ZAPATA INSTITUTES REPURCHASE FOR IMMEDIATE RELEASE
PROGRAM; ANNOUNCES NEW CHIEF August 18, 1994
NEWS (LOGO OF ZAPATA CORPORATION APPEARS HERE)
P.O. BOX 4240 . HOUSTON, TEXAS 77210
HOUSTON-Zapata Corporation announced the initiation of a stock repurchase plan
for holders of less than 100 shares of Zapata common stock. Zapata is offering
to purchase these shares at a $1.00 premium to the average of the prevailing
market prices during the period of the offer.
Stockholders who own Zapata shares in their name (holders of record) will be
able to sell the shares directly to the Company without paying commissions.
Stockholders who own Zapata shares in their brokerage accounts (in street
names), however, may be required to pay a sales commission to their brokers.
The 1 for 5 reverse stock split implemented in May significantly increased
the number of stockholders owning a relatively small number of shares. Given the
incremental cost of communicating with each stockholder, it is economical for
Zapata to purchase the shares in the smaller accounts. At a per share price of
$4.50, the stock is trading at approximately eighty percent of the book value
The offer, for stockholders as of August 15, 1994, will expire on October 3,
1994. Interested stockholders should call The First National Bank of Boston at
(800) 442-2001 for additional information.
The Company also announced today that Malcolm I. Glazer was elected Chief
Executive Officer and President of the Company. Kristian Siem was elected to the
position of Chief Operating Officer. Joseph L. von Rosenberg III, 35, was
elected as Vice President and General Counsel of the Company. Mr. von Rosenberg
is a graduate of the Tulane University School of Law and Clemson University.
Donald T. Locke, 36, was elected Associate General Counsel and Corporate
Secretary of the Company. Mr. Locke is a graduate of The University of South
Carolina School of Law and Furman University.
Zapata Corporation (NYSE symbol: ZOS) is a Houston-based international
company primarily involved in natural gas services. Zapata rents, fabricates and
services natural gas compression packages and gathers and processes natural gas.
Zapata also produces natural gas and marine protein products.
CONTACTS: Marvin Migura--Senior Vice President and Chief Financial Officer