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.
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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 =
Posts: 5120 | Registered: Jun 2004
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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.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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