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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): June 23, 1997
Moyco Technologies, Inc.
(Exact Name of Registrant as specified in its charter)
Pennsylvania 0-4123 23-1697233
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
200 Commerce Drive, Montgomeryville, PA 18936
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Registrant's telephone number, including area code: 215-855-4300
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None
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(Former name or former address, if changed since last report)
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Item 4. Change in Registrant's Certifying Accountant
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Heffler, Radetich & Saitta was previously the principal
accountant for Moyco Technologies, Inc. (the "Registrant"). On June 23, 1997,
the Company determined to terminate Heffler, Radetich & Saitta's appointment as
principal accountants of the Registrant and to engage Arthur Andersen LLP as the
Registrant's independent accountants. The Registrant's anticipated worldwide
expansion and growth initiated the change. The decision to engage Arthur
Andersen LLP and to terminate Heffler, Radetich & Saitta was subsequently
recommended to and approved by the members of the Registrant's Board of
Directors.
In connection with the audits of the three (3) fiscal years
ended June 30, 1996, there were no disagreements with Heffler, Radetich & Saitta
on any matter of accounting principles or practices, financial statement
disclosures, or auditing scope or procedures, which disagreements if not
resolved to their satisfaction would have caused them to make reference in
connection with their opinion to the subject matter of the disagreements.
The audit reports of Heffler, Radetich & Saitta on the
consolidated financial statements of the Registrant as of June 30, 1996 and
1995, and for each of the years in the three (3) year period ended June 30,
1996, did not contain any adverse opinion or disclaimer of opinion, nor were
they qualified or modified as to uncertainty, audit scope or accounting
principles.
The Registrant has requested that Heffler, Radetich & Saitta
furnish it with a letter addressed to the Securities and Exchange Commission
stating whether or not it agrees with the above statements.
Item 5. Other Matters
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On June 23, 1997, the Registrant appointed Arthur Andersen LLP
its independent public accountants. There were no disagreements with the
Registrant's prior independent accountant. The Registrant has also retained
Brown Brothers, Harriman & Co. to review its capital structure and other various
strategic opportunities.
The foregoing is a summary of the press release which is
attached as Exhibit A to this report and is incorporated herein by reference.
The foregoing description does not purport to be complete and is qualified in
its entirety by reference to Exhibit A.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit No. Description
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* Letter from Heffler, Radetich & Saitta
* To be filed by amendment
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SIGNATURE
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.
MOYCO TECHNOLOGIES, INC.
By: /s/ Marvin E. Sternberg
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Marvin E. Sternberg
President and Chief Executive Officer
and Chairman of the Board
Date: June 27, 1997
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Exhibit A
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NEWS RELEASE
June 27, 1997
Contact: Joseph Sternberg
MOYCO RETAINS ARTHUR ANDERSEN LLP
AND BROWN BROTHERS, HARRIMAN & CO.
Moyco Technologies, Inc. [MOYC: Nasdaq] a Montgomeryville, PA
manufacturer of precision abrasives, CMP materials, and professional dental
supplies, has appointed Arthur Andersen LLP as its independent public
accountants. Anticipated worldwide expansion and growth initiated the change.
Moyco also expects to consult with Arthur Andersen LLP regarding various
financial and operational issues. Arthur Andersen LLP will conduct the year-end
audit for the fiscal year ending June 30, 1997. There were no disagreements with
the prior independent public accountants.
Moyco has also retained Brown Brothers, Harriman & CO. for the purposes
of reviewing its capital structure and various strategic opportunities.
