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Press Release Source: SoftNet Technology
SoftNet Technology Changes Name of German Subsidiary to SoftNet International GmbH and Begins Aggressive Expansion
Tuesday January 25, 4:00 pm ET
BERNARDSVILLE, N.J.--(BUSINESS WIRE)--Jan. 25, 2005--SoftNet Technology (OTCBB Symbol: STTC - News; German WKN#: A0B7RZ) today announces that the German Subsidiary Holtermann & Team GmbH has officially changed its name to SoftNet International GmbH and begins large-scale setup of sales for suppliers of products from Europe. Additionally, SoftNet International changes its fiscal year-end from March 31 to December 31 to be consistent with the whole company.
WBU is in the process of finalizing arrangements with several major European manufacturers and suppliers for distribution of products from Europe to Europe. More than 150,000 products will be sold through SoftNet International from just the few suppliers that the German subsidiary is finalizing sales agreements with. These sales will be run through the Frankfurt based Subsidiary from a fulfillment center based in Frankfurt, Germany.
This expansion will greatly enhance sales well beyond the products that are currently being sold to Europe from the USA. Eventually, these European based products will be added into the WBU System here in the United States to provide a larger and better variety of products for sale World Wide through WBU. A start date for actual sales to be realized for the European based suppliers is expected in the next few weeks.
A new website is being developed for SoftNet International GmbH. The new website will be translated into several different languages and posted in several different countries. SoftNet is working diligently in preparing the year-end financials. It is now expected that the 10K filing will be completed sometime in February due to the acquisition of WBU and the German subsidiary this past year and this being the first audits ever performed on these two new subsidiaries.
Please visit our website at www.softnettechnology.com for more information or call the company directly at 866-898-4842 (local - 908-204-9911).
