UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2000
[_] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT
For the transition period from _____________ to ______________
Commission file number 0-27447
EURASIA GOLD FIELD, INC.
(Exact name of small business issuer as specified in its charter)
Florida 98-0190293
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1505 - 1060 ALBERNI STREET, VANCOUVER B.C. CANADA V6E 4K2
(Address of principal executive offices)
(604) 687-4432
(Issuer's Telephone Number)
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
YES [X] NO [_]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Check, whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
YES [_] NO [_]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 12,100,000 shares of Common Stock
were outstanding as of June 30, 2000.
Transitional Small Business Disclosure Format (check one);
YES [_] NO [X]
<PAGE>
EURASIA GOLD FIELDS, INC
This quarterly report contains statements that plan for or anticipate the
future and are not historical facts. In this Report these forward looking
statements are generally identified by words such as "anticipate", "plan",
"believe", "expect", "estimate", and the like. Because forward looking
statements involve future risks and uncertainties, these are factors that could
cause actual results to differ materially from the estimated results. These
risks and uncertainties are detailed in Part 1 - Financial Information - Item 1.
"Financial Statements", Item 2. "Management's Discussion and Analysis or Plan of
Operation".
The Private Securities Litigation Reform Act of 1995, which provides a "safe
harbor" for such statements, may not apply to this Report.
EURASIA GOLD FIELDS, INC.
INDEX
Page No.
--------
PART I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets -- 3
June 30, 2000 and December 31, 1999
Consolidated Statements of Stockholder's Equity -- 4
Six Months Ended June 30, 2000
Consolidated Statements of Operations -- 5
Six Months Ended June 30, 2000
Consolidated Statements of cash Flows -- 6
Six Months Ended June 30, 2000
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
PART II. Other Information
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to A Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
2
<PAGE>
EURASIA GOLD FIELDS, INC. & SUBSIDIARIES
(An exploration stage enterprise)
Consolidated Balance Sheets
June 30, 2000 and December 31, 1999
(Expressed in U.S. Dollars)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
June 30, December 31,
2000 1999
------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Current
Cash $ 1,418 $ 215,222
Notes receivable - related party 265,214 72,071
Available-for-sale securities 212,416 254,562
------------------------------------------------------------------------------------
479,048 541,855
Mineral property rights -- --
------------------------------------------------------------------------------------
Total assets $ 479,048 $ 541,855
====================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Current
Accounts payable and accrued liabilities $ 136,828 $ 8,500
------------------------------------------------------------------------------------
Stockholders' Equity
Share capital,
Authorized
50,000,000 common shares, par value $0.001
Issued
12,100,000 common shares 12,100 12,100
Additional paid in capital 999,900 999,900
Deficit accumulated during the development stage (680,961) (531,972)
Accumulated other comprehensive income (loss)
Unrealized (loss) gain on securities available for sale 11,181 (53,327)
------------------------------------------------------------------------------------
Stockholders' equity 342,220 533,355
------------------------------------------------------------------------------------
Total liabilities and stockholders' equity $ 479,048 $ 541,855
====================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
EURASIA GOLD FIELDS, INC. & SUBSIDIARIES
(An exploration stage enterprise)
Consolidated Statements of Stockholders' Equity
From May 22, 1995 (inception) to March 31, 2000
(Expressed in U.S. Dollars)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Accumulated
Compre- Other Total
Common stock Additional hensive Compre- Stock-
----------------------- paid-in Income Accumulated hensive holders'
Shares Amount capital (Loss) Deficit Income (Loss) equity
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Issued for cash, June 1, 1995 100 $ 100 $ 4,900 $ -- $ -- $ -- $ 5,000
Net loss for the year -- -- -- -- (5,000) -- (5,000)
-----------------------------------------------------------------------------------------------------------------------------------
Balance,
December 31, 1995 and 1996 100 100 4,900 -- (5,000) -- --
Stock split 1,000:1 on
August 14, 1997 99,900 -- -- -- -- -- --
Issuance of stock for mineral
Property rights, December 8, 1997 7,000,000 7,000 -- -- -- -- 7,000
Issuance of stock for cash,
December 22, 1997 3,000,000 3,000 297,000 -- -- 300,000
Net loss for the year -- -- -- -- (6,362) -- (6,362)
-----------------------------------------------------------------------------------------------------------------------------------
Balance, December 31, 1997 10,100,000 10,100 301,900 -- (11,362) -- 300,638
Issuance of stock for cash,
January 12, 1998 2,000,000 2,000 698,000 -- -- -- 700,000
