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: October 15, 1998
VOLU-SOL, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 0-23153
Utah 87-0543981
(State of Incorporation) (I.R.S. Employer Identification No.)
5095 West 2100 South
Salt Lake City, Utah 84120
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 974-9474
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ITEM 4. Changes in Registrant's Certifying Accountant.
On October 9, 1998, the Company and Arthur Andersen LLP ("Andersen") agreed
that Andersen would not stand for reelection as the Company's independent
public accountants. On October 15, 1998, the Company appointed Tanner + Co.
("Tanner") to replace Andersen as its independent public accountants.
Until September 30, 1997, the Company was a wholly owned subsidiary of Biomune
Systems, Inc., a Nevada corporation ("Biomune"). Biomune is a public company
having a class of securities, its common stock, registered under the
Securities Exchange Act of 1934, as amended ("Exchange Act"). As a result,
Biomune is subject to the reporting and other requirements of the Exchange Act
and the rules and regulations promulgated under the Exchange Act. The Company
was divested by Biomune effective October 1, 1997. It filed a registration
statement under the Exchange Act which was declared effective or became
effective by operation of law on December 1, 1997. Since that time, the
Company has been subject to the reporting and other obligations of public
companies under the Exchange Act and the rules and regulations promulgated
thereunder. Andersen had been the independent public accountants to Biomune
and continued to act in the same capacity for the Company following the
divestiture.
The report of Andersen on the Company's consolidated financial statements for
the years ended September 30, 1997 and 1996 contained no adverse opinion or
disclaimer of opinion and was not qualified or modified as to uncertainty,
audit scope or accounting principle, except that such report on the
consolidated financial statements included an explanatory paragraph with
respect to the Company being in the development stage and its having suffered
recurring losses which raise substantial doubt about its ability to continue
as a going concern.
The decision to engage Tanner as the Company's independent auditors was
approved by the unanimous consent of the Company's board of directors.
In connection with the audits for the years ended September 30, 1997 and 1996,
and through October 8, 1998, the Company has had no disagreements with
Andersen 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 Andersen would have caused it to make
reference thereto in its report on the consolidated financial statements for
1997 and 1996.
In connection with the audits for the years ended September 30, 1997 and 1996,
and through October 8, 1998, the Company has had no disagreements with
Andersen 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 Andersen would have caused it to make
reference thereto in its report on the consolidated financial statements for
1997 and 1996.
Andersen has provided to the Company a letter addressed to the Securities and
Exchange Commission stating that it has reviewed the disclosure provided in
this Current Report and has no disagreement with the relevant portions of this
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disclosure, pursuant to the requirements of Item 304(a)(3) of Regulation S-B.
A copy of such letter, dated as of October 15, 1998, is filed as Exhibit 16
to this Current Report on Form 8-K.
During the years ended September 30, 1997 and 1996, and through October 8,
1998, there have been no other reportable events (as referenced in Item
304(a)(1)(iv) of Regulation S-B).
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
16 Letter regarding change in certifying accountant
Page 3 of 4
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report, as amended, to be signed on its behalf
by the undersigned thereunto duly authorized.
VOLU-SOL, INC.
(Registrant)
By: /s/ Wilford W. Kirton, III
___________________________
Date: October 15, 1998 Wilford W. Kirton, III
Chief Executive Officer
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ARTHUR ANDERSEN LLP
Suite 1260
36 South State Street
Salt Lake City, UT 84111-1472
Phone: 801-533-0820
Fax: 801-534-0550
October 15, 1998
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir/Madam:
We have read Item 4 included in the Form 8-K dated October 15, 1998 of
Volu-Sol, Inc. and subsidiary to be filed with the Securities and Exchange
Commission and are in agreement with the statements contained therein.
Very truly yours,
/s/ Arthur Andersen LLP
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