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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) November 13, 1997
Nexar Technologies, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-29194 04-3268334
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification Number)
257 Turnpike Road, Southborough, Massachusetts 01772
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(Address of principal executive offices) (Zip Code)
(508) 485-7900
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(Registrant's telephone number, including area code)
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ITEMs 1 to 3 -- Not applicable.
Item 4 -- Changes in Registrant's Certifying Account
(a) On November 13, 1997 Arthur Andersen LLP ("Arthur Andersen") informed
Nexar Technologies, Inc. (the "Registrant") that it was resigning as the
Registrant's independent accountants.
The following information is provided in response to Item 304(a)(1) of
Regulation S-K:
1. None of the reports of Arthur Andersen on the Registrant's financial
statements since the Registrant's inception in March 1995 contained an adverse
opinion or a disclaimer of opinion or was qualified or modified as to
uncertainty, audit scope or accounting principles.
2. In connection with its audits for the fiscal year ended December 31,
1996 and for the period from inception (March 7, 1995) to December 31, 1995, and
through November 13, 1997, there were no disagreements or events with Arthur
Andersen of the type required to be disclosed by Item 304(a)(1)(iv) or (v),
other than a single difference of opinion between the Registrant and Arthur
Andersen, which was resolved to Arthur Andersen's satisfaction, regarding the
accounting of certain sales of products to a new foreign distributor during the
quarter ended June 30, 1997. Arthur Andersen took the position that the
appropriate accounting was to defer the recognition of revenue on these
transactions until payment was received. After full discussion of the matter
between Arthur Andersen and the Audit Committee of the Registrant's Board of
Directors, the Registrant accepted Arthur Andersen's recommended accounting
treatment prior to releasing its earnings for such period and filing its Form
10-Q for such quarter. The Registrant has authorized Arthur Andersen to respond
fully to any inquiries by the Registrant's new certifying accountants concerning
such resolved matter.
The Registrant has requested that Arthur Andersen furnish it with a letter
addressed to the Securities and Exchange Commission stating whether or not it
agrees with the above statements. A copy of such letter, dated November 20,
1997, stating that firm's agreement with items 1 and 2 above is filed as Exhibit
16.1 to this Form 8-K.
Item 5 -- Other Events
On November 14, 1997 the Registrant moved its principal executive offices
to 257 Turnpike Road, Southborough, Massachusetts 01772, telephone (508)
485-7900.
Item 6 -- Not applicable
Item 7 -- Financial statements and Exhibits
a. Exhibits
Exhibit 16.1 Letter from Arthur Andersen LLP to Registrant
Item 8 -- Not applicable
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Nextar Technologies, Inc.
Dated: November 20, 1997 By /s/ Albert J. Agbay
President and Chief
Executive Officer
By /s/ Gerald Y. Hattori
Chief Financial Officer and
Vice President of Finance
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Exhibit 16.1
Arthur Andersen LLP
225 Franklin Street
Boston, Massachusetts 02110-2812
Telephone 617/330-4000
November 20, 1997
Securities and Exchange Commission
Washington, DC 20549
Ladies and Gentlemen:
We have read Item 4 included in the attached Form 8-K dated November 20,
1997 of Nexar Technologies, Inc. and are in agreement with the statements
contained therein.
Yours very truly,
/s/ Arthur Andersen LLP
Arthur Andersen LLP
