<PAGE>   1





                                                                    EXHIBIT 4.17


                                 LIMITED WAIVER
                     REGARDING DISPOSITION OF CERTAIN ASSETS


     This LIMITED WAIVER REGARDING DISPOSITION OF CERTAIN ASSETS is made and
entered into as of November 23, 1999 (this "Waiver"), among (a) ITEQ, INC., a
Delaware corporation (the "Borrower"), (b) THE GUARANTORS signatories hereto as
guarantors, (c) BANKBOSTON, N.A., a national banking association having its
principal place of business at 100 Federal Street, Boston, Massachusetts 02110
(acting in its individual capacity, "BKB"), and the other lending institutions
which become parties to the Credit Agreement defined below (together with BKB,
the "Banks"), (d) DEUTSCHE BANK AG, as documentation agent (the "Documentation
Agent"), and (e) BANKBOSTON, N.A., as agent for the Banks (acting in such
capacity, the "Agent"). Capitalized terms used herein without definition shall
have the meanings assigned to such terms in the Credit Agreement defined below.

     WHEREAS, the Borrower, the Guarantors, the Banks, the Documentation Agent
and the Agent have entered into that certain Revolving Credit Agreement, dated
as of October 28, 1997 (as heretofore amended, the "Credit Agreement"), pursuant
to which the Banks have extended credit to the Borrower on the terms set forth
therein;

     WHEREAS, ITEQ Storage Systems, Inc. ("ITEQ Storage"), a Guarantor, wishes
to sell certain goods at auction, to be conducted in one or more auction sales;

     WHEREAS, such goods consist of the field erect equipment and the remote
sales office equipment of the North-South and Union groups of ITEQ Storage, as
described on Annex A attached hereto (the "Specified Goods");

     WHEREAS, the Borrower has requested that the Banks and the Agent waive the
provisions of Section 7.4 of the Credit Agreement and other provisions of the
Loan Documents to permit such auction sales free and clear of the Agent's
security interest in the Specified Goods sold; and

     WHEREAS, the Banks and the Agent have agreed to honor such request upon the
terms and subject to the conditions contained herein;

     NOW, THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

     SECTION 1. LIMITED WAIVER. For each auction sale, the Banks and the Agent
hereby consent to the sale of Specified Goods at such auction sale and to the
release by the Agent of the Agent's security interest in such Specified Goods,
subject to the satisfaction of each of the following conditions:

<PAGE>   2
                                      -2-



          (a) such Specified Goods shall be sold only for cash paid within a
     period of 20 days (or such other period as is approved in writing by the
     Majority Banks) following the completion with such auction sale;

          (b) the net cash proceeds of such auction sale, if not paid directly
     to the Agent by the applicable purchasers, shall, upon receipt by the
     Borrower or ITEQ Storage of such net cash proceeds, be forthwith paid to
     the Agent for application to the Revolving Credit Loans;

          (c) each of the Total Commitment of $115,000,000 and the second dollar
     figure of $107,221,980.97, respectively, set forth in the first sentence of
     Section 2.1 of the Credit Agreement, shall be permanently and automatically
     reduced by an amount equal to the net cash proceeds of such auction sale,
     such reduction to be effective at the time at which such net cash proceeds
     are first received by the Borrower, ITEQ Storage or the Agent;

          (d) the Agent and its counsel shall have reviewed and shall be
     reasonably satisfied with the terms and conditions of the auction agreement
     and the auctioneer chosen for such auction sale;

          (e) unless otherwise waived in writing by the Majority Banks, after
     otherwise giving effect to this Waiver, no Default or Event of Default
     shall have occurred and shall be continuing at the time of such auction
     sale or would occur as a result thereof;

          (f) such auction sale shall have been completed by June 30, 2000 (or
     such other period as is approved in writing by the Majority Banks); and

          (g) the aggregate amount of net cash proceeds of the second and any
     subsequent auction sales, together with the aggregate amount of net cash
     proceeds from the first and any earlier auction sales, shall not be less
     than $650,000 (or such other amount as is approved in writing by the
     Majority Banks).

As used in this Section 1, the term "net cash proceeds" of an auction sale means
the gross cash proceeds of such auction sale, net of reasonable direct
transaction costs, such as auctioneer's fees, transfer taxes and professional
fees and expenses incurred on account of such auction sale.

     SECTION 2. RELEASES, ETC. Upon satisfaction of the conditions set forth in
SECTION 1 as to each auction sale, the Agent is instructed by the Banks to
provide such Uniform Commercial Code or other releases and confirmations of
releases of the Agent's security interest in the Specified Goods sold at such
auction sale as the Borrower or ITEQ Storage may reasonably request. The Agent
may provide such releases and confirmations in escrow and in advance of the
satisfaction of such conditions so long as such releases and confirmations are
not released from

<PAGE>   3
                                      -3-


the escrow until satisfaction of such conditions. The Agent shall be entitled to
assume that any factual condition set forth in SECTION 1, not evident from the
Agent's own books and records, has been met unless the officers of the Agent
active upon the Borrower's account have actual knowledge that such condition has
not been met.

     SECTION 3. CONDITIONS TO EFFECTIVENESS. This Waiver shall not become
effective until executed and delivered by the Borrower, the Guarantors, the
Banks and the Agent.

     SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS. The Borrower hereby
represents and warrants to the Banks and the Agent that (a) the Specified Goods
are no longer used or useful in the operations of the businesses of the Borrower
and its Subsidiaries as such businesses are now proposed to be conducted, and
(b) all rights of the Borrower or ITEQ Storage under any auction agreement for
the auction of any Specified Goods, or under any purchase and sale agreement
arising out of the auction sale of any Specified Goods, constitute Collateral in
which the Agent has, for the benefit of the Banks and the Agent, a prior
perfected security interest to secure the payment and performance of the
Obligations. The Borrower covenants that, at no time prior to completion of the
auction sale for any Specified Goods, will the Borrower cause or permit such
Specified Goods to be located in a jurisdiction in which the Agent has not filed
Uniform Commercial Code financing statements perfecting the Agent's security
interest in such Specified Goods without providing at least 30 days' prior
written notice to the Agent.

