SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) April 16, 1998 (April 3, 1998)
AUSTRIAN TRADING SERVICES, INC.
(Exact name of Registrant as specified in charter)
Delaware 1-13161 13-3106038
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
Landstrasse 66/3, Linz, Austria A-4020
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 011-43-732-771317
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Item 4. Change in Registrant's Certifying Accountant
On April 3, 1998, Austrian Trading Services, Inc. ("Registrant") dismissed
its former independent accountants Cogen Sklar LLP ("Cogen") and engaged St.
Clair, Easton & England, P.C. to audit the Registrant's consolidated financial
statements. The decision to change independent accountants was recommended and
approved by the Registrant's Board of Directors.
Cogen served as independent accountants of the Registrant's financial
statements for the year ended December 31, 1996 and period October 1, 1995
(inception) to December 31, 1995. The report of Cogen on the Registrant's
consolidated financial statements for the year ended December 31, 1996 and
period October 1, 1995 (inception) to December 31, 1995 contained no adverse
opinion or disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principle. However, the report contained
an explanatory paragraph which stated that the Registrant had incurred
substantial losses and had an excess of current liabilities over current assets
that raise substantial doubt about its ability to continue as a going concern.
The consolidated financial statements do not include any adjustments that might
result from the outcome of these uncertainties. In connection with its audits
for the year ended December 31, 1996 and period October 1, 1995 (inception) to
December 31, 1995, and during the fiscal year 1997 prior to Cogen's dismissal,
the Registrant had no disagreements with Cogen on matters of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to the satisfaction of Cogen
would have caused them to make reference thereto in their report on the
consolidated financial statements for such years.
The Registrant has requested that Cogen furnish it with a letter addressed
to the SEC stating whether or not it agrees with the above statement. A copy of
such letter, dated April 16, 1998, is filed as Exhibit "16" to this Form 8-K.
2
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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.
AUSTRIAN TRADING SERVICES, INC.
(Registrant)
April 13, 1998 By:s\ Kurt Reichenberger
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Kurt Reichenberger, President
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EXHIBIT 16
"LETTER OF FORMER ACCOUNTANTS"
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[LETTERHEAD OF COGEN SKLAR LLP]
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We were previously the independent accountants for Austrian Trading
Services, Inc. and on May 13, 1997, we reported on the consolidated financial
statements of Austrain Trading Services, Inc. as of December 31, 1996 and 1995
and for the year ended December 31,1996 and for the period October 1, 1995
(inception) to December 31, 1995. On April 3, 1998, we were replaced as the
independent accountants of Austrian Trading Services, Inc. We have read Austrian
Trading Services, Inc.'s statements included under Item 4 of its Form 8-K for
April 16, 1998, and we agree with such statements.
/s/ Cogen Sklar LLP
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April 16, 1998
