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UNITED STATES
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
Date of Report (Date of earliest event reported): May 15, 2000
SCHEID VINEYARDS INC.
(Exact name of small business issuer as specified in its charter)
Delaware 000-22857 77-0461833
(State or other jurisdiction of (Commission file number) (I.R.S. Employer
incorporation or organization) Identification No.)
13470 Washington Blvd.
Marina del Rey, California 90292
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 301-1555
Former name or former address, if changed since last report: N/A
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ITEM 5. OTHER EVENTS
On May 17, 2000, Scheid Vineyards Inc. (the "Company") announced the
signing of a Purchase and Sale Agreement (the "Agreement") whereby its wholly
owned subsidiary, Scheid Vineyard California Inc. agreed to sell four of its
vineyard properties totaling approximately 1,350 vineyard acres for a purchase
price of $21.3 million. The Company expects the transaction to close
approximately 60 days from the date of signing of the Agreement.
A copy of the press release announcing the signing of the Agreement is
filed as Exhibit 99.1 hereto and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is filed herewith:
99.1 Text of press release dated May 17, 2000, titled
"Scheid Vineyards Announces Agreement to Sell Four
Vineyard Properties."
SIGNATURE
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 thereunto duly authorized.
Date: May 25, 2000 SCHEID VINEYARDS INC.
By:/s/ Heidi M. Scheid
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Heidi M. Scheid
Vice President Finance and Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
99.1 Press Release dated May 17, 2000
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EXHIBIT 99.1
SCHEID VINEYARDS ANNOUNCES AGREEMENT TO SELL
FOUR VINEYARD PROPERTIES
Marina del Rey, CA - May 17, 2000 - Scheid Vineyards Inc. (Nasdaq: SVIN)
announced today the signing of a Purchase and Sale Agreement whereby its wholly
owned subsidiary, Scheid Vineyards California Inc., agrees to sell, subject to
normal conditions and contingencies, approximately 1,350 vineyard acres to
Coastal Winegrowers, LLC for a purchase price of $21.3 million. The Company
expects the transaction to close in approximately 60 days.
Alfred G. Scheid, Chairman and CEO, stated, "We received an offer for four
of our vineyards and felt it was in the best interests of the stockholders to
accept the offer." Mr. Scheid continued, "One of these vineyards, a 750-acre
parcel, is in the early development stage and is not projected to reach a
positive cash flow until 2002. With the short crops of 1998 and 1999, management
and our board of directors felt it was prudent to focus on reducing debt and
returning our business to a positive cash flow." Mr. Scheid further stated,
"While we are continuing to explore various strategies to best maximize
shareholder value, we want our shareholders to know it is not our intention to
liquidate the Company's assets. We intend to continue in the business of
producing premium wine grapes."
Scheid Vineyards Inc. is a leading independent producer of premium wine
grapes and operates approximately 6,000 acres of vineyards, primarily in
Monterey County, California. The Company sells most of its grape production
under long-term contracts to wineries producing primarily premium quality table
wines, and the Company also produces a small amount of ultra premium wine under
its own labels.
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