FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 9, 2000 (August 3, 2000)
(Date of earliest event reported)
GORAN CAPITAL INC.
(Exact name of registrant as specified in its charter)
Canada 000-24366 Not Applicable
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
4720 Kingsway Drive
Indianapolis, Indiana 46205
(Address of principal executive offices)
Registrant's telephone number, including area code: 318-259-6300 (USA)
Former name or former address, if changed since last report: N/A
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Item 4. Changes in Registrant's Certifying Accountant
On August 3, 2000, Schwartz Levitsky Feldman, LLP ("Schwartz") resigned as the
independent accountants for Goran Capital Inc. (the "Registrant").
On August 4, 2000 the Registrant engaged the accounting firm of BDO Seidman, LLP
("BDO") as its independent accountants. The decision to engage BDO was made by
the Registrant's Board of Directors and approved by its Audit Committee.
During the two most recent fiscal years and the subsequent interim period prior
to August 4, 2000, there have been no disagreements with Schwartz on any matter
of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, or any reportable events.
Schwartz's report on the consolidated financial statements for the past two
years contained no adverse opinion or disclaimer of opinion and was not
qualified or modified as to uncertainty, audit scope, or accounting principles.
None of the following events has occurred within the Registrant's two most
recent fiscal years or the subsequent interim period preceding the resignation
of Schwartz.
(A) Schwartz has not advised the Registrant that the internal
controls necessary for the Registrant to develop reliable
financial statements do not exist;
(B) Schwartz has not advised the Registrant that information had
come to the accountant's attention that led it to no longer be
able to rely on management's representations, or that made it
unwilling to be associated with the financial statements
prepared by management;
(C) (1) Schwartz has not advised the Registrant of the need to
expand significantly the scope of its audit, or that
information has come to the accountants' attention that if
further investigated could (i) materially impact the
fairness or reliability of either a previously issued audit
report or the underlying financial statements, or the
financial statements issued or to be issued covering the
fiscal periods subsequent to the date of the most recent
financial statements covered by an audit report (including
information that could prevent it from rendering an
unqualified report on those financial statements), or
(ii) cause it to be unwilling to rely on management's
representations or be associated with the Registrant's
financial statements, and (2) due to the accountant's
dismissal, or for any other reason, the accountant did not
so expand the scope of its audit or conduct such further
investigation; or
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(D) (1) Schwartz has not advised the Registrant that information
has come to the accountant's attention that it concluded
materially impacts the fairness or reliability of either (i) a
previously issued audit report or the underlying financial
statements, or (ii) the financial statements issued or to be
issued covering the fiscal periods subsequent to the date of
the most recent financial statements issued or to be issued
covered by an audit report (including information that, unless
resolved to the accountant's satisfaction, would prevent it
from rendering an unqualified audit report on those financial
statements), and (2) due to the accountant's dismissal, or for
any other reason, the issue has not been resolved to the
accountant's satisfaction prior to its dismissal.
During the two most recent fiscal years, and the subsequent interim period prior
to engaging BDO, neither the Registrant, nor anyone on its behalf, consulted BDO
regarding (i) either the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Registrant's financial statements, where either a
written report was provided to the Registrant or oral advice was provided, that
BDO concluded was an important factor considered by the Registrant in reaching a
decision as to the accounting, auditing, or financial reporting issue; or (ii)
any matter that was either the subject of a disagreement (as defined in
paragraph 304(a)(1)(iv) of Regulation S-K and the related instructions) or a
reportable event (as described in paragraph 304(a)(1)(v) of Regulation S-K).
The Registrant has requested that Schwartz furnish it with a letter addressed to
the SEC stating whether it agrees with the above statements. A copy of
Schwartz's letter to the SEC dated August 3, 2000 is attached as an exhibit to
this report.
Item 7. Financial Statements and Exhibits
Financial Statements
None
Exhibits
Exhibit No. Description
16 Letter re Change in Certifying Accountant
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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 thereunto duly authorized.
GORAN CAPITAL INC.
Dated: August 9, 2000
By: /s/ Alan G. Symons, Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
16 Letter re Change in Certifying Accountant
