##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
 o
    
    Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 OR
 þ
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from November 1, 2006 to December 31, 2006.
 Commission file number 333-135967
 HOMELAND ENERGY SOLUTIONS, LLC
  Iowa
(State or other jurisdiction of 
incorporation or organization)
    
    20-3919356
(I.R.S. Employer Identification No.)
 106 W. Main Street
Riceville, IA 50466
(Address of principal executive offices)
 (641) 985-4025
(Issuers telephone number)
 þ o
 o þ
   o þ




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##### Table of Contents



INDEX
 Page No.PART I. FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis and Plan of Operations
    
    
    11Item 3. Controls and Procedures
    
    
    29PART II. OTHER INFORMATION
    
    
    30Item 1. Legal Proceeding
    
    
    30Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    30Item 3. Defaults Upon Senior Securities
    
    
    31Item 4. Submission of Matters to a Vote of Security Holders
    
    
    31Item 5. Other Information
    
    
    31Item 6. Exhibits
    
    
    32SIGNATURES
    
    
    33Project Development Assistance AgreementCertificate Pursuant to 17 CFR 240 15d-14(a)Certificate Pursuant to 17 CFR 240 15d-14(a)Certificate Pursuant to 18 U.S.C. Section 1350Certificate Pursuant to 18 U.S.C. Section 1350
 2




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 HOMELAND ENERGY SOLUTIONS, LLC   BALANCE SHEETS (UNAUDITED)
 12/31/2006
    
    
    10/31/2006*ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    357,709
    
    
    $
    478,421Certificate of deposit
    
    
    614,488
    
    
    
    600,000Attorney escrow account
    
    
    224
    
    
    
    224Accrued interest receivable
    
    
    3,992
    
    
    
    13,548Prepaid offering costs
    
    
    223,763
    
    
    
    144,559Prepaid expenses
    
    
    20,104
    
    
    
    Total current assets
    
    
    1,220,280
    
    
    
    1,236,752PROPERTY AND EQUIPMENT, at costEquipment
    
    
    23,816
    
    
    
    Less accumulated depreciation
    
    
    (293
    )
    
    
    23,523
    
    
    
    OTHER ASSETSLand options
    
    
    13,611
    
    
    
    13,127Total Assets
    
    $
    1,257,414
    
    
    $
    1,249,879LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable
    
    $
    95,317
    
    
    $
    73,539Total current liabilities
    
    
    95,317
    
    
    
    73,539COMMITMENTS AND CONTINGENCIES (NOTE 6)MEMBERS EQUITYCapital units, less syndication costs
    
    
    1,305,893
    
    
    
    1,305,893Deficit accumulated during development stage
    
    
    (143,796
    )
    
    
    (129,553
    )Total members equity
    
    
    1,162,097
    
    
    
    1,176,340Total liabilities and members equity
    
    $
    1,257,414
    
    
    $
    1,249,879
 
 *Derived from audited financial statements
 See
Notes to the unaudited Financial Statements.
 3




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HOMELAND ENERGY SOLUTIONS, LLC   STATEMENTS OF OPERATIONS (UNAUDITED)
For the Two Months Ended December 31, 2006 and for the period
from December 7, 2005 (Date of Inception) to December 31, 2006
 Period fromTwo months
    
    
    inception toended 12/31/2006
    
    
    12/31/2006OPERATING REVENUE
    
    $
    
    
    
    $
    OPERATING EXPENSESProfessional expenses
    
    
    6,399
    
    
    
    77,397Engineering & design
    
    
    6,031
    
    
    
    18,652Feasibility studies
    
    
    
    
    
    
    67,750Filling fees/permits
    
    
    
    
    
    
    11,770Land options
    
    
    
    
    
    
    1,650Insurance
    
    
    1,540
    
    
    
    1,540Office Expense
    
    
    6,567
    
    
    
    6,567Depreciation
    
    
    293
    
    
    
    293Rent
    
    
    600
    
    
    
    600Utilities
    
    
    71
    
    
    
    71Misc expenses
    
    
    707
    
    
    
