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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):
JANUARY 14, 2000
AMERICAN SHARED HOSPITAL SERVICES
(Exact name of registrant as specified in its charter)
CALIFORNIA 0-8789 94-2918118
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
TWO EMBARCADERO CENTER, SUITE 2370, SAN FRANCISCO, CA 94111-3823
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 415-788-5300
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
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Item 4. Changes in Registrant's Certifying Accountant
Effective January 1, 2000, Grant Thornton LLP ("Grant Thornton"), the
independent accountants for American Shared Hospital Services (the "Company")
sold its Stockton and Sacramento, California offices to Moss Adams LLP, an
accounting and consulting firm ("Moss Adams"). Since the individuals performing
services for the Company at Grant Thornton are now in the employ of Moss Adams,
effective January 14, 2000, the Company dismissed Grant Thornton as its
independent accountants and engaged the services of Moss Adams to act as the
Company's principal accountants to audit the Company's financial statements. The
decision to dismiss Grant Thornton and to retain the services of Moss Adams was
approved by the Company's Board of Directors. The reports on the Company's
financial statements issued by Grant Thornton and Ernst & Young, the Company's
previous accountants, did not contain an adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principles, except the report for the two years ended December 31,
1997 expressed substantial doubt about the Company's ability to continue as a
going concern. During the Company's three most recent fiscal years and through
January 14, 2000, there have been no disagreements with Grant Thornton or Ernst
& Young on any manner of accounting principle or practices, financial statement
disclosure, or auditing scope or procedure, which if not resolved to the
satisfaction of Grant Thornton or Ernst & Young, would have caused them to make
reference thereto in their report on the financial statements for such years. In
addition, the Company did not consult Moss Adams regarding the application of
accounting principles to a specific contemplated transaction, or any type of
audit opinion that might be rendered on the Company's financial statements, or
any matter that was the subject of disagreement with the Company's former
accountant.
The Company has requested that Grant Thornton furnish it with a letter addressed
to the Securities and Exchange Commission stating whether or not it agrees with
the above statements. A copy of such letter, dated January 21, 2000 is filed as
Exhibit 16.2 to this Form 8-K.
The Company previously filed on December 21, 1998 a Report on Form 8-K dated
December 14, 1998 regarding the Company's change of independent accountants from
Ernst & Young LLP to Grant Thornton LLP. That Form 8-K Report included as
Exhibit 16.1 a letter from Ernst & Young LLP stating that Ernst & Young LLP
agreed with statements concerning that firm contained in such Report on Form
8-K.
The following Exhibit is filed with this Report:
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<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
16.2 Letter dated January 21, 2000 from Grant Thornton LLP to the
Company
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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.
AMERICAN SHARED HOSPITAL SERVICES
(Registrant)
By: /s/ Ernest A. Bates, M.D.
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Ernest A. Bates, M.D.
Chairman of the Board and
Chief Executive Officer
Dated: January 21, 2000
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Index to Exhibits
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<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
16.2 Letter dated January 21, 2000 from
Grant Thornton LLP to the Company 5
</TABLE>
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Exhibit 16.2
Grant Thornton LLP
One California Street, Suite 1100
San Francisco CA 94111
January 21, 2000
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Re: American Shared Hospital Services
File No. 0-8789
Commissioners:
We have read the statements made by American Shared Hospital Services in
Item 4 of the Company's Form 8-K report dated January 14, 2000 and we agree with
the statements therein concerning our Firm.
Very truly yours,
/s/ Grant Thornton LLP
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