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): September 19, 2002
FFP MARKETING COMPANY, INC.
(Exact name of registrant as specified in its charter)
Texas 75-2735779
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification number)
2801 Glenda Avenue; Fort Worth, Texas 76117-4391
(Address of principal executive office, including zip code)
817/838-4700
(Registrant's telephone number, including area code)
The Company will offer for sale 166 of its convenience stores, truck stops
and gas-only fuel concessions in a sealed bid offering through National Real
Estate Clearinghouse, based in Chicago, Illinois. A press released issued by the
Company on September 19, 2002, contains the following:
FFP Marketing Offers 166 Convenience Stores,
Truck Stops & Service Stations in December 5th Bid
Fort Worth, Texas, September 19, 2002 - FFP Marketing Company, Inc. (AMEX
symbol - "FMM") and National Real Estate Clearinghouse (NRC) jointly announced
today that 70 operating convenience stores and truck stops and 96 service
stations will be offered in a December 5th sealed bid sale. The stores,
currently owned by FFP Operating Partners, L.P., a subsidiary of FFP Marketing,
are located in Texas and in 9 other states. The stores are being offered in a
"buy one, some, or all" format and are expected to sell from $20,000 for
gas-only service stations in small towns to over $2 million for truck stops on
Interstate highways. Gasoline brands include Citgo, Diamond Shamrock, Conoco,
Texaco and Fina.
"FFP is planning to exit a number of markets which it has determined are
secondary to its core business," commented Bob Byrnes, FFP's President and Chief
Operating Officer. "FFP doesn't have a sufficient concentration of stores in all
of these locales to operate in the most efficient manner," Byrnes said.
Eighty-seven of the stores will be offered as fee properties, and 79 as
leaseholds. One hundred-fifteen of the sites for sale are located in North and
South Texas and the Texas Panhandle. There are 20 sites in Kansas, Missouri and
Arkansas; 15 sites in and around Oklahoma City, Oklahoma; 13 sites in Louisiana,
Mississippi and Kentucky; and 3 sites in New Mexico and Nebraska. The truck
stops are located in Fort Worth, Weatherford, Nacogdoches, Rosenberg and Alice,
Texas.
NRC and FFP will be holding "How-To-Bid" seminars in Dallas and San Antonio
in mid November for interested parties. Dealers, gas jobbers and investors will
be able to meet NRC and FFP representatives in person to ask questions about the
offerings and to meet lenders interested in providing financing for the sites.
"This is a tremendous opportunity for convenience store operators, gas
jobbers, dealers, and investors to purchase sites in their market areas,"
commented Evan Gladstone, NRC's Managing Director. "With the wide variety of
locations, type of properties and anticipated range of selling prices, we expect
to get bidders from around the country and possibly from overseas".
Convenience Store News ranks FFP Marketing 25th in its listing of the top
50 convenience store companies in the country. The Company operates 424
convenience stores, truck stops and gas-only fuel concessions in 11 states. The
Company also sells motor fuel on a wholesale basis, operates a fuel processing
plant and terminal, sells underground storage tank testing and monitoring
probes, and sells money orders under the name of Financial Express Money Orders.
Company stores operate under names such as NuWay, Economy Food Stores, Kwik
Pantry, Mr. Cut Rate, Fuel Plus, Dynamic Minit Mart, Taylor Food Mart, and
Drivers Travel Mart.
Interested buyers should contact National Real Estate Clearinghouse (NRC)
customer service center for a sales brochure with information about the
properties being offered in the sale at 800-747-3342 X210 from 8 a.m. to 6:30
p.m. CT Monday through Friday. Detailed due diligence packages are also
available from NRC from $25 per package, including two-day overnight shipping.
Buyers may also visit NRC's website at nrcBid.com/210 to view sales volumes and
color photos of the stores. The deadline for sealed bids will be December 5,
2002.
National Real Estate Clearinghouse specializes in selling operating and
closed convenience stores and service stations for companies in the petroleum
industry such as BP (ARCO and AMOCO), Shell Oil, Circle K and others throughout
the United States and in Canada and Mexico. NRC has conducted over 300
sealed-bid and live auction sales since 1989 of 7,000 properties valued at over
$1 billion. NRC is located in Chicago, Illinois. Its toll free number is
800-747-3342, extension 210.
Some of the matters discussed in this press release contain forward-looking
statements regarding the future business prospects and plans of FFP Marketing
that are inherently subject to risks and uncertainties, including those related
to a closing of the sales of the properties discussed in this release. These and
other factors that may be identified from time to time in FFP Marketing's
reports filed with the Securities and Exchange Commission could cause actual
results or plans to differ materially from those indicated in any
forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, thew
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FFP MARKETING COMPANY, INC.
(Registrant)
Date: September 129, 2002 By: /s/ Craig T. Scott
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Craig T. Scott, Vice President