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 24, 1996
VERSUS TECHNOLOGY, INC.
(Exact Name of Registrant as specified in its charter)
Delaware 0-17500 22-2283745
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
2320 W. Aero Park Ct., Traverse City, Michigan 49686
(Address of principal executive offices) (Zip code)
Registrant`s telephone number, including area code: (616) 946-5868
ITEM 4. CHANGES IN REGISTRANT`S CERTIFYING ACCOUNTANT
(a) Effective October 24, 1996, the Audit Committee of the Board of
Directors of Versus Technology, Inc. (Company) approved the dismissal
of its certifying accountants, KPMG Peat Marwick LLP. On that date,
it engaged BDO Seidman, LLP to act as the Company`s certifying
accountants. In January 1995, the Company`s business headquarters
were moved from Trenton, New Jersey to Traverse City, Michigan.
KPMG Peat Marwick LLP, who serviced the account from their Princeton,
New Jersey office, does not have an office within close proximity of
the Company`s new headquarters. Because of the many day-to-day
accounting, tax and business decisions involved during Company`s
current and projected growth stage, management and the Audit Committee
believe the Company will be best served by an accounting firm located
within closer proximity of its headquarters.
KPMG Peat Marwick LLP`s reports on the Company`s financial statements
for the years ended October 31, 1995 and 1994 included explanatory
paragraphs with respect to the Company`s recurring losses from
operations that raised doubt about its ability to continue as a going
concern. During the Company`s two most recent fiscal years and the
subsequent interim period to October 24, 1996, there were no
disagreements between the Company and KPMG Peat Marwick LLP 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 KPMG Peat Marwick LLP would
have caused it to make reference to the subject matter of the
disagreements in connection with its reports.
During the Company`s two most recent fiscal years and the subsequent
interim period prior to October 24, 1996, the Company did not consult
with BDO Seidman, LLP regarding any of the matters of events set
forth in Item 304 (a) (2) (i) and (ii) of Regulation S-K.
The Company has requested that KPMG Peat Marwick LLP furnish it with
a letter addressed to the SEC stating whether it agrees with the above
statements. A copy of KPMG Peat Marwick LLP`s letter to the SEC,
dated October __, 1996, is filed as Exhibit 16 to the Form 8-K.
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.
VERSUS TECHNOLOGY, INC.
By: /s/ Gary T. Gaisser
Gary T. Gaisser
President and Chief Executive Officer
Dated: October __, 1996
EXHIBIT 16
LETTER RE CHANGE IN CERTIFYING ACCOUNTANT
KPMG Peat Marwick LLP Letterhead)
October 31, 1996
Securties and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Versus Technology, Inc.,
and, under the date of February 9, 1996, we reported on the
consolidated financial statements of Versus Technology, Inc. as of
and for the years ended October 31, 1995 and 1994. On October 28,
1996, our appointment as principal accountants was terminated.
We have read Versus Technology, Inc.'s statements included under
Item 4 of its Form 8-K dated October 24, 1996, and we agree with such
statements. Except that we are not in a position to agree or
disagree with Versus Technology, Inc.'s statement that the change
was approved by the audit committee of the Board of Directors or to
agree or disagree with Versus Technology, Inc.'s statement that
BDO Siedman, LLP was not engaged regarding any of the matters or
events set forth in Item 304 (a)(2)(i) and (ii) of Regulation S-K.
Very truly yours,
KPMG Peat Marwick LLP
