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, 1997
SPARTA SURGICAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-11047 22-2870438
(State or other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) ID. Number)
Bernal Corporate Park
7068 Koll Center Parkway, Pleasanton, CA 94566
(Address of principal executive offices)
Registrant's telephone number, including area code (510)417-8812
not applicable
(Former name or former address, if changed since last report)
<PAGE>
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
(a) DISMISSAL OF INDEPENDENT ACCOUNTANT. On October 9, 1997, the
Registrant's Board of Directors, upon recommendation of its Audit Committee,
dismissed Angell & Deering as the Registrant's principal independent accountant
engaged to audit the Registrant's financial statements.
The independent auditor's report of Angell & Deering on the consolidated
financial statements of the Registrant for each of the two years in the period
ended February 28, 1997, contained no adverse opinion or disclaimer of opinion
and was not qualified as to uncertainty, audit scope or accounting principle.
In connection with the Registrant's audit for each of the two years in the
period ended February 28, 1997, and in the subsequent interim period prior to
dismissal of Angell & Deering on October 9, 1997, (i) there were no
disagreements between the Registrant and Angell & Deering on any matter of
accounting principle or practice, financial statement disclosure, auditing scope
or procedure except for the classification of a note receivable from an officer.
In the financial statements as presented on the Registrant's Annual Report on
Form 10-KSB for the year ended February 28, 1997 previously filed with the
Securities and Exchange Commission, the note receivable from officer was
presented as a reduction of stockholders' equity. In its interim reports on Form
10-QSB for the quarters ended May 31 and August 31, 1997, the Registrant has
presented the note receivable from officer as a long-term asset; and (ii) no
matters with respect to the items listed in Item 304(a)(iv)(B) of Regulation S-B
were applicable.
A letter from Angell & Deering stating whether or not it agrees with the
statements made by the Registrant above, and if not, to state the respects in
which it does not agree, is attached as Exhibit 16.1 to this Form 8-K.
(b) ENGAGEMENT OF INDEPENDENT ACCOUNTANT. On October 10, 1997 the
Registrant's Board of Directors, upon recommendation of its Audit Committee,
appointed Grant Thornton LLP as its new independent accountants.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
16.1 Letter from Angell & Deering agreeing to the statements made in
the Form 8-K regarding the dismissal of independent accountant.
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.
SPARTA SURGICAL CORPORATION
(Registrant)
By: Thomas F. Reiner
----------------------------
Thomas F. Reiner, Chairman of
the Board, President & CEO
Dated: October 16, 1997
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
EXHIBITS
TO
FORM 8-K
DATED OCTOBER 9, 1997
EXHIBIT 16.1
<PAGE>
ANGELL & DEERING
CERTIFIED PUBLIC ACCOUNTANTS
October 16, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Gentlemen:
We have read item 4 of Form 8-K dated October 9, 1997, of Sparta Surgical
Corporation and are in agreement with the statements contained therein.
Sincerely,
Angell & Deering
Angell & Deering
3801 EAST FLORIDA * SUITE 400 * DENVER, COLORADO 80210
(310)757-8119 * FAX(303)757-0327
