SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   (Mark One)

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2001

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

             For the transition period from __________ to __________

                         Commission File Number 0-26676

                     MULTIMEDIA CONCEPTS INTERNATIONAL, INC.
        (Exact Name of Small Business Issuer as Specified in its Charter)

              Delaware                               13-3835325
--------------------------------------     -------------------------------------
   (State or Other Jurisdiction of          (I.R.S. Employer Identification No.)
    Incorporation or Organization)

               1385 Broadway, Suite 814, New York, New York 10018
                    (Address of Principal Executive Offices)

                                 (212) 391-1111
              (Registrant's Telephone Number, Including Area Code)

                                       N/A
              (Former Name, Former Address, and Former Fiscal Year,
                         if Changed Since Last Report)

         Check whether the Issuer (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes [X] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares of each of the issuer's classes of common
equity outstanding as of the latest practicable date: Common Stock, $0.001 per
share: 3,155,000 shares outstanding as of November 20, 2001.
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                                                         Page Number
     PART I.                                                FINANCIAL INFORMATION

     Item 1.         FINANCIAL STATEMENTS

<S>                                                                                                                            <C>
                     Consolidated Balance Sheets as of September 30, 2001 (unaudited)
                     and March 31, 2001                                                                                        2

                     Consolidated Statements of Operations (unaudited)
                     for the three and six months ending September 30, 2001 and September 30, 2000                             4

                     Consolidated Statements of Cash Flows (unaudited)
                     for the six months ended September 30, 2001 and September 30, 2000                                        5

                     Notes to Financial Statements (unaudited)                                                                 6

     Item 2.         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF  OPERATIONS                    9


</TABLE>

                                        1

<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                   As of September 30, 2001 and March 31, 2001

<TABLE>
<CAPTION>


                                                                   Sept. 30,     March 31,
                                                                     2001          2001
                                                                  -----------    -----------
                                     ASSETS

   CURRENT ASSETS:
<S>                                                               <C>            <C>
  Cash and cash equivalents ...................................   $     1,745    $     7,516
  Accounts receivable .........................................       130,163        559,420
  Advances to supplier ........................................       890,661        890,661
  Prepaid expenses and other current assets ...................         5,689          5,689
  Investment in affiliate (Note 5) ............................          --          528,000
                                                                  -----------    -----------

          Total current assets ................................     1,028,258      1,991,286
                                                                  -----------    -----------

FURNITURE, FIXTURES AND EQUIPMENT
  Furniture, fixtures and equipment ...........................        72,789         72,789
  Accumulated depreciation on furniture, fixtures and equipment       (70,272)       (69,802)
                                                                  -----------    -----------
  Furniture, fixtures and equipment - Net .....................         2,517          2,987
                                                                  -----------    -----------

OTHER ASSETS:
Due from affiliates ...........................................     1,313,894        901,960
Advances to equity affiliate ..................................       140,000        140,000
Deposits and other assets .....................................        22,771         28,961
                                                                  -----------    -----------
          Total other assets ..................................     1,476,665      1,070,921
                                                                  -----------    -----------

          Total assets ........................................   $ 2,507,440    $ 3,065,194
                                                                  ===========    ===========
</TABLE>














     The accompanying notes are an integral part of these consolidated financial
statements

                                        2
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES


                           CONSOLIDATED BALANCE SHEETS
                   As of September 30, 2001 and March 31, 2001
<TABLE>
<CAPTION>



                                                                                   Sept. 30,   March 31,
                                                                                      2001       2001
                                                                                -----------    -----------

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
<S>                                                                             <C>            <C>
Accounts payable ............................................................   $    63,997    $    45,989
Accrued expenses and other current liabilities ..............................        99,477        139,075
                                                                                -----------    -----------

     Total current liabilities ..............................................       163,474        185,064
                                                                                -----------    -----------

          Total liabilities .................................................       163,474        185,064
                                                                                -----------    -----------

MINORITY INTERST IN SUBSIDIARIES (Note 3) ...................................      (196,029)      (188,390)
                                                                                -----------    -----------

STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 40,000,000 shares authorized; 3,155,000 shares
    issued and outstanding at September 30, 2001 and
    3,005,000 shares issued and outstanding at March 31, 2001 respectively ..         3,155          3,005
  Additional paid-in capital ................................................     5,861,855      5,852,005
  Retained earnings (Deficit) ...............................................    (3,325,015)    (2,786,490)
                                                                                -----------    -----------

          Total stockholders' equity ........................................     2,539,995      3,068,520
                                                                                -----------    -----------

