UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 12, 1999
(Date of earliest event reported)
UNIDYNE CORPORATION
(Exact name of small business issuer
as specified in its charter)
DELAWARE 0-10372 23-2154902
(State or other (Commission File No.) (IRS Employer
jurisdiction of incorporation Identification No.)
or organization)
118 PICKERING WAY, SUITE 104, EXTON, PENNSYLVANIA 19341
(Address of principal executive offices)
(610) 363-8237
(Issuer's telephone number)
<PAGE>
ITEM 4. CHANGE IN REGISTRANT's CERTIFYING ACCOUNTANT.
Arthur Andersen LLP took issue with the quality of some of the Company's
internal controls over payroll and inter-company transfer of funds. Arthur
Andersen resigned on March 26, 1999, reporting to management that certain
internal controls were deemed not adequate to permit reliance for purposes of
completing an audit.
For the years ended December 31, 1996 and December 31, 1997, the Company's
Accountant's Report and accompanying financial statements did not contain any
adverse opinion or disclaimer of opinion. Arthur Andersen's opinion for the
December 31, 1997, financial statement was modified for an uncertainty as to
going concern. There have been no disagreements regarding accounting issues
between Arthur Andersen and the Company in the past two years or in any interim
period through the date of resignation. The Board of Directors has not discussed
the issues that Arthur Andersen has raised regarding internal controls with
Arthur Andersen.
The Company differs in its view of the concerns raised regarding internal
controls and funds transfers at the Company. Further, the Company has instituted
measures to correct the perceived failures. It will hire new auditors and file
its Form 10-KSB Annual Report for calendar year 1998 as promptly as possible.
The Company will authorize Arthur Andersen to respond fully to the inquiries of
the successor accountant regarding this matter.
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.
UNIDYNE Corporation
April 12, 1999 /s/ C. Eugene Hutcheson
------------------------
C. Eugene Hutcheson, Chairman
and Chief Executive Officer
Attachment
<PAGE>
April 13, 1999
To the Office of Chief Accountant
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C. 20549
Dear Sir/Madam:
We have read the first two paragraphs of item 4, included in the Form 8-K dated
April 2, 1999of Unidyne Corporation to be filed with the Securities and Exchange
Commission and are in agreement with the statements contained therein.
Very truly yours,
ARTHUR ANDERSEN LLP
Copy to: C. Eugene Hutcheson, Chairman
Unidyne Corporation
