Majority stockholder extends offer to purchase outstanding Ziplink shares
February 16 2012 - 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. Ziplink has filed suit on
December 1, 2011 against Microsoft alleging infringement of U.S.
patent no. 7,672,998. The case is Ziplink, Inc v. Microsoft
Corporation, United States District Court for the District of
Connecticut, Civil Action No.: 3:11-cv-1866.
Since August 22, 2011 The Zachs Family has purchased
approximately 1.6 million additional shares (in the open market).
As a result of all such purchases, the Zachs Family now owns a
total of approximately 10.6 million shares, or 83% of the
outstanding common stock of ZIPL, and is interested in purchasing
any and all of the remaining approximately 2.1 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 May 1, 2012. Anyone owning shares of
common stock of ZIPL wishing to participate in the offer can sell
their shares through their own broker. 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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