Comprehensive income
- Net (loss) for the year (307,466) (307,466) (307,466)
Other comprehensive income
- Change in unrealized gain (loss) -- -- -- (27,027) -- (27,027) (27,027)
-----------------------------------------------------------------------------------------------------------------------------------
Comprehensive (loss) (334,493)
==========
Balance, December 31, 1998 12,100,000 12,100 999,900 (318,828) (27,027) 666,145
Comprehensive income
- Net (loss) for the year -- -- -- (213,144) (213,144) -- (213,144)
Other comprehensive income
- Change in unrealized gains (loss) -- -- -- 80,354 -- 80,354 80,354
-----------------------------------------------------------------------------------------------------------------------------------
Comprehensive loss (132,790)
==========
Balance, December 31, 1999 12,100,000 12,100 999,900 (531,972) 53,327 533,355
Comprehensive income
- Net (loss) for the period -- -- -- (148,989) (148,989) -- (148,989)
Other comprehensive income
- Change in unrealized gains (loss) -- -- -- (42,146) -- (42,146) (42,146)
-----------------------------------------------------------------------------------------------------------------------------------
Comprehensive loss (191,135)
==========
Balance, June 30, 2000 12,100,000 $ 12,100 $ 999,900 $ (680,961) $ 11,181 $ 342,220
===================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
EURASIA GOLD FIELDS, INC. & SUBSIDIARIES
(An exploration stage enterprise)
Consolidated Statements of Operations
(Expressed in U.S. Dollars)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
May 22,1995 Quarter Quarter
(inception) to Ended Ended
June 30, June 30, June 30,
2000 2000 1999
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
General and administrative expenses
Administrative and general $ 169,294 $ 15,813 $ 12,127
Professional fees - accounting and legal 86,872 285 (5,824)
Salaries and consulting fees 80,470 4,977 14,603
-----------------------------------------------------------------------------------------------------------
336,637 21,075 20,906
Exploration expenses 399,209 128,297 42,428
-----------------------------------------------------------------------------------------------------------
$ 735,846 $ 149,372 $ 63,334
-----------------------------------------------------------------------------------------------------------
Less: Income (loss)
Interest income 61,146 1,577 6,571
Interest expense (6,198) (310) (299)
Foreign exchange gain (63) (884) 1,838
-----------------------------------------------------------------------------------------------------------
$ 54,885 $ 383 $ 8,110
-----------------------------------------------------------------------------------------------------------
Net (loss) for the period ($ 680,961) ($ 149,989) ($ 55,224)
===========================================================================================================
(Loss) per share ($ 0.01) ($ 0.00)
===========================================================================================================
Weighted average shares outstanding 12,100,000 12,100,000
===========================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
EURASIA GOLD FIELDS, INC. AND SUBSIDIARIES
(An exploration stage enterprise)
Consolidated Statement of Cash Flows
(Expressed in U.S. Dollars)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
May 22 Quarter Quarter
1995 (inception) Ended Ended
to June 30, June 30, June 30,
2000 2000 1999
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cash flows from (used in) operating activities
Net (loss) for the period $ (680,961) $ (148,989) $ (55,224)
Adjustments to reconcile net loss to net cash used
in operating activities
- issuance of common stock for
mineral properties -- -- --
Changes in assets and liabilities
- decrease (increase) in notes receivable
from related party (265,214) (193,143) (157,650)
- increase (decrease) in accounts payable 141,828 128,328 (12,292)
--------------------------------------------------------------------------------------------------------------------
(804,347) (213,804) (225,166)
--------------------------------------------------------------------------------------------------------------------
Cash flows from (used in) investing activities
Purchase of available for sale securities (201,235) -- --
--------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities
Proceeds from issuance of common stock 1,000,000 -- --
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) in cash for the period 1,418 (213,804) (225,166)
Cash and cash equivalents, beginning of period -- 215,222 519,229
--------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 1,418 $ 1,418 $ 294,063
====================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
Notes to Interim Consolidated Financial Statements (Unaudited)
NOTE A: Basis of Presentation
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions for
Form 10-QSB and Item 310 (b) of Regulation S-B. Accordingly, they do not
include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting only of normal recurring
adjustments) considered necessary for a fair presentation have been
included. Operating results for the six-month period ended June 30, 2000
are not necessarily indicative of the results that may be expected for the
year ended December 31, 2000.
