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Microcap & Penny Stocks : Zulu-tek, Inc. (ZULU) -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey_J who wrote (3259)	3/10/1998 10:50:00 AM
From: aleta	Read Replies (1) \| Respond to of 18444

Jeffrey, This was interesting at the end of the report: (11) SUBSEQUENT EVENT Effective March 3, 1998, the Company entered into a securities acquisition agreement pursuant to which the Company is issuing 220,000 common shares or approximately 19% of its common shares and 1,000,000 shares of a new class of nonvoting preferred shares, $3.00 par value per share, in exchange for stock held by exchanging parties in an interactive advertising and marketing corporation. The preferred shares of the Company are convertible into common shares at the Company's option only after shareholder approval at a meeting called for that purpose and have a liquidation preference which is junior to the previously issued preferred shares of the Company. In connection with the transaction, the holder of the Company's $500,000 accounts receivable collateralized loan agreed, subject to consent to the loan participants, to convert the loan into equity. Regards, Aleta