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

To: Fredman who wrote (14861)	10/15/1998 6:02:00 PM
From: CWIII	Read Replies (2) \| Respond to of 18444

Interesting to note: The Company sought up to $50,000,000 in private placement and equity during the second and third quarters but the financing was not successful, primarily because the market did not respond to a placement premised on a combined business plan by two separate entities. Consequently, as a result of the incomplete financing and the advances to Zulu-tek, as well as costs of consolidating the Laptop facilities, during the third quarter, the Company has deferred certain payables, pending proceeds of additional funding being pursued by the Company. On September 18, 1998, the Company entered into a letter of intent for a private placement of up to $20,000,00 in preferred equity, of which $1,050,000 was funded on October 13, 1998. The balance is expected to be funded by the end of the Company's fiscal year on November 30, 1998, and will be applied, along with operating funds to the Company's operating obligations and to implement the combined business plan and other capital needs. In that connection, effective September 14, 1998, the Company announced the acquisition of the assets and certain liabilities of Zulu-tek, Inc. in exchange for preferred stock to be converted to 5,200,000 shares of common stock, after shareholder approval at a shareholder meeting currently set for November 20, 1998.