Recy's auditor resigned
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or
15(d) of The Securities Act of 1934
Date of Report (Date of earliest event reported):
September 23, 1998 (September 16, 1998)
RECYCLING INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Colorado 0-20179 84-1103445
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification
of incorporation) Number)
9780 South Meridian Blvd., Suite 180
Englewood, Colorado 80112
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 790-7372
Not Applicable
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(Former name or former address, if changed since last report.) PAGE>
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
(a) Effective September 16, 1998, BDO Seidman, LLP ("BDO"), which served as
Registrant's independent public accountant to audit Registrant's financial
statements for each of the two most recently completed fiscal years of
Registrant, resigned.
(b) None of BDO's audit reports on Registrant's financial statements for
such years contained an adverse opinion or a disclaimer of opinion, nor was
any report qualified as to uncertainty, audit, scope or accounting principles.
(c) During Registrant's two most recent fiscal years and any subsequent
interim period preceding BDO's resignation, there were no disagreements with
BDO on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure which, if not resolved to BDO's
satisfaction, would have caused it to make reference to the subject matter of
the disagreement(s) in connection with its reports.
(d) Except as described below, none of the events described in subsections
(a)(1)(v)(A) through (D) of Item 304 of Regulation S-K occurred during
Registrant's two most recent fiscal years and any subsequent interim period
preceding BDO's resignation.
At the time of its resignation, BDO advised Registrant that, with respect to
information disclosed in the Registrant's reports previously filed with the
Securities and Exchange Commission for the quarters ending within the fiscal
year ending September 30, 1998, BDO had not performed any audit procedures
with respect to the purchase price allocations for acquisitions that occurred
in May 1998, April 1998, and December 1997. As previously disclosed in the
Registrant's current reports on Form 8-K reporting each acquisition and its
quarterly reports on Form 10-Q for each relevant fiscal quarter, the purchase
price allocations are preliminary, subject to the completion of appraisals
and environmental studies and post-closing adjustments pursuant to the
respective asset and stock purchase agreements. Had BDO applied audit
procedures to these purchase price allocations, such procedures may or may
not have resulted in material adjustments to these allocations in the
Registrant's financial statements for the fiscal year ended September 30, 1998.
Had BDO performed other procedures since the date of its last audit, which
covered the fiscal year ended September 30, 1997, other matters may have come
to its attention which might have been reported to the Registrant.
(e) Registrant has authorized BDO to respond fully to any inquiries a
successor accountant may make concerning the matters described above.
(f) A letter of BDO addressed to the Securities and Exchange Commission is
included in Exhibit 16. Such letter states that BDO agrees with the
statements made by Registrant in this Item 4. PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.(a) and (b) FINANCIAL STATEMENTS.
None(c) EXHIBITS EXHIBIT NUMBER DESCRIPTION
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16 Letter from BDO Seidman, LLP to the Securities and Exchange
Commission PAGE> SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RECYCLING INDUSTRIES, INC.
Date: September 23, 1998
By /s/ Thomas J. Wiens
----------------------------------
Thomas J. Wiens, Chairman and
CEO /TEXT> /DOCUMENT> DOCUMENT>
TYPE>EX-16 SEQUENCE>2<DESCRIPTION>EXHIBIT 16 TEXT> PAGE>
[BDO Letterhead]September 23, 1998
Securities and Exchange Commission450 5th Street N.W.Washington, D.C. 20549
Gentlemen:
We have been furnished with a copy of the response to Item 4 of Form 8-K
for the event that occurred on September 16, 1998, to be filed by our former
client, the Recycling Industries, Inc. We agree with the statements made in
response to that Item insofar as they relate to our Firm.Very truly yours,
/s/ BDO Seidman, LLPBDO Seidman, LLP |
