What's Going On At ZULU-tek?

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.