<PAGE>   1
U.S SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-QSB

[x]   QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
      SECURITY EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 1998

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

Commission File No. 0-9249

UNITED TRANS-WESTERN, INC.
(Exact name of registrant as specified in its charter)

Delaware                                         75-1519286
(State or other jurisdiction of                  (I.R.S. Employer
incorporation or organization)                   Identification No.)

3795 Carey Road,
Suite 600,
Victoria, British Columbia, Canada                 V8Z 6T8
(Address of principal executive offices)         (Zip Code)

Registrant's telephone number, including area code:  (250) 475-6000

Check whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 [ ]

State the number of shares outstanding of each of the issuer's class of common
equity, as of the latest practicable date:

Class:  Common Stock, $.01 par value
Outstanding at September 30, 1997:  8,859,155 shares


<PAGE>   2
UNITED TRANS-WESTERN, INC.


INDEX


PART I.                  FINANCIAL INFORMATION                            PAGE

             Item 1.     Financial Statements

                         Consolidated Balance Sheet at June 30, 1998      1

                         Consolidated Statement of Operations for the
                         Six Months Ended June 30, 1998 and 1997          2

                         Consolidated Statement of Cash Flows for the
                         Six Months Ended June 30, 1998 and 1997          3

                         Notes to Consolidated Financial Statements       4

             Item 2.     Management's Discussion and Analysis of
                         Financial Condition and Results of Operations    5

PART II.                 OTHER INFORMATION                                 

             Items 1 through 6                                            6

SIGNATURES                                                                7


<PAGE>   3
                           UNITED TRANS-WESTERN, INC.
                           CONSOLIDATED BALANCE SHEET
                               AS AT JUNE 30, 1998
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                          1998
                                                                                      -----------
<S>                                                                                   <C>        

                                     ASSETS

CURRENT ASSETS

             Cash                                                                     $       290
             Prepaid expenses                                                              75,000
                                                                                      -----------

                                                                                      $    75,290
                                                                                      ===========




                       LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES

             Accounts payable and accrued expenses                                    $   206,503
             Accruals to related parties                                                   60,000
             Due to Kentucky Financial Inc. - Note 2                                      162,616
                                                                                      -----------
                                                                                          429,119
                                                                                      -----------

SHAREHOLDERS' EQUITY

             Authorized:  50,000,000 common shares with a par value of $.01

             Issued:  8,859,155 shares                                                     88,588

             Additional paid-in capital                                                 1,918,366

             Deficit                                                                   (2,360,783)
                                                                                      -----------
                                                                                         (353,829)
                                                                                      -----------
                                                                                      $    75,290
                                                                                      ===========
</TABLE>


                                       1
<PAGE>   4
                           UNITED TRANS-WESTERNS, INC.
                CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT
                     FOR THE SIX MONTHS ENDED JUNE 30, 1998
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                  6 MONTHS              6 MONTHS              3 MONTHS              3 MONTHS
                                                     1998                  1997                  1998                  1997
                                                 -----------           -----------           -----------           -----------
<S>                                              <C>                   <C>                   <C>                   <C>      


REVENUE                                          $      --             $      --             $      --             $      --
                                                 ---------------------------------           ---------------------------------

OPERATING COSTS AND EXPENSES

             General and administrative               41,641               187,017                24,799               126,899
                                                 ---------------------------------           ---------------------------------

INCOME (LOSS) FROM OPERATIONS                        (41,641)             (187,017)              (24,799)             (126,899)

NON-OPERATING INCOME AND EXPENSE

             Interest                                   --                    --                    --                    --
                                                 ---------------------------------           ---------------------------------

NET INCOME (LOSS)                                $   (41,641)          $  (187,017)          $   (24,799)          $  (126,899)
                                                 =================================           =================================

NET INCOME (LOSS) PER COMMON
SHARE                                            $      --             $      --             $      --             $      --
                                                 =================================           =================================


WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING                          8,859,155             8,859,155             8,859,155             8,859,155
                                                 =================================           =================================
</TABLE>


