanding from approximately 450 million to approximately 300 million -- about a 33% reduction. 
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