Old news:
SoftNet Systems, Inc. Expands Strategic Options
SAN FRANCISCO--(BUSINESS WIRE)--Nov. 26, 2001--SoftNet Systems, Inc. (Nasdaq:SOFN), today announced that it is expanding the scope of its exploration of strategic options to include merger partners that do not focus on the use of the Company's net operating losses immediately.
"As previously announced, we have retained Bear Stearns & Co., as our financial adviser to explore strategic options for the Company," said Edward A. Bennett, Chairman of the Board. "However, to date, the Company and its adviser have been principally focused on potential partners that would use the Company's approximately $250 million of net operating losses in the relatively near term.
"While we will continue to explore such transactions, we think it is in the best interest of our stockholders that we also explore transactions which focus on our approximately $73 million of cash at October 31, 2001 and our status as a Nasdaq-traded public company. Since most of our stockholders invested in us as a technology company, we will be especially interested in transactions in that area."
Any proposal for a transaction should be delivered to John Kiernan, Vice President at Bear Stearns' New York Office, 245 Park Avenue, prior to December 31, 2001. |
