UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) June 24, 2002
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Retractable Technologies, Inc.
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(Exact Name of Registrant as Specified in Charter)
Texas 000-30885 75-2599762
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
511 Lobo Lane, Little Elm, Texas 75068-0009
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (972) 294-1010
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None
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
The Company dismissed PricewaterhouseCoopers LLP ("PWC") as its
independent accountants effective as of June 24, 2002, upon the recommendation
of the Audit Committee and the approval of the Board of Directors.
PWC served as the Company's independent accountants for the fiscal
years ended December 31, 2001, and 2000. PWC's reports on the Company's
financial statements for each of the years ended December 31, 2001, and December
31, 2000 (the "Reports"), did not contain an adverse opinion or disclaimer of
opinion and were not modified as to uncertainty, audit scope, or accounting
principles except that the report for 2001 included an explanatory paragraph
emphasizing 1) the Company's limited access to the hospital market and 2)
classification of a note payable. During the two most recent fiscal years of the
Company ended December 31, 2001, and the interim period through June 24, 2002,
there were no disagreements with PWC within the meaning of Instruction 4 of Item
304 of Regulation S-B on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to PWC's satisfaction, would have caused PWC to
make reference to the subject matter of the disagreements in connection with its
Reports and there were no "reportable events" (as such term is defined in Item
304(a)(1)(iv) of Regulation S-B).
A letter from PWC addressed to the United States Securities and
Exchange Commission is included as Exhibit 16 to this current report on Form
8-K. Such letter states that PWC agrees with the statements made by the Company
in this Item 4.
The Board of Directors has authorized and the Company has appointed the
firm of Cheshier & Fuller, L.L.P. ("Cheshier & Fuller") to serve as the
Company's independent accountants for fiscal year 2002. Cheshier & Fuller's
engagement commenced effective as of June 24, 2002. During the two most recent
fiscal years of the Company ended December 31, 2001, and the subsequent interim
period through June 24, 2002, the Company did not consult with Cheshier & Fuller
regarding any of the matters or events set forth in Item 304(a)(2)(i) or (ii) of
Regulation S-B. The Company's selection of Cheshier & Fuller was based on their
having been the Company's independent accountants prior to PWC and their
excellent service during the prior engagement with the Company.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
c. Exhibits
EXHIBIT NO. DESCRIPTION
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16. Letter from PricewaterhouseCoopers LLP regarding change in
certifying accountant
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.
DATE: June 28, 2002 RETRACTABLE TECHNOLOGIES, INC.
(Registrant)
BY: /s/ THOMAS J. SHAW
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THOMAS J. SHAW
CHAIRMAN, PRESIDENT, AND
CHIEF EXECUTIVE OFFICER