SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): June 19, 1996
NOVATEK INTERNATIONAL, INC.
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(Exact Name of Registrant as Specified in its Charter)
COLORADO
(State or Other Jurisdiction of Incorporation)
0-22096 84-1074891
(Commission File No.) (I.R.S. Identification No.)
1401 Neptune Drive, Boynton Beach, Florida 33426
(Address of Principal Executive Offices) (Zip Code)
(561) 736-6659
(Registrant's Telephone Number, Including Area Code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Effective June 19, 1996 the Company changed its certifying accountant to Ahearn
Jasco + Company, 190 Southeast 19th Avenue, Pompano Beach, Florida 33060 from
McGladrey & Pullen, 1555 Palm Beach Lakes Blvd., West Palm Beach, Florida 33401.
The former accountant resigned on June 19, 1996 at the request of the Company.
The decision to change accountants was approved by the Company's Board of
Directors and was based upon the Company's desire to retain the Accountants
formerly engaged by Medical Products, Inc. which was acquired by Novatek
International Holdings, Inc. a wholly owned subsidiary of the Company.
No report of the former accountant, in the Company's past two fiscal years, or
in the interim period from December 31, 1995 (the date of the last audited
financial statements for the most recent fiscal year) through June 19, 1996 (the
date of the resignation of McGladrey & Pullen) contained any adverse opinion or
disclaimer of opinion, or was modified as to uncertainty, audit scope or
accounting principles. During the December 31, 1995 year end audit the Company
had a disagreement with its former accountant, however the issue was resolved to
the satisfaction of the accountant prior to the end of its field work. The
disagreement related to the timing of the recognition of revenue in the amount
of $3,000,000 for the sale of a license agreement. The Company agreed with the
former accountant and did not recognize the revenue until the first quarter
1996. The Company's audit or similar committee of the board of directors, or the
board of directors did not discuss the subject matter of the disagreement with
the former accountant. The Company has authorized the former accountant to
respond fully to the inquiries, if any, of the successor accountant concerning
the subject matter of the disagreement. Other than the item described above, the
Company had no other disagreements with its former accountant as to any matter
of accounting principles or practices, financial statement disclosure or
auditing scope or procedure.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
None.
(b) Pro Forma Financial Information.
None
(c) Exhibits.
16. Letter re change in Certifying Accountant.
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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.
Date: July 3, 1996 Novatek International, Inc.
(Registrant)
By: /s/ Frank J. Cooney
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Frank J. Cooney
Chairman of the Board
McGLADREY & PULLEN, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
SUITE 1400
1555 PALM BEACH LAKES BOULEVARD
WEST PALM BEACH, FLORIDA 33401-2349
(561) 697-1785 FAX (561) 697-8055
July 1, 1996
Securities and Exchange Commission
Washington, Dc 20549
We were previously the independent accountants for Novatek International, Inc.,
and on February 6, 1996, we reported on the consolidated financial statements of
Novatek International, Inc. and subsidiaries as of and for the two years ended
December 31, 1995. On June 19, 1996, we were dismissed as independent accounts
of Novatek International, Inc.
We have read Novatek International, Inc.'s statements included under Item 4 of
its Form 8-K dated June 19, 1996 (which was furnished to us on June 27, 1996),
and we agree with such statements.
/s/McGLADREY & PULLEN, LLP