EXHIBIT 14.1
Deloitte
Brightman Almagor 1
Azrieli Center
Tel Aviv 67021
P O.B. 16593
Tel Aviv 61164
Israel
Tel: +972 (3) 608 5555
Fax: +972 (3) 609 4022
Info@deloitte.co.il
wwwdeloitte com
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of InkSure
Technologies Inc.
We have audited the accompanying consolidated balance sheet of InkSure
Technologies Inc. ("the Company") and its subsidiaries as of December 31, 2004
and the related statements of operations, shareholders' equity and cash flows
for each of the years in the two-year period ended December 31, 2004. 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 audits.
We conducted Our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States) Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Company is not required to
have, nor Were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's internal control over financial
reporting Accordingly, we express no such opinion An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, 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 consolidated financial statements present fairly, in all
material respects, the consolidated financial position of the Company and its
subsidiaries as of December .31, 2004 and the consolidated results of their
operations and their consolidated cash flows for each of the years in the two
year period ended December .31,2004 in conformity with US generally accepted
accounting principles.
/s/ Brightman Almagor & Co.
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Brightman Almagor & Co.
Certified Public Accountants
A member firm of Deloitte Touche Tohmatsu
Tel Aviv, lsrael
August 3, 2005
Audit. Tax.Consulting. Financial Advisory.
A member firm of
Deloitte Touche Tohmatsu