American Resources Corp 8-K, filed Feb 24, 2020
American Resources Corp (AREC)
8-K
2020-02-24
For: 2020-02-21
View Original
Added on
April 06, 2026
About this 8-K
American Resources Corp filed this 8-K on February 24, 2020, reporting on events of February 21, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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): February 21,
2020
AMERICAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
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Florida
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000-55456
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46-3914127
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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9002
Technology Lane, Fishers Indiana, 46038
(Address
of principal executive offices)
(317)
855-9926
(Registrant’s
telephone number, including area code)
________________________________________________
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (See: General Instruction
A.2. below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act
(17CFR240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17CFR240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17CFR240.13e-4(c))
Item 8.01 Other Events
On
February 21, 2020, American Resources Corporation (or the
“Company”) issued a press release announcing the
completion of the majority of the post-acquisition restructuring
efforts of Perry County Resources..
The information presented in Item 8.01 of this Current Report on
Form 8-K and Exhibit 99.1 shall not be deemed to be
“filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that
section, unless the Company specifically states that the
information is to be considered “filed” under the
Exchange Act or specifically incorporates it by reference into a
filing under the Securities Act of 1933, as amended, or the
Exchange Act.
A copy
of the press release is attached as Exhibit 99.1 hereto and is
incorporated herein by reference.
Item 9.01.. Financial Statements and
Exhibits.
(d)
Exhibits
The
following exhibits are attached hereto and filed
herewith.
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ExhibitNo.
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Description
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Press Release
Dated February 21, 2020
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2
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.
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American Resources
Corporation
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Date: February 24,
2020
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By:
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/s/ Mark C.
Jensen
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Mark C. Jensen |
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Chief Executive
Officer
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3
Exhibit 99.1
American Resources Corporation Completes Restructuring of Perry
County Resources
Company Cuts an Estimate of Over $35 million in Losses to Focus on
Efficiencies, Profitability and Sustainable Job
Creation
February 21, 2020 | Source: American Resources
Corporation
FISHERS, INDIANA / ACCESSWIRE / February 21, 2020
/ American Resources
Corporation (NASDAQ:AREC)
(“American Resources” or the “Company”), a
supplier of raw materials to the rapidly growing global
infrastructure marketplace with a primary focus on the extraction,
processing, transportation and distribution of metallurgical carbon
to the steel and specialty metals industries, announced today that
it has substantially completed the post-acquisition restructuring
of Perry County Resources (“PCR”).
American
Resources has been a consolidator and operator of quality
metallurgical carbon assets in the Central Appalachian basin (CAPP)
to serve customers in the steelmaking, specialty alloy metals, and
industrial marketplaces. Its next-generation model and philosophy
is to restructure existing, legacy operations to better fit the
modern-day marketplace by eliminating legacy costs and liabilities
to significantly reduce the overall operating costs and to allow
its operations to thrive throughout all cycles of the carbon
market. Perry County Resources is the Company’s fifth carbon
processing and logistics complex located in eastern Kentucky, near
the town of Hazard.
“We
are extremely excited to have the restructuring of Perry County
Resources complete and now have the complex in a much better
position to serve its customers, workforce, community and all of
our shareholders,” stated Mark
Jensen, Chairman and CEO of American Resources Corporation.
“We also applaud our team’s hard work, tenacity and
ability to stay focused, despite numerous distractions that have
been presented by parties that fought such change and to keep this
project on its desired timeline.”
American
Resources acquired PCR in October, 2019 as part of the Chapter 11
bankruptcy proceedings of Cambrian Holding Company, Inc. which were
governed by the United States
Bankruptcy Court for the Eastern District of Kentucky under Section 363 of the U.S. Bankruptcy Code. As
part of its restructuring efforts to significantly cut costs and
reset the operations to focus on efficiency and profitability, the
Company has made the decision to complete the following
initiatives:
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Eliminated an
estimated $35 million of annual expenses from the PCR complex by
either restructuring or eliminating costly policies, contracts,
leases and operations including certain long-term leases that cost
the complex over $80 million over the last twenty
years.
●
Executed a mine
consolidation project to reallocate resources from two existing
deep mines when purchased, into one of the existing deep mines
allowing the Company to convert the operating sections and mine
plan to support similar output under a much more efficient,
lower-cost structure. The revised mine plan now allows the Company
to run super-sections, rather than single-sections, which
essentially doubles the output with only 25% incremental
labor.
●
Entered into an
agreement to divest the non-core, idled deep mine which reduces
holding costs and provides capital and equipment to support the
operating deep mine at PCR.
●
Implemented repair
and revised maintenance plans to both underground and processing
equipment to significantly increase the efficiency and productivity
of the equipment and workforce.
●
Restructured the
remaining deep mine to reduce maintenance and holding costs, while
improving the safety of the retained operations.
“We remain fully confident in the changes we brought to PCR
and are bringing to the industry as a whole. We look forward to
discussing with the state, regulators and employees about getting
this mine back into production. We are willing and able to hire
back approximately 100 men and women and are confident that the
state and regulators would also like to see these jobs created and
retained in an area that needs them more than ever,”
concluded Mr. Jensen.
American
Resources is now in the process of interviewing for the PCR complex
and hopes to have it back online under its efficient, low-cost
operating structure within the next thirty days. Interested
applicants can visit here for more
information.
American
Resources Corporation continues to focus on its growth objective by
efficiently leveraging its large number of core mining permits and
through identifying strategic, supplemental acquisitions. The
Company is committed to being one of the lowest cost operators in
the Central Appalachian basin (CAPP) and throughout all its carbon
mining, processing, and transportation operations.
About American Resources Corporation
American Resources Corporation is a supplier of raw materials to
the rapidly growing global infrastructure marketplace. The
company’s primary focus is on the extraction, processing,
transportation and selling of metallurgical carbon and pulverized
coal injection (PCI) to the steel industry. The company operations
are based in the Central Appalachian basin of eastern Kentucky and
southern West Virginia where premium quality metallurgical products
are located.
The company’s business model is based on running a
streamlined and efficient operation to economically extract and
deliver resources to meet its customers’ demands. By running
operations with low or no legacy costs, American Resources
Corporation works to maximize margins for its investors while being
able to scale its operations to meet the growth of the global
infrastructure market.
Website:
http://www.americanresourcescorp.com
Special Note Regarding Forward-Looking Statements
This
press release contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown
risks, uncertainties, and other important factors that could cause
the Company’s actual results, performance, or achievements or
industry results to differ materially from any future results,
performance, or achievements expressed or implied by these
forward-looking statements. These statements are subject to a
number of risks and uncertainties, many of which are beyond
American Resources Corporation’s control. The words
“believes”, “may”, “will”,
“should”, “would”, “could”,
“continue”, “seeks”,
“anticipates”, “plans”,
“expects”, “intends”,
“estimates”, or similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Any
forward-looking statements included in this press release are made
only as of the date of this release. The Company does not undertake
any obligation to update or supplement any forward-looking
statements to reflect subsequent events or circumstances. The
Company cannot assure you that the projected results or events will
be achieved.
PR Contact:
Precision
Public Relations
Matt
Sheldon
917-280-7329
matt@precisionpr.co
Company Contact:
Mark
LaVerghetta
317-855-9926
ext. 0
Vice
President of Corporate Finance and Communications
investor@americanresourcescorp.com
Source:
American Resources Corporation