swvc Fires its Independent Accountant, for being Independent + Reporting the Truth.
Hope the new guys are at least as Independent + Truthful.
Here's the news :
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SEAWAY VALLEY CAPITAL CORP: 8-K, Sub-Doc 1, Page 2
Item 4.01 Change in Registrant's Certifying Accountant
On February 8, 2008, the Board of Directors of Seaway
Valley Capital Corporation ("Seaway Valley Capital")
dismissed Rosenberg Rich Baker Berman & Company, P.A.
("Rosenberg Rich") from its position as Seaway Valley
Capital's independent registered public accounting firm.
The audit report of Rosenberg Rich on Seaway Valley
Capital's financial statements for the period from inception,
January 14, 2006, through December 31, 2006 contained an
explanatory paragraph expressing SUBSTANTIAL DOUBT ABOUT
Seaway Valley Capital's ability to continue as A GOING CONCERN.
The audit report of Rosenberg Rich for the period from
inception, January 14, 2006, through December 31, 2006 did not
contain any other adverse opinion or disclaimer of opinion or
qualification other than the explanatory paragraph noted
above. Rosenberg Rich did not, during the applicable periods,
advise Seaway Valley Capital of any of the enumerated items
described in Item 304(a)(1)(iv) of Regulation S-B.
Seaway Valley Capital and Rosenberg Rich have not, during
Seaway Valley Capital's two most recent fiscal years or any
subsequent period through the date of dismissal, had any
disagreement on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope
or procedure, which disagreement, if not resolved to
Rosenberg Rich's satisfaction, would have caused Rosenberg
Rich to make reference to the subject matter of the
disagreement in connection with its reports.
Seaway Valley Capital has requested Rosenberg Rich to
furnish a letter addressed to the Securities and Exchange
Commission stating whether or not Rosenberg Rich agrees with
the statements in this 8-K. A copy of that letter is filed
as exhibit 16 to this 8-K.
On February 8, 2008, Seaway Valley Capital retained the
firm of Dannible & McKee, LLP to audit Seaway Valley
Capital's financial statements for the year ended
December 31, 2007. Dannible & McKee rendered an audit report
on the financial statements of Wisebuys Stores, Inc. for the
years ended January 31, 2007 and 2006 that was included in a
current report on Form 8-K filed by Seaway Valley Capital.
Dannible & McKee also rendered an audit report on the
financial statements of Patrick Hackett Hardware Company, Inc.
for the year ended December 31, 2006 and the nine months ended
September 30, 2007 that was included in a current report on
Form 8-K filed by Seaway Valley Capital. However, at no time
during the past two fiscal years or any subsequent period did
Seaway Valley Capital consult with Dannible & McKee, LLP
regarding any matter of the sort described above with
reference to Rosenberg Rich, any issue relating to the
financial statements of Seaway Valley Capital, or the type of
audit opinion that might be rendered for Seaway Valley Capital.
Item 9.01 Financial Statements and Exhibits
Exhibits
16 Letter from Rosenberg Rich Baker Berman & Company, P.A.
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.
Dated: February 8, 2008 SEAWAY VALLEY CAPITAL CORPORATION
By: /s/ Thomas Scozzafava
---------------------------------
Thomas Scozzafava
Chief Executive Officer
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We wonder which Accountant has a higher rating.
Actually, it does not really matter if swvc has an outside
accountant, or if swvc ever files anything. Because the CEO
personally owns 80% of all swvc votes + assets. And, he
could vote to raise it to 99% he decides to vote again,
anytime, even overnight. And then, all common shareholders
would just split up their 20% [or 1%] 'share'.
Why would any long buy 'shares' in a 'company' ,
that already took away 80% of their total combined share,
and, could just as easily, overnight, take another 95%
of their remaining 20%, and leave them with 1% [or less].
P.S. ;
It has been done before. [znxt is "up to" 40% of the old paim.
And no common shareholders voted to give back 60%, for free.]
Live + learn. Sooner or later.
extra, Sincerely
