UNITED STATES
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
April 28, 2000
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Date of Report (Date of earliest event reported)
GARB-OIL & POWER CORPORATION
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(Exact name of registrant as specified in its charter)
Utah 0-14859 87-0274134
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(State or other jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
1588 South Main Street, Suite 200
Salt Lake City, UT 84115
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(Address of principal executive offices)
(Zip Code)
(801) 832-9865
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(Registrant's telephone number,
including area code)
10 Exchange Place
Salt Lake City, UT 84111
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(Former name or former address,
if changed since last report)
<PAGE>
Item 4. Changes in Registrant's Certifying Accountant.
(a) Effective April 28, 2000, the Registrant dismissed Hansen, Barnett &
Maxwell ("HBM") as its certifying accountant. HBM's report dated
September 10, 1999 on the Registrant's consolidated balance sheet as of
June 30, 1999 and 1998 and the related consolidated statements of
operations, comprehensive income (loss), stockholders' deficit and cash
flows for each of the three years in the period ended June 30, 1999 and
for the period from January 14, 1981 through June 30, 1999 included the
following statement:
The accompanying consolidated financial statements have been
prepared assuming that the Company will continue as a going
concern. The Company is a development stage enterprise engaged
in developing technology related to production of electricity
by burning used rubber, pyrolysis (extraction of oil, carbon,
and steel from used tires). As discussed in Note 1 to the
consolidated financial statements, the Company's operating
losses since inception and the deficit accumulated during the
development stage raise substantial doubt about its ability to
continue as a going concern. Management's plan concerning
these matters are also described in Note 1. The consolidated
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
(b) The Registrant's board of directors approved dismissal of HBM.
(c) During the Registrant's three most recent fiscal years ended June 30,
1999, 1998 and 1997 and the interim period subsequent to June 30, 1999,
there were no disagreements, as defined in Regulation S-K Item 304,
with HBM on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.
(d) The Registrant has provided HBM with a copy of this report prior to
filing this report with the Securities and Exchange Commission. The
Registrant has requested HBM to furnish Registrant with a letter
addressed to the Securities and Exchange Commission stating whether it
agrees with the statements made in this report and if not, stating the
respects in which it does not agree. The Registrant shall file the
letter as an exhibit to this report and has requested that HBM provide
the letter as promptly as possible so that the Registrant can file the
letter within 10 business days after the filing of this report.
(e) On April 28, 2000, the Registrant engaged HJ & Associates, LLC to
perform its audits and provide various accounting services thereafter.
The Registrant and HJ & Associates, LLC did not consult prior to such
date regarding any reportable matter.
Item 7. Financial Statements and Exhibits.
Exhibit 1 - Letter from Hansen, Barnett & Maxwell.
-2-
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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 hereunto duly authorized.
GARB-OIL & POWER CORPORATION
Date: April 28, 2000 By: /s/ John C. Brewer
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John C. Brewer, President
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EXHIBIT 1
HANSEN, BARNETT & MAXWELL
A Professional Corporation
CERTIFIED PUBLIC ACCOUNTANTS
(801) 532-2200
Member of AICPA Division of Firms Fax (801) 532-7944
Member of SECFS 345 East 300 South, Suite 200
Member of Summit International Associates Salt Lake City, Utah 84111-2693
April 28, 2000
Securities and Exchange Commission
Washington, D.C.
RE: Garb-Oil and Power Corporation
We have read the statements Garb-Oil and Power Corporation made in its Form 8-K
dated April 28, 2000 regarding changes in the registrant's certifying accounts.
We agree with the statements made therein.
/s/ Hansen, Barnett & Maxwell
HANSEN, BARNETT & MAXWELL
