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FORM 8-KA
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-KA
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 2, 1996
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STELAX INDUSTRIES, LTD.
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(Exact name of registrant as specified in its charter)
British Columbia 0-18052 NONE
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4004 Beltline Road, Suite 107, Dallas, Texas 75244
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(Address of principal executive offices) (Zip Code)
(972) 233-6041
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Registrant's telephone number, including area code
NONE
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(Former name or former address, if changed since last report).
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On May 2, 1996, the Registrant's prior accountant, Ray, Dahl &
Associates, L.L.P., (the "Prior Accountant") was dismissed as a result of the
engagement on that date of Ernst &Young LLP. The Prior Accountant's report on
the financial statements for the prior two years did not contain an adverse
opinion nor a disclaimer of opinion nor was such report qualified or modified
as to uncertainty, audit scope or accounting principles except as follows: the
Prior Accountant's report on the financial statements for the year ended March
31, 1995 contained an explanatory paragraph addressing the Registrant's ability
to continue as a going concern due to recurring losses and a net capital
deficiency as of such date. The decision to change accountants from the Prior
Accountant to Ernst & Young LLP was approved by the Board of Directors of the
Registrant.
During the Registrant's two most recent fiscal years, any subsequent
interim reporting period and through the date preceding the date of dismissal
of the Prior Accountant, there were no disagreements with the Prior Accountant
on any matter of accounting principles or practices, financial statements
disclosure or auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of the Prior Accountant, would have caused it to make
reference to the subject matter of the disagreements in connection with its
report.
The Registrant engaged Ernst & Young LLP effective May 2, 1996.
ITEM 7. FINANCIAL STATES AND EXHIBITS.
Exhibit 16.1 Letter from Prior Accountant, filed herewith
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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.
STELAX INDUSTRIES, LTD.
/s/ Harmon S. Hardy, Jr.
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Date: May 15 , 1997 Harmon S. Hardy, Jr., President
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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16.1 Letter from prior Accountant, filed herewith.
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EXHIBIT 16.1
[ALVIN L. DAHL & ASSOCIATES, PC LETTERHEAD]
May 9, 1997
Securities and Exchange Commission
Washington, D.C. 20549
RE: Stelax Industries, LTD
f.k.a. Zfax Image Corp.
Form 8-KA dated May 2, 1996
Gentlemen:
As successor in interest to the firm, Ray, Dahl & Associates, LLP, we have
reviewed the revised disclosures in the Form 8-KA and consent to the statements
contained therein.
Sincerely,
/s/ ALVIN L. DAHL
Alvin L. Dahl, CPA