          Total liabilities and stockholders' equity ........................   $ 2,507,440    $ 3,065,194
                                                                                ===========    ===========


</TABLE>









     The accompanying notes are an integral part of these consolidated financial
statements

                                        3
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                            For the Three Months          For the Six Months
                                                                                   Ended                        Ended
                                                                            Sept. 30,     Sept. 30,      Sept. 30,      Sept. 30,
                                                                              2001           2000           2001           2000
                                                                          -----------    -----------    -----------    -----------

<S>                                                                       <C>            <C>            <C>            <C>
REVENUES, net sales ...................................................   $   335,218    $   113,337    $ 1,617,294    $ 1,519,088
Cost of sales .........................................................       311,093        129,370      1,274,336      1,320,203
                                                                          -----------    -----------    -----------    -----------
Gross profit ..........................................................        24,125        (16,033)       342,958        198,885
  Operating expenses:
  Operating expenses ..................................................       193,682        270,342        360,653        463,598
  Depreciation expense ................................................           235            235            470            470
                                                                          -----------    -----------    -----------    -----------
          Total operating expenses ....................................       193,917        270,577        361,123        464,068
                                                                          -----------    -----------    -----------    -----------

OPERATING INCOME (LOSS) ...............................................      (169,792)      (286,610)       (18,165)      (265,183)
                                                                          -----------    -----------    -----------    -----------

OTHER INCOME
  Interest and other income ...........................................          --              748              2          2,578
                                                                          -----------    -----------    -----------    -----------

INTEREST EXPENSE:
Interest and finance charges ..........................................          --           19,326           --           19,326
                                                                          -----------    -----------    -----------    -----------
          Total interest expense ......................................          --           19,326           --           19,326
                                                                          -----------    -----------    -----------    -----------

INCOME (LOSS) BEFORE LOSS ON INVESTMENT IN
AFFILIATED COMPANY AND MINORITY INTERESTS

                                                                             (169,792)      (305,188)       (18,163)      (281,931)

Loss on investment in affiliated company (Note 5)
                                                                             (528,000)          --         (528,000)          --
                                                                          -----------    -----------    -----------    -----------

LOSS  BEFORE MINORTIY INTERESTS
                                                                             (697,792)          --         (546,163)          --

 Minority interests (Note 3) ..........................................         3,136         19,184          7,638         25,115
                                                                          -----------    -----------    -----------    -----------

NET INCOME (LOSS) .....................................................      (694,656)   $  (286,004)      (538,525)   $  (256,816)
                                                                          ===========    ===========    ===========    ===========

Basic and diluted income (loss) per common Share
                                                                          $      (.22)   $      (.10)   $      (.18)   $      (.09)
                                                                          ===========    ===========    ===========    ===========

Weighted average number of common shares  Outstanding
                                                                            3,105,000      3,005,000      3,055,000      3,005,000
                                                                          ===========    ===========    ===========    ===========

</TABLE>

     The accompanying notes are an integral part of these consolidated financial
statements

                                        4
<PAGE>
            MULTIMEDIA CONCEPTS INTERNATIONAL, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
                           Increase (Decrease) in Cash
<TABLE>
<CAPTION>


                                                                               Six Months Ended
                                                                          --------------------------
                                                                            Sept. 30,     Sept. 30,
                                                                              2001            2000
                                                                          -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                       <C>            <C>
Net income (loss) .....................................................   $  (538,525)   $  (256,816)
                                                                          -----------    -----------

Adjustments to reconcile net loss to cash (used) provided for operating
   activities:
   Depreciation and amortization ......................................           470            470
   Minority interests in net losses of subsidiaries ...................        (7,638)       (25,115)
Changes in assets and liabilities:
   (Increase) decrease in accounts receivable .........................       429,257        556,592
   (Increase) decrease in advances to supplier ........................          --          161,484
   (Increase) decrease in deposits and other assets ...................         6,190           --
   Increase (Decrease) in accounts payable ............................        18,007       (975,470)
   Increase (Decrease) in accrued expenses and liabilities ............       (39,598)        (5,694)
                                                                          -----------    -----------

          Total adjustments ...........................................       406,688       (287,733)
                                                                          -----------    -----------

          Net cash provided by operating activities ...................      (131,837)      (544,549)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Write down of investment in affiliated company (Note 5) .............       528,000         42,572
                                                                          -----------    -----------
  Net cash provided form investing activities .........................       528,000         42,572
                                                                          -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Issuance of common stock ............................................        10,000           --
  Loans and advances-affiliates .......................................      (411,934)      (474,236)
                                                                          -----------    -----------