     SECTION 5. RATIFICATION, ETC. This Waiver is limited solely to the auction
sales of the Specified Goods upon the terms and subject to the conditions
contained herein. Except as expressly modified hereby, the Credit Agreement, the
other Loan Documents and all documents, instruments and agreements related
thereto are hereby ratified and confirmed in all respects and shall continue in
full force and effect. This Waiver is a Loan Document.

     SECTION 6. COUNTERPARTS. This Waiver may be executed in any number of
counterparts, which together shall constitute one instrument.

     SECTION 7. GOVERNING LAW. THIS WAIVER SHALL BE A CONTRACT UNDER THE LAWS OF
THE COMMONWEALTH OF MASSACHUSETTS, SHALL FOR ALL PURPOSES BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF SAID JURISDICTION, WITHOUT
REFERENCE TO CONFLICTS OF LAW, AND IS INTENDED TO TAKE EFFECT AS A SEALED
INSTRUMENT.


<PAGE>   4









     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as an
instrument under seal to be effective as of the date first above written.

THE BORROWER:

ITEQ, INC.


By: /s/ WILLIAM P. REID
  ---------------------------------
  Name:  William P. Reid
  Title: President



<PAGE>   5



THE GUARANTORS:

ITEQ MANAGEMENT COMPANY
EXELL, INC. (a Delaware corporation which is
 successor by merger to EXELL. INC., a Texas
 corporation)
ITEQ TANK SERVICES, INC. (successor by
   merger to HMT TANK SERVICE, INC.)
RELIABLE STEEL, INC.
AIR-CURE DYNAMICS, INC.
AMEREX INDUSTRIES, INC.
OHMSTEDE, INC.
INTEREL ENVIRONMENTAL
 TECHNOLOGIES, INC.
ALLIED INDUSTRIES, INC.
ITEQ CONSTRUCTION SERVICES, INC.
 (f/k/a HMT CONSTRUCTION SERVICES,
 INC.)
ITEQ INTELLECTUAL PROPERTIES, INC.
 (f/x/a AIX INTELLECTUAL PROPERTIES,
 INC.)
ITEQ INVESTMENTS, INC. (f/k/a
 ASTROTECH INVESTMENTS, INC.)
TEXOMA TANK COMPANY, INC.
ITEQ STORAGE SYSTEMS, INC. (f/k/a
 BROWN-MINNEAPOLIS TANK &
 FABRICATING CO., successor by merger to
 HMT, INC., HMT SENTRY SYSTEMS, INC.
 and TRUSCO TANK, INC.)
GRAVER MANUFACTURING CO., INC.
 (f/k/a GRAVER HOLDING COMPANY,
 successor by merger to GRAVER TANK &
 MFG. CO., INC., GRAVER TANK
 INTERNATIONAL, INC., GRAVER POWER,
 INC., and GRAVER TANK & VESSEL, INC.)
G.L.M. ACQUISITION, L.L.C.



 By: /s/ WILLIAM P. REID
   ---------------------------------
   Name:  William P. Reid
   Title: President


<PAGE>   6



THE LENDERS:

BANKBOSTON, N.A.,
 individually and as Agent


By:/s/ VIRGINIA DENNETT
  ---------------------------------
  Name:  Virginia Dennett
  Title: Vice President



DEUTSCHE BANK AG,
 individually and as Documentation Agent


By:/s/ MARGARET S. CHEEVER
  ---------------------------------
  Name:  Margaret S. Cheever
  Title: Managing Director


By: /s/ PAUL HATFIELD
  ---------------------------------
  Name:  Paul Hatfield
  Title: Vice President



BANK OF SCOTLAND


By: /s/ ANNIE GLYNN
  ---------------------------------
  Name:  Annie Glynn
  Title: Senior Vice President



BANK ONE, TEXAS, N.A.


By: /s/ BRADLEY C. PETERS
  ---------------------------------
  Name:  Bradley C. Peter
  Title: Vice President



<PAGE>   7



PARIBAS (f/k/a Banque Paribas)


By: /s/ SCOTT CLINGAN
  ---------------------------------
  Name:  Scott Clingan
  Title: Director


By: /s/ LARRY ROBINSON
  ---------------------------------
  Name:  Larry Robinson
  Title: Vice President

COMERICA BANK


By: /s/ MARK B. GROVER
  ---------------------------------
  Name:  Mark B. Grover
  Title: Vice President

THE FUJI BANK, LIMITED


By: /s/ RAYMOND VENTURA
  ---------------------------------
  Name:  Raymond Ventura
  Title: Vice President & Manager

HIBERNIA NATIONAL BANK


By: /s/ CHRISTOPHER PITRE
  ---------------------------------
  Name:  Christopher Pitre
  Title: Vice President

BANK OF AMERICA, N.A., (f/k/a NationsBank, N.A.)


By: /s/ WILLIAM E. LIVINGSTONE, IV
  ---------------------------------
  Name:  William E. Livingstone, IV
  Title: Managing Director

UNION BANK OF CALIFORNIA, N.A.


By: /s/ EMILY DENNY MCKNIGHT
  ---------------------------------
  Name:  Emily Denny McKnight
  Title: Vice President



<PAGE>   8



CHASE BANK TEXAS, NATIONAL ASSOCIATION (f/k/a Texas Commerce Bank, N.A.)


By: /s/ BRUCE A. SHILCUTT
  ---------------------------------
  Name:  Bruce A. Shilcutt
  Title: Vice President



<PAGE>   9



                                     Annex A

                                 SPECIFIED GOODS


<PAGE>   10
November 9, 1999                                                         PAGE: 1

                              UNION ASSET LISTING


                    Accumulated Depreciation Thru: 10/31/99

<TABLE>
<CAPTION>
Co. asset                                                            Act.      Acquired     Acquired     Accumulated
no          Description                           Serial Number      Code      Date         Value        Depreciation   Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   ------------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>

