CRANFORD, N.J., July 26, 2006 (PRIMEZONE) -- SoftNet Technology Corp. (OTCBB:STTC) (German WKN No.: A0B7RZ) is pleased to announce that $1,030,000, plus accrued interest has been eliminated from SoftNet's balance sheet. This leaves approximately $400,000 of long term debt held by current CEO James M. Farinella.
The approximately $1 million of retired long term debt was converted into a total 5 million restricted shares of stock (one year restriction) and 20 million warrants convertible at $.035. These warrants will expire at 5 PM Eastern Standard Time, on April 30, 2007, if not exercised. There will be an additional one-year restriction from the time of conversion (if conversion does occur) on all warrants that are exercised and converted into Class A Common Shares. A complete reduction of all of the company's remaining long term debt is currently being negotiated.
On other corporate matters, David Facciani resigned from the Board of Directors effective June 30, 2006. A new addition to the Board is expected in the next few weeks. A qualified stock option plan is being discussed and is going to be instituted for the SoftNet employees and sales personnel as an incentive to continue to expand the sales and profitability of the Company.
Mr. James M. Farinella, CEO of SoftNet Technology, stated, "We are very pleased to have retired this debt. We are really creating a fundamentally strong Company. Putting in place the proper corporate structure, combined with the great management team and sales force, is really positioning SoftNet for a very bright future."
Please visit our website at www.softnettechnology.com for more information, or for Investor Relations, please contact 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 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.
CONTACT: SoftNet Technology Corp. James M. Farinella (866) 898-4842 (908) 204-9911 www.softnettechnology.com Posted by stocktrader22 on :
Not much volume, how do L2 look?
Posted by Prdponce on :
.03 x .033 2x 1 .029 x .034 3 x 3
Posted by Prdponce on :
.032 x .033
Posted by stocktrader22 on :
Trying to get filled at .032 and can't.
Posted by Prdponce on :
.033
chart is looking good..IMO
Posted by onecentlotto on :
Looks Good! The money i just made on agia is going in sttc
Posted by Dustoff 1 on :
'Been in this one for awhile... In at .028-.029
This stock is due...Very difficult to buy on bid.
Posted by Dustoff 1 on :
Very hard to buy on the ask now.. Watch for a buy at 14250 at .0335
Posted by stocktrader22 on :
What's the float on this?
Posted by Dustoff 1 on :
That buy took for ever about 5 minutes.
Posted by stocktrader22 on :
Is this a swing trade here?
Posted by Prdponce on :
one of the reason for the drop was the S-8 in june for 5M shares... that should be done now...
last 10Q
STOCKHOLDERS' EQUITY (DEFICIT) Preferred Stock, Series A, $1.00 Par Value; 5,000,000 shares authorized, 0 shares issued and outstanding - Preferred Stock, Series B, $.001 Par Value; 5,000,000 shares authorized, and 0 shares issued and outstanding - Common Stock, Class A, $.001 Par Value; 500,000,000 shares authorized, 388,619,690 shares issued , 150,000,000 and 0 shares held in escrow and and 238,619,690 shares outstanding 388,619 Common Stock, Class B, $.001 5,000,000 shares authorized and 4,000,000 shares issued and outstanding 4,000 Stock issued as collateral for note payable (900,000) Additional paid-in capital 27,397,662 Accumulated other comprehensive income (loss) 65,498 Deficit (25,375,496)
Total Stockholders' Equity (Deficit) 1,580,283
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 3,929,506 =
Posted by stocktrader22 on :
Aww screw it...in at .034, i like it for a swing trade.
Posted by Prdponce on :
getttting ready to run
Posted by Prdponce on :
.035
Posted by ClayN on :
here we go!!!!
Posted by stocktrader22 on :
afternoon run maybe? Good volume
Posted by stocktrader22 on :
lots of buys at the ask..should move
Posted by Prdponce on :
.035 x .036
Posted by Prdponce on :
.036 x .37
Posted by stocktrader22 on :
Getting hit hard now .036x.038
Posted by Prdponce on :
.038 x .039
Posted by Prdponce on :
.04 hehehe
Posted by stocktrader22 on :
.04x.041 prdponce whats the L2 look like?
