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Board of Directors
Imatec, Ltd.
Bellevue, Washington
INDEPENDENT ACCOUNTANTS' REPORT
We have reviewed the accompanying balance sheet of Imatec, Ltd. as of
September 30, 2000, and the accompanying statements of operations and cash flows
for the three months and nine months then ended. These interim financial
statements are the responsibility of the company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the interim financial statements taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made to the accompanying interim financial statements in order
for them to be in conformity with generally accepted accounting principles.
November 17, 2000 By: /s/ Most Horowitz & Company, LLP
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Most Horowitz & Company, LLP