    1,441Total Expenses
    
    
    22,208
    
    
    
    187,731OTHER INCOMEInterest income
    
    
    7,965
    
    
    
    33,060Grant income
    
    
    
    
    
    
    10,875Total Other Income
    
    
    7,965
    
    
    
    43,935Net loss during development stage
    
    $
    (14,243
    )
    
    $
    (143,796
    )Basic and Diluted loss per capital unit
    
    $
    (5.00
    )Basic and Diluted weighted average captial units O/S
    
    
    2,850
 See
Notes to the unaudited Financial Statements.
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HOMELAND ENERGY SOLUTIONS, LLC
(A Development Stage Company)
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Two Months Ended December 31, 2006 and for the period
from December 7, 2005 (Date of Inception) to December 31, 2006
 Period fromTwo months
    
    
    inception toended 12/31/2006
     
    

    12/31/2006CASH FLOWS FROM OPERATING ACTIVITIESNet loss during development stage
    
    $
    (14,243
    )
    
    $
    (143,796
    )Depreciation
    
    
    293
    
    
    
    293Write off land options
    
    
    
    
    
    
    1,650Adjustments to reconcile net loss
to net cash used in operating activitiesChanges in assets and liabilitiesIncrease in other current assets
    
    
    (10,549
    )
    
    
    (24,309
    )Increase in accounts payable
    
    
    21,778
    
    
    
    95,317Net cash used in operating activities
    
    
    (2,721
    )
    
    
    (70,845
    )CASH FLOWS FROM INVESTING ACTIVITIESProceeds from maturity of certificate of deposit
    
    
    600,000
    
    
    
    600,000Purchase of certificate of deposit
    
    
    (614,488
    )
    
    
    (1,214,488
    )Purchase of equipment
    
    
    (23,816
    )
    
    
    (23,816
    )Purchase of land options
    
    
    (484
    )
    
    
    (15,273
    )Net cash used in investing activities
    
    
    (38,788
    )
    
    
    (653,577
    )CASH FLOWS FROM FINANCING ACTIVITIESPayments for prepaid offering costs
    
    
    (79,203
    )
    
    
    (223,762
    )Contributed capital
    
    
    
    
    
    
    1,325,000Payments for sydication costs on capital units issued
    
    
    
    
    
    
    (19,107
    )Net cash (used in) provided by financing activities
    
    
    (79,203
    )
    
    
    1,082,131Net change in cash
    
    
    (120,712
    )
    
    
    357,709CASH AND CASH EQUIVALENTSBeginning of period
    
    
    478,421
    
    
    
    End of period
    
    $
    357,709
    
    
    $
    357,709
 See
Notes to the unaudited Financial Statements.
 5




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HOMELAND ENERGY SOLUTIONS, LLC   STATEMENTS OF CHANGES IN MEMBERS EQUITY (UNAUDITED)
For the Two Months Ended December 31, 2006 and for the period
from December 7, 2005 (Date of Inception) to December 31, 2006
 TotalBalance  December 7, 2005
    
    $
    Capital contributions for 600 units at $333.33 per unit
    
    
    200,000Capital contributions for 2,250 units at $500 per unit
    
    
    1,125,000Syndication and offering costs
    
    
    (19,107
    )1,305,893Net Loss during the period from inception to December 31, 2006
    
    
    (143,796
    )Balance  December 31, 2006
    
    $
    1,162,097
 See Notes to the unaudited Financial Statements.
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HOMELAND ENERGY SOLUTIONS, LLC
  1. Nature of Business
  2. Summary of Significant Accounting Policies
    Fiscal Reporting Period
  Accounting Estimates
  Cash
   Investments
  Property and Plant
  7




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HOMELAND ENERGY SOLUTIONS, LLC
    Cost of Raising Anticipated Capital
  Organizational and Start-up Costs
  Revenue Recognition
  Income Taxes
  Recently Issued Accounting Standards
  Grant Income
   3. Development Stage Enterprise
  8




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HOMELAND ENERGY SOLUTIONS, LLC
   4. Members Equity
      5. Related Party Transactions
  6. Commitments and Contingencies
    9