          Net cash provided by financing activities ...................      (401,934)      (474,236)
                                                                          -----------    -----------

NET INCREASE (DECREASE) IN CASH .......................................        (5,771)      (976,213)
                                                                          -----------    -----------
Cash, beginning of period .............................................         7,516      1,109,166
                                                                          -----------    -----------

Cash, end of period ...................................................   $     1,745    $   132,953
                                                                          ===========    ===========


Supplemental disclosure of cash flow information:
Interest paid .........................................................   $      --      $      --
                                                                          ===========    ===========
Taxes paid ............................................................   $      --      $    30,483
                                                                          ===========    ===========

</TABLE>

     The accompanying notes are an integral part of these consolidated financial
statements

                                        5
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2001
                                   (Unaudited)



NOTE 1 -          BASIS OF PRESENTATION

                  The accompanying unaudited consolidated financial statements
                  have been prepared in accordance with generally accepted
                  accounting principles for interim financial information and
                  the instruction to Form 10-QSB. Accordingly, they do not
                  include all the information and footnotes required by
                  generally accepted accounting principles for more complete
                  financial statements. In the opinion of management, the
                  interim financial statements include all adjustments
                  considered necessary for a fair presentation of the Company's
                  financial position and the results of its operations for the
                  three months ended September 30, 2001 and are not necessarily
                  indicative of the results to be expected for the fiscal year.
                  For further information, refer to the Company's Annual report
                  on Form 10-KSB for the twelve months ended March 31, 2001, as
                  filed with the Securities and Exchange Commission.



NOTE 2 -          DESCRIPTION OF COMPANY:

                  Multimedia Concepts International, Inc. (the "Company") is a
                  Delaware corporation which was organized in June 1994 under
                  the name U.S. Food Corporation. The Company changed its name
                  to American Eagle Holdings Corporation in April 1995 and then
                  to its present name in June 1995. The Company was initially
                  formed as a holding company for the purpose of forming an
                  integrated clothing design, manufacturing, and distribution
                  operation. In June 1994, the Company acquired 55% of the
                  outstanding shares of common stock of American Eagle
                  Industries Corp., which acquired 100% of the outstanding
                  shares of Match II, Inc. The Company also acquired 34% of the
                  issued and outstanding common stock of Multi Media Publishing
                  Corp. in June 1995.

                  In December 1996, the Company held a special meeting of its
                  shareholders who authorized the Company to sell or dispose of
                  its shares in American Eagle Industries Corp. (and its
                  subsidiary, Match II, Inc.) or effect the dissolution thereof.
                  These subsidiaries had ceased operations in September 1996. In
                  January 1997, in accordance with the vote of its shareholders,
                  the Company terminated its financing and business
                  relationships with these subsidiaries.








                                        6
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2001
                                   (Unaudited)



NOTE 2 -          DESCRIPTION OF COMPANY (continued):

                  In December 1996, the shareholders also authorized the Company
                  to dispose of its 34% interest in an unconsolidated
                  subsidiary, Multi Media Publishing Corp., which had no
                  revenues or operations. In January 1997, in accordance with
                  the vote of its shareholders, the Company terminated all
                  business relationships with this entity; however, it intends
                  to seek the return of certain funds it had advanced.


                  In January 1997, the Company formed a new wholly-owned
                  subsidiary, U.S. Apparel Corp. ("U.S. Apparel"), which is
                  engaged in the design and manufacture of a line of T-shirts
                  and other tops, predominately for men. U.S. Apparel began
                  operations in January 1997.

                  On January 2, 1998, the Company acquired 3,571,429 shares of
                  the outstanding common stock of United Textiles and Toys Corp.
                  ("United Textiles"), a company of which the Company's
                  President, Chief Executive Officer, and a Director is also the
                  President, Chief Executive Officer and a Director of United
                  Textiles. The issuance of these shares at a price of $0.28 per
                  share ($0.01 above the closing price on December 31, 1997) was
                  made in conjunction with a conversion into equity of United
                  Textiles $1,000,000 debt owed to the Company for a loan made
                  by the Company. As a result of this transaction, the Company
                  owns 78.5% of the outstanding shares of common stock of United
                  Textiles, effectively making United Textiles a subsidiary of
                  the Company.

                  United Textiles was a company engaged in the design,
                  manufacturing, and marketing of a variety of lower priced
                  women's dresses, gowns, and separates for special occasions
                  and formal events. In March 1998, United Textiles, having
                  sustained continuous losses, discontinued operating
                  activities.

