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SoftNet shuts down Intellicom

Wed, 04/10/2002 - 8:00pm
Jeff Baumgartner

SoftNet Systems Inc. shed another asset late Thursday, this time shuttering its Intellicom Communications satellite subsidiary.

SoftNet said Intellicom, which used two-way satellite technology to deliver Internet services to schools and businesses, will cease operations "following the disposition of certain assets." According to SoftNet, Intellicom operated earth stations in the U.S., Latin America and in the Caribbean.

"The decision to discontinue the operations of Intellicom reflects the company's continuing focus on maximizing the value of the company's cash and other assets," said Edward Bennett, SoftNet's acting non-executive chairman, in a press release. "We expect a decision on the future direction of the company shortly, and will then establish a date for any stockholder vote required on that decision promptly thereafter."

SoftNet, succumbing to financial strife caused by industry consolidation, shut down its turnkey ISP Channel cable-modem service subsidiary at the end of 2000. Cable ISPs such as High Speed Access Corp. and Excite@Home Corp. have since followed suit.

SoftNet also scrapped Aerzone, a wireless-broadband unit that targeted business traveler. SoftNet stock was up a penny in early trading Thursday, hovering at $2.11 per share.

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