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HOMELAND ENERGY SOLUTIONS, LLC
           7. Subsequent Events
  10




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Item 2. Managements Discussion and Analysis and Plan of Operations.
 Forward Looking Statements
  
    
    Investors ability to pay the outstanding balances on promissory notes after the closing of the offering;
    
    Our ability to obtain the debt financing necessary to construct and operate our plant;
    
    Our ability to enter into binding agreements with Fagen, Inc. and ICM, Inc. to build our plant;
    
    Changes in our business strategy, capital improvements or development plans;
    
    Construction delays and technical difficulties in constructing the plant;
    
    Increases in the price of corn as the corn market becomes increasingly competitive;
    
    Our inelastic demand for corn, as it is the only available feedstock for our plant;
    
    Changes in the availability and price of coal and natural gas to power our plant;
    
    Changes in the environmental regulations that apply to our plant site and operations;
    
    Ability to secure all necessary licenses and permits;
    
    Changes in federal and/or state laws (including the elimination of any federal and/or state ethanol tax
incentives);
    
    Changes and advances in ethanol production technology; and
    
    Competition in the ethanol industry and from other alternative fuel additives.
  11




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Overview
       Plan of Operations for the Next 12 Months
  12




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Project Capitalization
    
    
    commence construction of the plant using all or a part of the equity funds raised
while we seek another debt financing source if the board of directors in their
discretion determines that we could likely find another debt financing source;
    
    hold the equity funds raised indefinitely in an interest-bearing account while we
seek another debt financing source; or
    
    return the equity funds, if any, to investors with accrued interest, after
deducting the currently indeterminate expenses of operating our business or partially
constructing the plant before we return the funds.
   13




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(1)
    
    offer a pension or profit-sharing plan for all employees;(2)
    
    produce value-added goods or be in one of 11 targeted industries;(3)
    
    provide medical and dental insurance and pay 80% of the premiums; and(4)
    
    have active productivity and worker safety improvement programs.
  (1)
    
    a local property tax exemption of up to 100% of the value added to the property for a
period not to exceed 20 years;(2)
    
    a refund of state sales, service or use taxes paid to contractors or subcontractors
during construction; and(3)
    
    an investment tax credit equal to a percentage of the qualifying investment, amortized
over 5 years.
  Site Acquisition, Development and Construction Activities
   Letter of Intent with Fagen, Inc.
  
    
    Providing a preliminary design and construction schedule and a guaranteed maximum price
for the design and construction of the plant;
    
    Assisting us with site evaluation and selection;
 14




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
    
    Designing and building the plant;
Assisting us in locating appropriate management for the plant; and
    
    Assisting with presenting information to potential lenders and various entities or
agencies that may provide project development assistance.
     Engineering Services Agreement
  
    
    Property Layout Drawings;
    
    Grading, Drainage and Erosion Control Plan Drawings;
    
    Culvert Cross Sections and Details;
    
    Roadway Alignment;
    
    Final Interior Plant Grading;
    
    Utility Layouts for Fire Loop, Potable Water, Well Water, Sanitary Sewer, Utility Water
Blowdown, and Natural Gas;
    
    Geometric Layout;
    
    Site Utility Piping Tables Drawing;
    
    Tank Farm layout and Details Drawings;
    
    Sections and Details Drawing (if required); and
    
    Miscellaneous Details Drawing (if required).
 15




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Design Process Engineer: ICM, Inc.
  Coal Gasification Energy Center
     Project Development Agreement with Burns & McDonnell
  16




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nd th
 Other Construction and Development-Related Agreements
 Terracon Consultants, Inc.
  Alliance Pipeline L.P.
  TranSystems Corporation
  Project Development Agreement with Pat Boyle
  17




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Air Resource Specialists, Inc.
  Permitting and Regulatory Activities
    Construction, Operation and Title V Air Permits
   18




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New Source Performance Standards
  MACT Limits
  Waste Water Discharge Permit
  19