NOTE 3 -          MINORITY INTEREST:

                  The Company owns a majority interest (78.5%) in United
                  Textiles. The minority interest liability represents the
                  minority shareholders' portion (21.5%) of United Textiles'
                  equity.








                                        7
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2001
                                   (Unaudited)


NOTE 4 -          INVESTMENT BY U.S. STORES CORP.:

                  On January 20, 1998, U.S. Stores Corp. ("U.S.  Stores")
                  acquired  1,465,000  shares of the  Company's  common stock.
                  U.S. Stores was  incorporated  on November 10, 1997.  During
                  July and August of 2001, US Stores sold substantially all of
                  its  holdings  in  Multimedia,   effectively   reducing  its
                  percentage of ownership to below 5%.


NOTE 5 -          INVESTMENT IN PLAY CO.:

                  In 1997, the Company acquired 803,070 shares of Play Co.'s
                  Series E convertible preferred stock. These shares were
                  acquired from an affiliated company as repayment for
                  outstanding loans made to that company by Multimedia. In April
                  2000, the company converted these preferred shares into Play
                  Co. common stock at the conversion rate of one share of
                  preferred for six shares of common stock. As a result of this
                  conversion, the Company at April 2000 owned 4,818,420 shares
                  of Play Co.'s common stock. Prior to September 30, 2001, the
                  Company held a 10.3% minority interest in Play Co. As this
                  investment in Play Co. amounts to less than 20%, the Company
                  has accounted for this investment on the "cost basis" method.
                  The Company did not exercise control over Play Co. Play Co.
                  filed for Chapter 11 protection on March 28, 2001. In August
                  2001 the case was converted to a Chapter 7 filing,
                  consequently the Company has written off its investment as of
                  September 30, 2001 and recognized a loss of $528,000 on this
                  investment.


NOTE 6-  AUTHORIZED COMMON STOCK:

                  On May 24, 1996, an amendment to the Company's Certificate of
                  Incorporation was filed with the State of Delaware. This
                  amendment increased the authorized number of shares of common
                  stock from 10,000,000 shares to 40,000,000 shares.

                  This amendment was not reflected in the Company's filings with
                  the Securities and Exchange Commission from the date of the
                  amendment through June 30, 2001.

                  The Company entered into a consulting agreement with Feng Shui
                  Consulting Inc., whereby Feng Shui for a fee of $10,000 will
                  provide business consulting to the Company. As consideration
                  for these services, the Company issued 150,000 shares of it
                  common stock as payment for these services.







                                        8
<PAGE>
ITEM II.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS

Results of Operations

         Statements contained in this report which are not historical facts may
be considered forward looking information with respect to plans, projections, or
future performance of the Company as defined under the Private Securities
Litigation Act of 1995. These forward looking statements are subject to risks
and uncertainties which could cause actual results to differ materially from
those projected.

Three months ended September 30, 2001 compared to three months ended
September 30, 2000

         Consolidated sales for the three months ended September 30, 2001 were
$335,218 Consolidated sales for the three months ended September 30, 2000 were
$113,337. The increase of $221,881 or 196% is primarily due to a increase in
orders in the second fiscal quarter from the Company's primary customer.

         Consolidated cost of sales for the three months ended September 30,
2001 was $311,093, or 92.8% of sales, as compared to the three months ended
September 30, 2000 in which the cost of sales was $129,370, or 114.2% of sales.
The increase of $181,523 or 140.5% is primarily associated with the increase in
sales for the quarter.

         Consolidated operating expenses (excluding depreciation expense) as of
September 30, 2001 were $193,682 or 57.8% of sales compared to the quarter ended
September 30, 2000 in which the operating expenses were $ 270,342 or 121.8% of
sales. The decrease is due to the Company's attempt to control expenses.

         Consolidated depreciation expense for the three months ended September
30, 2001 was $.235 The consolidated depreciation and amortization expense
included in the operating expenses for the three months ended September 30, 2000
was $235.

         The Company's subsidiary, United Textiles & Toys, Co., incurred no
interest expense in the three months ended September 30, 2001, as compared to
$19,326 in the three months ended September 30, 2000. The recognition of
interest expense in 2000 was a result of an assessment by the State of New York
on late filed payroll tax returns in prior years.

         The Company wrote off its investment in Play Co. Toys and Entertainment
Co. ("Play Co.") during the quarter ended September 30, 2001 and recognized a
loss of $528,000 during the current fiscal quarter.

         For the three months ended September 30, 2001, subsequent to the
adjustment for the minority interest in the net loss of subsidiaries, the
Company reported a consolidated net loss of $694,656, or $.22 per common share.
For the three months ended September 30, 2000, the Company reported a restated
consolidated net loss of $286,004, or $ .10 per common share.

