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) February 7, 2000.
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, February 7, 2000 - High Plains Corporation (Nasdaq:HIPC)
today announced agreement by its Board of Directors to move to the next phase
of its glycerol production program.
The initial production tests for this new product, first announced in the
Company's November 1999 press release, have been completed. Lab scale and
initial plant product tests were completed by High Plains in conjunction with
Drs. Willem Kampen and Michael Saska of the Audobon Sugar Institute at
Louisiana State University. The testing involved the use of Dr. Kampen's
patented technology to extract glycerol from condensed distillers solubles,
one of the current by-products of High Plains' existing ethanol production
process.
To date, pilot production has yielded glycerol at 98 percent purity,
according to Gary R. Smith, President and CEO of High Plains. Samples of the
production are currently being evaluated at potential customer labs.
Smith said the next phase of the project consists of engineering production
equipment at the Company's Colwich, Kansas ethanol plant for production of
approximately 10 million pounds of glycerol annually. The project
engineering is expected to take 45 days, with financing to be sought soon
thereafter. Market and production cost estimates still appear favorable, and
assuming design and construction costs come in as expected, ground breaking
for modification of the Colwich facility could take place as early as the
summer of 2000.
He indicated that the current ethanol production of 18-20 million gallons per
year at Colwich would continue. The anticipated glycerol production should
materially reduce only the condensed distillers solubles now produced at this
facility.
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 10-K, Proxy Statement
and quarterly 10-Q 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: February 7, 2000 HIGH PLAINS CORPORATION
/s/Gary R. Smith
President & CEO
