Exhibit 99.1
TITAN EMS, INC.
(FORMERLY MANUFACTURING
HOLDING CORPORATION)
BALANCE SHEET
DECEMBER 31, 2001
WITH ACCOUNTANTS' COMPILATION REPORT
CONTENTS
Page
Accountants' Compilation Report 1
Financial Statement -
Balance Sheet 2
[LETTERHEAD OF STONEFIELD JOSEPHSON, INC.]
Board of Directors
Titan EMS, Inc. (formerly
Manufacturing Holding Corporation)
Milwaukee, Wisconsin
We have compiled the accompanying balance sheet of Titan EMS, Inc. (formerly
Manufacturing Holding Corporation) as of December 31, 2001, in accordance with
Statements on Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants.
A compilation is limited to presenting, in the form of financial statements,
information that is the representation of management. We have not audited or
reviewed the accompanying balance sheet and, accordingly, do not express an
opinion or any other form of assurance on it.
Management has elected to omit substantially all of the disclosures required by
generally accepted accounting principles. If the omitted disclosures were
included in the balance sheet, they might influence the user's conclusions about
the Company's financial position. Accordingly, this balance sheet is not
designed for those who are not informed about such matters.
/s/ Stonefield Josephson, Inc.
CERTIFIED PUBLIC ACCOUNTANTS
Irvine, California
June 26, 2002
TITAN EMS, INC.
BALANCE SHEET - DECEMBER 31, 2001
ASSETS
Current assets:
Cash $ 294
Note receivable 10,000
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Total current assets 10,294
Property and equipment 10,000
Other assets 4,282
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$ 24,576
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LIABILITIES AND STOCKHOLDER'S DEFICIT
Current liabilities:
Notes payable, including $10,100 to related party $ 20,100
--------
Total current liabilities 20,100
Stockholder's deficit:
Common stock, no par value, 1,500 shares
authorized, issued and outstanding 4,500
Accumulated deficit (24)
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$ 24,576
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