SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) February 22, 1999
SoftNet Systems, Inc.
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(Exact name of registrant as specified in charter)
New York 1-5270 11-1817252
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
650 Townsend Street, Suite 225 San Francisco, CA 94103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (415) 365-2500
N/A
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. OTHER EVENTS
Between February 22 and February 26, 1999, the holders of the Series B
Convertible Preferred Stock converted all of their shares of Series B
Convertible Preferred Stock into 782,352 shares of Common Stock. As a result,
there are no shares of Series B Convertible Preferred Stock outstanding.
<PAGE>
SIGNATURES
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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.
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(Registrant)
Date: March 5, 1999 By: /s/ Douglas S. Sinclair
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Douglas S. Sinclair
Chief Financial Officer
<PAGE>
Exhibits
99.1 News Release announcing conversion of Series B Convertible
Preferred Stock.
Exhibit 99.1
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News Release Contacts:
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Jeffrey Goldberger
Investor Relations for SoftNet
Stern & Co.
212-888-0044
[email protected]
Douglas Sinclair
Chief Financial Officer
SoftNet Systems
415 365 2504
[email protected]
SoftNet Systems, Inc. Reports Conversion of Series B Convertible Preferred
Stock
San Francisco, Calif., March 5, 1999--SoftNet Systems, Inc. (AMEX: SOF), today
filed an 8-K with the Securities and Exchange Commission reporting that between
February 22 and February 26, 1999, the entirety of SoftNet's Series B
Convertible Preferred Stock was converted into an aggregate of 782,352 shares of
common stock. The Series B Convertible Preferred Stock was issued in conjunction
with a $10 million private placement completed on May 29, 1998.
The Series A Convertible Preferred Stock had previously been converted into
712,964 shares of common stock during April and November of 1998.
About SoftNet Systems, Inc.
SoftNet Systems, Inc. is a leading high-speed broadband Internet access and
content services company focused on partnering with small to mid-sized cable
operators. Through its ISP Channel, the company provides a complete turnkey
Internet service to cable affiliate partners. Complementing the affordable
high-speed Internet access made available by the company, is its LOCALE service,
a series of local user-friendly community e-commerce, information and
entertainment portals built around local retailers and community organizations
in service areas of each participating cable partner. Through its Intellicom
subsidiary, the company markets a satellite-based VSAT high-speed commercial
Internet link called T1 Plus.
Intellicom also provides SoftNet with unique cost-saving technology through
these VSAT links to SoftNet's network operations center (NOC), which replace
more expensive terrestrial telecommunications data lines. SoftNet's NOC is
located in Silicon Valley, while its corporate headquarters is located in San
Francisco.
For further information about SoftNet and its services, please visit
www.softnet.com and www.ispchannel.com.
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Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: Except for historical information, the matters discussed in this news
release that may be considered forward-looking statements may be subject to
certain risks and uncertainties that could cause the actual results to differ
materially from those projected, including uncertainties and other risks
detailed from time-to-time in the Company's Securities and Exchange Commission
filings.
