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

To: PartyTime who wrote (3884)	3/16/1998 10:19:00 AM
From: Jeffrey_J	Read Replies (1) \| Respond to of 18444

WIRED story Today - Softbank Interactive Wired News Report 4:00amÿÿ16.Mar.98.PST The two officials running Softbank Interactive Marketing in the wake of its New Year's Eve purchase by Zulu-Tek, a company led by an Australian financier with a troubled legal history, have resigned. In a press release from Softbank Interactive's El Segundo, California, office Friday night, Lawrence P. Howorth, the Internet advertising firm's executive vice president and chief financial officer, and Ted West, the firm's executive vice president of development, announced they were quitting for "personal reasons." Neither elaborated on their resignations. Softbank Interactive, founded in June 1996, has been a big player in the business of developing technology to serve ads to Web sites and in managing sales and placement of online advertising. In the company's first year of operation, it claimed US$50 million in bookings. Zulu-Tek, a Rhode Island company incorporated in Utah, bought Softbank Interactive on 31 December 1997. Sources have said the purchase of Softbank Interactive by Zulu-Tek - which over the past two years has evolved from Star Medical, a firm reportedly specializing in drug treatment, to NetMaster Group, a company that bought echoMedia, another cyber-ad firm - was led by Australian financier Pattison Hayton. Hayton has been sanctioned repeatedly over the last 15 years by securities regulators in both the United States and Great Britain, in actions by both administrative and judicial bodies, and has been named by business partners in a string of lawsuits alleging financial impropriety. The departure of Howorth and West is the latest bad news for Softbank Interactive. Ten days ago, the firm's entire European staff jumped ship to start a new venture - reportedly taking some favored customers with them.