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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
June 10, 1998
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Date of Report (Date of earliest event reported)
Black Rock Golf Corporation
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(Exact name of registrant as specified in its charter)
Delaware 001-11935 84-1336891
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
6786 S. Revere Parkway, Suite 150D, Englewood, Colorado 80112
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(Address of principal executive offices)
(303) 799-9901
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
Black Rock Golf Corporation announced June 10, 1998 that it has
undertaken immediate measures to reduce operating losses and attempt to improve
cash flows. On May 29, 1998, the Company terminated eight employees and on June
5, 1998, six additional employees were terminated. The fourteen employees who
have been terminated work in finance, marketing, customer service, information
technology, and administrative positions.
The layoffs will result in SG&A savings of approximately $360,000 annually.
Additionally, Black Rock is undertaking an effort to thoroughly examine all of
its other SG&A expenses to determine if other costs can be reduced.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 News Release, released on June 10, 1998.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 10, 1998 Black Rock Golf Corporation
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By: /s/ Jackson D. Rule, Jr.
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President and Chief Executive
Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 News Release, released on June 10, 1998.
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BLACK ROCK GOLF CORPORATION
News Release
For Immediate Release
June 10, 1998
Contact: Black Rock Golf Corporation
(303) 799-9901
Jackson D. Rule, President, CEO and Chairman of the Board
Gerald D. Fick, CFO, Treasurer and Secretary
COMPANY MAKES COSTS CUTS TO CURB OPERATING LOSSES
JUNE 10, 1998--ENGLEWOOD, CO -- Black Rock Golf Corporation (NASDAQ: Small
Caps:BLKRCK) announced today that it has undertaken immediate measures to reduce
operating losses and attempt to improve cash flows. On May 29, 1998, the Company
terminated eight employees and on June 5, 1998, six additional employees were
terminated. The fourteen employees who have been terminated work in finance,
marketing, customer service, information technology and administrative
positions.
The layoffs will result in SG&A savings of approximately $360,000 annually.
Additionally, Black Rock is undertaking an effort to thoroughly examine all of
its other SG&A expenses to determine if other costs can be reduced.
Black Rock is currently engaged in negotiations with investors to raise debt
and/or equity financing. In addition, Black Rock intends to actively and
aggressively pursue discussions with possible acquirers and merger partners.
This release contains forward-looking statements that involve risks and
uncertainties. The statements may differ materially from actual future events or
results. Readers are referred to the documents filed by Black Rock with the U.S.
Securities and Exchange Commission, specifically the most recent reports on Form
10-K and 10-Q and registration statement on Form SB-2, which identify important
risk factors that could cause actual results to differ from those contained in
the forward-looking statements.
Black Rock designs, develops and markets innovative, premium quality golf clubs
("Killer Bee" drivers and woods and "Stinger" irons) together with instructional
videos intended to improve golfers scores.
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