Friday, June 09, 2006 11:57:13 AM
I have to admit that I do not know the exact circumstances behind this 8-K filing, but I do know a bit of the circumstances regarding our auditors prior to April 21st.
As the financials of Altatron and Dynalyst are more complicated than VTSI’s, it was management’s consensus that post-merger we would continue using the Altatron/Dynalyst auditors, and would dismiss Ham, Langston and Brezina. Our auditors caught wind of the change, and, from our perspective, it caused the late 10-K filing, even though we had given them VTSI’s year-end numbers, as we normally do, during January.
Based upon the intense disappointment and dissatisfaction over the late 10-K, it was my recommendation to the directors that we formalize the changeover of auditors effective January 1, 2006, and thus the new auditing team would have overseen the numbers and assisted us with the first quarter 10-Q filing.
This is about the time I left the company, and I do not know what has happened since.
Thus, what I do know is that prior to April 21st there was a plan to change auditors in conjunction with the merger of the combined companies, which made sound business sense since Altatron/Dynalyst contributed a greater portion of our financials than did VTSI. What I don’t know is whether this particular reporting event was indeed a resignation by the old auditors, or an inartfully-crafted 8-K in connection with a planned change of outside auditors.
RB
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