Posted by Prdponce on :
.043
Posted by stocktrader22 on :
Here comes a pullback.
Posted by stocktrader22 on :
Trying to hold it back with the spread
Posted by Prdponce on :
going back up
Posted by Up on :
You're on a bit of a roll today Prdponce. Good job!
Posted by Dustoff 1 on :
Up... this stock 'been on the Hot stocks board for sometime now..
Gave a heads " UP " yesterday..at .028
Guess ya didn't see it,,,Was ya BBQing sumpin? Posted by Dustoff 1 on :
moving up again .043
.048 building
Posted by Prdponce on :
quote:Originally posted by Dustoff 1: Up... this stock 'been on the Hot stocks board for sometime now..
Gave a heads " UP " yesterday..at .028
Guess ya didn't see it,,,Was ya BBQing sumpin?
Thanks up..
Sorry Dust
The only place I visit in Allstocks is this trhead... i dont read much either... Just post....
Posted by Up on :
quote:Originally posted by Dustoff 1: Up... this stock 'been on the Hot stocks board for sometime now..
Gave a heads " UP " yesterday..at .028
Guess ya didn't see it,,,Was ya BBQing sumpin?
Sorry Dust, missed your heads up. Speaking of grillin though, I left you a question on the grillin thread on Off Topic the other day. Take a look at it if you get a chance. Thanks.
Posted by Prdponce on :
.043 x.045
Posted by Prdponce on :
.045 x.047
Posted by Prdponce on :
moving some more
Posted by ClayN on :
Up 57% so far
Posted by ClayN on :
CORRECTING and REPLACING -- Pre Earnings Release -- SoftNet Technology Increases Revenue by More Than 38 Percent in 2nd Quarter 2006
CRANFORD, N.J., July 31, 2006 (PRIMEZONE) -- In a release issued earlier today, the portion of the headline which read 3rd Quarter 2006 should have read 2nd Quarter 2006. The full release follows.
SoftNet Technology Corp. (OTCBB:STTC) (German WKN No.: A0B7RZ) is pleased to announce that they have expanded total revenue by more than 38%. Preliminary numbers show revenue jumping from approximately $1,093,523 to $1,518,904. A more detailed explanation of the quarterly results will be released when the Company's financial statements are filed with the SEC.
Growth continues in all areas of the Company. Expansion to the Northwest as well as internationally continues. The number of Information Technology Professionals and in-house employees since the beginning of this year has increased from approximately 26 to over 75. Additional expansion is expected both organically and through strategic acquisitions.
SoftNet has been able to build relationships with such companies as: T-Mobile, Network Appliance, Eclipsis Corporation and CompUSA. The Company maintains offices in the Northeast, Southeast, South and the Northwest regions of the United States.
"It's hard to believe, but we actually eliminated most long term debt and increased sales at the same time," said Mr. James M. Farinella, CEO of SoftNet Technology. "Also, we not only extended the first quarter growth into the second quarter, but actually increased the rate of growth. I do not know the percentage of growth that we will experience in the 3rd quarter, but I will say that it again will be phenomenal."
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact 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 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.
CONTACT: SoftNet Technology Corp.James M. Farinella (866) 898-4842 or (908) 204-9911 www.softnettechnology.com Posted by liberty01 on :
still looking good for me. Prdponce got in when you said and cant believe everyone is still quite on this one. Anyways just wanted to say thank you!
Posted by ClayN on :
SoftNet Technology Eliminates Remaining Long Term Debt -- CEO Takes Stock in Exchange for Outstanding Loans and Accrued Interest 8/2/2006
CRANFORD, N.J., Aug 2, 2006 (PRIMEZONE via COMTEX News Network) -- SoftNet Technology Corp. (OTCBB:STTC) (German WKN#:A0B7RZ) is pleased to announce that approximately $400,000 plus accrued interest that was due to SoftNet CEO, James M. Farinella, has been converted into 20 million shares of Class A Common. The Cancellation and Discharge of Loan Agreement was executed Monday July 24, 2006.
