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Technology Stocks : Zapata (ZAP) -- Ignore unavailable to you. Want to Upgrade?

To: MARIO PASQUA who wrote (551)	7/27/1998 9:09:00 AM
From: Ken M	Read Replies (1) \| Respond to of 1206

Quote from Ken M. by Ken M. Today will not be a good day to be long. (PR NEWSWIRE) DJ: ZAP Corp. to Acquire GoCollege, the #1 College-Bound Sit DJ: ZAP Corp. to Acquire GoCollege, the #1 College-Bound Site on the Internet HOUSTON, July 27 /PRNewswire/ -- Zapata Corp. (NYSE: ZAP) announced today that ZAP Corp., its Internet subsidiary, has entered into a letter of intent to acquire GoCollege (http://www.gocollege.com), ranked by TopTen Links as the number one "College and University Resource" Internet site for college-bound content. The announcement marks the 25th Internet site and e-commerce business the Company has entered into letters of intent to acquire. Earlier this month the Company announced its intent to acquire or invest in 24 other Internet sites and e-commerce businesses that will be integrated into ZAP's cutting-edge Internet portal, ZAP.com (http://www.zap.com). The Company estimates that the consummation of the proposed transactions would make ZAP.com among the largest Internet sites worldwide based on the number of users. Avram Glazer, President and CEO of Zapata, said, "We think that GoCollege will be a terrific addition to the ZAP.com network of Internet sites. College, pre-college students and their families are active online users and ZAP wants to expand its reach into this attractive market." Among its many features, GoCollege offers the only online full SAT/ACT practice test, the largest scholarship search database, and a unique college search function. In addition to its TopTen Links ranking, GoCollege has received tremendous recognition as a top Internet site for its content and popularity, including Netscape's -- "What's new"; ZDNet -- "The Best of The Web"; Infotrek -- "Best educational places"; and Internet Marketing Association -- "Hot Site." The transaction is subject to satisfactory due diligence and the execution of a definitive acquisition agreement. Other terms of the transactions were not disclosed. Additionally, Zapata said that it plans to release its fiscal third quarter 1998 results on Thursday, July 30, 1998 before the open of the market. Following the release, the Company will host a conference call on Thursday, July 30, 1998 at 11:00am Eastern Daylight Time (EDT), at which time management will discuss the results for its second quarter ended June 30, 1998 as well as the future direction of the Company. The conference call will be limited to investment professionals. In order to participate, please affix your name, company affiliation and fax number to official company letterhead and fax to: Jeffrey Goldberger, Stern & Co. at 212-758-8994. Conference call information will be returned via fax. Requests for inclusion on the conference call must be received by Tuesday, July 28th at 5:00pm EDT. The conference call will also be simultaneously broadcast over the Internet through Vcall, Inc. at vcall.com. To listen to the live call, please go to the web site approximately 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a relay will be available immediately after the call. In addition to its Internet initiative, Houston-based Zapata also holds 40% of the outstanding common stock of Envirodyne Industries Inc. (Nasdaq: EDYN) and 60% of the outstanding common stock of Omega Protein Corp. (NYSE: OME), the nation's largest marine protein company. Zapata also has approximately $123 million in cash and is debt free. "SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this press release which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in or implied by forward-looking statements. Factors that could cause actual results, events and developments to differ include, among others, the successful completion of the proposed Internet transactions, ZAP's ability to implement its business strategy (including integration of the Internet properties to be acquired), the continued development and viability of ZAP's operations, ZAP's ability to manage its growth, the impact of the Internet industry and economic conditions, competition and other factors, including those listed from time to time in the Company's filings with the Securities and Exchange Commission. Many of these risks are beyond the control of the Company and ZAP. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. /CONTACT: Richard Stern and Keith Lanigan of Stern & Co., 212-888-0044, for Zapata Corp./ 08:02 EDT * end of story * Good luck and good trading.