FORM 10-QSB


                       SECURITIES AND EXCHANGE COMMISSION


                             WASHINGTON, D.C. 20549



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

                         For Quarter Ended June 30, 1997

                                       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: 2-96392-A

                          TRIANGLE IMAGING GROUP, INC.
             (Exact Name of Registrant as Specified in its Charter)

                   Florida                        59-2493183
         State or other jurisdiction of         I.R.S. Employer
         incorporation or organization          Identification No.

               4400 West Sample Road, Coconut Creek, Florida 33073
               (Address of Principal Executive Office) (Zip Code)

                                  954-968-2080
               (Registrant's telephone number including area code)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant  was required to file such  reports) and (2) has been subject to such
filing requirements for the past 90 days.

                  Yes  X                         No

The number of shares of registrant's Common Stock, $.001 par value,  outstanding
as of June 30, 1997 was 8,949,665 shares.





<PAGE>



                   TRIANGLE IMAGING GROUP, INC. AND SUBSIDIARY

                                      INDEX

                                                                          Page
                                                                         Number

PART I - FINANCIAL INFORMATION:

Item 1.  Financial Statements

  Consolidated Balance Sheet - June 30, 1997..............................  1

  Consolidated Statement of Operations - For the Six Months
  and Three Months Ended June 30, 1997 and 1996...........................  2

  Consolidated Statement of Cash Flows - For the Six Months Ended
  June 30, 1997 and 1996..................................................  3

  Notes to Financial Statements...........................................  4-6

  Item 2.  Management's Discussion and Analysis...........................  7-8

PART II - OTHER INFORMATION...............................................  9

SIGNATURES................................................................  10















<PAGE>

PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements

                   TRIANGLE IMAGING GROUP, INC. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

                                     ASSETS

                                                                    June 30,
                                                                      1997
                                                              ------------------

CURRENT ASSETS:
     Cash and cash equivalents                              $           592,450
     Accounts receivable, net of allowance for doubtful
         accounts of $128,000                                           616,927
     Prepaid expenses                                                     8,549
                                                              ------------------
         TOTAL CURRENT ASSETS                                         1,217,926

EQUIPMENT                                                               207,924

GOODWILL                                                              1,862,266

OTHER ASSETS                                                             36,152
                                                              ------------------

                                                            $         3,324,268
                                                              ==================

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
     Accounts payable and accrued expenses                  $           538,554
     Deferred revenue                                                   330,548
     Due to stockholders                                                 50,000
     Current portion of note payable                                    300,000
                                                              ------------------
         TOTAL CURRENT LIABILITIES                                    1,219,102

NOTE PAYABLE                                                          1,250,000

MINORITY INTEREST                                                       250,293

STOCKHOLDERS' EQUITY:
     Preferred stock, $1.00 par, 1,000,000 shares authorized:
         Class A, 10,000 shares issued and outstanding                   10,000
     Common stock, $.001 par value,
         authorized 50,000,000 shares: 8,949,665
         issued and outstanding                                           8,950
     Additional paid-in capital                                       3,247,761
     Accumulated deficit                                             (1,600,328)
     Stock subscription receivable                                     (876,250)
     Deferred compensation                                             (185,260)
                                                              ------------------
         TOTAL STOCKHOLDERS' EQUITY                                     604,873
                                                              ------------------

                                                            $         3,324,268
                                                              ==================






                       See notes to financial statements.
                                       -1-
<PAGE>
                  TRIANGLE IMAGING GROUP, INC. AND SUBSIDIARY

                      CONSOLIDATED STATEMENT OF OPERATIONS

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                               Three months ended                     Six months ended
                                                                   June 30,                              June 30,
                                                      -----------------------------------   ------------------------------------
                                                           1997               1996               1997                1996
                                                      ----------------   ----------------   ----------------    ----------------
<S>                                                <C>                <C>                <C>                 <C>  

SALES                                               $       1,477,737  $        -         $       2,588,958   $        -

COST OF SALES                                                 381,087           -                   625,142            -
                                                      ----------------   ----------------   ----------------    ----------------

GROSS PROFIT                                                1,096,650           -                 1,963,816            -

SELLING, GENERAL AND ADMINISTRATIVE
     EXPENSES                                                 774,244              4,349          1,468,835               9,796

NON-CASH IMPUTED COMPENSATION EXPENSE                          28,045           -                    41,420              13,250

AMORTIZATION OF GOODWILL                                       24,106           -                    48,212            -
                                                      ----------------   ----------------   ----------------    ----------------