The balance sheet at December 31, 1999 has been derived from audited
financial statements at that date. The consolidated financial statements
and footnotes thereto included in Eurasia Gold Fields, Inc. ("Eurasia", the
"Company") Annual Report on Form 10-KSB for the year ended December 31,
1999 should be reviewed in connection with these condensed consolidated
financial statements.
The Company was incorporated under the laws of the State of Florida on
May 22, 1995 as Snack-N-Pop Vending, Inc. The Company changed its name to
Eurasia Gold Fields, Inc. on March 2, 1998 and is in the business of
exploration of mineral properties.
The continued operations of the Company is dependent upon the
discovery of economically recoverable reserves or proceeds from the
dispositions thereof, the ability of the Company to obtain financing to
complete development of the properties and on future profitable operations.
All dollar amounts are in United States dollars unless otherwise
indicated. At the transaction date, each asset, liability, revenue and
expense is translated into U.S. dollars by the use of the exchange rate in
effect at that date. At the period end, monetary assets and liabilities are
translated into U.S. dollars by using the exchange rate in effect at that
date. The resulting foreign exchange gains and losses are included in
operations.
In June 1998, the Financial Accounting Standards Board issued SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities". SFAS
No. 133 requires companies to recognize all derivatives contracts as either
assets or liabilities in the balance sheet and to measure them at fair
value. If certain conditions are met, a derivative may be specifically
designated as a hedge, the objective of which is to match the timing of
gain or loss recognition on the hedging derivative with the recognition of
(i) the changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk or (ii) the earnings effect of the hedged
forecasted transaction. For a derivative not designated as a hedging
instrument, the gain or loss is recognized in income in the period of
change. SFAS No. 133 is effective for all fiscal quarters of fiscal years
beginning after June 15, 2000.
Historically, the Company has not entered into derivatives contracts
either to hedge existing risks or for speculative purposes. Accordingly,
the Company does not expect adoption of the new standards on January 1,
2000 to affect its financial statements.
In April 1998, the American Institute of Certified Public Accountants
issued Statement of Position 98-5, "Reporting on the Costs of Start-up
Activities", ("SOP 98-5") which provides guidance on the financial
reporting of start-up costs and organization costs. It requires costs of
start-activities and organization costs to be expensed as incurred. SOP
98-5 is effective for fiscal years beginning after December 15, 1998 with
initial adoption reported as the cumulative effect of a change in
accounting principle. Adoption of this standard has no material effect on
the financial statements.
Exploration costs are charged to operations as incurred as are normal
development costs until such time that proven reserves are discovered. From
that time forward, the Company will capitalize all costs to the extent that
future cash flow from reserves equals or exceeds the costs deferred. As at
June 30, 2000 and December 31, 1999, the Company did not have proven
reserves. Cost of initial acquisition of mineral rights and concessions are
capitalized until the properties are abandoned or the right expires.
7
<PAGE>
Exploration activities conducted jointly with others are reflected at
the Company's proportionate interest in such activities.
Costs related to site restoration programs are accrued over the life
of the project.
The Company places its cash and cash equivalents with high credit
quality financial institutions. The Company routinely maintains balances in
a financial institution beyond the insured amount. As of June 30, 2000
Company had $ nil in a bank beyond insured limits
The Company expenses advertising costs as incurred. Total advertising
costs charged to expenses for the six-months ended June 30, 2000 and 1999
were $Nil and $Nil, respectively.
Certain long-term assets of the Company are reviewed when changes in
circumstances require as to whether their carrying value has become
impaired, pursuant to guidance established in Statement of Financial
Accounting Standards ("SFAS") No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed of". Management
considers assets to be impaired if the carrying value exceeds the future
projected cash flows from related operations (undiscounted and without
interest charges). If impairment is deemed to exist, the assets will be
written down to fair value.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates and assumptions.
