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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 12, 1998
BESICORP GROUP INC.
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(Exact name of Registrant as specified in its charter)
New York 0-9964 14-1588329
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(State or other (Commission File (I.R.S. Employer
jurisdiction of incorporation) Number) Identification No.)
1151 Flatbush Road, Kingston, New York 12401
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 914-336-7700
This document consists of 3 pages.
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ITEM 5. OTHER EVENTS
The Company announced that Michael F. Zinn has accepted an invitation from the
Board of Directors to resume his position as Chairman of the Board, President,
and Chief Executive Officer, effective immediately.
EXHIBITS
99.1 Press Release of the Company dated May 12, 1998
Signatures
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 hereunto duly authorized.
Besicorp Group Inc., Registrant
By:/s/ Michael J. Daley
Michael J. Daley
Date: May 21, 1998 Executive Vice President,
Chief Financial Officer
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Exhibit 99.1
BESICORP GROUP INC.
News Release
For Immediate Release
Contact: Dan Roher, Roher Public Relations 212-986-6668
MICHAEL F. ZINN RETURNS AS HEAD OF BESICORP
KINGSTON, NY, May 12, 1998 -- Michael F. Zinn has accepted an invitation from
the Board of Directors of Besicorp Group Inc. to resume his position as chairman
of the board, president, and chief executive officer effective immediately.
(AMEX Emerging Company Marketplace - BGI.EC)
The Board of Directors set forth its reasons in the following statement
directed to its shareholders, employees and their families, customers, vendors,
business partners, other associates, and the public at large:
"Besicorp Group Inc. has today asked Michael F. Zinn to return to the company
as chairman of the board, president, and chief executive officer and resume
leadership of the company he founded 22 years ago, and which he successfully led
during the entire period prior to his recent incarceration. A businessman with a
vision, he has shown how a company can prosper while making a positive
contribution to the protection of the Earth's environment.
"Under Michael's leadership, Besicorp has become a worldwide company known and
respected as a pioneer and leader in independent power development and solar
technology. Besicorp was started with very little capital and is now a highly
valued company whose shares are traded on the American Stock Exchange.
"In making its determination, the Board considered the effects that Mr. Zinn's
historical leadership has had upon Besicorp's development and profitability, and
upon its future potential to provide employment opportunities and economic
growth to the communities in which it does business, as well as to continue to
build shareholder value. Under the leadership of Mr. Zinn, Besicorp has
benefited the Mid-Hudson Valley region by directly employing on average 80
persons over the last several years in a wide variety of professions including
manufacturing, sales, engineering, development, finance and administration, and
created employment for hundreds of additional persons in power plant
construction, operations, and maintenance in New York State.
"Moreover, Besicorp is engaged in a technically and financially complex
industry involving business transactions with major multinational companies.
This demands experienced and dedicated leadership of the highest quality. While
the Board wishes to acknowledge the excellent job that the management team has
done over the past six months in a complex business environment fraught with
many challenging circumstances, in our considered judgment there is no more
qualified person than Mr. Zinn to lead this company.
"For these reasons the Board of Directors of Besicorp Group Inc. has
unanimously resolved and voted to extend an invitation to Michael F. Zinn to
return as chairman of the board, president, and chief executive officer."
Mr. Zinn was released from confinement on May 8, 1998 having served a six-
month sentence for violating the law governing election campaign contributions
in 1992. Mr. Zinn maintains that he did not knowingly violate the law.
Michael J. Daley, who has been with Besicorp for over 10 years and who was
chairman of the board, president, chief executive officer, and chief financial
officer for the past six months will continue with the company as director,
executive vice president and chief financial officer.
Besicorp specializes in the development of independent power projects and
energy technologies.
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