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 30, 1997
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Champion Financial Corporation
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(Exact name of registrant as specified in its charter)
UTAH 0-19499 88-0169547
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
9495 East San Salvador Drive, Scottsdale, Arizona 85258
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (602) 614-4285
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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.
CHAMPION FINANCIAL CORPORATION
May 30, 1997 By /S/ Paul F. Caliendo
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Paul F. Caliendo
President and Chief Executive Officer
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Item 4. Changes in Registrant's Certifying Accountants
(a) Dohan and Company, P.A., CPA's was previously the principal accountants
for Champion Financial Corporation. On May 29, 1997, that firm's
appointment as principal accountants was terminated and KPMG Peat
Marwick, LLP was engaged as principal accountants. The decision to
change accountants was approved by the Board of Directors of the
Registrant. The March 31, 1997, fiscal year-end audit will be performed
by KPMG Peat Marwick, LLP.
(b) In connection with the audit of the fiscal year-ended March 31, 1996,
and the subsequent interim period through May 29,1997, there were no
disagreements with Dohan and Company, P.A., CPA's, on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedures, which disagreements if not resolved to
their satisfaction would have caused them to make reference in
connection with their opinion to the subject matter of the
disagreement.
The audit report of Dohan and Company, P.A., CPA's on the financial
statements of Champion Financial Corporation as of and for the year
ended March 31, 1996, did not contain any adverse opinion or disclaimer
of opinion, nor was it qualified or modified as to uncertainty, audit
scope, or accounting principles, except that Dohan and Company, P.A.,
CPA's report on the financial statements of Champion Financial
Corporation as of and for the year ended March 31,1996, contained a
separate paragraph stating in part that "the Company incurred a net
loss of $347,228 and, at March 31, 1996, has a deficiency in working
capital of $46,843. The Company's immediate and future working capital
requirements are dependent on the Company's ability to attain
profitable operations through its plan of acquisitions, to structure
its financing arrangements and to successfully offer and place
additional shares of the Company's stock. It is not possible to predict
the outcome of future operations or whether the necessary acquisitions
will be consummated or whether alternative capital or financing may be
arranged. Management's plans regarding these matters are described in
Note 8. These conditions raise substantial doubt about the Company's
ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty." A letter from Dohan and Company, P.A., CPA's is attached
as Exhibit A.
(c) As of November 30, 1995, the registrant formally dismissed Roger B.
Castro, CPA, as its principal accountant to audit its financial
statements. In the previous fiscal year, the accountant's report of the
registrant's financial statements did not contain an adverse opinion or
disclaimer of opinion, and was not modified as to uncertainty, audit
scope or accounting principles. The registrant had no disagreements
with its former accountant on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the former accountant's
satisfaction, would have caused him to make reference to such in
connection with his report. The decision to change accountants was
approved by the Board of Directors of the registrant on November 30,
1995.
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The Registrant had requested that Mr. Castro furnish a letter to the
Commission stating whether he agrees with the statements in the
foregoing paragraph and that such letter be delivered within 10
business days after the filing of the previous Form 8-K, which he did.
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[Dohan and Company Letterhead]
Exhibit A
June 11, 1997
Securities and Exchange Commission
Washington, D. C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Champion Financial Corporation and
under the date of July 10, 1996, we reported on the financial statements of
Champion Financial Corporation as of and for the year ended March 31, 1996. On
May 29, 1997, our appointment as principal auditors was terminated. We have read
Champion Financial Corporation's statements included under Item 4 of its Form
8-KA dated June 11, 1997, and we agree with such statements.
Very truly yours,
/s/
Dohan and Company
Commission File Number: 0-19499
