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): September 28, 1999
International Thoroughbred Breeders, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-9624 22-2332039
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Route 70 and Haddonfield Road
08034 Cherry Hill, New Jersey
(Zip Code)(Address of principal executive offices)
Registrant's telephone number, including area code: 609-488-3838
Item 4. Changes in Registrant's Certifying Accountant.
On September 28, 1999, the Registrant was informed by the firm of BDO
Seidman, LLP ("BDO") that they had resigned and that the client-auditor
relationship between BDO and the Company had ceased. BDO had been the
Registrant's principal accountants for the purpose of auditing its financial
statements since the fiscal year ended June 30, 1997. The report of BDO on the
consolidated financial statements of the Registrant for the two most recent
fiscal years did not contain an adverse opinion or a disclaimer of opinion, was
not qualified or modified as to audit scope or accounting principles, however,
the report was modified for each of the two fiscal years to contain an
explanatory paragraph as its relates to the financial statements being prepared
assuming that the Company will continue as a going concern and that the
financial statements did not include any adjustments that might result from the
outcome of the reported uncertainties. The Registrant has had no disagreements
with its former principal accountants 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 the former principal
accountants, would have caused it to make reference to the subject matter of the
disagreements in connection with its report relating to the audits for the
Registrant's two most recent fiscal years or during the period from July 1, 1998
to September 28, 1999.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
The following exhibits are filed as part of this Report:
16. Letter re: change in certifying accountant
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 thereunto duly authorized.
Dated: September 30, 1999 INTERNATIONAL THOROUGHBRED BREEDERS, INC.
By:________________________________
Name: William H. Warner
Title:Treasurer and Chief Financial Officer
Exhibit 16.
BDO Seidman, LLP
Accountants and Consultants
1700 Market Street 29th Floor
Philadelphia, Pennsylvania 19103-3962
Telephone: (215) 636-5500
Fax: (215) 636-5501
September 30, 1999
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentleman:
We have been furnished with a copy of the response to Item 4 of Form 8-K for the
event that occurred on September 28, 1999, to be filed by our former client,
International Thoroughbred Breeders, Inc. We agree with the statements made in
response to that item insofar as they relate to our Firm.
Very truly yours,
BDO Seidman, LLP
