You have to wonder what’s happening at ZULU-tek when you see items like this
from Media Daily:
“More troubling news from Internet ad network ZULU-tek, as the company
announced on Friday the immediate resignations of two high-ranking executives
from its recently acquired SOFTBANK Interactive Marketing Inc.”
The former execs and board members are Lawrence P. Howorth, executive vice
president and CFO, and Edward F. West, executive vice president of
development. Both cited personal reasons for their resignations and said they
plan to pursue other professional opportunities.
ZULU-tek, whose main property is Newport, RI-based echoMEDIA, acquired a controlling
interest in SOFTBANK several months ago. SOFTBANK chairman and founder Andy
Batkin and CEO Caroline Vanderlip bailed out shortly thereafter.
ZULU-tek Chairman Ron Meatchem, whose background reportedly is in the auto
industry, last January was quoted by Adweek as saying there would be
no more executive departures.
In the last week or so, ZULU-tek issued a terse statement saying it was
closing down SIM’s European operation and cited a lagging market there. Now
it turns out the staff basically up and left to form a new company. Then
ZULU announced a $50 million equity investment from Enhanced Services Co. Inc.
Before that there was a very strange press release in which ZULU-tek denied a
“rumor” that it was being taken over by DoubleClick, which of course told IAR
it had no idea what ZULU was talking about. The company still has no Web site
under its own name that we can find. There is a site under its former name,
Netmaster Group, but it says
nothing about ZULU-tek.