Item
4.01: Changes In Registrant's Certifying Accountant
Effective
as of November 2, 2009, the Company dismissed Bagell Josephs Levine &
Company, LLC
(“BJL”),
the Company’s independent registered public accounting firm. The decision to
change accountants was approved by the Company's Board of
Directors.
BJL
reported on the Company’s consolidated financial statements for the year ended
December 31, 2008. For such period and up to November 2, 2009, there
were no disagreements with BJL on any matter of accounting principle or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreement(s), if not resolved to the satisfaction of BJL, would have caused
it to make reference thereto in its report on the financial statements for such
period. During such period, there were no reportable events within
the meaning set forth in Item 304(a)(1)(v) of Regulation S-K.
The
report of BJL on the financial statements of the Company for the fiscal year
ended 2008 did not contain any adverse opinion or disclaimer of opinion and were
not qualified or modified as to uncertainty, audit scope or accounting
principles.
The
Company has provided BJL with a copy of the foregoing disclosure and requested
that BJL provide the Company with a letter addressed to the Securities and
Exchange Commission stating whether it agrees with the statements made by the
Company in response to this item, and if not, to state the respects in which it
does not agree. A copy of such letter, dated November 4, 2009, is filed as
Exhibit 16.1 to this Current Report on Form 8-K.
On
November 2, 2009, the Company engaged Moore Stephens Hong Kong, a member of
Moore Stephens International Limited (“MSHK”) to assume the role of its new
principal independent accountants.
During
the fiscal years ended December 31, 2008 and 2007 and through November 2, 2009,
the Company did not consult with MSHK on (i) the application of accounting
principles to a specified transaction, either completed or proposed, or the type
of audit opinion that may be rendered on the Company’s financial statements, and
MSHK did not provide either in a written report or oral advice to the Company
that was an important factor considered by the Company in reaching a decision as
to any accounting, auditing, or financial reporting issue; or (ii) the subject
of any disagreement, as defined in Item 304 (a)(1)(iv) of Regulation S-K and the
related instructions, or a reportable event within the meaning set forth in Item
304 (a)(1)(v) of Regulation S-K.