Common use of Financial Statements and Public Reports Clause in Contracts

Financial Statements and Public Reports. The audited consolidated financial statements of IFT for the fiscal year ended October 31, 1998, with accompanying notes, as contained in IFT's Annual Report on Form 10-KSB for the fiscal year ended October 31, 1998, and the unaudited financial statements of IFT for the fiscal quarter ended January 31, 1999, with accompanying notes, as contained in IFT's Quarterly Report on Form 10-QSB for the fiscal quarter ended January 31, 1999 delivered to TNCI, fairly and accurately present, in all material respects, the financial condition, the assets and liabilities of IFT at such dates, and the results of its operation and changes in its financial position for the periods and years ended on such dates, in conformity with generally accepted accounting principles consistently applied. Such financial statements (the "Financial Statements") have been prepared from the books and records of IFT in accordance with GAAP, on a consistent basis, and contain and reflect all necessary adjustments for a fair and accurate presentation of IFT's financial condition as of the dates of such statements and for the year and period, respectively, ended on such dates.