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) October 9, 1998
News Communications, Inc.
(Exact name of Registrant as Specified in its Charter)
Nevada 0-18299 13-3346991
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
174-15 Horace Harding Expwy., Fresh Meadows, New York 11365
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (718)357-3380
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 4. Changes in Registrant's Certifying Accountants.
(a) On October 9, 1998, PricewaterhouseCoopers LLP, successors to Coopers &
Lybrand L.L.P. ("PwC"), declined to stand for reelection as the independent
accountants of News Communications, Inc. (the "Registrant").
PwC's reports on the financial statements of the registrant for the fiscal
years ended November 30, 1997 and 1996 did not contain any adverse opinion or
disclaimer of opinion and was not qualified or modified as to uncertainty, audit
scope, or accounting principles. In connection with the audits for the fiscal
years ended November 30, 1997 and 1996 and through October 9, 1998, there have
been no disagreements with PwC 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 PwC would have caused them
to make reference thereto in their report on the financial statements for such
year. The decision to change accountants was approved by the Audit Committee of
the Registrant's Board of Directors.
In a letter dated June 30, 1997, in connection with the audit of the
financial statements of the Registrant for the year ended November 30, 1996, PwC
reported to management and the Audit Committee of the Registrant's Board of
Directors that the following reportable conditions existed in the Registrant's
internal control structure:
1. A need for the Registrant to implement formal accounting closing
procedures to ensure annual and quarterly financial statements are prepared in a
timely, accurate and consistent manner, reflecting all significant accruals and
estimates necessary for the results of each annual and interim period to provide
meaningful information with respect to the operations of the Registrant.
2. A need for the Registrant to restrict access to accounting records and
information systems to authorized personnel.
The Registrant has taken measures to improve its internal control
structure in response to the above recommendations by PwC and, as a result,
believes that its internal control structure are sufficient.
(b) On October 9, 1998, the Registrant engaged BDO Seidman LLP as
independent accountants to the Registrant to audit its financial statements
beginning with the fiscal year ending November 30, 1998.
The Registrant has requested that PwC furnish it with a letter addressed to
the Securities and Exchange Commission stating whether or not it agrees with the
above statements so that such letter may be filed with the Commission within 10
days from the filing date of this report.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit No. Descripton
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16* Letter dated October 19, 1998 from PwC to the
Securities and Exchange Commission regarding change in
certifying accountants.
* To be filed upon 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.
NEWS COMMUNICATIONS, INC.
Date: October 19, 1998 By: /s/ Michael Schenkler
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Michael Schenkler
President
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