Softnet technologies markets to make an impression
BERNARDSVILLE, N.J. - As a result of securing a multi-million dollar loan, SoftNet Technology is preparing to initiate a nationwide marketing campaign to promote its subsidiaryÃ¢â‚¬â„¢s Solutions Technology SecureTime Biometric ID Time Clock.
SoftNet Technology is a publicly traded company listed on the Frankfurt exchange with U.S. headquarters here. The company operates two divisions, SecureTime, a provider of biometric access control products, and Wholesalebyus, a web-based distributor of consumer electronics.
James Farinella, president of SoftNet Technology, declined to discuss the financing in detail. The amount is between $3 million and $5 million, according to Farinella, and was secured through a low-interest loan against restricted stock. An overseas lender provided the money.
TVA Productions, based in Studio City, Calif., will handle the marketing campaign that will include television, print, radio and Internet advertising. SoftNet Technology expects to reach approximately 43 million viewer impressions as a result.
SecureTime Biometric ID Time Clock features applications such as access control and the ability to generate reports, as well as time and attendance records. The product also includes an online application that enables users to request and attain reports via a web browser.
Ã¢â‚¬Å“We're really in a position now where we will try to get the product out there,Ã¢â‚¬Â said Farinella. Ã¢â‚¬Å“We feel weÃ¢â‚¬â„¢ve proven its viability on a small scale.Ã¢â‚¬Â
Farinella expects exposure to new markets and customers will help drive the companyÃ¢â‚¬â„¢s annual revenue.
Last year, the company reported $600,000 in revenue. Forecasts for the next two years are $6 million and $15 million.