SoftNet Announces Stock Buy Back Plan
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 16, 2000--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 http://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.
CONTACT: SoftNet Systems, Inc., San Francisco
Cindy Wyrick, 415/343-2325
[email protected] mailto:[email protected]
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: CABLE ELECTRONIC GAMES/MULTIMEDIA INTERNET
NETWORKING TELECOMMUNICATIONS PRODUCT
