Zapata Corporation Completes Sale of 77.3% of Safety Components International, Inc. to Wilbur Ross for $51.2 Million
ROCHESTER, N.Y., Dec 02, 2005 (BUSINESS WIRE) -- Zapata Corporation (NYSE:ZAP) Chairman and CEO, Avram Glazer, announced today that Zapata completed the sale of all of its 4,162,394 shares of Safety Components International, Inc. (OTCBB: SAFY), to private equity investor Wilbur L. Ross, Jr. for approximately $51.2 million. Zapata's stake represented approximately 77.3% of Safety Components' total outstanding common stock. Safety Components is an independent manufacturer of air bags, and the company's fabrics are mainly used in automobile safety air bags and in niche industrial and commercial applications. Safety Components is headquartered in Greenville, South Carolina and has plants located in North America, Europe, China and South Africa.
Mr. Glazer said, "We have enjoyed our relationship with Safety Components and wish them the best of luck in the future. We plan to continue to evaluate strategic opportunities for the use of our capital resources in a manner to enhance value for our stockholders by way of future acquisitions and other strategic opportunities."
About Zapata:
Zapata is a holding company which currently has one operating company, Omega Protein Corporation (NYSE:OME). The Company has a 58% ownership interest in Omega Protein. In addition, Zapata owns 98% of Zap.Com Corporation (OTCBB: ZPCM), which is a public shell company.
FORWARD-LOOKING STATEMENTS
This press release contains certain 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, which are intended to be covered by the safe harbors created thereby. These forward looking statements include, but are not limited to, statements regarding the Company's plans for future strategic opportunities. Investors are cautioned that all forward-looking statements involve risks and uncertainty that could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the possibility that the Company may not be successful in its pursuits of strategic opportunities that may be presented to it and those factors under the heading "Significant Factors That Could Affect Future Performance and Forward-Looking Statements" contained in Zapata Corporation's Quarterly Report on Form 10-Q for the period ended September 30, 2005 filed with the Securities and Exchange Commission (the "SEC"), which is available at the SEC's website at http://www.sec.gov together with Zapata Corporation's other reports filed with the SEC, all of which are incorporated herein by reference. All forward-looking statements included in this press release are based on information available at the time of the release. Zapata 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.
SOURCE: Zapata Corporation
Zapata Corporation Leonard DiSalvo, 585-242-8703 or Wilbur L. Ross, Jr., 212-826-2111