U.S. 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): July 24, 2002
CTI INDUSTRIES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Illinois 0-23115 36-2848943
(State or Other (Commission File Number) (IRS Employer
Jurisdiction Identification No.)
Incorporation)
22160 North Pepper Road, Barrington, Illinois 60010
(Address of Principal Executive Offices) (Zip Code)
(847) - 382-1000
(Registrant's Telephone Number, including Area Code)
Item 4. Changes in Registrant's Certifying Accountant.
Effective July 24, 2002, CTI Industries Corporation (the "Registrant")
engaged McGladrey & Pullen, LLP as the Registrant's principal accountants to
audit the Registrant's financial statements for the year ending December 31,
2002. McGladrey & Pullen, LLP replaces Grant Thornton, LLP, which had previously
been engaged for the same purpose, and whose dismissal was effective July 24,
2002. The decision to change the Registrant's principal accountants was approved
by the Registrant's Board of Directors on July 24, 2002.
The reports of Grant Thornton, LLP on the Registrant's financial
statements for the past two fiscal years ended December 31, 2000, and December
31, 2001 did not contain an adverse opinion or disclaimer of opinion, nor were
they qualified or modified as to uncertainty, audit scope, or accounting
principles.
During the Registrant's last two fiscal years ended December 31, 2000, and
December 31, 2001, and in the subsequent interim periods through July 24, 2002,
there were no disagreements with Grant Thornton, LLP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of Grant
Thornton, LLP, would have caused it to make reference to the subject matter of
the disagreements in connection with its reports on the financial statements for
such periods.
Grant Thornton, LLP has not informed the Company of any reportable events
during the Registrant's last two fiscal years ended December 31, 2000 and 2001
and in subsequent interim periods through July 24, 2002.
The Registrant has provided Grant Thornton, LLP with a copy of the
disclosures made herein and has requested Grant Thornton, LLP to furnish a
letter addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of this letter dated July 26, 2002 is
filed as Exhibit 99.1 to this Form 8-K.
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.
CTI Industries Corporation.
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(Registrant)
Date: July 30, 2002 By: /s/ Howard W. Schwan
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Howard W. Schwan, President
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EXHIBIT INDEX
Sequential Exhibit
Page Number Number Document
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5 99.1 Letter From Grant Thornton, LLP
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