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Storm Water Discharge Permit and Storm Water Pollution Prevention Plan (SWPPP Permits)
   Spill Prevention, Control and Countermeasures Plan
  High Capacity Well Permit
  Alcohol and Tobacco Tax and Trade Bureau Requirements
  Risk Management Plan
  20




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EPA
  Expected Timing of Permitting and Consequences of Delay or Failure
  Nuisance
   Additional Environmental Issues for Coal Gasification
  21




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Trends Impacting the Ethanol Industry
      22




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Trends and uncertainties impacting the corn, coal and natural gas markets and our future cost of goods sold.
    23




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Technology developments.
  Operating Expenses
  24




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Employees
   # Full-TimePosition
    
    PersonnelProduction Supervisors
    
    
    4Operating Workers
    
    
    12Compliance Officers
    
    
    3Maintenance/Repair Workers
    
    
    3Welders
    
    
    3Electrical/Electronic Engineering Technicians
    
    
    2Director of Lab Operations
    
    
    1Lab Assistant
    
    
    2Laborers
    
    
    10General Manager
    
    
    1Plant/Commodity Managers
    
    
    2Director of Finance and Accounting
    
    
    1Office Clerk
    
    
    1TOTAL
    
    
    45
  Liquidity and Capital Resources
   25




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ESTIMATED SOURCES OF FUNDS
  Maximum 110,000
    
    
    Percent ofSources of Funds(1)
    
    Units Sold
    
    
    TotalUnit Proceeds
    
    $
    110,000,000
    
    
    
    46.12
    %Seed Capital Proceeds
    
    $
    1,325,000
    
    
    
    0.56
    %Senior Debt Financing
    
    $
    127,160,000
    
    
    
    53.32
    %Total Sources of Funds
    
    $
    238,485,000
    
    
    
    100.00
    %
 If 94,069
    
    
    Percent ofSources of Funds(1) (2)
    
    Units Sold
    
    
    TotalUnit Proceeds
    
    $
    94,069,000
    
    
    
    39.44
    %Seed Capital Proceeds
    
    $
    1,325,000
    
    
    
    0.56
    %Senior Debt Financing
    
    $
    143,091,000
    
    
    
    60.00
    %Total Sources of Funds
    
    $
    238,485,000
    
    
    
    100.00
    %
 Minimum 55,000
    
    
    Percent ofSources of Funds(1)
    
    Units Sold
    
    
    TotalUnit Proceeds
    
    $
    55,000,000
    
    
    
    23.06
    %Seed Capital Proceeds
    
    $
    1,325,000
    
    
    
    0.56
    %Senior Debt Financing
    
    $
    182,160,000
    
    
    
    76.38
    %Total Sources of Funds
    
    $
    238,485,000
    
    
    
    100.00
    %
 
 (1)
    
    We may receive federal and state grants. Additionally, we may receive bond financing.
If we receive grants or bond financing, we expect to reduce the amount of equity proceeds
or senior debt financing necessary for our capitalization by the same or similar amount.(2)
    
    We have used 94,069 units as a mid-point because based on our directors past
experience with similar projects, preliminary discussions with lenders and our independent
research regarding capitalization requirements for similar ethanol plants, financing our
project with 60% in senior debt financing and the balance in equity financing is a feasible
capitalization ratio. ESTIMATED USE OF PROCEEDS
  Maximum
    
    
    MinimumOffering
    
    
    OfferingOffering Proceeds ($1,000 per unit)
    
    $
    110,000,000
    
    
    $
    55,000,000Less Estimated Offering Expenses (1)
    
    
    ( $480,000
    )
    
    
    ( $480,000
    )Net Proceeds from Offering
    
    $
    109,520,000
    
    
    $
    54,520,000Securities and Exchange Commission registration fee
    
    
    
    
    
    $
    10,000Legal fees and expenses
    
    
    
    
    
    
    90,000Consulting fees
    
    
    
    
    
    
    200,000Accounting fees
    
    
    
    
    
    
    20,000Blue Sky filing fees
    
    
    
    
    
    
    5,000Printing expenses
    
    
    
    
    
    
    50,000Advertising
    
    
    
    
    
