U.S. 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): July 27, 1999
CTI INDUSTRIES CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-23115 36-2848943
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
2216 North Pepper Road, Barrington, Illinois 60010
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(Address of Principal Executive Offices) (Zip Code)
(847) - 382-1000
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(Registrant's Telephone Number, including Area Code)
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Item 4. Changes in Registrant's Certifying Accountant.
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Effective July 27, 1999, CTI Industries Corporation (the "Registrant")
engaged Grant Thornton LLP as the Registrant's principal accountants to audit
the Registrant's financial statements for the year ending October 31, 1999.
Grant Thornton LLP replaces PricewaterhouseCoopers LLP ("PwC") who had
previously been engaged for the same purpose, and whose dismissal was effective
July 27, 1999. The decisions to change the Registrant's principal accountants
was approved by the Registrant's Board of Directors on July 23, 1999.
The reports of PwC on the Registrant's financial statements for the
past two fiscal years ended October 31, 1997, and October 31, 1998 did not
contain an adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope, or accounting principles.
During the Registrant's last two fiscal years ended October 31, 1997,
and October 31, 1998, and in the subsequent interim periods through July 27,
1999, there were no disagreements with PwC on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of PwC,
would have caused it to make reference to the subject matter of the
disagreements in connection with its reports on the financial statements for
such periods.
PricewaterhouseCoopers has not informed the Company of any reportable
events during the Registrant's last two fiscal years ended October 31, 1997, and
1998 and in subsequent interim periods through July 27, 1999.
The Registrant has provided PwC with a copy of the disclosures made
herein and has requested PwC to furnish a letter addressed to the Securities and
Exchange Commission stating whether it agrees with the above statements. A copy
of this letter dated July 27, 1999 is filed as Exhibit 99.1 to this Form 8-K.
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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.
CTI Industries Corporation
(Registrant)
Date: July 27, 1999 By: /s/ Howard W. Schwan
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Howard W. Schwan, President
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EXHIBIT INDEX
Sequential Exhibit
Page Number Number Document
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5 99.1 Letter From PricewaterhouseCoopers, LLP
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Exhibit 99.1
July 27, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by CTI Industries Corporation (the "Company")
(copy attached), which we understand will be filed with the Commission, pursuant
to Item 4 of Form 8-K, as part of the Company's Form 8-K report dated July 27,
1999. We agree with the statements concerning our firm, except we are not in a
position to agree or disagree with Company's statements that:
1. Effective July 27, 1999, the Company engaged Grant Thornton
LLP as the Registrant's principal account.
2. The decision to change accounts was approved on July 23, 1999.
Very truly yours,
/s/PricewaterhouseCoopers, LLP
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