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) August 3, 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 - August 3, 1999 - High Plains Corporation (NASDAQ:HIPC)
today announced a downsizing of its Board of Directors for purposes of
creating a smaller, more active management team. Members of the restructured
Board will exhibit expertise relevant to future strategic needs and the
evolving direction of the Company.
The restructured Board of Directors will be comprised of current Board
members Daniel O. Skolness and H.T. Ritchie, whose terms expire in the Fall
of 2000; and Gary R. Smith and Donald D. Schroeder, whose terms
expire in 2001. Appointed as a new Director is David C. Nesbitt, President
of Quest Financial Group, a private equity placement firm in Wichita, KS.
Mr. Nesbitt is also President of Devlin Enterprises, a privately endowed
investment holding company.
Nesbitt's appointment will expire at the next Annual Meeting of the
Corporation scheduled for November 16, 1999. He will also stand as the sole
Director candidate for election by the shareholders at the Annual Meeting
for a term that expires in 2002.
Board Members Jack F. Chivers, Raymond G. Friend, Arthur Greenberg, Ronald D.
Offutt and Donald M. Wright have tendered their resignations to provide more
time to pursue their business and investment interests.
"These changes were initiated by the Board in response to requests by
numerous shareholders, and as a result of recommendations by independent
consultants previously retained by the Board to provide an independent Board
evaluation," stated Tom Ritchie, Chairman of the Board of Directors. "These
changes will assure that the new smaller Board will operate more
efficiently," he continued.
"Both current and former Board members are to be commended for their help and
support in completing the Board restructuring. I will continue to serve as
Chairman of the Board until this November's Annual Meeting
at which time I look forward to the selection of a new Chairman by the new
Board," Ritchie concluded.
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: August 3, 1999 HIGH PLAINS CORPORATION
/s/Gary R. Smith
President & CEO
