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THIS DOCUMENT IS A COPY OF THE FORM 8-K FILED ON JULY 11, 2000,
PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION
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) June 26, 2000
KINARK CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-3920 71-0268502
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(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
2250 E. 73rd Street, Suite 300, Tulsa, OK 74136
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(Address of principal executive offices) (Zip Code)
(918) 494-0964
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(Registrant's telephone number, including area code)
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Item 2. Acquisition or Disposition of Assets
On June 26, 2000, the Company sold all of the common stock of
Lake River Corporation to LRT Holding Company, Inc., pursuant to a stock
purchase agreement dated June 23, 2000, in exchange for cash in the amount
of $26,400. Such amount is subject to adjustment based upon certain accounts
receivable and accounts payable levels as described in the attached stock
purchase agreement.
On June 26, 2000, the Company sold all of the common stock of
North American Warehousing Company to NAWC Holding Company, Inc., pursuant to
a stock purchase agreement dated June 23, 2000, in exchange for cash in the
amount of $166,000. Such amount is subject to adjustment based upon certain
accounts receivable and accounts payable levels as described in the attached
stock purchase agreement.
The Company estimates these transactions resulted in a net loss of
approximately $490,000 and $205,000 for Lake River Corporation and North
American Warehousing Company, respectively, which it expects to report in
the second quarter 2000 as a loss on the disposal of business segments.
Lake River Corporation and North American Warehousing Company,
both located in the Chicago area, represented approximately 15% of the
Company's 1999 sales. Lake River Corporation conducts business primarily in
the storage and trans-shipment of bulk liquid chemicals. North American
Warehousing Company is involved in the warehousing and trans-shipment of
drummed and dry chemicals. Both of the acquiring corporations are
controlled by members of the existing management of Lake River Corporation
and North American Warehousing Company.
The attached stock purchase agreements and press release are
hereby incorporated by reference in this Current Report on Form 8-K.
Item 7. Financial Statements and Exhibits.
(b) Pro forma financial information
It is impractical to provide the required pro forma financial
information at the date of the filing of this Form 8-K. The
required proforma financial information will be provided as soon
as practible but not later than 60 days after the date on which
this Form 8-K is filed.
(C) Exhibits:
2.1 Stock Purchase Agreement by and between Kinark
Corporation and LRT Holding Company, Inc.
2.2 Stock Purchase Agreement by and between Kinark
Corporation and NAWC Holding Company, Inc.
99.1 Press Release of Kinark Corporation, dated
June 26, 2000.
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 thereunto duly authorized.
KINARK CORPORATION
(Registrant)
Date: July 11, 2000 By: /s/Paul R. Chastain
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Paul R. Chastain
Vice President and
Chief Financial Officer
