Exhibit 4.8
INDEPENDENT AUDITORS' REPORT
To the Stockholders of
Montana Acquisition Corp.
2411 Morner Road
Rensselaer, New York 12144
We have audited the accompanying balance sheet of Montana Acquisition
Corporation. (the "Company"), a development stage company, as of July 18, 2000
the related statements of changes in stockholders' equity, income, and cash
flows for the period June 9, 2000 (date of incorporation) through July 18, 2000.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we 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 principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above represent
fairly, in all material respects, the financial position of Montana Acquisition
Corporation as of July 18, 2000, and the result of its operations and its cash
flows for the period June 6, 2000 (date of incorporation) through July 18, 2000,
in conformity with generally accepted accounting principles.
Arthur Place & Company, P.C.
Albany, New York
August 30, 2000
