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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): June 18, 1998
SI DIAMOND TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in its Charter)
TEXAS
(State or Other Jurisdiction of Incorporation)
1-11602 76-0273345
(Commission File No.) (I.R.S. Employer Identification No.)
3006 Longhorn Boulevard
Suite 107
Austin, Texas 78758
(Address of Principal Executive Offices)
(512) 339-5070
(Registrant's Telephone Number, Including Area Code)
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Item 4. Changes in Registrant's Certifying Accountant
On June 18, 1998, Coopers & Lybrand L.L.P. ("Coopers & Lybrand")
informed the Company of its resignation as the Company's independent
accountant.
The reports of Coopers & Lybrand on the Company's financial statements
for the years ended December 31, 1997 and 1996 did not contain an adverse
opinion or a disclaimer of opinion, but the reports did contain explanatory
paragraphs in each of the two years concerning the ability of the Company to
continue as a going concern since the Company has not yet achieved
profitability, has a working capital deficit and must obtain additional capital
to fund its ongoing operations. There were no disagreements with Coopers &
Lybrand on any matters of accounting principles or practices, financial
statement disclosures, or auditing scope and procedures which, if not resolved
to the satisfaction of Coopers & Lybrand, would have caused Coopers & Lybrand
to make reference to the matter in their report.
The Company has had discussions with, but has not yet identified a
successor auditor. The Company has requested Coopers & Lybrand to furnish it a
letter addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of that letter dated June 24, 1998, is
field as Exhibit 16 to this Report on Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
16.1 Letter from Coopers & Lybrand L.L.P.
99.1 Letter of resignation of Coopers & Lybrand L.L.P. as
independent accountants of the Company.
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.
SI DIAMOND TECHNOLOGY, INC.
By /s/ Douglas P. Baker
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Douglas P. Baker
Vice President and
Chief Financial Officer
Dated: June 25, 1998
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EXHIBIT 16.1
June 24, 1998
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by SI Diamond Technology, Inc. (copy attached),
which we understand will be filed with the Commission, pursuant to Item 4 of
Form 8-K, as part of the Company's Form 8-K report for the month of June 1998.
We agree with the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/ COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
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EXHIBIT 99.1
June 18, 1998
Mr. Douglas P. Baker
Vice President and Chief Financial Officer
SI Diamond Technology, Inc.
12100 Technology Blvd.
Austin, TX 78727
Dear Mr. Baker:
This is to confirm that the client-auditor relationship between SI Diamond
Technology, Inc. (Commission File Number 1-11602) and Coopers & Lybrand L.L.P.
has ceased.
Very truly yours,
/s/ COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 11-3
450 Fifth Street, N.W.
Washington, D.C. 20549