Majority Stockholder Updates Offer to Purchase Outstanding Ziplink Shares
May 25 2012 - 10:59AM
Business Wire
Ziplink, Inc. (OTC Market Tier: ZIPL.PK) announced today that
its majority stockholder, the Zachs Family, is updating its offer
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. ZIPL recently settled amicably a
patent infringement lawsuit with respect to such patent. ZIPL’s net
assets are expected to increase 10% in the next 30 days. Since the
commencement of its purchase offer on August 22, 2011, the Zachs
Family has purchased approximately 1,669,602 million additional
shares of common stock of ZIPL at $0.065 in the open market. As a
result of all such purchases, the Zachs Family now owns a total of
approximately 10,983,927 million shares, or 86% of the outstanding
common stock of ZIPL, and is interested in purchasing any and all
of the remaining approximately 1,800,000 million outstanding shares
of common stock of ZIPL held by the public. Due to current market
conditions the offer to purchase is at a price of $0.09 per share
and will remain open for 90 days. 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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