Sea Gristle
12-09-2005, 03:11 PM
Zapata Corporation Authorizes Exploration of Sale of Its Omega Protein Corporation Holdings
ROCHESTER, N.Y.--(BUSINESS WIRE)--Dec. 8, 2005--Zapata Corporation (NYSE ZAP) today announced that its Board of Directors has authorized management to seek a buyer for its 58% common equity interest in Omega Protein Corporation (NYSE OME), the largest U.S. producer of protein-rich meal and oil derived from marine sources. The Board believes that Zapata shareholder value can be increased through an appropriate transaction. Zapata recently completed the sale of its interest in Safety Components International, Inc. (OTCBB SAFY) and plans to continue to evaluate strategic opportunities for using its capital resources.
Although the Board has asked Zapata management to find a buyer for its interest in Omega Protein, there can be no assurance that any transaction will result from the process.
Zapata is a holding company which currently has one operating company, Omega Protein Corporation. As of September 30, 2005, the Company had a 58% ownership interest in Omega Protein. In addition, Zapata owns 98% of Zap.Com Corporation (OTCBB ZPCM), which is a public shell company.
ROCHESTER, N.Y.--(BUSINESS WIRE)--Dec. 8, 2005--Zapata Corporation (NYSE ZAP) today announced that its Board of Directors has authorized management to seek a buyer for its 58% common equity interest in Omega Protein Corporation (NYSE OME), the largest U.S. producer of protein-rich meal and oil derived from marine sources. The Board believes that Zapata shareholder value can be increased through an appropriate transaction. Zapata recently completed the sale of its interest in Safety Components International, Inc. (OTCBB SAFY) and plans to continue to evaluate strategic opportunities for using its capital resources.
Although the Board has asked Zapata management to find a buyer for its interest in Omega Protein, there can be no assurance that any transaction will result from the process.
Zapata is a holding company which currently has one operating company, Omega Protein Corporation. As of September 30, 2005, the Company had a 58% ownership interest in Omega Protein. In addition, Zapata owns 98% of Zap.Com Corporation (OTCBB ZPCM), which is a public shell company.