MUNDELEIN, Ill., Dec. 17 /PRNewswire-FirstCall/ -- Z Trim Holdings, Inc.
(OTC Bulletin Board: ZTMH), announced today that it had terminated its
relationship with Blackman Kallick, LLP, and engaged the firm of M&K CPAs,
PLLC as the Company's independent auditors. The termination was approved by
the audit committee of the Board of Directors.
'We are appreciative of the hard work that Blackman has provided over the
past year,' said Steve Cohen, President of Z Trim. 'They certainly provided
needed services during a difficult transition period.'
Blackman reported only on the financial statements for the fiscal year
ended December 31, 2007. Except as described below, the audit report of
Blackman on the consolidated financial statements of Z Trim Holdings, Inc. as
of and for the fiscal year ended December 31, 2007 did not contain an adverse
opinion or a disclaimer of opinion, and was not qualified or modified as to
audit scope or accounting principles. Blackman's 2007 audit report relating to
the audit of Z Trim's consolidated financial statements for the fiscal year
ended December 31, 2007 included an emphasis paragraph relating to an
uncertainty as to Z Trim's ability to continue as a going concern.
In connection with the audits of the Company's consolidated financial
statements for the fiscal year ended December 31, 2007 and through the date of
this current report, there were: (1) no disagreements between Z Trim and
Blackman on any matters of accounting principles or practices, financial
statement disclosure, or auditing scope or procedures, which disagreements, if
not resolved to the satisfaction of Blackman, would have caused Blackman to
make reference to the subject matter of the disagreement in their report on Z
Trim's consolidated financial statements for such year, and (2) no reportable
events within the meaning set forth in Item 304 (a)(1)(iv)(B) of Regulation S-
B or Item 304 (a)(1)(v) of Regulation S-K.
'At this stage in our Company's development, M&K CPAs is the right size
firm for us,' said Brian Chaiken, Z Trim's Chief Financial Officer. 'M&K is a
boutique firm specializing in small market cap companies, such as ours. We
appreciate the significant services Blackman Kallick performed over the last
year, but ultimately we believe that the Company needs to right-size its
professional vendors to maximize the value of every dollar as we grow our
business.'
ABOUT Z TRIM(R)
Z Trim, http://www.ztrim.com, is a natural functional food ingredient made
from the hulls of grain.