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U.S. 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): November 14, 2000
VERDANT BRANDS, INC.
(Exact name of registrant as specified in its charter)
Minnesota 0-26507 41-0848688
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(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) Identification No.)
9555 James Avenue South, Suite 200, Bloomington, Minnesota, 55431-2543
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(Address of principal executive offices)
Registrant's telephone number, including area code: (952) 703-3300
Not Applicable
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(Former name or former address, if changed since last report)
Page 1 of 4 Pages
Exhibit Index Appears on Page 4
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Item 2. Acquisition or Disposition of Assets.
On November 14, 2000, Verdant Brands, Inc., a Minnesota corporation
("Verdant"), announced in the third quarter earnings release the financial
impact of sales of the assets of Commercial Dealer Segment. The Commercial
Dealer Segment consists of the Valley Green Division and the Pacost Division.
The Valley Green assets located in Chicopee, MA, were sold October 11, 2000 for
$650,000 to Valley Green Center, Inc. A portion of the Pacoast Division assets,
located in Escalon, Livingston, and Patterson, CA, was sold November 8, 2000 to
Western Farm Service, Inc. for $3,850,000. Two remaining parcels of real estate
located in Fresno and Sacramento, CA, which comprise the remaining balance of
the Commercial Delaer Division assets, are expected to be sold in the next month
for approximately $575,000. Both divisions are wholly-owned subsidiaries of
Consep, Inc., a wholly-owned subsidiary of Verdant. All proceeds, after payment
of selling expenses from the sales, were used to reduce Verdant's secured line
of credit with its senior lender.
Valley Green Center, Inc., is owned 100% by Charles Dooley, the former
President of the Valley Green Division.
The operating results and identifiable assets of both divisions are
discussed in Note 8 of the Business Segments in Form 10-Q for the period ending
September 30, 2000.
The press release describing the third quarter results, which is filed
as Exhibit 1 to this Form 8-K, is hereby incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No. Description
99. 1 Press Release describing the Third Quarter results
and financial impact of Pacoast and Valley Green
asset sales.
Page 2 of 4 Pages
Exhibit Index Appears on Page 4
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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.
Date: November 30, 2000
VERDANT BRANDS, INC.
By: /s/ H. Michael Blair
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H. Michael Blair
Chief Financial Officer
Page 3 of 4 Pages
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INDEX TO EXHIBITS
Exhibit No. Description
99.1 Press Release describing the third quarter results and
financial impact of Pacoast and Valley Green asset sales.
Page 4 of 4 Pages
