Pacific Century CyberWorks and SoftNet Systems Launch Pacific Century SoftNet to
Bring Broadband Internet Access to Asia
SAN FRANCISCO and HONG KONG, Mar 2, 2000 /PRNewswire via COMTEX/ -- Leading
broadband Internet services provider, SoftNet Systems, Inc. (Nasdaq: SOFN) and
Pacific Century CyberWorks Limited, the technology flagship of the Pacific
Century Group ("PCCW": Reuters 1186.HK; Bloomberg 1186), today announced the
launch of their 50/50 joint venture, Pacific Century SoftNet.
Pacific Century SoftNet has been formed to market high speed Internet access,
technical expertise and related services and products to Asian cable operators
and their 130 million subscribers in more than 50 Asian countries.
In Asia, broadband services can be delivered via cable operators, and Pacific
Century SoftNet will have an enormous head start in this wide open market.
Pacific Century SoftNet will be headquartered in Hong Kong. Each company will
hold two seats on the board of Pacific Century SoftNet. The chairmanship will be
rotated annually each year between the two parent companies.
Dr. Lawrence Brilliant, SoftNet chairman and chief executive officer, said,
"Pacific Century SoftNet draws from the combined expertise of both companies to
create a very powerful Asian presence. The joint venture will provide the
advanced network engineering, marketing and technical expertise necessary to
empower Asian cable companies to upgrade existing systems to provide broadband
services to their subscribers. Asia is currently the most exciting market for
the growing Internet economy and PCCW's ability to exploit emerging technology
trends makes it the preferred Internet partner for companies such as SoftNet."
Hubert Ng, Pacific Convergence Corporation chief executive officer, said, "The
creation of Pacific Century SoftNet is another exciting step for PCCW as we
continue to pioneer the Internet revolution in Asia. SoftNet's ISP Channel has
already launched more than 70 cable operations in the U.S. to deliver high speed
broadband, giving it a demonstrated ability to help us bring broadband to Asia."
Notes to editors
PCCW and SoftNet
The launch of Pacific Century SoftNet is part of a broader relationship between
SoftNet and PCCW. In January, the companies announced the completion of a
transaction in which PCCW paid US$129 million for five million shares of SoftNet
common stock, becoming SoftNet's largest shareholder. In addition, George Chan,
executive vice president of Pacific Century Group, was appointed to SoftNet's
board of directors. Pacific Century Group expects to name a second member to
SoftNet's board later this year.
About Pacific Century CyberWorks Limited
Pacific Century CyberWorks Limited (PCCW), the Hong Kong-listed technology
flagship of the Pacific Century Group (www.pcg-group.com) is comprised of
three main businesses: Pacific Convergence Corporation, CyberWorksVentures and
the Cyber-Port project.
Pacific Convergence Corporation (PCC) plans to be the world's leading provider
of broadband Internet services, to be initially launched in Asia and serving 130
million cabled households. PCC's NOW (Network of the World) will offer the
world's first fully converged service with interactive digital video viewing and
Web access beginning with the first phase in 2000.
CyberWorksVentures (CWV), PCCW's Internet incubator company, has invested in
some 40 companies around the world, including technology enablers, e-commerce
and content companies.
PCCW's strategic partners number among the world's leading Internet and
technology companies, including Intel, the world leader in semiconductor design
and manufacture, CMGI, America's foremost Internet incubator and Hikari Tsushin,
Japan's second biggest Internet company.
About SoftNet
SoftNet Systems, Inc. (Nasdaq: SOFN) is a leading broadband Internet services
company.
Through its ISP Channel, the company provides a complete turnkey Internet
service to partnering cable companies. Silicon Valley, CA-based ISP Channel
provides to its cable affiliates cable head-end equipment and integration for
high speed two-way data services, Internet backbone connectivity, and technical
support and customer care twenty-four hours a day, seven days a week. ISP
Channel offers to the end user high speed Internet access at speeds up to 500 Kb
per second when downloading e-mails, files, graphics, audio and video.
Additional ISP Channel services include personal web pages, news groups, and
full multi-media capabilities.
SoftNet's Intellicom subsidiary markets a two-way satellite-based VSAT (very
small aperture terminal) Internet service to Internet Service Providers (ISPs),
educational institutions and businesses.
In addition, SoftNet recently announced its SoftNet Zone joint venture with
CMGI, Compaq, Cisco and Nokia. SoftNet Zone will bring broadband Internet
services to mobile computing business "hot spots" including airports, hotels and
convention centers worldwide. SoftNet has entered into an agreement to acquire
Laptop Lane, which currently operates mobile computing business service centers
in 12 U.S.-based international airports with contracts for many more in the near
term.
For further information about SoftNet Systems and its subsidiaries, please visit
www.softnet.com or call 415-365-2500.
This press release contains forward-looking statements concerning the company's
anticipated future operating results, future revenues and earnings or adequacy
of future cash flow. (These forward-looking statements include, but are not
limited to, statements containing the words "expect", "believe", "will", "may",
"should", "project", "estimate" and like expressions, and the negative thereof.)
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from the statements, including the risks attendant
to a growing business in a new industry as well as those risks described in the
company's Quarterly or Annual Report.