The Company has adopted Statement of Financial Accounting Standards
(SFAS") No. 109, "Accounting for Income Taxes", which requires the Company
to recognize deferred tax liabilities and assets for the expected future
tax consequences of events that have been recognized in the Company's
financial statements or tax returns using the liability method. Under this
method, deferred tax liabilities and assets are determined based on the
temporary differences between the financial statement and tax bases of
assets and liabilities using enacted tax rates in effect in the years in
which the differences are expected to reverse.
Loss per share is computed using the weighted average number of shares
outstanding during the year. Effective for the year ended December 31,
1997, the Company adopted SFAS No. 128, "Earnings Per Share".
In 1998, the Company adopted SFAS No. 130, "Reporting Comprehensive
Income", which establishes standards for reporting and display of
comprehensive income, its components and accumulated balances. The Company
is disclosing this information on its Statement of Stockholders' Equity.
Comprehensive income comprises equity except those resulting from
investments by owners and distributions to owners. SFAS No. 130 did not
change the current accounting treatments for components of comprehensive
income.
NOTE B: Note Receivable
The note receivable is unsecured, bears interest at the Citibank (New
York City, USA) prime rate plus two percent and due on demand. It is due
from a company related by common management.
NOTE C: Available-for-sale Securities
---------------------------------------------------------------------------
Gross Gross
unrealized unrealized Market
Cost gains losses value
---------------------------------------------------------------------------
June 30, 2000
Equity securities $201,235 $ 22,772 $ 11,591 $212,416
===========================================================================
December 31, 1999
Equity securities $201,235 $ 55,847 $ 2,520 $254,562
===========================================================================
8
<PAGE>
Note D: Mineral Properties and Exploration Licenses
The Company owns the following mineral concessions located in the
Okinski district of the Republic of Buriatia in south eastern Siberia,
Russia:
(a) Zun Ospinskoye Property
The licence for the exploration and development of this property was
issued under the number UDE00179 type BP to Kitoi.
(b) Tainskoye Property
The licence for the exploration and development of this property was
issued under the number UDE140 type BP to Arkhei.
Pursuant to an agreement dated December 9, 1997, the Company acquired these
mineral concessions by issuing 7,000,000 common shares to the vendors. As
the vendors became the controlling shareholders of the Company after the
above-mentioned transactions, the concessions were valued at equal to the
par value of the shares issued. The amount was treated as exploration
expense in 1997.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
(A) General
The Company is a mineral exploration company based in Vancouver,
Canada and Moscow, Russia and is engaged in the exploration for precious
metals. The Company was incorporated under the laws of the State of Florida
on May 22, 1995, under the name "Snack-N-Pop Vending, Inc.". On March 2,
1998 the Company changed its name to Eurasia Gold Fields, Inc. and is an
exploration stage enterprise. The company was inactive between May 22, 1995
and March 2, 1998.
This document contains numerous forward-looking statements relating to
the Company's business. The United States Private Securities Litigation
Reform Act of 1995 provides a "safe harbor" for certain forward-looking
statements. Operating, exploration and financial data, and other statements
in this document are based on information the company believes reasonable,
but involve significant uncertainties as to future gold and silver prices,
costs, ore grades, estimation of gold and silver reserves, mining and
processing conditions, changes that could result from the Company's future
acquisition of new mining properties or businesses, the risks and hazards
inherent in the mining business (including environmental hazards,
industrial accidents, weather or geologically related conditions),
regulatory and permitting matters, and risks inherent in the ownership and
operation of, or investment in, mining properties or businesses in foreign
countries. Actual results and timetables could vary significantly from the
estimates presented. Readers are cautioned not to put undue reliance on
forward-looking statements. The Company disclaims any intent or obligation
to update publicly these forward-looking statements, whether as a result of
new information, future events or otherwise.
None of the Company's properties contain any known Mineral Reserves.
The Company's common stock is traded on the OTC Market Pink Sheets.
(B) Significant developments during the six months ended June 30, 2000
The Company is currently conducting an exploration program on its
properties located in the Okinski district of the Republic of Buriatia in
south eastern Siberia, Russia.
9
<PAGE>
(C) Financial Information
Six-Month Period Ended June 30, 2000 versus Six-Month Period Ended June 30,
1999
Net Loss:
For the six-month period ended June 30, 2000 the Company recorded a
loss of $148,989 or $0.01 per share, compared to a loss of $55,224 or $0.00
per share in 1999. The Company was inactive between May 22, 1995 and March
2, 1998.
