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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 11, 2000
ASCHE TRANSPORTATION SERVICES, INC.
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(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
0-24576 36-3964954
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(Commission File Number) (IRS Employer Identification No.)
10214 NORTH MT. VERNON ROAD, SHANNON, ILLINOIS 61078
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(Address of Principal Executive Offices) (Zip Code)
(815) 864-2421
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(Registrant's Telephone Number, Including Area Code)
None
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On January 11, 2000, the Company disclosed certain accounting issues at
its Asche Transfer, Inc. subsidiary. Additional information regarding this
disclosure is set forth in the press release attached hereto as Exhibit 99.1.
EXHIBITS
Exhibit 99.1 Press Release dated January 11, 2000
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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.
ASCHE TRANSPORTATION SERVICES, INC.
Date: January 13, 2000 By:
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Leon M. Monachos, Chief Financial Officer
(Signature)
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EXHIBIT 99.1
ASCHE TRANSPORTATION SERVICES, INC. ANNOUNCES ACCOUNTING ISSUES AT ASCHE
TRANSFER, INC. Jan 11 /PRNewswire/ -- Asche Transportation Services, Inc. ASHE,
has determined, during a review of the accounting records of one of its
subsidiaries, Asche Transfer, Inc., that certain accounts may have been
misstated in the Company's quarterly reports for 1999 and in the annual report
for 1998. The Company has not determined, as of yet, whether the misstatement
has a material impact on the Company's financial statements taken as a whole.
Based on the Company's review, which is ongoing, the Company determined that the
controller at Asche Transfer, Inc., who has since been dismissed, appears to
have made numerous accounting entries in 1999 which lacked proper support, and
in certain instances, failed to make other accounting entries which should have
been made. The controller is also alleged to have stolen approximately $62,000
principally in 1999.
The Company is undertaking a comprehensive review of the accounting records of
Asche Transfer, Inc. The Company's auditors, Ernst & Young, LLP, fully intend to
assist the Company in this review.
Based on the Company's review, the Company believes that the accounting records
and financial statements of the Company's other two subsidiaries, AG Carriers,
Inc. and Specialty Transportation Services, Inc. have not been affected by the
actions of Asche Transfer's former controller.
Asche, through its operating subsidiaries, Asche Transfer, Inc. and AG Carriers,
Inc., is a leading provider of temperature-controlled, time- sensitive
transportation of frozen foods, juice concentrates, perishable commodities,
household and retail commodities, and tropical foliage. STS, as an operating
subsidiary of Asche, is a leading provider of municipal solid waste and bulk
industrial transport services. Its shares trade on the Nasdaq National Market
under the symbol ASHE.
Statements included in this press release which are not historical in nature,
are intended to be, and are hereby identified as, "forward looking statements"
for purposes of the safe harbor provided by Section 21E of the Securities
Exchange Act of 1934, as amended by Public Law 104-67. Forward- looking
statements may be identified by words including "anticipates," "believes,"
"intends," "estimates," "expects," and similar expressions. The Company cautions
readers that forward-looking statements, including without limitation, those
relating to the Company's future business prospects, revenues and income are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward looking statements, due to
several important factors, including, among others, those identified from time
to time in the Company's reports filed with the SEC. Such risk factors include,
but are not limited to, general economic conditions, availability of drivers,
fuel costs, labor costs, interest rates, competition and governmental
regulations.
SOURCE Asche Transportation Services, Inc.
