SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------
Form 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 29, 1999
TURBODYNE TECHNOLOGIES INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-21391 95-4699061
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
21700 Oxnard Street, Suite 1550
Woodland Hills, CA 91367
(Address of Principal Executive Offices)
(818) 593-2282
(Registrant's Telephone Number)
<PAGE>
ITEM 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
On November 29, 1999 KPMG LLP resigned as the principal accountant to audit the
Company's consolidated financial statements, beginning with its consolidated
financial statements for the year ending December 31, 1999.
The reports of KPMG LLP on the consolidated financial statements for the years
ended December 31, 1998 and December 31, 1997 did not contain any adverse
opinion or a disclaimer of opinion and were not qualified or modified as to
audit scope or accounting principles. KPMG LLP's auditors' report on the
consolidated financial statements of the Company and subsidiaries as of and for
the year ended December 31, 1998, contained a separate paragraph stating that
certain matters exist that "raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans in regard to these matters
are also discussed in Note 13 to the consolidated financial statements. The
consolidated financial statements do not include any adjustments that might
result from the outcome of these uncertainties."
During the Company's fiscal years ended December 31, 1998 and December 31, 1997,
and each interim period subsequent to December 31, 1998 preceding KPMG LLP's
resignation, there were no disagreements between the Company and KPMG LLP on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreement(s), if not resolved to the
satisfaction of KPMG LLP, would have caused KPMG LLP to make reference to the
subject matter of the disagreement (s) in connection with its report on the
Company's consolidated financial statements. KPMG LLP has not reviewed Quarterly
Reports of the Company on Form 10-Q and did not review the Company's Quarterly
Reports on Form 10-Q for the quarterly periods ending September 30, 1999, June
30, 1999 and March 31, 1999.
The Company requested that KPMG LLP furnish a letter addressed to the Securities
and Exchange Commission stating whether it agrees with the statements made by
the Company, and, if not, stating the respects which it does not agree. As of
the date of filing of this report on Form 8-K, the Company has not yet received
such letter.
Page 2
<PAGE>
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.
December 13, 1999 TURBODYNE TECHNOLOGIES INC.
By: /s/ JOSEPH CASTANO
--------------------------------
Joseph Castano
Chief Financial Officer
Page 3
<PAGE>
EXHIBIT INDEX
EXHIBITS PAGE NUMBER
16 November 29, 1999 letter regarding resignation
of Certifying Accountant.
Exhibits-1
<PAGE>
EXHIBIT 16
November 29, 1999
Mr. Joseph D. Castano
Chief Financial Officer
Turbodyne Technologies Inc.
6155 Carpinteria Avenue
Carpinteria, California 93013
Dear Mr. Castano:
This is to confirm that the client-auditor relationship between Turbodyne
Technologies Inc. and subsidiaries and KPMG has ceased.
Very Truly Yours,
KPMG LLP
cc:
Chief Accountant--Securities Exchange Commission
Mr. Ed Halimi--Turbodyne Technologies Inc.
Exhibits-2
