Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: TokyoMex who wrote (6317)	10/15/1998 11:37:00 AM
From: FawnVu	Read Replies (1) \| Respond to of 119973

A hurdle for the NETs...Zap rethinking Internet acquisitions HOUSTON, Oct 15 (Reuters) - Zap Corp. (NYSE:ZAP - news), a one-time oil-drilling company trying to break into cyberspace, said Thursday that the volatile global financial markets had forced it to drop plans for Internet acquisitions. The subsidiary of Zapata Corp., the parent company founded in 1953 by former President George Bush, said it was re-evaluating its strategy since Internet stock prices have sharply declined recently and valuations of smaller Internet companies have been especially hard hit. In addition, the IPO and related markets remain uncertain, Zap said. Earlier this year, Zap signed letters of intent for the acquisition of, or investment in, 31 Internet properties and e-commerce businesses. It was also exploring Internet strategies that would enhance stockholder value, including a possible Zap spin-off or initial public offering. Zap said Thursday it has informed the 31 companies that it would not be proceeding with any of the previously contemplated transactions. Some relationships may be reconsidered, however, after the corporate strategic review is completed and the condition of the securities markets stabilizes, Zap said. But the company emphasized that no assurances can be given that a transaction will be concluded with any potential partner. At present, Zap plans to continue operation of its web magazines ''Word'' and ''Charged.'' Zapata Corp., which no longer has a Bush connection, was off slightly in Thursday morning trading at $6.875. Its year high price was $24.94.