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
July 2, 2002
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Date of Report (date of earliest event reported)
TECH/OPS SEVCON, INC.
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(Exact name of registrant as specified in its charter)
1-9789
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Commission File Number
Delaware 04-2985631
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
40 North Avenue, Burlington, Massachusetts, 01803-3391
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(Address of principal executive offices and zip code)
(781) 229-7896
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(Registrant's telephone number, including area code:)
ITEM 4. CHANGES IN REGISTRANTS CERTIFYING ACCOUNTANT
On May 30, 2002 the audit committee of the Board of Directors of Tech/Ops
Sevcon, Inc. (the "Company") recommended to the Board of Directors that Grant
Thornton LLP ("Grant Thornton") be engaged as the Company's independent public
accountants to replace Arthur Andersen LLP ("Andersen") for the fiscal year
ending September 30, 2002. The appointment of Grant Thornton was subject to
completion of the usual client acceptance procedures and the receipt and
acceptance of an engagement letter. The appointment of Grant Thornton on the
above terms was unanimously approved by the Company's Board of Directors.
The engagement letter was signed by the Company on July 2, 2002
During the years ended September 30, 2000 and September 30, 2001 and the
interim period between September 30, 2001 and July 2, 2002, the Company did
not consult with Grant Thornton regarding (i) the application of accounting
principles to a specified transaction, either completed or proposed, (ii) the
type of audit opinion that might be rendered on the Company's financial
statements or (iii) any matter that was either the subject of a disagreement
(as described in Item 304(a)(1)(iv) of regulation S-K) or a reportable event
as described in Item 304(a)(1)(v) of regulation S-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit
Number Description of Exhibit
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99 Press Release dated July 2, 2002
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 hereunto duly authorized.
Tech/Ops Sevcon, Inc., Registrant
July 2, 2002
/s/ Paul A McPartlin
Paul A McPartlin, Vice President,
Treasurer and Chief Financial Officer
(Principal Financial and Accounting
Officer)
EXHIBIT 99
PRESS RELEASE
TECH/OPS SEVCON ANNOUNCES THE APPOINTMENT OF GRANT THORNTON
AS INDEPENDENT AUDITOR
Burlington, Mass. July 2, 2002..... Tech/Ops Sevcon, Inc. (AMEX symbol TO)
announced that it had appointed Grant Thornton LLP as the Company's
independent auditor for fiscal 2002. This appointment followed a thorough
evaluation and unanimous approval by the Company's board of directors.
Prior to this selection, Tech/Ops Sevcon had enjoyed a long and constructive
relationship with Arthur Andersen LLP who had served as the auditors of the
Company and its predecessor, Tech/Ops, Inc., for over 50 years.
Tech/Ops Sevcon, Inc. is a world leader in the design, manufacture and
marketing of microprocessor based controls for electric vehicles. The
controls are used to vary the speed and movement of vehicles, to integrate
specialized functions, and to prolong the shift life of the vehicles'
batteries. Sevcon supplies customers throughout the world from its operations
in the United Kingdom, the USA, France, and the Far East, and through an
international dealer network. The Company's customers are manufacturers of
fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers,
and other battery powered vehicles.