SoftNet Announces Stock Buy Back Plan
SAN FRANCISCO, Aug 16, 2000 (BUSINESS WIRE) -- SoftNet Systems, Inc.
(Nasdaq:SOFN) today announced that its Board of Directors has authorized a
stock
repurchase plan of up to 2.6 million shares of its common stock. The plan
takes
effect today and will be in effect for one year. The company may make these
common stock repurchases from time to time in the open market or in private
transactions, depending on market conditions.
SoftNet Chairman and Chief Executive Officer, Dr. Lawrence Brilliant, said,
"The
Board has taken this action as a mark of confidence in the company's
future. We
had over $196 million in cash and short-term investments and very little
debt,
as of June 30, 2000. The Board believes the new SoftNet Zone subsidiary,
the
growth of Intellicom and the decision to manage the ISP Channel for
profitability, make the company's shares an attractive investment at
current
market prices. This share buy back program in no way jeopardizes the
funding of
SoftNet's current business and development activities."
The company also announced that it will hold an investors seminar at its
San
Francisco headquarters at the beginning of October to brief analysts and
investors on its plans for the roll-out of SoftNet Zone.
About SoftNet Systems
SoftNet Systems, Inc. (Nasdaq:SOFN) is a leading global broadband Internet
services company.
SoftNet's Intellicom subsidiary combines broadband Internet services with
sophisticated two-way satellite technology to deliver a complete end-to-end
solution for ISPs, schools, government institutions and businesses.
Intellicom
utilizes state-of-the-art wireless technologies, broadband delivery,
data-push,
caching and multicasting services to build the Invisible Internet and
provide
the only viable total solution for interactive, on demand, multimedia
content
delivery.
SoftNet is also a majority owner and operator of SoftNet Zone, designed to
bring
broadband Internet services to such locations worldwide as airports,
hotels, and
convention centers frequented by mobile computing professionals. SoftNet
Zone
equity partners include CMGI, Compaq and Delta Air Lines. SoftNet Zone
technology partners include Nokia and Cisco. Today, SoftNet Zone's airport
storefront property, Laptop Lane, is operational in many U.S.-based
international airports with contracts for many more in the near term.
SoftNet is also known for its leading-edge entry into the cable Internet
access
business through its ISP Channel. ISP Channel currently services thousands
of
cable customers nationwide with two-way broadband data services.
For further information about SoftNet Systems, Inc. and its subsidiaries,
please
visit www.softnet.com, or call 415/365-2500.
This press release contains forward-looking statements concerning the
company's
anticipated future operating results, future revenues and earnings or
adequacy
of future cash flow. (These forward-looking statements include, but are not
limited to, statements containing the words "expect," "believe," "will,"
"may,"
"should," "project," "estimate," and like expressions, and the negative
thereof.) These statements, including the risks attendant to a growing
business
in a new industry as well as those risks described in the company's
Quarterly or
Annual Report. |
