PR>>Enhanced Services and Zulu-tek Confirm Pending Completion of Transaction
Tuesday December 22, 12:36 pm Eastern Time
Company Press Release
SOURCE: Zulu-tek, Inc.
Zulu-tek Announces Shareholder Approval of 1-for-10
Reverse Stock Split; Enhanced Services and Zulu-tek Confirm Pending
Completion of Transaction
LOS ANGELES, Dec. 22 /PRNewswire/ -- Zulu-tek, Inc. (OTC-Bulletin Board: ZULU - news) announced today that a
majority of its shareholders have consented to a 1-for-10 reverse split of its Common Shares. The effective date will be
December 31, 1998.
Zulu's President Keith Montgomery said, ''There has been some confusion regarding the pending transaction between
Enhanced Services and Zulu-tek in the distribution of the Enhanced Common Stock to Zulu shareholders. It is in the best
interest of its shareholders to effect the 1-for-10 reverse split at this time to clarify the Zulu-tek market and equity position.''
As a result of the reverse stock split, when the previously announced Enhanced Services (OTC: ESVS - news) and Zulu-tek
transaction is completed, each share of Enhanced Services stock will be exchanged for one share of Zulu-tek stock and, in the
interim, the shares could trade in parity, at the same ratio.
Enhanced and Zulu-tek also confirmed that they have agreed to extend the closing date to accommodate the Enhanced
Stockholders meeting to be held shortly.
Enhanced and Zulu announced earlier today the acquisition of BrandsForLess.com.
Enhanced Services, its combination with Zulu-tek and its pending acquisitions, represent the convergence under one umbrella of
diverse services focused specifically on the Internet as a communications and transaction medium creating a new specialty in the
e-commerce arena. The combined enterprise is focused on attaining a unique, forerunning position as it answers the full range of
business demands that result from a skyrocketing commercial reliance on the Internet.
Forward-looking statements in this release concerning trends or anticipated operating results are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are not
guarantees of future performance and are subject to risks and uncertainties related to the Company's operations. These risks
and uncertainties include, but are not limited to, competitive factors (including the possibility of increased competition or
technological development, competitors and price pressures); legal factors (such as limited protection of the Company's
proprietary technology and changes in government regulation); and the Company's dependence on key personnel and
significant customers.
Website Information:
www.zulumedia.com and www.brandsforless.com
SOURCE: Zulu-tek, Inc. |