INCOME (LOSS) FROM OPERATIONS                                 270,255             (4,349)           405,349             (23,046)

INTEREST EXPENSE                                               33,298           -                    52,784            -
                                                      ----------------   ----------------   ----------------    ----------------

INCOME (LOSS) BEFORE MINORITY INTEREST                        236,957             (4,349)           352,565             (23,046)

MINORITY INTEREST                                              46,762           -                    72,903            -
                                                      ----------------   ----------------   ----------------    ----------------

NET INCOME (LOSS)                                   $         190,195  $          (4,349) $         279,662   $         (23,046)
                                                      ================   ================   ================    ================

NET INCOME PER SHARE                                $             0.0  $            (0.0) $            0.04   $           (0.01)
                                                      ================   ================   ================    ================

WEIGHTED AVERAGE SHARES OUTSTANDING                          8,801,415          3,757,165          7,167,373           3,668,831
                                                      ================   ================   ================    ================





</TABLE>







                       See notes to financial statements.
                                       -2-

<PAGE>
                  TRIANGLE IMAGING GROUP, INC. AND SUBSIDIARY
                                                                        
                            STATEMENT OF CASH FLOWS
                                                                        
                                  (Unaudited)
                                                                        
                                                            Six months ended    
                                                                June 30,       
                                                      -------------------------
                                                          1997            1996
                                                      --------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:                                          
 Net income (loss)                              $       279,662 $       (23,046)
 Adjustment to reconcile net income 
 (loss) to net cash provided by
  operating activities:                        
   Depreciation                                          50,511               -
   Amortization of goodwill                              48,212               -
   Non-cash imputed compensation                         23,670          13,250
   Minority interest                                     72,903               -
                                                                        
 Changes in assets and liabilities:                                            
   Increase in accounts receivable                     (247,059)              -
   Decrease in prepaid expenses                          22,726               -
   Increase in other assets                             (32,055)              -
   Increase in accounts payable and accrued expenses    267,379         8,779
   Decrease in deferred revenue                         (16,655)              -
                                                      -----------    ----------
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES         469,294         (1,017)
                                                      -----------    ---------- 
CASH FLOWS FROM INVESTING ACTIVITIES:                                           
   Purchase of equipment                                (44,858)              -
                                                         ------       --------- 
CASH USED IN INVESTING ACTIVITIES                       (44,858)              -
                                                         ------       ---------
CASH FLOWS FROM FINANCING ACTIVITIES:                                           
   Payment of note payable                              (50,000)              -
   Proceeds from sale of common stock                   250,750               -
   Purchase of treasury stock                          (233,000)               
                                                        -------       --------- 
CASH PROVIDED BY FINANCING ACTIVITIES                   (32,250)              -
                                                        -------       --------- 
NET INCREASE (DECREASE) IN CASH                         392,186          (1,017)
                                                                        
CASH - BEGINNING OF PERIOD                              200,264           1,371
                                                        --------      --------- 
CASH - END OF PERIOD                            $       592,450 $           354
                                                        ========       ======== 
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                       See notes to financial statements.
                                      -3-



<PAGE>



                   TRIANGLE IMAGING GROUP, INC. AND SUBSIDIARY

                          NOTES TO FINANCIAL STATEMENTS

                                   (Unaudited)


1.       BASIS OF PRESENTATION

                  The accompanying  financial statements reflect all adjustments
         which,  in  the  opinion  of  management,  are  necessary  for  a  fair
         presentation  of  the  financial   position  for  the  interim  periods
         presented.

                  Certain  financial  information  which is normally included in
         financial  statements  prepared in accordance  with generally  accepted
         accounting principles,  but which is not required for interim reporting
         purposes has been  condensed  or omitted.  The  accompanying  financial
         statements should be read in conjunction with the financial  statements
         and notes  thereto as of December 31, 1996  contained in the  Company's
         Annual Report on Form 10- KSB.

2.       EARNING (LOSS) PER SHARE

                  Per  share  information  is  computed  based  on the  weighted
         average number of shares outstanding during the period.

3.       NON-CASH IMPUTED COMPENSATION EXPENSE

                  A total of 35,500  shares  of common  stock  were  issued  for
         services  during the quarter ended June 30, 1997. Such shares have been
         valued at their fair market value on the date of issuance  resulting in
         a non-cash charge to income of $17,750.