SOURCE SoftNet Systems, Inc. and Pacific Century CyberWorks Limited
Bring Broadband Internet Access to Asia
SAN FRANCISCO and HONG KONG, Mar 2, 2000 /PRNewswire via COMTEX/ -- Leading
broadband Internet services provider, SoftNet Systems, Inc. (Nasdaq: SOFN) and
Pacific Century CyberWorks Limited, the technology flagship of the Pacific
Century Group ("PCCW": Reuters 1186.HK; Bloomberg 1186), today announced the
launch of their 50/50 joint venture, Pacific Century SoftNet.
Pacific Century SoftNet has been formed to market high speed Internet access,
technical expertise and related services and products to Asian cable operators
and their 130 million subscribers in more than 50 Asian countries.
In Asia, broadband services can be delivered via cable operators, and Pacific
Century SoftNet will have an enormous head start in this wide open market.
Pacific Century SoftNet will be headquartered in Hong Kong. Each company will
hold two seats on the board of Pacific Century SoftNet. The chairmanship will be
rotated annually each year between the two parent companies.
Dr. Lawrence Brilliant, SoftNet chairman and chief executive officer, said,
"Pacific Century SoftNet draws from the combined expertise of both companies to
create a very powerful Asian presence. The joint venture will provide the
advanced network engineering, marketing and technical expertise necessary to
empower Asian cable companies to upgrade existing systems to provide broadband
services to their subscribers. Asia is currently the most exciting market for
the growing Internet economy and PCCW's ability to exploit emerging technology
trends makes it the preferred Internet partner for companies such as SoftNet."
Hubert Ng, Pacific Convergence Corporation chief executive officer, said, "The
creation of Pacific Century SoftNet is another exciting step for PCCW as we
continue to pioneer the Internet revolution in Asia. SoftNet's ISP Channel has
already launched more than 70 cable operations in the U.S. to deliver high speed
broadband, giving it a demonstrated ability to help us bring broadband to Asia."
Notes to editors
PCCW and SoftNet
The launch of Pacific Century SoftNet is part of a broader relationship between
SoftNet and PCCW. In January, the companies announced the completion of a
transaction in which PCCW paid US$129 million for five million shares of SoftNet
common stock, becoming SoftNet's largest shareholder. In addition, George Chan,
executive vice president of Pacific Century Group, was appointed to SoftNet's
board of directors. Pacific Century Group expects to name a second member to
SoftNet's board later this year.
About Pacific Century CyberWorks Limited
Pacific Century CyberWorks Limited (PCCW), the Hong Kong-listed technology
flagship of the Pacific Century Group (www.pcg-group.com) is comprised of
three main businesses: Pacific Convergence Corporation, CyberWorksVentures and
the Cyber-Port project.
Pacific Convergence Corporation (PCC) plans to be the world's leading provider
of broadband Internet services, to be initially launched in Asia and serving 130
million cabled households. PCC's NOW (Network of the World) will offer the
world's first fully converged service with interactive digital video viewing and
Web access beginning with the first phase in 2000.
CyberWorksVentures (CWV), PCCW's Internet incubator company, has invested in
some 40 companies around the world, including technology enablers, e-commerce
and content companies.
PCCW's strategic partners number among the world's leading Internet and
technology companies, including Intel, the world leader in semiconductor design
and manufacture, CMGI, America's foremost Internet incubator and Hikari Tsushin,
Japan's second biggest Internet company.
About SoftNet
SoftNet Systems, Inc. (Nasdaq: SOFN) is a leading broadband Internet services
company.
Through its ISP Channel, the company provides a complete turnkey Internet
service to partnering cable companies. Silicon Valley, CA-based ISP Channel
provides to its cable affiliates cable head-end equipment and integration for
high speed two-way data services, Internet backbone connectivity, and technical
support and customer care twenty-four hours a day, seven days a week. ISP
Channel offers to the end user high speed Internet access at speeds up to 500 Kb
per second when downloading e-mails, files, graphics, audio and video.
Additional ISP Channel services include personal web pages, news groups, and
full multi-media capabilities.
SoftNet's Intellicom subsidiary markets a two-way satellite-based VSAT (very
small aperture terminal) Internet service to Internet Service Providers (ISPs),
educational institutions and businesses.
In addition, SoftNet recently announced its SoftNet Zone joint venture with
CMGI, Compaq, Cisco and Nokia. SoftNet Zone will bring broadband Internet
services to mobile computing business "hot spots" including airports, hotels and
convention centers worldwide. SoftNet has entered into an agreement to acquire
Laptop Lane, which currently operates mobile computing business service centers
in 12 U.S.-based international airports with contracts for many more in the near
term.
For further information about SoftNet Systems and its subsidiaries, please visit
www.softnet.com or call 415-365-2500.
This press release contains forward-looking statements concerning the company's
anticipated future operating results, future revenues and earnings or adequacy
of future cash flow. (These forward-looking statements include, but are not
limited to, statements containing the words "expect", "believe", "will", "may",
"should", "project", "estimate" and like expressions, and the negative thereof.)
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from the statements, including the risks attendant
to a growing business in a new industry as well as those risks described in the
company's Quarterly or Annual Report.
SOURCE SoftNet Systems, Inc. and Pacific Century CyberWorks Limited
