Message #37 From:
NewsBot Date: August 18, 2005 09:49:00 AM
STTC News SoftNet Technology Announces Second Quarter Results - Record Growth in Sales Reported Again
BERNARDSVILLE, N.J.--(BUSINESS WIRE)--Aug. 18, 2005--SoftNet Technology (OTCBB Symbol: STTC) (German WKN#: A0B7RZ) is pleased to announce its second quarter results for the period ending June 30, 2005. STTC posted revenues of $350,000, an increase of approximately 50% over first quarter 2005 results of $230,000. In addition, these revenues reflect a more than 700% increase compared to the second quarter 2004.
STTC has recently bolstered its internal governance procedures with the addition of an internal audit committee and a control and procedures committee, which is reviewing its financial policies and accounting procedures. As a result of the committee's recommendations, certain policies have been implemented in order to ensure STTC's continued compliance with GAP accounting and SEC guidelines.
Due to these recent changes in accounting procedures, approximately $100,000 plus in additional booked revenue is not reflected in this statement. This upward revision will bring STTC Up to the projected revenue for the Quarter that was previously announced. SoftNet expects to file an amended 10Q for the second quarter to revise upward its second quarter report. It is of the utmost to management to report the more conservative revenue figure today to make sure that the additional revenue expected to be added to the revised report is accurate and complete.
"I'm very pleased with the advances STTC has made in the second quarter," says James M. Farinella, CEO. "Our growth rate is strong and sustainable. WholesaleByUs is rapidly growing and Indigo's contributions continue to expand very quickly. To help accommodate our growth, we strengthened our infrastructure considerably over the last quarter, with the addition of an Audit committee, a Procedures and Control committee and the retention of Mike Pollack."
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact Stephanie Soleas, Blue-Sky Solutions at (877) 4-BLUE-IR or sttc@blueskyir.com. You may also call 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.
