FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported) November 17, 1999.
HIGH PLAINS CORPORATION
(Exact name of registrant as specified in its charter)
Kansas #1-8680
(State or other jurisdiction of (Commission File
incorporation) Number)
200 W. Douglas #48-0901658
Suite #820 (IRS Employer
Wichita, Kansas 67202 Identification No.)
(Address of principal
executive offices)
(316) 269-4310
(Registrant's telephone number)
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Item 5 Other Information
Wichita, Kansas - November 16, 1999 - High Plains Corporation (NASDAQ:HIPC)
announced today that it has entered into a pilot project to test production
of glycerol at one of its existing ethanol production facilities. The
Company anticipates that the glycerol, a chemical product commonly used in
the manufacturing of pharmaceuticals, cosmetics, and pet foods, can be
produced as a co-product with ethanol from existing plant assets, with
relatively minor process modifications and equipment additions.
"With the excellent probability of success of this pilot project, High Plains
will not only lessen its exposure to the volatile ethanol market, but will
also provide an alternative product with more consistent profit margins,"
stated Gary R. Smith, High Plains' President and Chief Executive Officer.
"We expect the glycerol project to decrease our production of distillers
grains and solubles, the high protein cattle feed by-product we currently
manufacture, but not to seriously impact the total ethanol production from
the plant involved," continued Smith.
High Plains announced in a July, 1999 press release its intent to search for
another product to complement its ethanol production, and discussed requisite
market factors in its fiscal 1999 annual report. "Improving the
diversification of our markets and products has been a major goal. I am very
pleased to announce that we have found a product that appears to fit well
with our existing asset structure. The pilot project should be complete by
the end of December, 1999, and we plan to announce our final results, and
hopefully our plans for implementation, in January of 2000," concluded Smith.
Based in Wichita, Kansas, High Plains Corporation is among the Nation's
largest producers of ethanol. The Company operates production facilities in
Colwich, Kansas; York, Nebraska; and Portales, New Mexico.
This press release contains forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that all forward-looking statements involve
risks and uncertainties, including without limitation risks of fluctuations
in feedstock commodity prices, changes in the market prices or demand for
motor fuels and Ethanol, legislative changes regarding air quality, fuel
specifications or incentive programs, as well as general market conditions,
competition and pricing. The Company believes that forward-looking
statements made by it are based upon reasonable expectations. However, no
assurances can be given that actual results will not differ materially from
those contained in such forward-looking statements. Additional information
concerning these and other factors is contained in the Company's Securities
and Exchange Commission filings, including its annual 10K, Proxy Statement,
and quarterly 10Q filings, copies of which are available from the Company
without charge.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 17, 1999 HIGH PLAINS CORPORATION
/s/Gary R. Smith
President & CEO