Class       E

GRA001      GENERATOR (2) 6VF173230.242                               A       04/01/96     35,000.00    24,694.44      10,305.56
GRA004      DIESEL GENERATOR (STEWART & STEV)                         A       04/01/96     12,000.00     8,466.67       3,533.33
GRA010      REPR MIXER                                                A       04/01/96      2,000.00     1,411.11         588.89
GRA013      MANTIS 3612                                               A       04/01/96    140,000.00    70,777.78      69,222.22
GRA014      WELDING MACHINE - JOB 410320                              A       04/01/96      6,000.00     4,233.33       1,766.67
GRA015      LINCOLN K0227 W. ATTCH.                                   A       04/01/96      2,500.00     1,763.89         736.11
GRA016      CUMMINS REPAIR                                            A       04/01/96      4,000.00     2,822.22       1,177.78
GRA020      REBUILD WORK FLAT - CHIMNEY WK                            A       04/01/96     75,000.00    37,916.68      37,083.32
GRA021      DERRICK ENHANCEMENT - CHIMNEY                             A       04/01/96     75,000.00    37,916.68      37,083.32
GRA022      CATHEAD                                                   A       04/01/96     15,000.00     7,583.34       7,416.66
GRA002      12 MILLER 400 AMO WELD MACH                               A       01/01/98     12,000.00     8,466.67       3,533.33
GRA003      DIESEL GENERATOR (STEWART & STEV)                         A       04/01/96     12,000.00     8,466.67       3,533.33
GRA005      WELDING MACHINE (8)                                       A       04/01/96     12,500.00     8,819.44       3,680.56
GRA006      AIR COMPRESSOR(2)                                         A       04/01/96     12,000.00     8,466.67       3,533.33
GRA008      MILLER WELDING MACHINE (8)                                A       04/01/96     45,000.00    31,750.00      13,250.00
   009      POWER CLIMBER (2)                                         A       04/01/96      6,000.00     4,233.33       1,766.67
GRA011      TRIPOD MILLER #51                                         A       04/01/96      2,000.00     1,411.11         588.89
GRA012      UNIT #1 GUNITE RIG REPR                                   A       04/01/96      2,000.00     1,411.11         588.89
GRA017      REFIT WHEELABRATOR MACHINE                                A       04/01/96     75,000.00    52,916.67      22,083.33
GRA018      REP OIL COOLUER-SULLR MOD 20-125                          A       04/01/96        500.00       352.78         147.22
            (SN23504)
GRA019      STAK PAK PLASMA UNITS (5)                                 A       04/01/96     12,000.00     8,466.67       3,533.33
GRA023      MANTIC CRANE # 105237                                     A       07/01/96    196,376.00    92,265.57     104,110.43
GRA024      MANTIS REPR 3612                                          A       08/01/96      8,478.00     5,416.50       3,061.50
GRA025      MANTIS REPR 3612                                          A       09/01/96      6,956.00     4,328.17       2,627.83

Class       E
SubTotal
                                                                                          769,310.00   434,357.50     334,952.50
Grand Total:                                                                              769,310.00   434,357.50     334.952.50
                                                                                          ==========   ==========     ==========
</TABLE>


<PAGE>   11

November 9, 1999                                                         PAGE: 1


                           NORTH/SOUTH ASSET LISTING

                     Accumulated Depreciation Thru: 10/31/99


<TABLE>
<CAPTION>
Co. asset                                                          Act.   Acquired       Acquired     Accumulated
no           Description                          Serial Number    Code   Date             Value      Description   Current NBV
----------   ------------------------------       --------------   ----   --------       --------     -----------   -----------
<S>          <C>                                 <C>               <C>    <C>            <C>          <C>           <C>
Class        A
             MACK MODEL R600                       R685ST77213       A    07/01/84        2,500.00      2,447.91        52.09

Class        A
SubTotal:
                                                                                          2,500.00      2,447.91        52.09

Class        D
CEA644       GATEWAY2000 P5-90 PC                  GDBPENT090PI      A    01/25/95        3,524.09      2,408.14     1,115.95
FF6718       CAD SYSTEM                            4704AJ2B1086      A    05/01/87        7,260.00      6,292.00       968.00
FF6729       CAD STATION                           4740AJ2B0514      A    12/01/87        3,440.00      2,981.31       458.69
443          ALTIMA COMPUTER W/40MB                94500984          A    03/30/90        1,145.00        992.31       152.69
444          EXPESS 386 PORT COMPUTER              WT102675          A    04/10/90        1,875.00      1,625.00       250.00
CEA469       PORT COMPAQ W/10MB HD                 1510060591        A    09/18/90          230.00        199.32        30.68
CEA454       GENICOM 4440 PRINTER                  9018579510        A    06/29/90        3,230.00      2,799.32       430.68
CEA482       CAD SYSTEM 386 33MHZ TOW              T011958           A    02/12/91        1,785.00      1,547.00       238.00
CEA482       CAD SYSTEM 386 33MHZ TOW              T014315           A    02/12/91        1,785.00      1,547.00       238.00
CEA482       PLOTTERS FOR CAD SYSTEM               2938A15263        A    02/20/91          710.00        615.32        94.68
CEA482       PLOTTERS FOR CAD SYSTEM               2938A15270        A    02/20/91          710.00        615.32        94.68
CEA541       PLOTTER                               3005L40174        A    04/10/92          610.00        528.68        81.32
CEA541       EPRESS 486 CAD STATION                T032468           A    04/10/92        1,155.00      1,001.00       154.00
CEA541       EPRESS 486 CAD STATION                T032672           A    04/10/92        1,155.00      1,001.00       154.00
CEA541       EPRESS 486 CAD STATION                T032671           A    04/10/92        1,155.00      1,001.00       154.00
CEA541       EPRESS 486 CAD STATION                T032669           A    04/10/92        1,155.00      1,001.00       154.00
CEA541       EPRESS 486 CAD STATION                T032670           A    04/10/92        1,155.00      1,001.00       154.00
CEA551       NEC LASER PRINTER                     292516930         A    04/09/92          705.00        611.00        94.00
CEA598       EXPRESS 486-33DX                      54439             A    02/01/93        1,080.00        936.00       144.00
CEA616       486-33 COMPUTER                       93151130          A    12/06/93        2,126.57      1,843.02       283.55
CEA621       486-33 COMPUTER                       93219653          A    12/01/93        1,665.66      1,443.56       222.10
CEA622       486-33 COMPUTER                       93328763          A    12/01/93        1,665.66      1,443.56       222.10
CEA628       386 NOTEBOOK COMPUTER                 002428            A    12/14/93          878.63        761.48       117.15
CEA625       486DX-33MHZ PERS COMPUTER             93244835          A    01/28/94        2,350.22      2,036.85       313.37
CEA633       486DX2-66MHZ                          107205            A    08/20/94        2,442.79      1,872.79       570.00
CEA673       486DX2-66 COMPUTER                    N159028033        A    06/16/95        2,205.18      1,323.10       882.08
CEA672       SWITCH BOX.CARTRIDGE.TRAY                               A    09/19/95        1,293.16        711.23       581.93
CEA681       LAPTOP COMPUTER                       5704797UN         A    08/05/95        3,439.12      2,006.16     1,432.96
CEA683       COMPUTER W/DIGITIZER                  LTNM50812461      A    09/29/95        4,578.20      2,518.00     2,060.20
CEA699       CABLEING - COMPUTER NETWORK PHONES                      A    02/14/96       41,028.15     19,830.27    21,197.88
CEA699       CABLEING - COMPUTER NETWORK                             A    04/09/96        1,574.31        708.42       865.89
CEA699       WAN SETUP                                               A    05/02/96        2,014.00        872.74     1,141.26
CEA699       PC WORK STATIONS                                        A    03/15/96        2,284.05      1,065.89     1,218.16
CEA699       PC WORK STATIONS                                        A    03/15/96        2,284.05      1,065.89     1,218.16
CEA699       PC WORK STATIONS                                        A    11/22/95        2,753.78      1,422.80     1,330.98
CEA699       PC WORK STATIONS                                        A    11/22/95        2,753.78      1,422.80     1,330.98
CEA699       PC WORK STATIONS                                        A    11/22/95        2,753.78      1,422.80     1,330.98
CEA699       PC WORK STATIONS                                        A    11/22/95        2,753.78      1,422.80     1,330.98
</TABLE>


