WILLIAM J BUTCHER, CPA P.S.
----------Certified Public accountant-----------
EVERETT-(425) 333-O6O3 - MARYSVILLE (36O) 658-8347 FAX (425) 335-3567
Independent Auditor's Report
To the Board of Directors and Stockholders of
Hybrid Fuels Inc.
Kelowna. BC. Canada
I have audited the accompanying Statement of Financial Position of Hybrid Fuels.
Inc.(a Nevada Corporation). (a development stage company), as of June 30, 2000,
1999 and 1998 and the related Statements of Loss and Deficit, Statement of Cash
Flows for the periods then ended, and Inception to June 30, 2000 and the
Statement of Changes in Shareholders' Equity. My responsibility is to express an
opinion on these financial statements based on my audit,
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principle used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Hybrid Fuels, Inc.(a Nevada
Corporation). (a development stage company), as of June 30. 2000, 1999 and 1998,
and inception to June 30, 2000, and the results of its operations and its cash
flows for the periods then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that Hybrid
Fuels. Inc will continue as a going concern. As discussed in Note 3 to the
financial statements, Hybrid Fuels, Inc is engaged in new operations, and the
ability to continue to exist as a going concern relies on the company's ability
to retain adequate financing and to generate sufficient sales, Management plans
in this regard are described in Note 3. The financial statements do not
include any adjustment that might result from the outcome of the uncertainty of
future agreements, financing or sales.
/s/ WILLIAM L. BUTCHNER
WILLIAM L. BUTCHNER, CPA P.S.
Marysvi1le, Washington
October 24.2000
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1620 3RD STREET. * MARYSVILLE, WASHINGTON 98270
621 SR 9 NE, PMB #F-4 + LAKE STEVENS, WASHINGTON 98258
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