SoftNet's CEO cites the continued quarter over quarter growth of the Company and the expectation for growth to be sustained into and through fiscal years 2007 and 2008 as his willingness to convert this debt in to equity. The addition of a stellar management team, as well as a list of potential acquisitions that will respectively build and add fundamental value in the short and long term, was also mentioned as other reasons for the purchase of these shares.
Mr. James M. Farinella, CEO of SoftNet Technology stated, "I am extremely excited to purchase these shares and add to my position in SoftNet. We are creating an incredible environment for growth, a great corporate structure, an experienced management team and sales force, and now a solid balance sheet. I am committed to the future of SoftNet and will make further investments in the Company if required to sustain the growth and momentum SoftNet has gone through in the recent months."
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact 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 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.
Hey peaser...when are the financials due out?
Posted by BooDog on :
bein weary weary quite....this dogs huntin a wabbit!
I don't see them yet 10
Posted by 10of13 on :
*whispers*...OK...
Posted by Peaser on :
The financials are due when they want to release them. Hopefully withing the coming days.
Posted by 10of13 on :
LOL...thanks for "exact" time frame Pease...
Posted by Peaser on :
Nice bounce off .055
Posted by Peaser on :
If it gets back up through .059, it could run IMO.
Posted by skip on :
Went a little DD crazy here, thought I would share...
=================================
I like the latest news...
STTC -- SoftNet Technology Corp. Class A Com ($0.001)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Several Upper Level Management of SoftNet Technology Corp. Including the CEO, President and Director of Sales, Purchase STTC Shares in Open Market
CRANFORD, N.J., Aug 8, 2006 (PRIMEZONE via COMTEX) -- SoftNet Technology Corp. (OTCBB:STTC) (German WK:A0B7RZ) is pleased to announce that as many as 4 upper level managers, officers and Board of Director members purchased shares of SoftNet Technology Corp. in the open market Monday August 7, 2006. CEO of SoftNet, James M. Farinella, invested $100,000 directly into SoftNet at $.067 purchasing 1,492,537 shares. The CEO invested directly into the Company to support and accelerate the organic growth of SoftNet. Kevin Holt, President of SoftNet bought shares in the market from $.065 to as high as $.0673.
Several of the individuals who purchased shares pointed out that every regional operation of SoftNet showed growth in the second quarter and noted the expansion of business operations to new areas of the United States and internationally. In addition, SoftNet's Small/Medium size business offerings are gaining traction in an untouched market segment and the Company's flexible approach to the Enterprise consulting business is bringing SoftNet a high customer satisfaction rating.
Mr. Kevin Holt, President of SoftNet Technology stated, "We have developed a culture of teamwork and empowerment at SoftNet in which all our people participate in the business building process and are rewarded for their initiatives. With this kind of method and spirit, there is no limit as to how far we can grow together."
Mr. James M. Farinella, CEO of SoftNet Technology stated, "I am so very excited to see the new management team expressing their confidence in the future of this Company by purchasing shares of STTC in the open market."
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact 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 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.
As shown in the accompanying condensed consolidated financial statements the Company has incurred significant recurring losses of $1,172,216 and $1,847,424 for the three months ended March 31, 2006 and 2005, and has a working capital deficiency of $1,334,493 as of March 31, 2006. The Company in January 2006 acquired InsPara, and the full impact of this acquisition will impact operations later on this year. There is no guarantee that the Company will be able to raise enough capital or generate revenues to sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period
Even with those points brought up, I still like the stock. The CEO owns over 24mil shares now. That's a pretty heavy interest. Plus, he was paid in $400k in stock in lieu of a salary not too long ago. To me, that says that he believes in the company, and he feels this stock is going up.
Peaser mentioned the 3 year chart, and I agree, look at late september 2004, looks very similar to the current chart pattern forming, pay special attention to the curl upward the 50 day moving average is forming...look familiar?
Ok, there is your free DD for the day courtesy of skip. Feel free to discuss. Enjoy! Hope it helps!
