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UNITED STATES
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): December 11, 2000
Westbury Metals Group, Inc.
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(Exact name of registrant as specified in charter)
New York 033-42408 11-3023099
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(State of (Commission (IRS Employer
Organization) File Number) Identification No.)
750 Shames Drive
Westbury, New York 11590
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (516) 997-8333
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Former name or former address, if changed since last report: Not Applicable
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Item 5. Other Events
Filing of Financial Reports
On December 11, 2000, the Company issued a press release announcing that
it now expects a further delay in filing its financial reports for the year
ended June 30, 2000 and its restated financial reports for its fiscal quarters
ended December 31, 1999 and March 31, 2000 until mid January 2001. The Company
had previously reported that these financial reports would be filed by December
11, 2000.
This further delay in filing its financial reports with the Securities and
Exchange Commission is a result of a determination by the Company that it is
necessary to change its inventory valuation method for its unrefined precious
metals inventories from the market valuation method currently being used to
lower of cost or market. The Company and its auditors have been researching and
reviewing the applicable accounting rules in order to determine the Company's
eligibility to continue the practice of using the market value method for all of
its precious metals inventories. After extensive research and a review of the
comments made by the Securities and Exchange Commission at its December 4th
annual national conference, which specifically addressed this issue, the
Company and its auditors have determined that the lower of cost or market
valuation method for the Company's unrefined precious metals inventories is the
appropriate valuation method. This change will entail an audit of the Company's
financial reports by its independent auditors using the lower of cost or market
valuation method, which will commence on December 12, 2000. Consequently, the
Company has revised its timetable for filing its financial reports for the year
ended June 30, 2000 and its restated financial reports for its fiscal quarters
ended December 31, 1999 and March 31, 2000 until mid January 2001.
A copy of this press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Unaudited Pro Forma Combined Financial Information.
Not applicable.
(c) Exhibits.
99.1 Press Release of the Company, dated December 11, 2000.
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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 thereunto duly authorized.
Westbury Metals Group, Inc.
By: /s/ Mandel Sherman
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Mandel Sherman
Chief Executive Officer
Date: December 12, 2000
