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 March 16, 1998
(Date of earliest event reported) February 27, 1998
THE BEARD COMPANY
(Exact name of registrant as specified in its charter)
Oklahoma 0-12396 73-0970298
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Enterprise Plaza
5600 N. May Avenue
Suite 320
Oklahoma City, Oklahoma 73112
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (405) 842-2333
N/A
(Former name or former address, if changed since last report)
Item 2. Acquisition of Assets.
On February 9, 1998, The Beard Company (the "Company") formed a new subsidiary,
Interstate Travel Facilities, Inc. ("ITF"), which, on February 27, 1998,
acquired three properties from Mr. and Mrs. Toby B. Tindell and Tindell
Enterprises, Inc. for a total purchase price of $2,061,000. The purchase was
effective at the close of business on February 28, 1998.
A brief description of the assets involved, all three of which are located in
the Greater Oklahoma City Metroplex, is as follows:
(1) The first property contains a service station, convenience store and a
restaurant and is located at 6800 N. I-35 Industrial Boulevard, Guthrie,
Oklahoma, at the Seward Road East exit along Interstate Highway 35
("I-35").
(2) The second property contains a service station and convenience store and
is located in Edmond, Oklahoma, at the Waterloo Road East exit on I-35.
(3) The third property is presently undeveloped and is located in Edmond,
Oklahoma, at the Waterloo Road West exit on I-35.
The $2,060,876 purchase price was comprised of a 15-year, unsecured 5.93%
promissory note from ITF in the amount of $543,750, the assumption of debt by
ITF in the amount of $1,335,876, and 20% of the common stock of ITF valued at
$181,250. As a result of the transaction, the Company owns 80% of ITF and the
Tindells own 20%.
On February 9, 1998, ITF purchased two other properties located along
Interstate Highway 40 ("I-40") in eastern Oklahoma from the Stuckey's
Management Group, L. L. C. for a total cash consideration of $490,147. Each
property contains a service station, convenience store and a small restaurant.
One of the properties is located at Exit 262 North on I-40 near Checotah,
Oklahoma. The second property is located at Exit 212 South on I-40 near
Cromwell, Oklahoma.
ITF will complete renovations and development of certain of the properties in
the near future as it intends to continue servicing the needs of the interstate
highway traveler.
The Company had no affiliation with Toby Tindell and his wife, Tindell
Enterprises, Inc. or Stuckey's Management Group, L. L. C.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro Forma financial information.
Not applicable.
(c) Exhibits.
The following exhibits are filed herewith:
Exhibit No. Description
----------- -----------
2 Asset Purchase Agreement dated February 27, 1998, by
and between Toby B. Tindell and Cristie R. Tindell and
The Beard Company.
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.
THE BEARD COMPANY
HERB MEE, JR.
Herb Mee, Jr., President
Dated: March 16, 1998
EXHIBIT INDEX
Exhibit No. Description Method of Filing
2 Asset Purchase Agreement dated Filed herewith electronically
February 27, 1998, by and
between Toby B. Tindell and
Cristie R. Tindell and The
Beard Company