Six months ended September 30, 2001 compared to the six months ended
September 30, 2000

         Consolidated sales for the six months ended September 30, 2001 were
$1,617,294. Consolidated sales for the six months ended September 30, 2000 were
$1,519,088. The increase of $98,206 or 6.5% is primarily due to an increase in
sales during the second fiscal quarter related to the Company's primary
customer.


                                        9
<PAGE>
ITEM II.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS (continued)


         Consolidated cost of sales for the six months ended September 30, 2001
was $1,274,336, or 78.8% of sales, as compared to the six months ended September
30, 2000 in which the cost of sales was $ 1,320,203, or 86.9% of sales. The
decrease of $45,867 or 3.5% is primarily associated with lower sales volume in
the first fiscal quarter.

         Consolidated operating expenses (excluding depreciation) were $360,653,
or 22.3% of sales, for the six months ended September 30, 2001 as compared to
the six months ended September 30, 2000 in which the operating expenses were $
463,598, or 30.5% of sales.

         Consolidated depreciation expense for the six months ended September
30, 2001 was $470. The consolidated depreciation and amortization for the six
months ended September 30, 2000 was $ 470.

         The Company's subsidiary, United Textiles & Toys, Co., incurred no
interest expense in the six months ended September 30, 2001, as compared to
$19,326 in the six months ended September 30, 2000. The recognition of interest
expense in 2000 was the result of an assessment by the State of New York on late
filed payroll tax returns in prior years.

         The Company wrote off its investment in Play Co. Toys and Entertainment
Co. ("Play Co.") and recognized a loss of $528,000 during the current fiscal
quarter.

         For the six months ended September 30, 2001, subsequent to the
adjustment for the minority interest in the net loss of subsidiaries, the
Company reported a consolidated net loss of $538,525 or $.18 per common share.
For the six months ended September 30, 2000, the Company reported a restated
consolidated net income of $ 256,816, or $.09 per common share.

Liquidity and Capital Resources

         At September 30, 2001, the Company reported cash and cash equivalents
of $1,745, working capital of $864,784, and stockholders' equity of $2,539,995.

         At March 31 2001, the Company reported cash and cash equivalents of
$7,516, working capital of $1,806,222, and stockholders' equity of $3,068,520.

         For the six months ended September 30, 2001, consolidated operating
activities used $131,837 as compared to the three months ended September 30,
2000 in which $544,549 was used by operating activities.

          Consolidated investing activities provided $528,000 during the six
months ended September 30, 2001 as compared to providing $42,572 during the six
month ended September 30, 2000. The primary reason for the increase was the
Company's write off of its investment in Play Co.


                                       10
<PAGE>
ITEM II.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS (continued)

Liquidity and Capital Resources (continued)

Consolidated financing activities used funds of $401,934 during the three months
September 30, 2001 as compared to a use of $474,236 in funds during the three
months ended September 30, 2000. The primary elements in the use of financing
funds was the repayment to affiliates.

The Company entered into a consulting agreement with Feng Shui Consulting Inc.,
whereby Feng Shui for a fee of $10,000 will provide business consulting to the
Company. As consideration for these services, the Company issued 150,000 shares
of it common stock as payment for these services.

As a result of these operating and financing activities, the company reported a
consolidated decrease in cash of $5,771 for the three months ended September 30,
2001.

Trends Affecting Liquidity, Capital Resources and Operations

         U.S. Apparel's sales are generated from short-term purchase orders from
customers who place orders on an as-needed basis. U.S. Apparel typically
manufactures its products upon receipt of orders from customers and delivers
finished goods within four weeks of receipt of an order. In anticipation of
reorders from customers, U.S. Apparel generally manufactures 10% more goods than
are ordered by such customers.

         U.S. Apparel has been able to purchase raw materials from a variety of
suppliers.

Inflation and Seasonality

         The impact of inflation on the Company's results of operations has not
been significant. Each subsidiary attempts to pass on increased costs by
increasing product prices over time. U.S. Apparel's operations are generally not
seasonal and are generally spread throughout the year.











                                       11
<PAGE>
                                   SIGNATURES



         In accordance with Section 13 or 15(d) of the Exchange Act of 1934, as
amended the Registrant has caused this amended report to be signed on its
behalf, thereunto duly authorized as of the 21st day of November 2001.


                                         MULTIMEDIA CONCEPTS INTERNATIONAL, INC.


                                            By:      /s/ Ilan Arbel
                                                         Ilan Arbel,
                                                         Chief Executive Officer
                                                         and President











                                       12