Zapata Corporation Announces Eight-for-One Stock Split
ROCHESTER, N.Y.--(BUSINESS WIRE)--March 21, 2005--Zapata Corporation (NYSE:ZAP) today announced that its Board of Directors had approved an eight-for-one stock split of its outstanding shares of common stock. The stock split, which does not require shareholder approval, will be effective with the close of business on April 6, 2005, and the additional shares will be distributed on that date to stockholders of record as of March 30, 2005.
With the completion of the stock split, the Company will have approximately 19.1 million common shares outstanding. In addition, the Company's authorized shares will be increased to 132 million common shares, 1.6 million preferred stock shares and 14.4 million preference stock shares. The preferred and preference stock are undesignated "blank check" shares, none of which are outstanding as of the date of this announcement.
Avram Glazer, CEO and President stated, "We are pleased to announce this eight-for-one stock split for our stockholders. We believe that this action will increase investor liquidity and encourage greater interest by the financial community and the investing public in our Company."
About Zapata:
Zapata is a holding company which currently has two operating companies, Safety Components International, Inc. and Omega Protein Corporation. As of December 31, 2004, the Company had a 79% ownership interest in Safety Components and a 58% ownership interest in Omega Protein. In addition, Zapata owns 98% of Zap.Com Corporation (OTCBB: ZPCM), which is a public shell company.
The Company makes certain reports available free of charge on its website at www.zapatacorp.com as soon as reasonably practicable after this information is electronically filed, or furnished to, the United States Securities and Exchange Commission.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding the expected benefits of our stock split and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," or similar expressions. All forward-looking statements involve risks and/or uncertainties that could cause actual results to differ materially from those expected or anticipated in the forward-looking statements. Many of these risks and uncertainties are described under the heading "Significant Factors That Could Affect Future Performance and Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2004. You are cautioned not to place undue reliance on any forward-looking statements. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release.
CONTACT: Zapata Corporation
Leonard DiSalvo, CFO, 585-242-8703
http://www.zapatacorp.com
SOURCE: Zapata Corporation