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                                                                    Exhibit 15.1

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of
NZ Corporation
Phoenix, Arizona

We have audited the consolidated financial statements of NZ Corporation and
subsidiaries as of December 31, 2000 and 1999, and for each of the three years
in the period ended December 31, 2000, and have issued our report thereon dated
March 2, 2001 (included elsewhere in this Registration Statement). Our audits
also included the financial statement schedules listed in Item 21 of this
Registration Statement. These financial statement schedules are the
responsibility of the Corporation's management. Our responsibility is to
express an opinion based on our audits. In our opinion, such financial
statement schedules, when considered in relation to the basic financial
statements taken as a whole, present fairly in all material respects the
information set forth therein.

DELOITTE & TOUCHE LLP



Phoenix, Arizona
March 2, 2000