Exhibit Index at Page 3
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): September 27, 2000
GENESEE CORPORATION
(Exact Name of Registrant as Specified in Charter)
NEW YORK 0-1653 16-0445920
(State or other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
445 St. Paul Street, Rochester, New York 14605
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (716) 546-1030
Item 5. Other Events.
Genesee Corporation issued a news release on September 27, 2000,
which is filed with this report as Exhibit 99.
Item 7. Exhibits.
An exhibit filed with this report is identified in the Exhibit Index
at Page 3.
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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.
Genesee Corporation
Date: September 27, 2000 By /s/ Mark W. Leunig
Mark W. Leunig, Vice President and Secretary
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EXHIBIT INDEX
Page
Exhibit 99 News Release Dated September 27, 2000 4
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EXHIBIT 99
FOR IMMEDIATE RELEASE CONTACT: Mark W. Leunig
Director of Investor Relations
(716) 263-9440
GENESEE CORPORATION ANNOUNCES
AGREEMENT TO SELL EQUIPMENT LEASE PORTFOLIO
ROCHESTER, NEW YORK, September 27, 2000 -- Genesee Corporation (NASDAQ/NMS:
GENBB) today announced that the Corporation's equipment leasing business has
entered into an agreement to sell a substantial portion of its lease portfolio
to a joint venture between four limited partnerships managed by ICON Capital,
Corp. ICON Capital is a diversified equipment leasing company headquartered in
White Plains, New York that manages equipment leasing portfolios representing
more than $800 million of original equipment value. "Following the agreement in
principle that we announced on June 28, ICON completed its due diligence and the
parties have now signed a definitive agreement," said Mark W. Leunig, Vice
President of the Corporation.
As previously announced, the Corporation estimates that it would
receive approximately $13 million as its portion of the sale proceeds. Because
the sale is expected to generate a book loss, the Corporation recorded a $1.9
million charge, net of tax benefit of $1.2 million, in the fourth quarter of its
fiscal year ended April 29, 2000. The transaction is subject to a number of
conditions customary to such transactions. If these conditions are
satisfactorily resolved, the closing is expected to take place within forty-five
days.
MORE
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NOTE: Statements made in this news release which are not historical, including
statements regarding the timing and results of the sale of the Corporation's
equipment leasing business and the estimated proceeds from the sale of the
equipment leasing business, are forward-looking statements . Such
forward-looking statements are subject to a number of risks and uncertainties,
and there can be no assurance that the expectations or results reflected in
those statements will be realized or achieved. Such risks and uncertainties
include, without limitation, the failure of the proposed transaction to close
for whatever reasons, purchase price adjustments, post-closing indemnification
obligations, the failure to satisfy other conditions necessary to consummate the
sale of the equipment leasing business, and the possibility that a delay in
resolving such conditions could jeopardize the transaction.
Copies of Genesee Corporation press releases are available free of
charge by calling PRNewswire's Company News On Call at 800-758-5804, Extension
352775, or on the Internet at http://www.prnewswire.com/cnoc.
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