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): January 18, 2001
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 January 18, 2001, 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: January 19, 2001 By /s/ Mark W. Leunig
Mark W. Leunig, Sr. Vice President and Chief
Administrative Officer
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EXHIBIT INDEX
Page
Exhibit 99 News Release Dated January 18, 2001 4
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Exhibit 99
FOR IMMEDIATE RELEASE CONTACT: Mark W.Leunig
Director of Investor Relations
(716) 263-9440
Genesee Corporation Declares Partial Liquidating Distribution
ROCHESTER, NEW YORK, January 18, 2001 - The Board of Directors of
Genesee Corporation (NASDAQ/NMS: GENBB) today declared a partial liquidating
distribution of $7.50 per share, payable on March 1, 2001 to Class A and Class B
shareholders of record on February 20, 2001. The partial liquidating
distribution announced today is the first of what is expected to be a series of
liquidating distributions pursuant to the plan of liquidation and dissolution
approved by the Corporation's shareholders on October 19, 2000.
The liquidating distribution announced today distributes to
shareholders a portion of the proceeds received by the Corporation from the sale
of its brewing and equipment leasing businesses, after making provision for
taxes and reserves for contingent liabilities and post-closing obligations
related to those transactions. "We expect to make additional liquidating
distributions as the contingent liabilities and post-closing obligations are
discharged and the Corporation receives payment from High Falls Brewing Company
on the promissory notes that financed a portion of the brewing business sale,"
said Mark W. Leunig, Senior Vice President and Chief Administrative Officer of
the Corporation. Other factors that will affect the amount and timing of
additional liquidating distributions include the amount that will ultimately be
realized from and the timing of the sale of the Corporation's foods business and
other assets, which will depend on the terms of the transactions in which those
assets are sold; the payment or provision for the payment of debts, expenses,
taxes and other liabilities of the Corporation; and the timing and cost of
liquidating and winding up the Corporation's business and affairs.
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NOTE: Statements made in this news release regarding the payment of additional
liquidating distributions 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 reflected in those statements will be
realized or achieved. Such risks and uncertainties include, without limitation,
the risk of default by High Falls Brewing Company on its payment and other
obligations under the promissory notes held by the Corporation; risks associated
with continued ownership and operation of the foods business; the possibility of
delay in finding buyers and completing the divestiture of the foods business and
other assets of the Corporation; possible contingent liabilities and
post-closing indemnification and other obligations arising from the sale of the
Corporation's brewing and equipment leasing businesses; and risks associated
with the liquidation and dissolution of the Corporation, including without
limitation, settlement of the Corporation's liabilities and obligations, costs
incurred in connection with carrying out the plan of liquidation and
dissolution, the amount of income earned on the Corporation's cash and cash
equivalents and short-term investments during the liquidation period, and the
actual timing of liquidating distributions.
Copies of Genesee Corporation news 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/cno
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