<PAGE>   12
November 9, 1999                                                        PAGE: 2

                           NORTH/SOUTH ASSET LISTING

                    Accumulated Depreciation Thru: 10/31/99

<TABLE>
<CAPTION>
Co. asset                                                            Act.      Acquired     Acquired     Accumulated
no          Description                           Serial Number      Code      Date         Value        Depreciation   Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>


CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      PC WORK STATIONS                                          A       11/22/95      2,753.78     1,422.80       1,330.98
CEA699      WINBOOKS                                                  A       01/12/96      4,040.05     2,020.04       2,020.01
            IBM Think Pad PC                                          A       11/01/99      2,450.67         0.00       2,450.67
            IBM Think Pad PC                                          A       11/01/99      2,450.67         0.00       2,450.67
            IBM Think Pad PC                                          A       11/01/99      2,450.66         0.00       2,450.66
            Computer Parts                                            A       11/01/99      2,516.00         0.00       2,516.00
            HP 9816 COMPUTER                      2346A14177          A       05/01/84      4,140.00     3,680.00         460.00
            CALCOMP 1200ES LASER PRINTER          9511642009          A       04/18/95      4,693.01     3,076.53       1,616.48
            WAN SETUP                                                 A       02/02/96     69,939.50    27,698.26      42,241.24
            COMPAQ SERVER                                             A       01/17/96     23,315.07    11,787.06      11,528.01
            5SI MX PRINTER                                            A       12/26/95      4,407.81     2,301.84       2,105.97
            5SI MX PRINTER W/DUPLEXING UNIT                           A       01/09/96      5,101.33     2,664.03       2,437.30
            HP 1600C PRINTER                                          A       01/30/96      1,467.66       741.97         725.69
            HP 1600C PRINTER                                          A       01/30/96      1,435.75       725.85         709.90
            PC WORK STATIONS                      A945289             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      CUE20012711         A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A940343             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      NEC5704797VN        A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A940539             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A945242             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                                          A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A940305             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                                          A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A945185             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A958942             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A959025             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A940510             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A960715             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A922278             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A940681             A       11/22/95      2,753.78     1,484.00       1,269.79
            PC WORK STATIONS                      A940304             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      CUE20012715         A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A960666             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      A940662             A       11/22/95      2,753.78     1,483.99       1,269.79
            PC WORK STATIONS                      N159028033          A       11/22/95      2,753.78     1,483.99       1,269.79
</TABLE>
<PAGE>   13

November 9, 1999              NORTH/SOUTH ASSET LISTING                 Page: 3

                   Accumulated Depreciation Thru:   10/31/99


<TABLE>
<CAPTION>
Co asset                                                              Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation   Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   ------------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>

            PC WORK STATIONS                      A945079             A       11/22/95     2,753.79      1,484.00       1,269.79

            PC WORK STATIONS                      A979360             A       11/22/95     2,753.79      1,484.00       1,269.79

            PC WORK STATIONS                      A939993             A       11/22/95     2,753.79      1,484.00       1,269.79

            PC WORK STATIONS                      CUE20012712         A       11/22/95     2,753.79      1,484.00       1,269.79

            WINBOOKS                              FKG31AW5485 063     A       01/12/96     4,040.05      2,109.81       1,930.24

            WINBOOKS                              FKG31AW3525 391     A       01/12/96     4,040.05      2,109.81       1,930.24

            PC WORK STATIONS                      A940673             A       02/23/96     2,230.20      1,090.32       1,139.88

            PC WORK STATIONS                      A940409             A       02/23/96     2,230.20      1,090.32       1,139.88

            ADDITIONAL HARD DRIVE-EGAN                                A       11/15/96     1,427.21        507.46         919.75

            SERVER

            COMPAQ 4.3 GB                                             A       12/13/96     1,321.65        447.89         873.76

            ADDITIONAL SERVER MEMORY                                  A       02/17/97     1,059.35        306.03         753.32

            ENGINEERING WORKSTATION-COMPAQ        6649bbq1p197        A       03/17/97     3,417.14        987.18       2,429.96
            W/17 IN MONITOR

            ENGINEERING WORKSTATION-COMPAQ        6649bbq1p197        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6649bbq1p197        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6650bbq1p964        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6649bbq1p197        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6649bbq1p197        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6638bbq2q820        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6649bbq1p191        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6649bbq1p184        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ       6649bbq1p185        A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            ENGINEERING WORKSTATIONS COMPAQ                           A       03/17/97     3,417.15        930.23       2,486.92
            W/17 IN MONITOR