Revenues:
The Company had no operating revenues for the six-month period ended
June 30, 2000 (1999 - $0).
Costs and Expenses:
General and administrative expenses - For the six-month period ended
June 30, 2000 the Company recorded general and administrative expenses of
$15,813, compared to $12,127 in 1999.
Professional fees - accounting and legal - For the six month period
ended June 30, 2000 the Company recorded accounting fees of $60 (1999 -
($5,824)) and legal fees of $225 (1999 - $0).
Exploration expenditures - For the six-month period ended June 30,
2000 the Company recorded exploration expenses of $128,297 (1999 -
$42,428).
(D) Financial Condition and liquidity
At June 30, 2000, the Company had cash of $1,418 (1999 - $294,063) and
working capital of $342,220 (1999 - $637,881) respectively. Total
liabilities as of June 30, 2000 were $136,828 (1999 - $0).
Net cash used in operating activities in the six-month period ended
June 30, 2000 was $213,804 compared to $225,166 in the six-month period
ended June 30, 1999. Net cash used in investing activities in the six-month
period ended June 30, 2000 was $0 compared to net cash used in investing
activities of $0 in the prior year's comparable period. Net cash received
from financing activities in the six-month period ended June 30, 2000 was
$0 compared to net cash received from financing activities of $0 in the
prior year's comparable period.
The Company has sufficient working capital to (i) pay its
administrative and general operating expenses through December 31, 2000 and
(ii) to conduct preliminary exploration programs. However, without cash
flow from operations, it may need to obtain additional funds (presumably
through equity offerings and/or debt borrowing) in order, if warranted, to
implement additional exploration programs on its properties. Failure to
obtain such additional financing may result in a reduction of the Company's
interest in certain properties or an actual foreclosure of its interest.
The Company has no agreements or understandings with any person as to such
additional financing.
None of the Company's properties has commenced commercial production
and the Company has no history of earnings or cash flow from its
operations. While the Company may attempt to generate additional working
capital through the operation, development, sale or possible joint venture
development of its properties, there is no assurance that any such activity
will generate funds that will be available for operations.
The Company has not declared or paid dividends on its shares since
incorporation and does not anticipate doing so in the foreseeable future.
(E) Year 2000 issues
The "Year 2000 problem" passed without incident at any of the
Company's properties.
10
<PAGE>
The Year 2000 (YK2) issue is the result of computerized systems using
two digits rather than four digits to identify an applicable year.
Date-sensitive systems may recognize a date using "00" as the year 1900
rather that the year 2000. This could result in a system failure or
miscalculation causing disruption to business operations. In 1999, the
Company completed a review of its computer-based information systems and,
where needed, Y2K compliant upgrades for the Company's core financial
systems were installed and tested. To date, no Y2K problems have been
encountered by the Company or the Company's vendors or others with whom it
transacts business and none are expected. The Company's management and
operations staff will again monitor critical operations during the December
31, 2000 - January 1, 2001 Y2K rollover dates.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company is not party to any litigation, and has no knowledge of
any pending or threatened litigation against it.
ITEM 2. Changes in Securities
Not Applicable
ITEM 3. Defaults Upon Senior Securities
Not Applicable
ITEM 4. Submission of Matters to a Vote of Security Holders
Not Applicable
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
1.1 Articles of Incorporation *
1.2 By-Laws *
1.3 Consent of Action of the Majority Shareholders and Sole Director *
1.4 Articles of Amendment to Snak-N-Pop Vending, Inc. *
1.5 Articles of Amendment to Snak-N-Pop Vending, Inc. *
1.6 Certificate of Filing of Articles of Amendment *
3.1 Asset Purchase Agreement Dated December 8th, 1997 *
11
<PAGE>
21.1 Subsidiaries of the Company *
27.1 Financial Data Schedule
--------
* Previously Filed
(b) Reports on Form 8-K
None
--------
* Previously Filed
SIGNATURES
Pursuant to 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 thereunder duly authorized.
Date: September 21, 2000 BY: /s/ Jorge L. Lacasa
---------------------------
Jorge L. Lacasa
Director and President
Date: September 21, 2000 BY: /s/ Agustin Gomez de Segura
---------------------------
Agustin Gomez de Segura
Director
12
