LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Files An 8-K Changes in Registrant’s Certifying AccountantItem 4.01. Change in Registrant’s Certifying Accountant
| (a) | On August 16, 2017, Loop Industries, Inc. (the “Company”) dismissed Weinberg & Company, P.A. (“Weinberg”) as its independent registered public accounting firm. The Audit Committee of the Board of Directors of the Company (the “Audit Committee”) recommended such dismissal and the Board of Directors of the Company (the “Board”) approved such dismissal, effective as of August 16, 2017. |
| Weinberg’s audit reports on the Company’s consolidated financial statements as of and for the fiscal years ended February 28, 2017 and February 29, 2016 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles, except that Weinberg’s audit report dated June 15, 2016 on the February 29, 2016 consolidated financial statements contained an explanatory paragraph expressing substantial doubt regarding the Company’s ability to continue as a going concern. | |
| During the two fiscal years ended February 28, 2017 and February 29, 2016 and the subsequent interim period through August 16, 2017, there were (i) no disagreements between the Company and Weinberg on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which, if not resolved to the satisfaction of Weinberg, would have caused Weinberg to make reference thereto in their reports on the consolidated financial statements for such years, and (ii) no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K. | |
| The Company provided Weinberg with a copy of the disclosures it is making in this Current Report on Form 8-K and requested that Weinberg furnish the Company with a letter addressed to the Securities Exchange Commission (the “SEC”) stating whether it agrees with the statements contained herein. A copy of Weinberg’s letter, dated August 16, 2017, is filed as Exhibit 16.1 to this Current Report on Form 8-K. | |
| (b) | On August 14, 2017 the Audit Committee recommended the selection and engagement of PricewaterhouseCoopers LLP (“PwC”) as the Company’s new independent registered public accounting firm. The selection and engagement of PwC as the Company’s independent registered public accounting firm was approved by the Board of Directors on August 16, 2017, effective as of August 16, 2017. During the two fiscal years ended February 28, 2017 and February 28, 2016, and the subsequent interim period preceding the selection of PwC, the Company did not consult with PwC regarding: (1) the application of accounting principles to a specified transaction, either completed or proposed; (2) the type of audit opinion that might be rendered on the Company’s financial statements, and PwC did not provide any written report or oral advice that PwC concluded was an important factor considered by the Company in reaching a decision as to any such accounting, auditing or financial reporting issue; or (3) any matter that was either the subject of a disagreement with Weinberg on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure or the subject of a reportable event. |
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Loop Industries, Inc. ExhibitEX-16.1 2 llpp_ex161.htm LETTER llpp_ex161.htmEXHIBIT 16.1 August 16,…To view the full exhibit click here
About LOOP INDUSTRIES, INC. (OTCMKTS:LLPP)
Loop Industries, Inc., formerly First American Group Inc., is a manufacturer of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG), the chemical components used in manufacturing polyethylene terephthalate (PET). The Company is engaged in designing, prototyping and building a closed loop plastics recycling business using a de-polymerization technology. Its technology uses waste PET plastics, such as water bottles, soda bottles, consumer packaging, carpets and industrial waste as feedstock to process. These feedstocks are available through municipal triage centers, industrial recycling and landfill reclamation projects. The Company operates in the United States and Canada. The Company focuses on depolymerizing waste plastics and converts them into valuable chemicals, ready to be reintroduced into the manufacturing of virgin plastics.