            Todd O'Donnell Computer                                   A       11/01/99     3,740.09          0.00       3,740.09


Class       D
Sub Total:                                                                               401,930.71    199,294.18     202,636.53


Class       F

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13

            Lincoln Welder DC600                                      A       11/01/99     3,923.13          0.00       3,923.13
</TABLE>
<PAGE>   14

November 9, 1999              NORTH/SOUTH ASSET LISTING                 Page: 4

                     Accumulated Depreciation Thru:


<TABLE>
<CAPTION>
Co aset                                                               Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation    Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>
            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            DC600 Welder                              U1980314966      A       11/01/99     2,613.00             0.00      2,613.00

            DC600 Welder                              U1970407521      A       11/01/99     2,613.00             0.00      2,613.00

            DC600 Welder                              U1980408675      A       11/01/99     2,613.00             0.00      2,613.00

            DC600 Welder                              U1980408633      A       11/01/99     2,613.00             0.00      2,613.00

            Lincoln Welder DC600                                       A       11/01/99     3,923.25             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            DC 600 Welder                             U1980408670      A       11/01/99     2,613.25             0.00      2,613.25

            DC 600 Welder                             U1980215499      A       11/01/99     2,613.00             0.00      2,613.00

            DC 600 Welder                             U1980215497      A       11/01/99     2,613.00             0.00      2,613.00

            DC 600 Welder                             U1980408669      A       11/01/99     2,613.00             0.00      2,613.00

            DC 600 Welder                             U1980215496      A       11/01/99     2,613.00             0.00      2,613.00

            DC 600 Welder                             U1930408650      A       11/01/99     2,613.00             0.00      2,613.00

            Spreader Bar                                               A       11/01/99     2,304.00             0.00      2,304.00

            Spreader Bar                                               A       11/01/99     2,304.00             0.00      2,304.00

            Spreader Bar                                               A       11/01/99     2,304.00             0.00      2,304.00

            Spreader Bar                                               A       11/01/99     2,064.00             0.00      2,064.00

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13
</TABLE>
<PAGE>   15



November 9, 1999              NORTH/SOUTH ASSET LISTING                 Page: 5

                            Accumulated Depreciation Thru:


<TABLE>
<CAPTION>
Co asset                                                              Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation    Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,923.13             0.00      3,923.13

            Lincoln Welder DC600                                       A       11/01/99     3,925.94             0.00      3,925.94

            Field Office Van                                           A       11/01/99    49,961.00             0.00     49,961.00

            Corner Weld Tracker LN9 Wire Feeder                        A       11/01/99     4,858.90             0.00      4,858.90

            Field Erection Van Unit                                    A       11/01/99    35,612.73             0.00     35,612.73

            Field Crew Van                                             A       11/01/99     3,002.30             0.00      3,002.30

            Wire Feed Welders LN9                                      A       11/01/99    13,070.38             0.00     13,070.38

            Vertical Weld Buggies                                      A       11/01/99    82,541.96             0.00     82,541.96

            Field Equipment AFE#99 FET 01                              A       11/01/99    53,868.00             0.00     53,868.00

            Auto Girth Welders                                         A       11/01/99    56,660.41             0.00     56,660.41

            Floor Welders                                              A       11/01/99     5,379.00             0.00      5,379.00

            WELDING CAGES                                              A       06/01/75       800.00           535.87        264.13

            WELDING CAGE                                               A       06/01/75       800.00           535.87        264.13

            4-WELDING CAGES WINDGIRDE                                  A       02/01/75     3,400.00         2,277.47      1,122.53

            JIGS & FIXTURES LIFT-ROOF                                  A       01/01/75       500.00           334.92        165.08

            WELDING CAGE                                               A       06/01/75       800.00           535.87        264.13

            WELDING CAGE                                               A       06/01/75       800.00           535.87        264.13

            WELDING CAGE                                               A       06/01/75       800.00           535.87        264.13

            WELDING CAGE WINDGIRDER                                    A       01/01/75       500.00           334.92        165.08

            NA-3N HEAD & CONTROLS                                      A       03/28/77     1,500.00         1,004.76        495.24

            MILLER WELDER SR4-444                     HHO 29792        A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO297892        A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO297852        A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO297882        A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO29787         A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO297912        A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR-4-444                    HHO297902        A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO29786         A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO29792         A       08/01/77       700.00           468.89        231.11

            MILLER WELDER SR4-444                     HHO297892        A       08/01/77       700.00           468.89        231.11

            WELD SHAVER                               479              A       05/01/77       500.00           334.92        165.08

            2-FLAT BED TRAILERS                       F30096 F30097    A       06/01/77     3,500.00         2,344.44      1,155.56

            GRINDER                                   ABB21093         A       06/01/78       200.00           133.95         66.05

            GRINDER                                   ABB21039         A       06/01/78       200.00           133.95         66.05

            GRINDER                                   ABB21377         A       06/01/78       200.00           133.95         66.05

            GRINDER                                   ABC07194         A       06/01/78       200.00           133.95         66.05

            GRINDER                                   ABE07238         A       06/01/78       200.00           133.95         66.05

            GRINDER                                   ABE07269         A       06/01/78       200.00           133.95         66.05

            GRINDER                                   ABE09085         A       06/01/78       200.00           133.95         66.05
</TABLE>







<PAGE>   16





November 9, 1999              NORTH/SOUTH ASSET LISTING                 Page: 6

                         Accumulated Depreciation Thru:


<TABLE>
<CAPTION>
Co. asset                                                             Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation    Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>

