UNITED STATES
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): July 25, 2000
PRIDE COMPANIES, L.P.
(Exact name of registrant as specified in its charter)
Delaware 001-10473 75-2313597
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
1209 North Fourth Street
Abilene, Texas 79601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (915) 677-5444
<PAGE>
Item 5. Other Events
Pride Refining, Inc., the managing general partner of Pride
Companies, L.P., announced today that on July 25, 2000 it had entered
into a call option with J-Hawk Corporation giving Pride Refining, Inc.
the right to purchase 930,000 common units of Pride Companies, L.P.
The call option is exercisable at any time from today until December
31, 2000. If exercised prior to December 2, 2000, the exercise price
per unit is $0.27. The exercise price per unit from December 2, 2000
to December 31, 2000 is $0.30.
The units underlying the call option were acquired by J-Hawk
Corporation in a separate transaction that closed on July 25, 2000 as
well.
Pride Companies, L.P., headquartered in Abilene, Texas, is a
Delaware limited partnership and it owns and operates a common carrier
products pipeline system and three products terminals in Abilene,
Texas, San Angelo, Texas and Aledo, Texas, which are used to market
conventional gasoline, low sulfur diesel fuel, and military aviation
fuel.
Safe Harbor Statement: Certain information included in this
release contains forward-looking statements made pursuant to the
Private Securities Litigation Reform Act of 1995 ("Reform Act"). Such
statements are based on current expectations and involve a number of
known and unknown risks and uncertainties that could cause the actual
results and performance of Pride to differ materially from any
expected future results or performance, expressed or implied, by the
forward-looking statements. In connection with the safe harbor
provisions of the Reform Act, Pride has identified important factors
that could cause actual results to differ materially from such
expectations, including operating uncertainty, acquisition
uncertainty, uncertainties relating to geothermal resources,
uncertainties relating to domestic and international economic and
political conditions and uncertainties regarding the impact of
regulations, changes in government policy and competition. Reference
is made to all of Pride's SEC filings, including Pride's 10-K for the
year ended December 31, 1999, which is incorporated herein by
reference, for a description of such factors. Pride assumes no
responsibility to update forward-looking information contained herein.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release, dated July 27, 2000.
<PAGE>
SIGNATURE
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.
PRIDE COMPANIES, L.P.
By: Pride Refining, Inc.,
Managing General Partner
By: Brad Stephens
Chief Executive Officer
Date: July 27, 2000
<PAGE>
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
PRIDE REFINING, INC. ENTERS INTO OPTION TO
PURCHASE UNITS OF PRIDE COMPANIES, L.P.
ABILENE, TX - July 27, 2000 - Pride Refining, Inc., the managing
general partner of Pride Companies, L.P., announced today that on July
25, 2000 it had entered into a call option with J-Hawk Corporation
giving Pride Refining, Inc. the right to purchase 930,000 common units
of Pride Companies, L.P. The call option is exercisable at any time
from today until December 31, 2000. If exercised prior to December 2,
2000, the exercise price per unit is $0.27. The exercise price per
unit from December 2, 2000 to December 31, 2000 is $0.30.
The units underlying the call option were acquired by J-Hawk
Corporation in a separate transaction that closed on July 25, 2000 as
well.
Pride Companies, L.P., headquartered in Abilene, Texas, is a Delaware
limited partnership and it owns and operates a common carrier products
pipeline system and three products terminals in Abilene, Texas, San
Angelo, Texas and Aledo, Texas, which are used to market conventional
gasoline, low sulfur diesel fuel, and military aviation fuel.
Safe Harbor Statement: Certain information included in this release
contains forward-looking statements made pursuant to the Private
Securities Litigation Reform Act of 1995 ("Reform Act"). Such
statements are based on current expectations and involve a number of
known and unknown risks and uncertainties that could cause the actual
results and performance of Pride to differ materially from any
expected future results or performance, expressed or implied, by the
forward-looking statements. In connection with the safe harbor
provisions of the Reform Act, Pride has identified important factors
that could cause actual results to differ materially from such
expectations, including operating uncertainty, acquisition
uncertainty, uncertainties relating to geothermal resources,
uncertainties relating to domestic and international economic and
political conditions and uncertainties regarding the impact of
regulations, changes in government policy and competition. Reference
is made to all of Pride's SEC filings, including Pride's 10-K for the
year ended December 31, 1999, which is incorporated herein by
reference, for a description of such factors. Pride assumes no
responsibility to update forward-looking information contained herein.
