News 2-22-99...........
Zulu-tek and Enhanced Services Complete Combination; Zulu-tek Becomes Surviving Entity
LOS ANGELES, Feb. 22 /PRNewswire/ -- Zulu-tek, Inc. (OTC Bulletin Board: ZULU) and Enhanced Services Company, Inc. (OTC Bulletin Board: ESVS) announced today that they have amended and are completing their previously announced business combination. As a result, ZULU is the surviving entity and ESVS shareholders will receive ZULU shares on a one for one basis subsequent to the ZULU registration statement being declared effective.
ZULU, which now owns the shares of Brands For Less.com (Holdings), Inc. and Omni-net.com, will immediately commence the preparation and filing of the registration. ZULU will also immediately commence pursuing a listing on Nasdaq or Amex, as well as a European stock exchange to better serve its European Investors.
"To resolve the many and complex accounting issues arising from the effective roll-up of more than eight separate corporate entities, and due to the past confusion for investors, Enhanced sought to amend the agreement and revamped the September Transaction." an ESVS spokesman said.
ZULU subsidiaries will now include:
-- Brands For Less.com (Holdings), Inc.
-- Zulumedia
-- Omni-net.com
-- Echo Media
-- MediaBank LLC
ZULU, in combination with Omni.net.com, and BrandsForLess.com, represents 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. BrandsForLess.com is dedicated to simplifying Internet shopping for the consumer and providing a "turnkey" e-commerce solution for search engines and portal sites. BrandsForLess.com currently offers over 1,500 brands, and over 500,000 products with the same service and a 100% satisfaction guarantee shoppers expect from upscale department stores.
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); the Company's dependence on key personnel and significant customers; and stock market conditions and factors affecting underwriting and valuations.
SOURCE Zulu-tek, Inc.
CO: Zulu-tek, Inc.; Enhanced Services Company, Inc.; Brands For Less.com (Holdings), Inc.
ST: California
IN: CPR MLM ADV
SU: TNM |