            GRINDER                               ABE09091              A      06/01/78       200.00           133.95         66.05

            GRINDER                               ABE09079              A      06/01/78       200.00           133.95         66.05

            GRINDER INGERSOLL RAND                ABE07276              A      06/01/78       200.00           133.95         66.05

            GRINDER INGERSOLL RAND                ABO0505058A           A      06/01/78       200.00           133.95         66.05

            GRINDER INGERSOLL RAND                ABE20070              A      06/01/78       200.00           133.95         66.05

            WELD SHAVER                           473                   A      06/01/78       500.00           334.92        165.08

            AUTOMATIC VERTICAL WELDER                                   A      11/01/78    30,000.00        20,095.24      9,904.76

            LN22 SQUIRT WELDER                    59507                 A      01/01/79       500.00           334.92        165.08

            LN22 SQUIRT WELDER                                          A      01/01/79       500.00           334.92        165.08

            MIG WELDING SYSTEM-FEEDER                                   A      04/01/79     1,000.00           669.85        330.15

            MIG WELDING SYSTEM-FEEDER                                   A      04/01/79     1,000.00           669.85        330.15

            SCAFFOLD BOARDS                                             A      08/01/79     5,000.00         3,349.20      1,650.80

            STUD GUN                                                    A      03/01/80     1,700.00         1,138.74        561.26

            STORAGE CONTAINER                                           A      02/01/80     1,700.00         1,138.74        561.26

            SULLAIR 50HP AIR COMPRESS             51410                 A      09/01/80    29,800.00        19,961.27      9,838.73

            PORTA POWER JACK                                            A      09/01/80     1,000.00           669.85        330.15

            MARK IV BUG O SYSTEM                                        A      08/01/80     1,000.00           669.85        330.15

            MILLEP WELDER SR4-444                 JA441551              A      07/01/81       700.00           468.89        231.11

            MILLER WELDER SR4-444                 JB506243              A      07/01/81       700.00           468.89        231.11

            AIR TUGGER                                                  A      03/01/82     3,600.00         2,411.43      1,188.57

            BOLT TENSION CALIBRATOR               7908                  A      03/01/83       500.00           334.92        165.08

            CHAIN HOIST                           1315B108              A      07/01/84     1,200.00           803.81        396.19

            CHAIN HOIST                                                 A      07/01/84     1,200.00           803.81        396.19

            AUTO GIRTH WELDER WITH CONTROL                              A      05/01/84    14,000.00         9,377.77      4,622.23
            PANELS & MILLER RECT

            SELF PRIMING PUMP                     3-60 20/440           A      05/01/84       800.00           535.97        264.13

            MILLER WELDERS SR4-444                JE764115              A      05/01/84       700.00           468.89        231.11

            MILLER WELDERS SR4-444                JE764120              A      05/01/84       700.00           468.89        231.11

            MILLER ZIP CUT PLASMA CUT             JE828249              A      05/01/85     1,000.00           669.85        330.15

            8)ALUM SCAFFOLD 24X24                                       A      05/01/83     1,500.00         1,004.76        495.24

            SULLAIR MODEL 10-30H A/C              13202                 A      07/01/84    12,400.00         8,306.04      4,093.96

            SULLAIR MODEL 10-30H A/C              19139                 A      07/01/84    12,400.00         8,306.04      4,093.96

            SULLAIR MODEL 10-30H A/C              36098                 A      07/01/84    12,400.00         8,306.04      4,093.96

            SULLAIR MODEL 10-30H A/C              36102                 A      07/01/84    12,400.00         8,306.04      4,093.96

            SULLAIR MODEL 10-30H A/C              45955                 A      07/01/84    12,400.00         8,306.04      4,093.96

            CATERPILLAR GENERATOR 3406            90U4168               A      07/01/84    13,325.00         8,925.62      4,399.38

            CATERPILLAR GENERATOR 3406            90U8593               A      07/01/84    13,325.00         8,925.62      4,399.38

            LINCOLN POWER SOURCESA800             1668715               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A658791               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A558406               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A380556               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A649226               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A531870               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A531871               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A558370               A      07/01/84       700.00           468.89        231.11

            LINCOLN POWER SOURCESA800             A654008               A      07/01/84       700.00           468.89        231.11
</TABLE>





<PAGE>   17
November 9, 1999              NORTH/SOUTH ASSET LISTING                 Page: 7

                    Accumulated Depreciation Thru: 10/31/99


<TABLE>
<CAPTION>
Co. asset                                                             Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation    Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>


            LINCOLN POWER SOURCESA800            A372677              A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-418855            A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-405318            A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-421160            A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-421131            A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-418825            A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-421168            A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-421104            A        07/01/84        700.00          468.89        231.11

            LINCOLN 500AMP WELD MCHNE            AC-421134            A        07/01/84        700.00          468.89        231.11

            3)MILLER 750 AMP RECTIFIE            ??APPROX 1O YRS      A        02/22/89        975.00          633.09        321.91

            CAT MODEL D34006 175W GENERATOR      WO 982100            A        10/05/90     13,350.00        8,942.38      4,407.62

            PAC 5 X T PLASMA CUTTER                                   A        04/05/91      1,300.00          870.80        429.20

            REBUILD COMPRESSOR                                        A        12/01/91      6,000.00        4,019.05      1,980.95

            REBUILD GENERATOR                    90U8408              A        04/01/92     15,000.00       10,047.63      4,952.37

            SULLAIR 12-5OH AIR COMP.             003-86427            A        04/01/92     29,800.00       19,961.27      9,838.73

            SULLAIR 12-50H AIR COMP              003-86426            A        04/01/92     29,800.00       19,961.27      9,838.73

            MILLER SRH444 WELDERS                KC 172193            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172195            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172197            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172199            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172204            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172205            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172206            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172207            A        06/03/92        700.00          468.89        231.11

CEA521      MILLER SRH444 WELDERS                KC 172208            A        06/03/92        700.00          468.89        231.11

