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 7, 1997
NATIONAL MICRONETICS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-7207 14-1507019
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
71 Smith Avenue, Kingston, New York 12401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (914) 338-0333)
This document contains 3 pages.
Item 4. Change in Registrant's Certifying Accountant
(a) KPMG Peat Marwick LLP ("KPMG") was previously the independent
public accountants of National Micronetics, Inc. On July 7, 1997,
that firm's appointment as the independent public accountants was
terminated. The decision to change accountants was approved by the
Board of Directors.
The reports of KPMG on the Company's financial statements for the
fiscal years ended June 24, 1995 and June 29, 1996 declined to
express an opinion on the financial statements due to the
uncertainty caused by recurring losses and ongoing liquidity issues
of the Company. The reports were not qualified or modified as to
audit scope or accounting principles.
In connection with the audits of the Company's financial statements
for each of the fiscal years ended June 24, 1995 and June 29, 1996,
and the subsequent period from June 30, 1996 to July 7, 1997, there
were no disagreements with KPMG on matters of accounting principles
or practices, financial statement disclosure or auditing scope or
procedures which, if not resolved to the satisfaction of KPMG,
would have caused KPMG to make reference to such matter of
disagreement in its report.
(b) The Company's Board of Directors has engaged Sung I. Rhee,
C.P.A. as of July 7, 1997 as the Company's independent public
accountant for its fiscal year ended June 28, 1997.
Item 7. Financial Statements and Exhibits
Exhibit 16 Letter from KPMG Peat Marwick LLP to the Securities
and Exchange Commission dated July 10, 1997.
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, thereunto duly authorized.
National Micronetics, Inc.
Registrant
By Yoon H. Choo
Yoon H. Choo
President and Chief
Executive Officer
July 10, 1997
Date
Exhibit 16
KPMG Peat Marwick LLP
74 North Pearl Street
Albany, NY 12207
July 10, 1997
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for National Micronetics,
Inc. and, under the date of August 28, 1996, we reported on the
financial statements of National Micronetics, Inc. as of and for
the years ended June 29, 1996 and June 24, 1995. On July 7, 1997,
our appointment as principal accountants was terminated. We have
read National Microntics, Inc.'s statements included under Item 4
of its Form 8-K dated July 7, 1997, and we agree with such
statements, except that we are not in a position to agree or
disagree with National Micronetics, Inc.'s statement that the
change was approved by the Board of Directors.
Very truly yours,
KPMG Peat Marwick LLP