                                       2
<PAGE>   5
                           UNITED TRANS-WESTERN, INC.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                     FOR THE SIX MONTHS ENDED JUNE 30, 1998
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                         6 MONTHS              6 MONTHS
                                                           1998                  1997
                                                       -----------           -----------
<S>                                                    <C>                   <C>         

OPERATING ACTIVITIES

             Net Loss for the Period                   $   (41,641)          $  (187,017)
             Increase (Decrease) in non-cash
                working capital items                       27,306             1,022,922

                                                       -----------           -----------
                                                           (14,335)              835,905
                                                       -----------           -----------



INVESTING ACTIVITIES

             Acquisition of rubber technology                 --              (1,000,929)
                                                       -----------           -----------


FINANCING ACTIVITIES

             Proceeds from Shareholders                     14,380               160,000
                                                       -----------           -----------

NET INCREASE (DECREASE) IN CASH                                 45                (5,024)

CASH, beginning of period                                      245                 6,400
                                                       -----------           -----------

CASH, end of period                                    $       290           $     1,376
                                                       ===========           ===========
</TABLE>


                                       3
<PAGE>   6
                           UNITED TRANS-WESTERN, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               AS AT JUNE 30, 1998


NOTE 1.  INVESTMENTS

               Rebound Rubber Corporation was a wholly-owned subsidiary of the
               Company during 1997. The sole shareholder of Rebound before the
               acquisition became an officer and director of the Company.
               Rebound acquired technology from the Guangzhou Research Institute
               for Utilization of Reclaimed Resources for the recycling and
               reactivation of used rubber. The Institute is located in the
               Peoples Republic of China and is registered there as a
               development unit for developing waste material recycling methods.
               In March, 1998, the Company returned its ownership interest in
               Rebound to the party from which it had been acquired and retained
               the right to use the reactivation process jointly with Rebound in
               the United States.


NOTE 2.  DUE TO RELATED COMPANY

               Kentucky Financial Inc. is related to an officer and director of
               the Company. Kentucky advances funds and makes payments on behalf
               of the Company from time to time. The balance owing to Kentucky
               as at June 30, 1998 was $162,616. The balance is due on demand
               without interest.


                                       4
<PAGE>   7
                           UNITED TRANS-WESTERN, INC.
                              MANAGEMENT DISCUSSION
                               AS AT JUNE 30, 1998


               The registrant has signed an agreement with Rebound Rubber
               Corporation to participate in joint ventures for the reactivation
               of crumb rubber in the United States. It is anticipated that the
               registrant will either acquire or establish shredding and
               grinding facilities and transfer raw materials to the
               reactivation joint venture at a negotiated fair market price.
               Establishment of at least one plant before the end of 1998 in the
               United States is anticipated. Equity funding will be used to
               finance these facilities.

               As reported previously, the registrant has negotiated the sale of
               its joint venture interest in resource properties in China to the
               former joint venture partner. Final documentation and approvals
               are pending. This sale releases the registrant from joint venture
               obligations to further fund the project and to pay the existing
               liabilities which have been incurred by the joint venture. In
               addition, the registrant will recover its investment in the
               project of about $135,000 from future project revenues. There is
               no indication of when revenues from the project can be expected.
               Also, the registrant has retained a .04% Overriding Royalty
               Interest in the project.

               The registrant had no gross revenue during the quarter and none
               is expected during the third quarter. Day to day operations are
               being funded by related parties.


                                       5
<PAGE>   8
UNITED TRANS-WESTERN, INC.

PART II,

OTHER INFORMATION

             Item 1      Legal Proceedings
                         none

             Item 2      Changes in Securities
                         none

             Item 3      Defaults Upon Senior Securities
                         none

             Item 4      Submission of Matters to a Vote of Security Holders
                         none

             Item 5      Other Information
                         none

             Item 6      Exhibits and Reports of Form 8-K
                         none


                                       6
<PAGE>   9
UNITED TRANS-WESTERN, INC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.



on July 13, 1998


UNITED TRANS-WESTERN, INC.


BY:          "D E Fimrite"
             ------------------------------------

             D. Elroy Firmrite
             President


BY:          "Michael C. Pinch"
             ------------------------------------

             Michael C. Pinch
             Secretary and Chief Financial Officer