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 12, 2001
WESTERN STANDARD CORPORATION
(Exact name of registrant as specified in its charter)
WYOMING
(State or other jurisdiction of incorporation)
000-03802 83-0184378
(Commission File Number) (IRS Employer I.D. No.)
205 South Broadway
Riverton, Wyoming 82501
(Address of principal executive offices)
(307) 856-9288
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
Western Standard Corporation today announced that its Board of
Directors has undertaken to explore ways to realize value for its
shareholders, and endorsed the actions of the directors of Snow
King Resort, Inc. (SKRI). As an initial step, SKRI has engaged
Sonnenblick-Goldman Company to advise its Board and help determine
a specific strategy and the transactional value of the Snow King
Resort properties.
Western Standard's largest asset is its equity interest in
SKRI. SKRI owns and operates the Snow King ski resort and hotel in
Jackson, Wyoming and engages in real estate activities in the
immediate area. See the press release attached as an exhibit
hereto for further details.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements - none.
(b) Exhibits - filed herewith.
Exhibit NO. Description
2001.1 Press release dated June 12, 2001
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.
WESTERN STANDARD CORPORATION
Date: June 12, 2001 By: /s/ Stanford E. Clark
Stanford E. Clark,
President
EXHIBIT NO. 2001.1
FOR IMMEDIATE RELEASE: JUNE 12, 2001
WESTERN STANDARD CORPORATION ANNOUNCES
PLAN TO EXPLORE BUSINESS ALTERNATIVES
Jackson, Wyoming - Western Standard Corporation (OTCBB: WSTD)
announced today that its Board of Directors has undertaken an
exploration of strategic alternatives to realize value for its
shareholders, and endorsed the actions of the directors of Snow
King Resort, Inc. (SKRI). As an initial step, SKRI has engaged
Sonnenblick-Goldman Company to advise its Board and help determine
a specific strategy and the transactional value of the Snow King
Resort properties.
Western Standard's largest asset is its equity interest in
SKRI. SKRI owns and operates the Snow King ski resort and hotel in
Jackson, Wyoming and engages in real estate activities in the
immediate area.
Manuel B. Lopez, President of Snow King Resort, Inc. stated
that "Snow King Resort's Board has engaged Sonnenblick-Goldman
Company to evaluate different ways to maximize the value of our
Snow King properties. Some of our strategic options include
enhancing our operating performance, continuing to reduce our long-
term debt and pursue local real estate development opportunities.
The Board will consider alternatives such as providing shareholder
liquidity through some form of re-capitalization, a transaction
with another party involving all or part of the Snow King
properties, a joint venture, or seeking additional development
capital. Sonnenblick-Goldman has a great deal of experience in
real estate transactions nationwide as well as overseas. We are
confident of their abilities to represent us well."
"In any event," Lopez added, "the Board will be sympathetic to
the needs and concerns of our valued employees and sensitive to the
expectations of the community and local, state and federal
governmental authorities."
"Several months may elapse before the Snow King Board
identifies a particular proposal that may be in the best interest
of shareholders," Lopez stated, "and it may be that the Board will
be unable to find any suitable proposal."
Stan E. Clark, President of Western Standard, stated, "This
action reflects the Board's continuing commitment to maximizing
Western Standard's shareholder value. Our financial performance
has been good and management continues to do a solid job. However,
the Board is concerned about the languishing price of our stock and
the ability of our shareholders to realize and enjoy the value of
their holdings." He added that, "if the Board does accept and
decide to recommend a proposal to our shareholders, the value they
may realize could be in excess of the price of our stock, the
trading in which is limited and sporadic."
This press release contains statements of a forward-looking
nature regarding future events. These statements are only
predictions and actual events may differ materially. Please refer
to documents that Western Standard Corporation files from time to
time with the Securities and Exchange Commission for a discussion
of the business, operations and properties of Western Standard and
SKRI, and Western Standard's equity interest in SKRI. See
http://www.sec.gov.