4.       ACQUISITION

                  On December 2, 1996,  95% of the stock of Engineered  Business
         Systems, Inc. ("EBS") was acquired by the Company for $896,000 in cash,
         a note  payable  to  EBS's  shareholders  for  $1,600,000  and  500,000
         restricted shares of the Company's common stock with certain piggy back
         registration  rights and  restrictions.  EBS's  shareholders  also have
         certain  anti-dilution  provisions  and  selling  rights  tied  to  the
         President's  personal stock holdings,  which expire upon the earlier of
         the a)  registration  of the  restricted  shares and the payment of all
         obligations  to the EBS  shareholders  or b) on  January  2,  2000  and
         payment of all  obligations to EBS's  shareholders.  The acquisition of
         EBS has been  accounted for as a purchase and  accordingly,  the assets
         acquired and liabilities  assumed have been recorded at their estimated
         fair  values  which   approximates  book  value.  The  following  table
         summarizes this acquisition:

                                       -4-

<PAGE>




Purchase Price, including acquisition costs           $             2,620,915
Liabilities assumed                                                   454,159
Assets acquired                                                    (1,146,561)
                                                                   -----------
Goodwill                                              $             1,928,513
                                                                    =========

                  Accumulated  amortization  on  goodwill  at March 31, 1997 was
$32,141.

                  The  following  schedule  combines  the  unaudited  pro  forma
         results of  operations  of the Company and EBS for the six months ended
         June 30, 1996 as if the acquisition had occurred on January 1, 1996 and
         includes  such  adjustments  which  are  directly  attributable  to the
         acquisition. It should not be considered indicative of the results that
         would  have been  achieved  had the  acquisition  not  occurred  or the
         results  that would have been  obtained  had the  acquisition  actually
         occurred on January 1, 1996.


Net sales                                             $             1,161,093
Net income                                                            156,475
Net income per share                                                      .04
Shares used in computation                                          3,668,831

5.       MINORITY INTEREST

                  Pursuant to terms of employment  agreements,  10% of the stock
         in EBS has been issued with the unearned  portion  recorded as deferred
         compensation.

6.       TREASURY STOCK

                  In July 1997, the Company  purchased  500,000 shares of common
         stock from the original sellers of EBS for $233,000.  The Company plans
         to retire these shares,  therefore,  such amount has been  reclassed to
         accumulated deficit.

7.       RECENT ACCOUNTING PRONOUNCEMENTS

                  In February 1997,  the Financial  Accounting  Standards  Board
         "FASB" issued SFAS No. 128 "Earnings Per Share",  which is effective in
         fiscal  1998,  early  application  is  not  permitted.   SFAS  No.  128
         simplifies  the standards for  computing  earnings per share "EPS".  It
         replaces the presentation of primary EPS with the presentation of basic
         EPS.  Basic EPS excludes  dilution  and is computed by dividing  income
         available  to common  stockholders  by the  weighted-average  number of
         shares  outstanding for the period. If SFAS 128 had been applied to the
         results  reported on Form 10-Q's since fiscal 1996, the Company's basic
         EPS

                                       -5-

<PAGE>



         would not change.

                  In February 1997, the FASB issued SFAS No. 129  "Disclosure of
         Information  about  Capital  Structure",  which is  effective in fiscal
         1998.  SFAS No. 129 requires  the  following  disclosures;  liquidation
         preferences of preferred stock, information about rights and privileges
         of outstanding equity securities and redemption criteria for all issues
         of capital  stock.  Due to the  Securities  and Exchange  Commissions's
         disclosure  requirements  of publicly held  entities,  there will be no
         additional disclosure required for the Company.

                  In  June  1997,  the  FASB  issued  SFAS  No.  130  "Reporting
         Comprehensive  Income", which is effective in fiscal 1998. SFAS No. 130
         requires the  disclosure of the components of the change in equity of a
         business  enterprise during a period from transactions and other events
         except  for  distributions  and  investments  to  be  reported  in  the
         statement of operations,  cash flows and in certain  circumstances as a
         component  of  equity  as  a  separate  category   "accumulated   other
         comprehensive  income".  Examples of items  included  in  comprehensive
         income  are  foreign  currency  translation   adjustments,   unrealized
         securities  gains and  losses and  pension  liability  adjustments.  In
         addition  publicly  held  entities  will be  required  to provide  such
         disclosure  on an  interim  basis.  Currently  there  is  no  increased
         disclosure  for  items  defined  under  comprehensive  income  for  the
         Company.

