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
Date of Report (Date of earliest event reported) October 8, 1998
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AGTsports, Inc.
(Exact name of registrant as specified in its charter)
Colorado 0-21914 84-1022287
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(State of incorporation) (Commission File Number) (IRS Employer ID number)
621 17th Street, Suite 1730, Denver, CO 80293
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(Address of principal executive office) (Zip code)
(303) 297-8686
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(Registrant's telephone number, including area code)
Form 8-K
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Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Item 1. Changes in Control of Registrant.
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See Item 5 Below
Item 2. Acquisition or Disposition of Assets.
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Not Applicable
Item 3. Bankruptcy or Receivership.
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Not Applicable
Item 4. Changes in Registrant's Certifying Accountant.
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(a) The Company's auditors, Hacker, Johnson, Cohen & Grieb PA has
declined to stand for reappointment as auditors for the Company.
(b) In connection with their audit of the Registrant's financial
statements for the two most recent fiscal years and during
subsequent interim, the Registrant has not had any disagreements
with Hacker, Johnson, Cohen & Grieb PA on any matter of
accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.
(c) In connection with their audit of the Registrant's financial
statements for the year ended September 30, 1997, Hacker,
Johnson, Cohen& Grieb PA's reports did not contain an adverse
opinion or a disclaimer of opinion, nor was qualified or modified
as to uncertainty, audit scope, or accounting principles, except
for the going concern uncertainty in the fourth paragraph of
their opinion.
(d) The Registrant has requested Hacker, Johnson, Cohen & Grieb PA to
furnish it with a letter addressed to the Securities and Exchange
Commission stating whether or not they agree with the statements
made by the Registrant in response to this Item 4 and, if not,
stating the respects in which they do not agree. The Registrant
delivered a copy of this Form 8-K to Hacker, Johnson, Cohen &
Grieb PA on October 7, 1998. The Registrant will file by
amendment, as an exhibit to this Form 8-K, a copy of such letter
when it is received
(e) The decision to change accountants was approved by the board of
directors, who, on October 12, 1998, authorized the retention of
Brimmer, Burek, Keelan & McNally LLP, Certified Public
Accountants of Tampa, Florida, as the Company's new principal
independent auditors.
Item 5. Other Events.
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On October 8, 1998, the Board of Directors of the Company formalized
the termination of negotiations with Sinties Corporation, of Tulsa,
Oklahoma, concerning a possible business combination between the two
companies. The Board's determination was made following receipt by the
Company of notice from Sinties to terminate negotiations and to pursue
other business opportunities. (See the Company's Form 8-K dated
November 19, 1997).
On October 12, 1998, the Board of Directors of the Company accepted
the resignation of B. Mack Devine, Chairman and CEO. Mr. DeVine will
remain as a director of the Company and continue to provide assistance
to management as a non-paid consultant.
On October 12, 1998, the Board of Directors of the Company nominated
Cory J. Coppage, of Denver, Colorado, to serve as acting President of
the Company until the next meeting of the shareholders, the date of
which has yet to be scheduled. Mr. Coppage is the Secretary and
Treasurer and a director of the Company.
As of the date of filing of this report, the Company continues to
experience severe working capital shortages arising from difficulties
related to its former technology business. Such working capital
difficulties have resulted in a determination by management that a new
business plan and new sources of capital must be secured in order for
AGTsports, Inc. to continue operations. The Company can provide no
assurances that such business efforts will be successful. Given the
poor financial condition of AGTsports, Inc. the auditors of the
Company have raised significant doubts as to the ability of the
Company to continue as a going concern.
Item 6. Financial Statements and Exhibits
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Exhibits: 16.1 Letter on change in certifying accountant from Hacker,
Johnson, Cohen & Grieb PA to be filed by amendment.
SIGNATURES
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Pursuant to the requirements of Section 13 or 15(d) 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 on this 14th day of
October, 1998.
By: /s/ Cory J. Coppage
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Cory J. Coppage
Acting President
Dated: October 14, 1998