ISELIN, N.J., Dec. 14, 2007 (PRIME NEWSWIRE) -- SoftNet Technology Corp. (OTC BB:STTC.OB - News) (German WKN:TG6) announced today it had secured two engagements with global financial institutions headquartered in NYC.
The new engagements represent a major breakthrough in the Company's new Application Delivery Practice. It is estimated that the two new engagements will result in nearly $500,000 of incremental revenue in 2008. One engagement started in December with the second being launched in January.
``These two new engagements now bring the total of secured projects in the new Application Delivery practice to three in the last few months. The first was with a major media company, also based in New York. Given the lead time required to secure engagements in this practice we are very pleased to have achieved the level of business secured to date. We also anticipate that the initial engagements will eventually lead to additional work as the projects progress,'' said Kevin Remley - VP - National Application Delivery Practice.
``The Company is excited about the new business the Practice has generated. The revenue we expect will help to offset the loss related to the divestiture of accounts associated with the former Atlanta based small business unit. Additionally, the margins on these new projects is considerably higher than those recorded in the former small business unit,'' said Jim Booth - CEO.
SoftNet Technology Corp. is a Professional Services firm offering proven technology solutions to the enterprise and services provider market verticals. Through process and people, SoftNet has secured and delivered contracted solutions that maximize their client's business value of their IT infrastructure investments. The growing team of highly qualified industry leading professionals support the core deliverables as well as the expansion of SoftNet's services and solutions. These resources along with the proven management team have defined and brought to market nine practice specialties. SoftNet's North American footprint supports Fortune 500 commercial accounts, the education sector and Government agencies, and leveraging offices in New York/New Jersey, Philadelphia, and Atlanta.
For additional information regarding SoftNet and its capabilities and offerings, please visit us at our web-site (http://www.softnettechnology.com) or for Investor Relations, please contact the company directly at 908-212-1799, Option 7, or Jim Booth - CEO.
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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.
SoftNet Technology Corp.
http://www.softnettechnology.com
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