SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (date of earliest event reported): January 24, 2001
ZAPATA CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 1-4219 C-74-1339132
(State or other (Commission File No.) (I.R.S Employer
jurisdiction of Identification No.)
incorporation)
100 Meridian Centre, Suite 350
Rochester, New York 14618
(Address of principal executive office)
(716) 242-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On January 24, 2001, Zapata Corporation (the "Company") announced that it
effected a one-for-ten reverse stock split of its common stock, effective at the
close of business on January 30, 2001. Further details of this announcement are
contained in the press release of the Company dated January 24, 2001, which is
attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits Required by Item 601 of Regulation S-K
EXHIBIT NO. DESCRIPTION
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99.1 Press release dated January 24, 2001
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ZAPATA CORPORATION
By: /s/ Avram Glazer
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Name: Avram Glazer
Title: President and Chief Executive Officer
Date: January 31, 2001
EXHIBIT INDEX
Exhibit No. Description
99.1 Press release dated January 24, 2001
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For Further Information Contact:
Ted Crawford at Lippert/Heilshorn & Associates, Inc.
(212) 838-3777
ZAPATA CORPORATION
ANNOUNCES REVERSE SPLIT
ROCHESTER, NEW YORK (January 24, 2001) - Zapata Corporation (NYSE: ZAP) today
announced that its Board of Directors had approved a one-for-ten reverse stock
split of its outstanding shares of common stock. The reverse stock split, which
does not require shareholder approval, will be effective with the close of
business on January 30, 2001 and is expected to begin trading on a post-split
basis effective on January 31, 2001.
With the completion of the reverse stock split the Company will have
approximately 2.4 common shares outstanding. In addition, the Company's
authorized shares will be reduced to 16.5 million common shares, 200,000
preferred stock shares and 1.8 million preference stock shares. The preferred
stock and preference shares are undesignated "blank check" shares.
Avram Glazer, CEO and President stated, "the reverse split will enable a wider
range of brokers and mutual funds, some of whom are prohibited from purchasing
low price stocks, to consider investing in Zapata. It should also reduce the
transaction costs to our shareholders and make our shares marginable."
About Zapata Corporation
Zapata Corporation is the largest shareholder of Zap.Com Corporation. Zapata
also owns approximately 61% of stock of Omega Protein, the largest marine
protein company and approximately 40% of the stock of Viskase
(NASDAQ:VCIC-news), a world leader in food packaging.
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"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
1995: The statements contained in this press release which are not historical
fact are forward-looking statements based upon management's current expectations
that are subject to risks, and uncertainties that could cause actual results,
events and developments to differ materially from those set forth in or implied
by forward looking statements. Factors that could cause actual results, events
and developments to differ include, without limitation, those factors listed
under the caption "Significant Factors That Could Affect Future Performance And
Forward Looking Statements" in the Company's Annual Report on Form 10-K dated
March 30, 2000 for the fiscal year ended December 31, 1999. Consequently all
forward looking statements made herein are qualified by these cautionary
statements and there can be no assurance that the actual results, events or
developments referenced herein will occur or be realized. The Company undertakes
no obligation to update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future
operation results.