UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): August 30, 2004
BEACON POWER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
---------------------------------------------
(State or other jurisdiction of incorporation)
000-31973 04-3372365
----------------------- -------------------------------
(Commission File Number) (IRS Employer Identification No.)
234 Ballardvale Street
Wilmington, Massachusetts 01887
--------------------------------------- --------
(Address of principal executive offices) (Zip Code)
(978) 694-9121
--------------------------------------------------
(Registrant's telephone number, including area code)
Section 4 - Matters Related to Accountants and Financial Statements
Item 4.01 Changes in Registrant's Certifying Public Accountant
(a) Previous independent accountants
(i) Effective August 27, 2004, Beacon Power Corporation's (the
"Registrant") independent registered public accounting firm, Deloitte
& Touche LLP ("Deloitte"), has decided not to stand for re-election as
the independent registered public accounting firm for the Registrant.
Deloitte performed the review and audit of the Company's books and
accounts for the fiscal years ending December 31, 2003 and 2002 and
has performed interim quarterly reviews through the quarter ended June
30, 2004. The resignation was the decision of Deloitte and was not
recommended or approved by the Registrant's Audit Committee.
(ii) Deloitte's report for 2002 and 2003 contained an unqualified opinion
regarding the fair presentation of the Registrant's financial
statements, but Deloitte's 2003 audit report contained an explanatory
paragraph expressing doubt about the Registrant's ability to continue
as a going concern.
(iii)There have been no disagreements during the past two fiscal years and
the subsequent interim periods ending June 30, 2004 between Deloitte
and management of the Registrant on any matter of accounting
principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreement, if not resolved to the
satisfaction of Deloitte, would have caused them to make reference
thereto in their reports on the financial statements for such years.
(iv) During the two most recent fiscal years and through August 30, 2004,
there have been no reportable events (as defined by Regulation S-K
Item 304(a)(1)(v)).
(v) The Registrant has provided Deloitte with a copy of the foregoing
disclosure and has requested that Deloitte furnish it with a letter
addressed to the Securities and Exchange Commission (the "SEC")
stating whether or not it agrees with the above statements. A copy of
the letter from Deloitte dated August 30, 2004 is filed as Exhibit
16.1 to this Form 8-K.
(b) New independent accountants
(i) Management of the Registrant is currently evaluating a replacement
independent registered public accounting firm, but has not yet engaged
one.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
16.1 Letter from Deloitte & Touche LLP to the Securities and Exchange
Commission dated August 30, 2004.
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.
BEACON POWER CORPORATION
Date: September 2, 2004 /s/James M. Spiezio
--------------------------
Name: James M. Spiezio
Title: Vice President of Finance,
Chief Financial Officer,
Treasurer and Secretary
EXHIBIT INDEX
Exhibit
Number Description
- ------ -----------
16.1 Letter from Deloitte & Touche, LLP to the Securities and
Exchange Commission dated August 30, 2004.