SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K/A
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 29, 1996
The New World Power Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-18260 52-1659436
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
The Farmhouse, 558 Lime Rock Road, Lime Rock, Connecticut 06039
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(Address of principal executive offices)
Registrant's telephone number, including area code: (860) 435-4000
N/A
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(Former name or former address, if changed since report.)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On September 10, 1996, Price Waterhouse LLP ("Price Waterhouse")
declined to stand for reelection as independent accountants to the Registrant.
Price Waterhouse's report on the financial statements of the Registrant for the
fiscal year ended December 31, 1995 (the only period for which Price Waterhouse
was engaged as independent accountants) did not contain any adverse opinion or
disclaimer of opinion and was not qualified or modified as to uncertainty, audit
scope, or accounting principles, except that Price Waterhouse's report included
a reference to a substantial doubt about the Registrant's ability to continue as
a going concern. In connection with its audit for the year ended December 31,
1995 and through September 10, 1996, there have been no disagreements with Price
Waterhouse 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 Price Waterhouse would have caused them to make
reference thereto in their report on the financial statements for such year. In
connection with the audit of the financial statements for the year ended
December 31, 1995, Price Waterhouse reported to management and the Audit
Committee of the Board of Directors that the following material weaknesses exist
in the internal control structure:
1. Procedures for obtaining and maintaining documentation supporting
certain of the Company's foreign investment is not adequate.
2. Certain of the Company's significant affiliates do not have sufficient
financial expertise to reduce the risk of financial misstatement to a
relatively low level.
There were no other reportable events or disagreements with Price Waterhouse to
report as defined in Regulation S-K Item 304(a)(1)(v).
Management of the Registrant has endeavored to address these weaknesses this
year, and believes it has made significant progress towards resolving those
concerns.
The Registrant has requested that Price Waterhouse furnish it with a letter
addressed to the Securities and Exchange Commission stating whether or not it
agrees with the above statements. A copy of such letter, dated October 29, 1996,
is filed as Exhibit 16 to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The Registrant hereby amends Item 7 of this Form 8-K by including the
requisite exhibit.
Exhibit 16 - Letter, dated October 29, 1996 from Price Waterhouse to
the Securities and Exchange Commission.
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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.
The New World Power Corporation
Dated: October 29, 1996 By:/s/Frederic Mayer
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Frederic Mayer
Acting Chief Financial Officer
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October 29, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
We have read Item 4 of The New World Power Corporation's Form 8-K dated October
29, 1996 and are in agreement with the statements contained therein except that
we make no representation with respect to management's statement that it has
made significant progress toward resolving the material weaknesses which we
reported to the Audit Committee of the Board of Directors.
PRICE WATERHOUSE LLP
Hartford, CT
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