SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): March 31, 2005
PARADIGM MEDICAL INDUSTRIES, INC.
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(Exact name of registrant as specified in this Charter)
Delaware 0-28498 87-0459536
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
2355 South 1070 West, Salt Lake City, Utah 84119
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (801) 977-8970
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Does Not Apply
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(Former name or former address, if changed since last report)
ITEM 4.01 Changes in Registrant's Certifying Accountant.
On March 28, 2005, the Company dismissed its independent auditor
relationship with Tanner LC ("Tanner") (A letter from Tanner is attached to this
filing as an exhibit.) The decision to change accountants was approved by the
Company's Audit Committee for the purpose of cost savings.
During the fiscal years ended December 31, 2003 and 2002 and the
subsequent interim period preceding the dismissal of Tanner, there were no
disagreements with Tanner on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedures or any reportable
events, which disagreement, if not resolved to the satisfaction of the former
accountant, would have caused it to make reference to the subject matter of the
disagreement in connection with its report. In addition, the reports by Tanner
on the balance sheet as of December 31, 2003, and the related statements of
operations, stockholders' equity, and cash flows for each of the two years in
the period ended December 31, 2003, did not contain an adverse opinion or a
disclaimer of opinion nor were qualified or modified as to uncertainty, audit
scope or accounting principles, except that they were qualified to include an
explanatory paragraph regarding the Company's ability to continue as a going
concern.
On March 31, 2005, the Company engaged Chisholm Bierwolf & Nilson, LLC
("Chisholm") as its independent auditors who will audit and report on the
financial statements of the Company for the fiscal year ended December 31, 2004.
(A copy of a letter from Chisholm acknowledging review of this disclosure and
engagement as the Company's new independent auditor is attached to this filing
as an exhibit.)
Prior to engaging Chisholm, neither the Company nor anyone acting on
its behalf consulted with Chisholm regarding the application of accounting
principles to any specified transaction or the type of audit opinion that might
be rendered on the Company's financial statements. In addition, during the
Company's fiscal year ended December 31, 2004, and during the period January 1,
2005 through March 31, 2005, neither the Company, nor anyone acting on its
behalf consulted with Chisholm with respect to any matters that were the subject
of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K, or a
reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).
Pursuant to Item 304 of Regulation S-K, the Company submitted a copy of
this Form 8-K to Tanner prior to filing with the Commission.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
16.1 Letter from Tanner LC dated April 15, 2005 agreeing with the
statements in the Form 8-K.
16.2 Letter from Chisholm Bierwolf & Nilson, LLC dated April 15,
2005 agreeing with statements in the 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.
PARADIGM MEDICAL INDUSTRIES, INC.
(Registrant)
Date: April 15, 2005. By: /s/ John Y. Yoon
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John Y. Yoon
President and Chief Executive Officer
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