    
    100,000Miscellaneous expenses
    
    
    
    
    
    
    5,000Total
    
    
    
    
    
    $
    480,000
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Percent ofUse of Proceeds
    
    Amount
    
    
    TotalPlant construction
    
    $
    109,706,788
    
    
    
    46.00
    %CCI contingency
    
    
    8,500,000
    
    
    
    3.56
    %Coal Gasification Energy Center
    
    
    64,500,000
    
    
    
    27.05
    %Land cost
    
    
    2,800,000
    
    
    
    1.18
    %Site development costs
    
    
    7,670,000
    
    
    
    3.22
    %Pipeline costs
    
    
    4,000,000
    
    
    
    1.68
    %Construction contingency
    
    
    2,013,212
    
    
    
    0.85
    %Construction performance bond
    
    
    400,000
    
    
    
    0.17
    %Construction insurance costs
    
    
    150,000
    
    
    
    0.06
    %Construction manager fees
    
    
    125,000
    
    
    
    0.05
    %Administrative building
    
    
    760,000
    
    
    
    0.32
    %Office equipment
    
    
    85,000
    
    
    
    0.03
    %Computers, Software, Network
    
    
    175,000
    
    
    
    0.07
    %Rail Infrastructure
    
    
    13,000,000
    
    
    
    5.45
    %Rolling stock
    
    
    500,000
    
    
    
    0.21
    %Fire Protection, water supply and
water treatment
    
    
    3,500,000
    
    
    
    1.47
    %Capitalized interest
    
    
    2,000,000
    
    
    
    0.84
    %Start up costs:Financing costs
    
    
    2,750,000
    
    
    
    1.15
    %Organization costs(1)
    
    
    1,400,000
    
    
    
    0.59
    %Pre production period costs
    
    
    950,000
    
    
    
    0.40
    %Working capital
    
    
    7,000,000
    
    
    
    2.94
    %Inventory  corn
    
    
    2,000,000
    
    
    
    0.84
    %Inventory  chemicals and ingredients
    
    
    500,000
    
    
    
    0.21
    %Inventory  Ethanol
    
    
    2,500,000
    
    
    
    1.04
    %Inventory  DDGS
    
    
    500,000
    
    
    
    0.21
    %Inventory  Coal
    
    
    250,000
    
    
    
    0.10
    %Spare parts  process equipment
    
    
    750,000
    
    
    
    0.31
    %Total
    
    $
    238,485,000
    
    
    
    100.00
    %
 27




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(1)
    
    Includes estimated offering expenses of $480,000. Plant Construction
 CCI Contingency.
 Coal Gasification Energy Center
 Land Cost
 Site Development
 Construction Contingency
 Construction Performance Bond and Insurance Costs
 Administration Building, Furnishings, Office and Computer Equipment.
 Rail Infrastructure and Rolling Stock
 Fire Protection System, Water Supply and Water Treatment System.
 28




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Capitalized Interest
 Financing Costs
 Organizational Costs
 Pre-Production Period Costs
 Inventory.
 Financial Results for Transitional Period of November 1, 2006  December 31, 2006.
  Off Balance Sheet Arrangements
  
 Item 3. Controls and Procedures
    29




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PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
 None.
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
     30




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Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  31




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Item 6. Exhibits
  Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing3.1
    
    
    Articles of Organization of Homeland Energy Solutions, LLC
    
    
    13.2
    
    
    Certificate of Name Change and Corresponding Amendment to Articles of
Organization
    
    
    13.3
    
    
    Operating Agreement of Homeland Energy Solutions, LLC
    
    
    13.4
    
    
    First Amendment to Operating Agreement of Homleand Energy Solutions, LLC
    
    
    14.1
    
    
    Form of Membership Unit Certificate
    
    
    14.2
    
    
    Form of Subscription Agreement
    
    
    14.4
    
    
    Amended and Restated Escrow Agreement between Homeland Energy
Solutions, LLC and Home Federal Savings Bank dated November 8, 2006
    
    
    15.1
    
    
    Opinion of Brown, Winick, Graves, Gross, Baskerville & Schoenebaum,
P.L.C. as to certain securities matters
    
    
    18.1
    
    
    Opinion of Brown, Winick, Graves, Gross, Baskerville & Schoenebaum,
P.L.C. as to certain tax matters
    
    
    110.1
    
    
    Letter of Intent dated April 14, 2006 between Homeland Energy
Solutions, LLC and Fagen, Inc.
    