Posted by tigercat619 on :
SoftNet Technology Corporation Receives Strong Upgrade by Respected Research Firm; Management Reports 38 Percent Increase in 2nd Quarter 2006 Revenues and Signed Contracts with Verizon, EMC Storage, Transamarerica and Network Appliance SoftNet Technology Corp. (OTC BB:STTC) (German WKN No.: A0B7RZ) is pleased to announce a well-respected firm, TRI-STATE Capital (TSC), has upgraded their equity rating on STTC. This strong upgrade comes at a time when the company has reported a 38% surge in preliminary second quarter 2006 revenue from $1,093,523 to $1,518,904. This upgrade is also due to the company eliminating long-term debt and expanded their national reach of IT services through contracts with Verizon, EMC Storage, Transamerica and Network Appliance.
TSC is noted for their work with, account executives, analysts, portfolio managers, institutions, venture capital investors, individual investors and the media. To view the entire independent research report, please click on the attached URL: http://www.otclive.com
Mr. James M. Farinella, CEO of SoftNet Technology states, "We are honored to have a quality independent research firm review our overall operations, progress and to provide the resulting upgrade in our stock. This offers further confirmation to our shareholders that our company is headed in the right direction". Mr. Farinella further stated, "We anticipate continued record revenue growth for the remainder of 2006 and 2007. Several upper level management of SoftNet Technology Corp has purchased shares in the open market. This management includes, the CEO, President and Director of sales."
Please visit our website at http://www.softnettechnology.com for more information or for Investor Relations, please contact the company directly at 866-898-4842 (local 908-204-9911) James M. Farinella, CEO.
About SoftNet Technology Corporation:
SoftNet Technology Corp. is a Professional Services company focused on providing high-end consulting to enterprise and service provider customers that want to maximize the business value of their IT infrastructure investment. SoftNet has a strong focus in providing technology infrastructure services with specific capabilities in Information Security, Network Economics, Internetworking, Network Management, IP Telephony, Storage, Application Performance and Data Center Migration/Consolidation.
Forward-Looking Statements:
This press release contains forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially.
Gapping up pretty nice this morning. Should be a good run!
Posted by skip on :
yeah, wow, looks good!
Posted by tigercat619 on :
definitely. up almost 20%
Posted by 10of13 on :
WhoooHooo...what a wonderful Morning!
Posted by R.A. on :
Looking nice for now.
Posted by tigercat619 on :
Think we will see the 0.08's?
Posted by invester on :
Wow, this looks great. Only 51 million outstanding. I bought 100k at .077
Posted by invester on :
Verizon, EMC Storage, Transamerica and Network Appliance These are 4 of the biggest players out there.
Posted by tigercat619 on :
the volumes moving but it looks like were in for a shake..
Posted by 10of13 on :
This has been great for the past week or so...
Posted by 10of13 on :
The gap may need to fill..not sure...
Posted by tigercat619 on :
Definitely. I have been in it for a couple weeks. Just seeing 6 PR's in 3 days means something is going on!
Posted by invester on :
Until the last PR, this was only a so, so stock. The 4 contracts solidifies it for me. Is my O/S share count accurate? 51m.
Posted by MoneyMoneyMoney on :
quote:Originally posted by 10of13: The gap may need to fill..not sure...
There have been a few times that this has started to move and not filled the gap...
Posted by Peaser on :
Just came out. Hoping for a dip in the .06's in the next week for re-entry. Hope I'm not wrong.
Posted by Wangdo on :
financials just came out or what???
haven't seen anything yet
Posted by tmanfromtexas on :
Up over 300% since the bottom of .026. Long term debt reduction, Insiders continue to buy on the open market, new contracts... That high of .32 may fall if they continue to provide good positive information over the coming months. Also the shares traded today were an all time high for this stock if my memory serves me correct. TMAN...
Posted by stocks1984 on :
keep an eye on this today and this week, probable bounce from base
Posted by stocks1984 on :
moving fast
Posted by GlassCrasher on :
Dipping now
Posted by stocks1984 on :
haha, mm's fooling you?
Posted by showme$ on :
guys! i am kinda new around here, could you guys tell me a website where i can see the latest news on penny stocks?
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