U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 24, 2003
TRANSAX INTERNATIONAL LIMITED
formerly known as "Vega-Atlantic Corporation"
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(Exact name of small business issuer as specified in its charter)
COLORADO
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(State or other Jurisdiction as Specified in Charter
00-27845 84-1304106
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(Commission file number) (I.R.S. Employer Identification No.)
601 West Broadway
Suite 400
Vancouver, British Columbia
Canada V5Z 4C2
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(Address of Principal Executive Offices)
(604) 871-4451
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(Issuer's telephone number)
Items 1 through 3, 5, 6 and 8 not applicable.
Item 4. Changes in Registrant's Certifying Accountant
On September 22, 2003, the Board of Directors of Transax International
Limited, a Colorado corporation (the "Company"), terminated the services of
LaBonte & Co., Chartered Accountants ("LaBonte") as principal independent
accountants for the Company. The termination of LaBonte is a result of the
consummation of a merger between Transax Limited and Vega-Atlantic Corporation
and the subsequent decision by the Board of Directors that it would be in the
best interests of the Company to effect a change in auditors to the current
auditors of Transax Limited. During the Company's two most recent fiscal years
and any subsequent interim period preceding the resignation of LaBonte, there
were no disagreements with LaBonte which were not resolved on any matters
concerning accounting principles or practices, financial statement disclosures,
or auditing scope or procedures, which disagreements, if not resolved to the
satisfaction of LaBonte, would have caused LaBonte to make reference to the
subject matter of the disagreements in connection with its reports. The report
of LaBonte for fiscal year ended March 31, 2003 indicated the following:
"In the United States, reporting standards for auditors would require the
addition of an explanatory paragraph following the opinion paragraph when the
financial statements are affected by conditions and events that cast substantial
doubt on the Company's ability to continue as a going concern, such as those
described in Note 1. Our report to the stockholders and Board of Directors dated
June 3, 2002 is expressed in accordance with Canadian reporting standards which
do not permit a reference to such conditions and events in the auditors' report
when these are adequately disclosed in the financial statements."
Except as described in the immediately preceding paragraph, the report of
LaBonte did not contain an adverse opinion or a disclaimer of opinion, and was
not qualified or modified as to uncertainty, audit scope, or accounting
principles.
On September 22, 2003, the Board of Directors of the Company approved and
authorized the engagement of Moore Stephens, P.C., 331 Madison Avenue, New York,
New York 10017-5102 as the principal independent auditors for the Company.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits.
16. Letter on Change in Certifying Accountant.
SIGNATURES
In accordance with 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: September 24, 2003
TRANSAX INTERNATIONAL LIMITED
By: /s/ STEPHEN WALTERS
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Stephen Walters, President and
Chief Executive Officer