ZULU-tek Inc. said it rescinded its previously announced acquisition of Universal Commerce Inc. and entered into a strategic relationship with UC and its principals.
The changes were due to accounting issues relative to SEC & GAAP Rules for
ZULU, the company said.
“I have worked closely with ZULU’s current executives for some time and have assisted echoMEDIA in developing strategic Internet solutions,” said Charles Rose, President of UC. “Our strategic alliance allows ZULU to take full
advantage of e-commerce opportunities, using our UC state of the art commerce
systems on the Net, while we remain independent to deal with other areas of
commerce where ZULU has no interest.”
The ability of ZULU’s Softbank Interactive division to utilize unsold banner
inventory provides significant opportunities for growth for both UC and ZULU,
the latter said.