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CHAMBERS FILES GRANT THORNTON LETTER TO SEC BUT DISPUTES FACTUAL DISCREPANCIES

 CHAMBERS FILES GRANT THORNTON LETTER TO SEC
 BUT DISPUTES FACTUAL DISCREPANCIES
 PITTSBURGH, April 30 /PRNewswire/ -- Chambers Development Company, Inc. (AMEX: CDVA, CDVB) today issued the following statement in connection with its filing of an amendment to its Form 8-K with the Securities and Exchange Commission. (The amendment consists of a letter from Chambers' former auditors, Grant Thornton. The letter, dated April 23, 1992, but not furnished to Chambers until April 28, 1992, purports to describe two meetings between Grant Thornton and Chambers' management on March 5 and April 13, 1992.)
 "On April 22, 1992, Chambers filed a Form 8-K dealing with its dismissal of Grant Thornton and describing the events of the meetings on March 5 and April 13. To the limited extent Grant Thornton's letter is materially inconsistent with Chambers' original reports of the meetings, we are confident that the company's version is correct.
 "It is, quite simply, incorrect to suggest that Grant Thornton was asked to accept 'estimated earnings' without appropriate back-up. Rather, on March 5, the Grant Thornton audit team received the chairman's personal assurance that it would receive all the support necessary to complete the job in a timely fashion.
 "The company also notes that, as reported in its Form 8-K filing of April 22, 1992, John J. Cushma, Chambers' controller, has stated that he had raised the question of a possible duplication of capitalized costs with Grant Thornton in early April.
 "Irrespective of the details surrounding the March 5 and April 13 meetings, neither was a determining factor in Chambers' decision to terminate its relationship with Grant Thornton. Our shareholders and the financial community had made it abundantly clear they had lost confidence in Grant Thornton.
 "As previously announced, Chambers has retained Deloitte & Touche to audit its 1991 financial statements and provide guidance on its accounting principles. The company does not believe that speculation on the outcome of this continuing audit is likely to be accurate, or that commenting on specific matters related to 1991 results is productive."
 -0- 4/30/92
 /CONTACT: John Shirvinsky, media, 412-244-6138, or Jim Leonard, media, 412-244-7560, or Lew Nevins, financial, 412-244-6195, all of Chambers Development/
 (CDV) CO: Chambers Development Company, Inc. ST: Pennsylvania IN: SU:


DM-CD -- PG015 -- 5041 04/30/92 14:37 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:375
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