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February 17, 2012

Hartford's Ziplink CEO pursues all its stock

The chairman and CEO of Ziplink Inc. is again offering to buy all remaining public shares as part of his ongoing bid to take the Hartford spam software maker private, authorities say.

Henry Zachs of West Hartford and his family, who control about 83 percent of Ziplink's outstanding common stock, is offering 6 ½ cents for each of the remaining 2.1 million shares.

Zachs bought 1.7 million Ziplink shares in October 2010 from Canada's Nortel Networks Ltd., then Ziplink's telecommunications partner. Ziplink was based at the time in Lowell, Mass.

He said at the time that Ziplink had about $1 million in net assets plus spam-product product he declared may or may not have value.

Last August, Zach and his family launched a 6 ½-cents-a-share tender offer, or $240,500, for Ziplink's outstanding common.

That and subsequent purchases on the open market since has boosted the Zachs family's Ziplink stock holdings to the current level, Zachs said.

Meantime, Zachs, 76, also disclosed that Ziplink filed suit against Microsoft in Connecticut federal court in December, alleging Microsoft infringed on its patent.

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