Exhibit 99.1
HSA Media Contact: SoftNet Media Contact:
Katina Vlahadamis, Director of Media Relations Gloria Parrish
720 922 2823 415-365-2514
[email protected] [email protected]
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HSA Investor Contact: SoftNet Investor Contact:
Stephen Calk, VP of Investor Relations Cindy Wyrick
720 922 2820 415-343-2325
[email protected] [email protected]
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High Speed Access Corp. and ISP Channel Agree to Transition
Plan for ISP Channel Cable Affiliates and Subscribers
Littleton, Colo. and San Francisco, Calif. (November 13, 2000) - High
Speed Access Corp. (Nasdaq: HSAC) ("HSA") and ISP Channel, a subsidiary of
SoftNet Systems, Inc. (Nasdaq: SOFN), today announced an agreement under which
HSA has acquired certain rights from ISP Channel to negotiate with its cable
affiliates for the transition of certain data subscriber services to HSA.
Financial terms were not disclosed.
"This agreement gives ISP Channel's cable affiliates the opportunity to
continue offering uninterrupted broadband services to their customers," stated
Dan O'Brien, HSA's president and CEO. "We are looking forward to establishing
relationships with ISP Channel affiliates that choose to enter into our network
services model agreement."
"This is an important part of our efforts to restructure the ISP
Channel," said Lawrence B. Brilliant, SoftNet's chairman and chief executive
officer. "HSA is a leading provider of high-speed Internet access services
across the country and we are confident that our cable affiliates and
subscribers will be pleased with the excellent service that HSA will be able to
provide."
SoftNet announced in October 2000 that it planned to restructure ISP
Channel to reduce costs and improve its revenues in order to concentrate its
resources on Aerzone and Intellicom, SoftNet's broadband wireless and broadband
satellite subsidiaries. At that time, SoftNet announced that it was limiting its
financial commitment to ISP Channel to $30 million in total and planned
investments to make ISP Channel cash neutral by the first quarter of calendar
year 2001. ISP Channel currently serves more than 90 cable systems.
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About High Speed Access Corp.
High Speed Access Corp. (Nasdaq: HSAC), a Wired World company(TM), is a
leading provider of broadband Internet access and related communications
services to residential customers and small and medium enterprises, or SMEs,
nationwide primarily using cable modem technology. HSA's core service offering
currently consists of cable modem Internet access, which HSA offers at several
speeds and prices to residential end users through partnerships with cable
multiple system operators. HSA is actively expanding its offering of services to
include DSL services as well as expanded web site hosting and a range of other
value-added and ongoing support services primarily for commercial customers. HSA
also is conducting technical and customer trials for Internet Telephony service
in collaboration with major telecommunication vendors.
About SoftNet Systems, Inc.
SoftNet is a leading global broadband Internet services company. In
addition to ISP Channel, SoftNet owns two operating subsidiaries.
Aerzone operates wireless broadband local area networks and business
centers in locations frequented by business professionals, such as major
airports, convention centers and hotels. Aerzone is majority-owned by SoftNet
Systems. Aerzone has long term agreements with United Airlines and Delta Air
Lines, each of which earn equity in Aerzone through customer acquisition and
service launches. Cisco and Nokia are Aerzone's preferred wireless technology
vendors providing expertise and wireless technology to the venture.
Intellicom combines Internet services with sophisticated two-way
satellite technology to deliver a turnkey solution for ISPs, schools,
corporations and businesses. Intellicom provides two-way satellite Internet
access using a proprietary network optimizing technology. The company utilizes
state-of-the-art wireless technologies, broadband delivery, data-push and
satellite-based Internet access caching products to provide its customers with
fast access to information and efficient utilization of existing network
capacity. Intellicom operates more than 400 earth stations in the United States,
Latin America and the Caribbean as well as a 24-hour-a-day, seven-day-a-week
Network Operations Center, Internet Data Center and Customer Support Center.
SoftNet's headquarters are in San Francisco, California. For further
information on SoftNet Systems, Inc. and its subsidiaries, visit
www.softnet.com. or call 415/365-2500.
This press release contains forward-looking statements concerning
SoftNet Systems' 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 are subject to risks and
uncertainties that could cause actual results to differ materially from the
statements, including the risks attendant to a growing business in a new
industry as well as those risks described in SoftNet Systems' Quarterly or
Annual Report.
Cautionary Note Regarding Forward Looking Statements about
HSAC: This press release contains statements about future events and
expectations that are "forward-looking statements." Any statement in this press
release that is not a statement of historical fact is a forward-looking
statement that involves known and unknown risks, uncertainties and other factors
which may cause the company's actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Specific factors that
might cause such a difference include, but are not limited to: the possibility
that the company may not complete its proposed financing with Vulcan or Charter;
the company's unproven and evolving business model, which has recently undergone
substantial changes; the company's history of losses and anticipation of future
losses; the company's need for additional capital, which may not be available to
fund its business plan; the potential fluctuations in the company's operating
results; the company's competition; the company's potential inability to attract
and retain end users; the company's potential inability to establish or maintain
relationships with DSL wholesalers and cable operators, including Charter; rapid
technological change and evolving industry standards in the markets for the
company's services; and those risks and uncertainties discussed in filings made
by the company with the Securities and Exchange Commission, including those
risks and uncertainties contained under the heading "Risk Factors" in the
Company's recent filings on Forms 10-K and 10-Q as filed with the Securities and
Exchange Commission.
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