2008-04-21_REVISION - M1999004 ‎(3)‎

• Permit No: M1999004
• IBM Index Class Name: REVISION
• Doc Date: 4/21/2008
• Doc Name: SO Approval
• From: DRMS
• To: Continental Materials Corporation
• Type & Sequence: SO2
• Email Name: MET
• Media Type: D
• Archive: No

~ICEINATERI--OUS~GI~PERS ~
PricewaterhouseCoopers LLP
One North Wacker
Chicago IL 60606
Telephone [phone]
Facsimile [phone]
Report of Independent Accountants
To the Board of Directors of Continental Materials Corporation:
We have examined management's assertion, included in the accompanying Exhibit B of the
Financial Warranty Certification of Net Worth and Certification of Fixed Assets, that
Continental Materials Corporation complied with the following requirements as of and during
the year ended December 28, 2002.
a. Continental Materials Corporation's net worth was at least $10 million and was equal
to or greater than two times the Financial Warranties of $4,807,555;
b. Continental Materials Corporation's tangible fixed assets in the United States were
worth at least $20 million;
c. Continental Materials Corporation's total liabilities-to-net-worth ratio was not more
than 2:1; and
d. Continental Materials Corporation's net income was positive.
Management is responsible for Continental Materials Corporation's compliance with those
requirements. Our responsibility is to express an opinion on management's assertion about
Continental Materials Corporation's compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants and, accordingly, included examining, on
a test basis, evidence about Continental Materials Corporation's compliance with those
requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on Continental Materials
Corporation's compliance with specified requirements.
In our opinion, management's assertion that Continental Materials Corporation complied with
the aforementioned requirements as of and during the year ended December 28, 2002 is fairly
stated, in all material respects.
This report is intended solely for the information and use of Management and the Board of
Directors of Continental Materials Corporation and the State of Colorado Division of Minerals
and Geology, and is not intended to be and should not be used by anyone other than these
specified parties.
~_ ~~
May 6, 2003