            MILLER SRH444 WELDERS                KC 172209            A        06/03/92        700.00          468.89        231.11

            AIR TUGGER                           HU 23059             A        08/14/92      3,600.00        2,411.43      1,188.57

            AUTO GIRTH WELDER                                         A        11/14/92     12,000.00        8,038.09      3,961.91

            AUTO GIRTH WELDER                                         A        11/14/92     12,000.00        8,038.09      3,961.91

            OVERHAUL GENERATOR                   90U4168              A        12/09/92     21,000.00       14,066.66      6,933.34

            SULLAIR 50HP AIR COMPRESS            12BS50HACAC 003      A        04/15/93     29,800.00       19,961.27      9,838.73

            SULLAIR 50HP AIR COMP.               12BS50HACAC 003      A        04/15/93     29,800.00       19,961.27      9,838.73

            SHELL BUGGIES                                             A        02/27/93      2,500.00        1,674.61        825.39

            SHELL BUGGIES                                             A        02/27/93      2,500.00        1,674.61        825.39

            SHELL BUGGIES                                             A        02/27/93      2,500.00        1,674.61        825.39

            SHELL BUGGIES                                             A        02/27/93      2,500.00        1,674.61        825.39

            SHELL BUGGIES                                             A        02/27/93      2,500.00        1,674.61        825.39

            PLATE BUGGIES                                             A        11/26/93      1,000.00          669.85        330.15

            PLATE BUGGIES                                             A        11/26/93      1,000.00          669.85        330.15

            PLATE BUGGIES                                             A        11/26/93      1,000.00          669.85        330.15

            PLATE BUGGIES                                             A        11/26/93      1,000.00          669.85        330.15

            PLATE BUGGIES                                             A        11/26/93      1,000.00          669.85        330.15

            NEOTRONICSS GAS MONITOR                                   A        11/26/93      1,000.00          669.85        330.15

            OXYGEN MONITOR                                            A        12/06/93      1,885.16        1,262.77        622.39

            MILLER MODEL SRH-444 ARC WELDERS                          A        03/01/94        705.00          472.24        232.76
</TABLE>



<PAGE>   18





November 9, 1999              NORTH/SOUTH ASSET LISTING                 Page: 8

                       Accumulated Depreciation Thru: 10/31/99


<TABLE>
<CAPTION>
Co asset                                                              Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation    Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>


            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            MILLER MODEL SRH-444 ARC WELDERS                          A         03/01/94       705.00          472.24        232.76

            BMT ELECTRIC DISTRIBUTION PANEL                           A         03/01/94     1,350.00          904.30        445.70
            BOARDS

            BMT ELECTRIC DISTRIBUTION PANEL                           A         03/01/94     1,350.00          904.30        445.70
            BOARDS

            BMT ELECTRIC DISTRIBUTION PANEL                           A         03/01/94     3,750.00        2,511.91      1,238.09
            BOARDS

            BMT ELECTRIC DISTRIBUTION PANEL                           A         03/01/94     3,750.00        2,511.91      1,238.09
            BOARDS
</TABLE>




<PAGE>   19
November 9, 1999              NORTH/SOUTH ASSET LISTING                 Page: 9

                     Accumulated Depreciation Thru: 10/31/99


<TABLE>
<CAPTION>
Co. asset                                                             Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation    Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>

           BMT ELECTRIC DISTRIBUTION PANEL                            A        03/01/94       3,750.00      2,511.91       1,238.09
           BOARDS

           BMT ELECTRIC DISTRIBUTION PANEL                            A        03/01/94       3,750.00      2,511.91       1,238.09
           BOARDS

           SKY CLIMBER MODEL EAGLE MANLIFTS                           A        03/01/94         900.00        602.85         297.15

           SKY CLIMBER MODEL EAGLE MANLIFTS                           A        03/01/94         900.00        602.85         297.15

           WOOD FRAME CREW VANS                                       A        03/01/94       4,600.00      3,081.27       1,518.73

           WOOD FRAME CREW VANS                                       A        03/01/94       4,600.00      3,081.27       1,518.73

           WOOD FRAME CREW VANS                                       A        03/01/94       4,600.00      3,081.27       1,518.73

           WOOD FRAME CREW VANS                                       A        03/01/94       4,600.00      3,081.27       1,518.73

           WOOD FRAME CREW VANS                                       A        03/01/94       4,600.00      3,081.27       1,518.73

           SPREADERS, AIR TUGGER, GRINDERS, ETC                       A        03/01/94      47,825.00     32,035.16      15,789.84

           OVERHAUL CAT 3406 DIESEL ENGINE IN     90U68593            A        04/05/95      12,543.21      4,982.43       7,560.78
           GENERATOR

           TEMP SEAL-FLOATNG ROOF                                     A        07/31/95        7,742.11     2,817.26       4,924.95

           REBUILD #2 GENERATOR                   90U8408             A        01/17/96       11,882.49     3,729.79       8,152.70

           WIRE FEED WELDER                                           A        06/30/96        5,389.38     1,467.11       3,922.27

           WIRE FEED WELDER                                           A        06/30/96        5,389.39     1,467.11       3,922.28

           WALK IN TOOL BOX                                           A        04/30/96        7,459.96     2,155.10       5,304.86

           REMANUFACTURE/EXCHANGE AIR                                 A        06/30/96       10,080.87     2,744.24       7,336.63
           COMPRESSOR

           PARTS/LABOR REPAIR DYNEX REGULATOR                         A        05/31/96        2,208.60       619.64       1,588.96

           REBUILD #1 GENERATOR                                       A        09/17/96        6,375.20      1,576.O8      4,799.12

           REBUILD #3 GENERATOR                                       A        07/23/96        5,127.77      1,353.16      3,774.61

           REBUILD #4 GENERATOR                   90U4168             A        10/08/96        2,553.41        631.26      1,922.15

           CATERPILLAR FORKLIFT                  3CM00594             A        01/24/97       28,177.14      6,026.79     22,150.35

           26 FOOT SPREADER BAR                                       A        10/01/97        1,882.12        277.10      1,605.02

           WIRE FEEDER POWER SOURCE                                   A        10/16/97        6,157.24        855.16      5,302.08
           W/COMPONENTS

           WIRE FEEDER POWER SOURCE                                   A        10/16/97        6,157.25        855.16     5,302.09
           W/COMPONENTS

           POWER SOURCES W-SUB ARC CONTROLS                           A        01/10/98        8,807.45      1,100.93      7,706.52
           AND COMPONENTS

           POWER SOURCES W-SUB ARC CONTROLS                           A        01/10/98        8,807.45      1,100.93      7,706.52
           AND COMPONENTS

           HYDRAULIC SHOP PRESS                                       A        06/01/78          300.00        188.81        111.19

           5 TON SPREADER BARS                                        A        07/01/81        3,300.00      2,076.91      1,223.09


Class=    F
Sub Total
                                                                                           1,259,592.70    421,307.81    838,284.89

