SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 8, 1997
ACADIA NATIONAL HEALTH SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
COLORADO
(State or Other Jurisdiction of Incorporation)
0-28976 010509781
(Commission File Number) (I.R.S. Employer Identification Number)
460 Main Street, Lewiston, Maine 04240
(Address of Principal Executive Offices) (Zip Code)
(207) 777-3423
(Registrant's Telephone Number, Including Area Code)
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INFORMATION INCLUDED IN THIS REPORT
ITEMS 1 THROUGH 3, 6 THROUGH 9 NOT APPLICABLE.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) Baker Newman & Noyes, Limited Liability Company, whose address is 100
Middle Street, Portland, Maine 04112, who was previously engaged as the
principal accountant to audit the registrant's financial statements, was
dismissed on August 4, 1997, by a majority vote of the board of directors of
the Registrant in favor of retaining an independent accounting firm that new
chief executive officer, Paul W. Chute, has had a sixteen (16) year working
relationship. The following information is set forth pursuant to Reg. Sec.
229.304 of Regulation S-K of the Securities Act of 1933 (the "Act"):
(i) Baker Newman & Noyes' report on the financial statements of the
Registrant for either of the past two years contained no adverse opinion or a
disclaimer of opinion, nor was it qualified or modified a to uncertainty,
audit scope, or accounting principles;
(ii) The decision to change accountants was recommended and approved by
the board of directors of the Registrant;
(iii) During the Registrant's two most recent fiscal years and any
subsequent interim period preceding the dismissal there have been no
disagreements with the former accountant on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope of
procedure.
ITEM 5. OTHER EVENTS.
(i) Reference is made to the press release issued to the public by the
Registrant on July 31, 1997, the text of which is attached hereto as Exhibit
99.1, for a description of the events reported pursuant to this Form 8-K.
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INDEX TO EXHIBITS
Exhibit Description
99.1 Text of press release dated July 31, 1997
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Exhibit 99.1
LEWISTON, Maine--(BW HealthWire)--July 31, 1997--
Acadia National Health Systems Inc. (OTC BB:ACAD) reported today that
its management team lead by Paul W. Chute, chief executive officer and
Jacquelyn J. Magno, vice president have acquired a controlling and
majority interest in the company.
Chute "intends to continue with the company's plan of consolidating through
acquisitions within the fragmented Physician Practice and Management
Consulting (PPMC) industry."
Acadia National Health Systems Inc. is a PPMC offering its clients business
management services that include doctor billing, operations financing,
accounting and practice management consulting. Acadia acquired assets of
Physician Resources Inc. (PRI) in September of 1996. PRI is a twenty-five
year old doctor billing company. Acadia was formed to utilize the PRI
assets to expand its multidimensional services nationally through
acquisitions and financing.
Chute has reported that, "Acadia has advanced acquisition discussions with
several East Coast doctor billing companies as well as two software
organizations, which if acquired will create both vertical and horizontal
integration of operations and technologies." The company has met with
several financial institutions to arrange a long term financial relationship
to assist the company in the consolidation of this industry.
CONTACT:
Acadia National Health Systems Inc.
Margaret Heath, 207/777-3423
KEYWORD: MAINE MASSACHUSETTS
BW1157 JUL 31,1997
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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.
ACADIA NATIONAL HEALTH SYSTEMS, INC.
Mark T. Thatcher
DATE: August 8, 1997 By: /s/ Mark T. Thatcher
Name: Mark T. Thatcher
Title: Filing Agent
