SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to
Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 1998
SOFTNET SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
NEW YORK
(State or other jurisdiction of incorporation)
1-5270 11-1817252
(Commission File Number) (I.R.S. Employer Identification Number)
520 Logue Ave., Mountain View, CA 94043
(Address of principal executive offices) (Zip Code)
(650) 965-3700
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. OTHER EVENTS
On April 6, 1998, A.J.R. Oosthuizen resigned as President, C.E.O. and a Director
of the Registrant and the Registrant issued the press release attached as
Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description of Document
----------- ---------------------------------------------
99.1 Press release dated April 6, 1998 issued by
the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOFTNET SYSTEMS, INC.
/s/ Lawrence B. Brilliant
-----------------------------
Lawrence B. Brilliant
C.E.O.
Dated: April 24, 1998
SoftNet Announces Organizational Changes, Strategic Refocusing
MOUNTAIN VIEW, Calif., April 6, 1998 -- SoftNet Systems, Inc. (Amex: SOF), today
announced that A.J.R. Oosthuizen, President and C.E.O., would be leaving the
Company for personal reasons. "We will miss Johann's drive and leadership,"
commented Ronald I. Simon, Chairman. "However, we are very pleased that Mr.
Oosthuizen will continue to be available to assist management on a consulting
basis."
Mr. Simon continued, "At the same time, we are pleased to announce a new
management team and a new strategic refocusing of the business. Dr. Lawrence B.
Brilliant, who joined our Board in January, has agreed to serve as CEO on an
interim basis," said Mr. Simon. Dr. Brilliant was co-founder of The Well, a
network service company which Wired Magazine has called "the most influential
online community in the World." Most recently, he was President and CEO of
Brilliant Cards, a telephone debit and calling card company, and Vice Chairman
of MVX Communications, a switched telephone reseller.
The Company also announced that Mr. Garrett Girvan has joined as Chief
Operating Officer and CFO. For thirteen years prior to joining SoftNet, Mr.
Girvan worked for Viacom Cable as Chief Operating Officer and prior to that was
Chief Financial Officer. Mr. Girvan was involved in the development of Viacom's
new broadband services and brings widespread industry expertise for the
broadband service offered to ISP Channel Affiliates.
Ian Aaron, President of MediaCity World, Inc., was named to the additional
post of Vice President of Business Development and Chief Technology Officer of
the Company. "We have been making significant strides in building our ISP
Channel Affiliate base and management team over the past three months," stated
Mr. Aaron. "We have built an excellent reputation with our no cost turn-key ISP
Channel offering that allows us to focus on the unique opportunity to bring high
speed Internet Access to the 35 million homes served by Independent Cable
Operators. Media City has affiliate agreements with more than 20 Cable Operators
to offer ISP Channel high speed Internet service to their subscribers.
As part of the Company's strategic refocusing, the Company also announced
today that it has received offers to purchase its Telecommunications subsidiary,
and will be reviewing its options.
SoftNet operates three divisions. The Document Management Division develops,
sells and supports document factory automation and warehousing systems. The
Company's Telecommunications Division markets and installs telecommunications
and datacommunications solutions. The Internet Division provides comprehensive
business-to-business Internet Services including Internet Access and Web
Development along with "The ISP Channel(SM)" branded program for cable and
wireless cable operators. News and information are available at www.softnet.com.
