Majority stockholder makes offer to purchase outstanding Ziplink shares
August 22 2011 - 8:00AM
Business Wire
Ziplink, Inc. (OTC Market Tier: ZIPL.PK) announced today that
its majority stockholder, the Zachs Family, is offering to purchase
any and all of the outstanding shares of common stock of ZIPL held
by the public. The Zachs Family Limited Partnership #1 owns
6,814,305 shares of common stock of ZIPL. On October 29, 2010,
Henry M. Zachs, the CEO of ZIPL, purchased 1,659,478 shares of
common stock of ZIPL from Nortel Networks Limited (a Canadian
company) at a price of $0.065 per share. As disclosed to Nortel at
the time of such purchase, ZIPL has approximately $1 million in net
assets and owns a patent (US Patent # 7,672,998) for a SPAM product
which may or may not be of value. As a result of such purchase, the
Zachs Family now owns a total of approximately 9 million shares, or
71% of the outstanding common stock of ZIPL, and is interested in
purchasing any and all of the remaining approximately 3.7 million
outstanding shares of common stock of ZIPL held by the public. The
offer to purchase is at a price of $0.065 per share and will remain
open until at least 5 p.m. on September 19, 2011. Anyone owning
shares of common stock of ZIPL wishing to participate in the offer
can sell their shares through their own broker. Those stockholders
who have proof that they owed shares of ZIPL as of October 29, 2010
and have sold their shares to the Zachs Family during the first 48
hours from 8:00 AM Eastern Standard Time August 22, 2011 for less
than $0.065 can submit proof of sale to Ziplink c/o Henry Zachs, 40
Woodland Street, Hartford, CT 06105 no later than November 30, 2011
and the Zachs Family will remit the difference to such stockholder.
If you require further information regarding the purchase offer,
you may contact Henry Zachs at hzachs@mcmgmt.com or
860-727-5702.
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