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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 5, 2000
GETTY PETROLEUM MARKETING INC.
(Exact name of registrant as specified in charter)
Maryland 1-14990 11-3339235
(State of Organization) (Commission File Number) (IRS Employer
Identification No.)
125 Jericho Turnpike
Jericho, New York 11753
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (516) 338-6000
Item 5. Other Events.
On April 5, 2000, Getty Petroleum Marketing Inc. announced that it has
retained the investment banking firm ING Barings LLC in connection with a review
of strategic alternatives, including the possible sale or merger of the company
or some other form of business transaction. There can be no assurance that any
transaction will result from this process. A copy of the press release is
attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7. Financial Statements, Pro Form Financial Information and Exhibits.
7(c) Exhibits.
99.1 Press Release dated April 5, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
GETTY PETROLEUM MARKETING INC.
Date: April 6, 2000 By: /s/ Leo Liebowitz
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Leo Liebowitz
Chairman
and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated
April 5, 2000
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EXHIBIT 99.1
RELEASE: IMMEDIATE
GETTY PETROLEUM MARKETING INC.
RETAINS ING BARINGS, LLC
TO REVIEW STRATEGIC ALTERNATIVES
JERICHO, New York, April 5, 2000 - Getty Petroleum Marketing Inc.
(NYSE: GPM) announced that it has retained the investment banking firm ING
Barings LLC in connection with a review of strategic alternatives, including the
possible sale or merger of the Company or some other form of business
transaction.
"Although we are posting strong operating results, growing our business
and have excellent growth prospects, it has not been reflected in our stock
price, thereby causing the Company to explore alternatives to enhance
shareholder value," said Leo Liebowitz, Chairman and Chief Executive Officer of
the Company.
Getty Petroleum Marketing Inc., one of the nation's largest independent
marketers of gasoline and petroleum products, supplies approximately 1,300
branded locations in thirteen Northeastern and Middle-Atlantic states. The
Company is also a marketer of heating oil in the New York Mid-Hudson Valley and
is a wholesale distributor of a variety of petroleum products through its east
coast petroleum storage and distribution network. Most of the Company's
locations are leased from Getty Realty Corp., an independent company also listed
on the New York Stock Exchange. Getty Realty is a real estate company
specializing in service stations, convenience stores and petroleum terminals and
owns or leases approximately 1,100 properties in the Eastern United States.
Certain statements in this news release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. When used herein, the words "believes", "expects", "plans", "estimates"
and similar expressions are intended to identify forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance and
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements.
Contact: John J. Fitteron
(516) 338-6000
