ISELIN, N.J., Jan. 8, 2008 (PRIME NEWSWIRE) -- SoftNet Technology Corp. (OTCBB:STTC) (German WKN:TG6 ) is pleased to announce, on a preliminary and unaudited basis, that the Company posted record revenues for fiscal 2007. Fiscal 2007 estimated revenue grew 38.6% to $8,609,506 from $6,213,304 recorded in 2006. A more detailed explanation of SoftNet's 2007 results will be available upon completion of the annual and quarterly audit.
Growth continues to be solid in the Company's core business; consulting and project management in IT Infrastructure. Demand for the Company's services remains strong as customers and hardware providers continue to upgrade their products and systems. The preliminary results are encouraging especially when considering they do not include the certain revenues from the small-medium business unit that SoftNet sold in October. "The record revenue performance of 2007 is especially gratifying in light of the significant changes we made in our business over the past twelve months. The focus on the enterprise, service provider and government markets required some retooling in 2007. To achieve these benchmark revenues while streamlining the company is a real positive for SoftNet," said Dennis Goett, CFO.
Jim Booth, SoftNet's CEO stated, "We are optimistic that the investment we made in Application Delivery Services will begin to bear fruit in 2008. We are encouraged with the two new projects started in December and this month in this new practice area. Our pipeline of business in our core practice for 2008 is promising with a solid backlog shoring up our 2008 revenue picture. Our certification as a secured facility by the Department of Defense will open up our opportunities in our Government practice."
SoftNet Technology Corp. is a Professional Services company offering professional expertise to enterprise and service provider clients. SoftNet's services are organized in three practice specialties, including Enterprise Infrastructure Services, Application Lifecycle Management and Government Services. The Company maintains strategic relationships with best of breed technology companies such as NetApp, Dell and Microsoft.
Please visit our website at www.softnettechnology.com for more information or for Investor Relations, please contact the company directly at 908-212-1799, Jim Booth, CEO or Dennis Goett, CFO.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by SoftNet Technology Corp. (STTC) may differ materially from these statements due to a number of factors. STTC assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.