                  In June 1997, the FASB issued SFAS No. 131 "Disclosures  about
         Segments of an Enterprise and Related Information",  which is effective
         in fiscal 1998 for publicly held entities  only.  SFAS No. 131 requires
         the  disclosure of various data  pertaining to entities  operating with
         different business segments.  The Company does operate in two different
         business segments and the statement of operations  currently  discloses
         the  required  data  relating  to the Company  under SFAS No. 131.  The
         implementation  of SFAS No.  131 may not  require  additional  material
         disclosure.


















                                       -6-

<PAGE>



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

                     SIX MONTHS ENDED JUNE 30, 1997 AND 1996

Prior to December 2, 1996,  the  Company's  primary  focus was to search for and
identify  acquisition  candidates  for the purpose of merging  with or acquiring
promising  young  companies  in need of an  infusion  of  cash  and/or  superior
management. On December 2, 1996, the Company completed the acquisition of 95% of
the  stock  of  Engineered  Business  Systems,  Inc.  ("EBS"),  in  a  leveraged
transaction. Total value of the transaction was approximately $3 Million.

Results of Operations

Total  revenues  for the six months and three  months  ended June 30,  1997 were
$2,588,958 and $1,477,737 respectively,  which is an increase over the Company's
revenues  of $0 for the six months and three  months  ended June 30,  1996.  The
increase  resulted  entirely from the acquisition of EBS on December 2, 1996 and
the results of EBS's operations for the six month period.

Cost of sales was  $625,142  and  $381,087  for the six months and three  months
ended June 30, 1997,  which again was an increase  over the Company's six months
and three  months  ended June 30,  1996 cost of sales of $0.  Gross  profit as a
percentage of revenue was 76% for the six months ended June 30, 1997 and 74% for
the three months ended June 30, 1997.  The increase  resulted  entirely from the
acquisition of EBS on December 2, 1996, and the results of EBS's  operations for
the six month period.

Selling, general and administrative expenses for the six months and three months
ended June 30,  1997 were  $1,468,835  and  $774,244  as  compared to $9,796 and
$4,349 for the six and three  months ended June 30,  1996.  Management  believes
that the increase in selling, general and administrative expenses was due to the
acquisition of EBS and the expenses  related to its operations,  compared to the
minimal  operating  expenses  associated with a non-revenue  producing  company.
Non-cash imputed compensation for the six months and three months ended June 30,
1997 was $41,420 and  $28,045,  as compared to $13,250 and $0 for the six months
and three months ended June 30, 1996.

For the six months  ended June 30, 1997,  the  Company's  net income  included a
non-cash  expense  of  $98,723.  Such  expense  was  incurred  as  a  result  of
depreciation  and amortization of assets acquired with the acquisition of EBS as
well as the goodwill created in the acquisition.

Interest  expense was $52,784 for the six months ended June 30, 1997 and $33,298
for the three months ended June 30, 1997,  compared to $0 for the six months and
three months ended June 30, 1996,  reflecting  interest paid on an 8% promissory
note of $1,600,000.  The promissory note is held by the selling  shareholders of
EBS,  created during the sale of EBS to the Company.  Minority  interest for the
six months ended June 30, 1997 was $72,903,  reflecting  interest due to holders
of 15% of EBS Stock.


                                       -7-

<PAGE>



As a result of all the above  factors,  net  income for the six months and three
months ended June 30, 1997 was $279,662 and $190,195,  as compared to a net loss
of $23,046  for the six months  ended June 30, 1996 and a net loss of $4,349 for
the three months ended June 30, 1996.

Liquidity and Capital Resources

The Company has funded its working capital and capital expenditure  requirements
from  cash  provided  from  operations  and from the  proceeds  of the  sales of
Preferred  Stock and Common Stock.  The primary  source of cash receipts is from
payments of accounts receivable and sales.

In July 1997,  the Company  purchased  500,000  shares of common  stock from the
original sellers of EBS for $233,000.

As of June 30, 1997, the Company had cash of $592,000.

To date, inflation has not had a material effect on the Company's business.  The
Company  believes  that the  effects of future  inflation  may be  minimized  by
controlling costs and increasing efficiency.




























                                       -8-

<PAGE>



PART II - Other Information

Item 6.           Exhibit and Reports on form 8-K

         A.       Exhibits

                  None.

         B.       Report on Form 8-K

                  None.


































                                       -9-

<PAGE>


                                                    SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.



                                                   TRIANGLE IMAGING GROUP, INC.


Dated: 08/12/97                     By: /s/ Vito Bellezza
                                    Vito Bellezza
                                    President, Chairman of the Board,
                                    Chief Financial Officer, Chief Executive
                                    Officer and Director

























                                      -10-