Message #39 From:
NewsBot Date: October 19, 2005 09:00:00 AM
STTC News SoftNet Consolidates Business Operations and Sells 24/7 High Speed Hotel Internet Customer Support Center to Seamless Wi-Fi
BERNARDSVILLE, N.J.--(BUSINESS WIRE)--Oct. 19, 2005--SoftNet Technology (OTCBB Symbol: STTC) (German WKN#: A0B7RZ) is pleased to announce a consolidation and centralized focus on its high profit margin, high growth software and Information Technology business divisions. In line with SoftNet's increased focus on software and IT consulting, the company has sold its 24/7 customer service support center to Seamless Wi-Fi, Inc. (OTCBB: SLWF) for $100,000 in equity.
Upon an extensive and ongoing evaluation process, Softnet Technology will centralize its business operations during the next 30 days, focusing on its software and IT consulting concerns and divest itself of business units that fall outside of these criteria. As a significant step towards maximizing internal synergies and brand-building efforts, all continuing operations of Softnet, including Indigo Technology Services will conduct future business under the name of SoftNet Technology.
SoftNet has sold Indigo's hotel Internet provider services division utilizing the High Speed Wired and Wireless Internet GuestWorx system. This includes the 24/7 call center for support of the Hotel guests using the GuestWorx High Speed Internet access System and the use of the GuestWorx software. Indigo will continue to install High Speed internet access in hotels.
Indigo, over the last 5 months, has put a very high focus on the software, IT consulting, small business services and web applications divisions. The 24/7 Customer support service for the hotels could develop into a very nice business, but would require a more focused effort to make such progress in that business line happen. Seamless Wi-Fi has that focus, making this transaction a natural.
"We will continue to evaluate the overall operations of SoftNet in an effort to increase efficiencies, improve productivity, and bring SoftNet to profitability," said Mr. James M. Farinella, CEO/President of SoftNet Technology. The Company will focus exclusively on those businesses providing the greatest profit potential. These mark our first steps towards that end."
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.