    
    1 +10.2
    
    
    Real Estate Option dated April 7, 2006 between Homeland Energy
Solutions and Larry Bodensteiner and Ann S. Bodensteiner.
    
    
    110.3
    
    
    Real Estate Option dated April 13, 2006 between Homeland Energy
Solutions and F.H. Kestel.
    
    
    110.4
    
    
    Real Estate Option dated April 12, 2006 between Homeland Energy
Solutions and Dale Kout, Leo and Paula Kout, and Bill and Julianne
Kout.
    
    
    110.5
    
    
    Real Estate Option dated April 12, 2006 between Homeland Energy
Solutions and Dale Kout, Leo and Paula Kout, and Bill and Julianne
Kout.
    
    
    110.6
    
    
    Real Estate Option dated April 1, 2006 between Homeland Energy
Solutions and Clair J. Lensing and Mary E. Lensing.
    
    
    110.7
    
    
    Real Estate Option dated May 10, 2006 between Homeland Energy Solutions
and John Lynch and Margaret Ann Lynch.
    
    
    110.8
    
    
    Real Estate Option dated May 10, 2006 between Homeland Energy Solutions
and Eugene Schmitt.
    
    
    110.9
    
    
    Real Estate Option dated May 5, 2006 between Homeland Energy Solutions
and Richard Vrzak and Rodney Vrzak.
    
    
    110.10
    
    
    Project Development and Consulting Agreement dated June 28, 2006,
between Homeland Energy Solutions, LLC and Pat Boyle
    
    
    110.11
    
    
    Letter of Engagement dated May 15, 2006 between Homeland Energy
Solutions and Cornerstone Energy, Inc.
    
    
    110.12
    
    
    Lock-Up Agreement between Homeland Energy Solutions and Stephen
Eastman, James Boeding, Pat Boyle, Bernard Retterath, Steve Dietz, Chad
Kuhlers, Steven H. Core and Steve Retterath dated November 6, 2006.
    
    
    110.13
    
    
    Project Development Assistance Agreement dated January 8, 2006 between
Homeland Energy Solutions and Burns & McDonnell
    
    
    *23.1
    
    
    Consent of Eide Bailly LLP dated November 30, 2006.
    
    
    123.2
    
    
    Consent of Brown, Winick, Graves, Gross, Baskerville & Schoenebaum,
P.L.C. (contained in Exhibit 5.1).23.3
    
    
    Consent of Brown, Winick, Graves, Gross, Baskerville & Schoenebaum,
P.L.C. (contained in Exhibit 8.1).23.4
    
    
    Consent of PRX Geographic dated October 10, 2006.
    
    
    123.5
    
    
    Consent of FC Stone Group, Inc. dated October 5, 2006.
    
    
    199.1
    
    
    PRX Geographic Feasibility Study dated April 6, 2006.
    
    
    199.2
    
    
    FC Stone Group, Inc. Feasibility Study dated January 3, 2006.
    
    
    1
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Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing31.1
    
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *31.2
    
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *32.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *
 
 (1)
    
    Incorporated by reference to the exhibit of the same number on our Registration Statement on
Form SB-2 (No. 333-135967) and subsequent amendments.(*)
    
    Filed herewith.(+)
    
    Material has been omitted pursuant to a request for confidential treatment and such materials
have been filed separately with the Securities and Exchange Commission. 
 SIGNATURES
  HOMELAND ENERGY SOLUTIONS, LLCDate:
    
    March 19, 2007
    
    /s/ Stephen EastmanStephen EastmanPresident (Principal Executive Officer)Date:
    
    March 19, 2007
    
    /s/ Bernard RetterathBernard RetterathTreasurer (Principal Financial and Accounting Officer)
 33