Class=    M

           STEEL FRAME STORAGE TRAILERS                               A        03/01/94        2,165.00      1,362.57        802.43

           STEEL FRAME STORAGE TRAILERS                               A        03/01/94        2,170.00      1,365.71        804.29

           1980 CAT V180                         D3D-5209V            A        10/30/95       42,813.00     12,724.98     30,088.02

           Generator, 150KW                                           A        11/01/99       25,026.02          0.00     25,026.02

           Asset Adjustment                                           A        01/01/97          617.50        116.64        500.86

           BANDING MACHINE                                            A        08/01/82          800.00        503.49        296.51

           CHAIN SAW - STIHL                                          A        08/01/82          300.00        188.81        111.19

           PANEL BOARD W/4 PORTS                                      A        04/20/93          700.00        440.56        259.44

           STORAGE BUILDINGS                                          A        03/19/93       20,500.00     12,901.99      7,598.01

</TABLE>


<PAGE>   20
November 9, 1999              NORTH/SOUTH ASSET LISTING                Page: 10

                     Accumulated Depreciation Thru: 10/31/99


<TABLE>
<CAPTION>
Co asset                                                              Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation   Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>

            HITACHI KOKI DRILL PRESS 7/8 IN CAP.  300358               A       03/01/94      350.00            220.28        129.72

            DOALL MODEL C-8 HORIZONTAL CUTOFF     223-65123            A       03/01/94    1,800.00          1,132.86        667.14
            BAND SAW

            BENCH TYPE WELDING CABLE WINDER                            A       03/01/94      800.00            503.49        296.51

            GALVANIZED FRAME DRUM STORAGE                              A       03/01/94      400.00            251.74        148.26
            SHED 18 X 8 X 9

            SATELLITE METAL CLAD OFFICE TRAILER                        A       03/01/94      400.00            251.74        148.26

            STEEL FRAME STORAGE TRAILERS                               A       03/01/94    2,165.00          1,362.57        802.43

Class**     M

SubTotal:

                                                                                         101,006.52         33,327.43     67,679.09

Class*      O

CEA642      XEROX 5009 RE COPIER                  516849               A       01/02/95      761.24            532.88        228.36

FF 6743     SOUND SHIELD FOR PRINTER                                   A       03/01/88      225.00            195.00         30.00

FF 6747     PANASONIC TYPEWWRITER                 PJUA83ZB             A       11/01/88      320.00            160.00        160.00

FF 6749     HANGING FILE CENTER                                        A       02/01/89      200.00             99.99        100.01

CEA714      CALCOMP DRAWING PADS                                       A       01/08/96      781.61            247.50        534.11

            LATERAL FILES                                              A       07/01/76    3,285.17          1,660.83      1,624.34

            Office Furniture                                           A       11/01/99    8,038.00              0.00      8,038.00

            23-5 DRAWER DRAWING CABINE                                 A       05/01/85    2,810.00          1,420.60      1,389.40

            IBM WHEELWRITER TYPEWRITE             6032712              A       02/01/87      480.00            242.66        237.34

            BRASS/GLASS TABLE                     CAT#757 4296A        A       12/01/87       50.00             25.27         24.73

            4) CHAIRS RECEPTION AREA                                   A       12/01/87      625.00            315.98        309.02

            SECRETARIAL DESK/CREDENZA                                  A       12/01/87      690.00            348.83        341.17

            TRADE SHOW BOOTH                      10 PANEL EXHIBIT     A       01/01/88    2,650.00          1,339.72      1,310.28

            IBM WHEELWRITER                       0038424              A       08/01/88      550.00            278.05        271.95

            RECORDS RETENTION SHELVES                                  A       02/01/89      540.00            273.00        267.00

            PAPER SHREDDER                        MODEL 3801           A       03/01/89      480.00            242.66        237.34

            TRADE SHOW EXHIBIT                                         A       06/01/89    2,425.00          2,155.56        269.44

            TABLE TOP DISPLAY                                          A       09/01/89      470.00            417.76         52.24

            RENOVATE OUTLINE DISPLAY                                   A       05/31/91      710.00            631.10         78.90

            5-DRAWER FILE                         HN-685LL             A       07/30/92      255.00            128.92        126.08

            LATERAL FILES                                              A       07/01/76    3,284.83          1,660.66      1,624.17

            5 DRAWER LATERAL FILE                                      A       11/11/93      320.00            161.77        158.23

            TRADE SHOW BOOTH PANELS                                    A       12/01/93    1,690.10          1,502.31        187.79


Class**    O
SubTotal:
                                                                                          31,640.95         14,041.05     17,599.90
Class**     S

+           Solomon Accounting System (60%)                            A       10/01/99  568,000.00          9,466.66    558,533.34

390         PRESSURE VESSEL DES PROG                                   A       12/01/89      115.00             99.68         15.32

570         P O WRITER                                                 A       11/03/92      580.00            502.67         77.33

612         HAGEN SYSTEMS SOFTWARE                                     A       05/20/80    5,920.00          5,130.68        789.32

CEA623      REPERTOIRE SOFTWARE                                        A       12/02/93    2,675.00          2,318.31        356.69

            AUTOCAD UPGRADE SOFTWARE                                   A       04/10/92      180.00            160.00         20.00

            SOFTWARE                                                   A       11/22/95    8,535.21          4,599.52      3,935.69

            AUTOCAD LT                                                 A       01/17/97   14,372.77          4,391.69      9,981.08
</TABLE>
<PAGE>   21
November 9, 1999              NORTH/SOUTH ASSET LISTING                Page: 11

                     Accumulated Depreciation Thru: 10/31/99



<TABLE>
<CAPTION>
Co asset                                                              Act.     Acquired    Acquired     Accumulated
no              Description                        Serial Number      Code      Date        Value       Depreciation   Current NBV
---------   ----------------------------------    ---------------   -------   ---------   ----------    -------------   -----------
<S>         <C>                                   <C>               <C>       <C>         <C>           <C>             <C>

Class**    S
SubTotal:


Grand Total                                                                              600,377.98         26,669.21    573,708.77
                                                                                       2,397,048.86        697,087.59  1,699,961.27
                                                                                       ============        ==========  ============

</TABLE>