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Information technology services industry

SoftNet Technology Corporation Receives Strong Upgrade by Respected Research Firm

Strategic Insights

— 1 min read

SoftNet Technology Corporation, a provider of professional services focused on technology infrastructure, has received a strong upgrade by respected research firm TRI-STATE Capital. The upgrade comes at a time when the company has reported a 38% surge in preliminary second quarter 2006 revenue from $1,093,523 to $1,518,904. This growth is attributed to the company's elimination of long-term debt and its expanded national reach of IT services through contracts with major organizations such as Verizon, EMC Storage, Transamerica, and Network Appliance.

Key Takeaways:

  • SoftNet Technology Corporation received a strong upgrade by respected research firm TRI-STATE Capital, citing the company's significant revenue growth and improved financial position.
  • The company reported a 38% surge in preliminary second quarter 2006 revenue from $1,093,523 to $1,518,904, driven by contracts with major organizations such as Verizon, EMC Storage, Transamerica, and Network Appliance.
  • SoftNet Technology has eliminated its long-term debt and expanded its national reach of IT services, contributing to its improved financial position.
  • The upgrade by TRI-STATE Capital is a significant endorsement of SoftNet Technology's success and market potential.
  • SoftNet Technology's CEO, James M. Farinella, expressed enthusiasm for the upgrade, stating that it confirms the company's direction and provides further confidence to shareholders.

Statistics:

  • Preliminary second quarter 2006 revenue: $1,518,904 (38% increase from $1,093,523)
  • Contracts with major organizations: Verizon, EMC Storage, Transamerica, and Network Appliance
  • Long-term debt elimination: significant reduction in debt, contributing to improved financial position
  • Employees purchasing shares: SoftNet Technology's CEO, President, and Director of sales have purchased shares in the open market

Sources:

  • "SoftNet Technology Corporation Receives Strong Upgrade by Respected Research Firm" (M2 PressWIRE, 10 August 2006)
  • SoftNet Technology Corporation website and investor relations information
  • TRI-STATE Capital research report

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