Here's the press release on ZAP.COM:
Zapata Corp to Spin Off ZAP.COM Rights Offering May Raise Up to $108.9 Million
PR Newswire - April 13, 1999 10:53
ROCHESTER, N.Y., April 13 /PRNewswire/ -- Zapata Corporation (NYSE: ZAP) announced that it's Internet subsidiary, ZAP.COM Corporation, which is a development stage company, filed today a registration statement on Form S-1 with the Securities and Exchange Commission for the purpose of conducting a rights offering. The rights offering will be directed to Zapata's stockholders and is expected to entitle Zapata's stockholders to purchase one share of ZAP.COM common stock at a purchase price of $8.00 per share for every one share of Zapata Corp. common stock they own.
ZAP.COM is seeking to raise up to $108.9 million through the rights offering. Up to 13.612 million shares of ZAP.COM common stock are eligible for sale if all rights are exercised. ZAP.COM plans to have a total of 50 million shares outstanding immediately after the completion of the offering.
ZAP.COM has applied to have its Common Stock listed for quotation on the Nasdaq National Market under the symbol "ZCOM" and the Pacific Stock Exchange under the same symbol following the closing of the rights offering. The contemplated transaction would be effected through a grant to Zapata's stockholders of transferable subscription rights to purchase shares of ZAP.COM. Each right is expected to be exercisable for a period of approximately 20 days after the rights are issued. Zapata's Board of Directors has not yet established a record date for the distribution of the rights.
Zapata plans to retain a controlling interest in ZAP.COM. Depending upon the results of the rights offering, Zapata may also distribute a portion of its ZAP.COM common stock to its stockholders if necessary to meet certain listing requirements. The details of the transaction are contained in the registration statement filed by ZAP.COM.
The rights offering will only be made by means of a prospectus delivered to Zapata stockholders. The prospectus will be delivered to stockholders after the ZAP.COM registration statement is declared effective and when the Rights are delivered to stockholders. Neither the rights nor the underlying securities may be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Zapata also owns 60% of the outstanding stock of Omega Protein Corporation (NYSE: OME), which is the nation's largest marine protein company, and owns 40% of the outstanding stock of Viskase (Nasdaq: VCIC), which is a world leader in food packaging.
This press release contains forward-looking statements concerning the rights offering and stock distribution. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions, Zapata cautions readers that actual results or achievements could differ materially from such forward-looking statements and that there can be no assurance that the transactions described herein will be consummated or that the terms of the transaction or the timing or effects thereof will not differ materially from those described herein. Certain risks and uncertainties are contained in the Company's filings and ZAP.COM's. filings with the Securities and Exchange Commission, including without limitation, the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1998 and the prospectus contained within ZAP.COM's registration statement on Form S-1 filed today. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE Zapata Corporation
/CONTACT: Richard Stern or Craig Shinbaum of Stern & Co., 212-888-0044,
for Zapata Corporation/
Now, folks, are we buying? Seriously, I think that hell would freeze over before I entrusted more of my money to Mr. Glazer. |
