Zap Wants Internet Back

Fish oil processor turned Internet play Zap Corp. said Wednesday it will work to
develop a new network of Web sites. The news comes only a couple of months
after the company said it was reviewing its Internet strategy.


The spin-off of fish refinery Zapata Corp., who first made news in
May with a rejected bid to buy Excite,
announced that after reviewing its business plans it will again take a dip
in the Internet pool.


In the coming weeks Zap said it intends to reintroduce a
new Zap.com page. The on-again, off-again Net company is also reviewing
various relationships, alliances and agreements with other Internet
companies and e-commerce businesses.


In April, Zap bought the e-zines Word and Charged from ICON CMT
Corp. for $2 million. In July the company acquired over 20 Internet sites
it planned for its Zap portal effort.


By mid-October Zap backed out of its Internet investments, claiming the
market was unstable. Two shareholder lawsuits were filed in Texas, charging
that the company took unfair advantage of a run-up in its stock. The
backout also left the Zap-acquired sites uncertain of their future.


Zap officials attributed their about-face to stabilized markets, saying
they believe the Internet still held great opportunities for the company.


“Since we began our strategic review two months ago, global financial
markets have strengthened dramatically and the Internet sector, in
particular, has been positively impacted,” said Avram Glazer, president of
Zapata.


Related Sites:


Zap
Shareholders Cry Foul Over Failed
Acquisitions


ZAP
Adds Women’s Business Site


Excite
Rejects Zapata Takeover Bid

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