<PAGE>

                    U. S. Securities and Exchange Commission
                             Washington, D. C. 20549

                                   FORM 10-QSB

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

                For the quarterly period ended June 30, 2004

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

                         Commission File No. 2-76219-NY
                    -----------------------------------------

                      VICTORY CAPITAL HOLDINGS CORPORATION
                      ------------------------------------

                   ------------------------------------------
                 (Name of Small Business Issuer in its Charter)

           NEVADA                                            87-0564472
          --------                                           ----------
(State or Other Jurisdiction of                     (I.R.S. Employer I.D. No.)
 incorporation or organization)

                       7860 Mission Center Court, Suite 100
                           San Diego, California 92108
                                -----------------
                    (Address of Principal Executive Offices)

                    Issuer's Telephone Number: (866) 570-6992

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

                      (1) Yes [X] No [ ] (2) Yes [X] No [ ]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

                                 Not applicable.

                      APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date:

                                 September 7, 2004

                   61,866,925 (40,666,667 is held in Treasury)
                                   21,200,258
                                   ----------



<PAGE>

PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements.

              VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)

                        CONSOLIDATED FINANCIAL STATEMENTS

                       JUNE 30, 2004 AND DECEMBER 31, 2003



<PAGE>
<TABLE>

                VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                            (A Development Stage Company)
                             Consolidated Balance Sheets
<CAPTION>

                                       ASSETS

                                                           June 30,     December 31,
                                                             2004            2003
                                                         ------------   ------------
                                                         (Unaudited)
<S>                                                      <C>            <C>
CURRENT ASSETS

   Cash                                                  $        --    $        --
                                                         ------------   ------------

     Total Current Assets                                         --             --
                                                         ------------   ------------

FIXED ASSETS, NET                                              2,153            520
                                                         ------------   ------------

     TOTAL ASSETS                                        $     2,153    $       520
                                                         ============   ============

                   LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

   Accounts payable                                      $    32,283    $    28,472
   Accounts payable - related party                           73,158         42,604
   Accrued payroll and payroll taxes                         137,792        111,956
                                                         ------------   ------------

     Total Liabilities                                       243,233        183,032
                                                         ------------   ------------

STOCKHOLDERS' EQUITY (DEFICIT)

   Common stock authorized 100,000,000 shares at
    $0.001 par value; 21,200,258 and 16,120,258 shares
    issued and outstanding, respectively                      21,200         16,120
   Additional paid-in capital                              1,765,363        617,493
   Deficit accumulated during the development stage       (2,027,643)      (816,125)
                                                         ------------   ------------

     Total Stockholders' Equity (Deficit)                   (241,080)      (182,512)
                                                         ------------   ------------

     TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIT)                                  $     2,153    $       520
                                                         ============   ============

 The accompanying notes are an integral part of these consolidated financial statements

                                          2
</TABLE>



<PAGE>
<TABLE>

                            VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                                        (A Development Stage Company)
                                    Consolidated Statements of Operations
                                                 (Unaudited)
<CAPTION>

                                                                                                    From
                                                                                                Inception on
                                           For the                         For the                January 7,
                                      Three Months Ended          For the Six Months Ended           1982
                                           June 30,                        June 30,                Through
                                -----------------------------   -----------------------------     June 30,
                                    2004            2003            2004             2003            2004
                                -------------   -------------   -------------   -------------   -------------

<S>                             <C>             <C>             <C>             <C>             <C>
REVENUES                        $         --    $         --    $         --    $         --    $         --
                                -------------   -------------   -------------   -------------   -------------

EXPENSES

   Consulting expense                     --         327,332         965,450         327,332       1,358,482
   Salaries and wages                     --          20,000         144,000          20,000         248,000
   General and administrative         41,517          32,599          53,705          38,374         366,898
                                -------------   -------------   -------------   -------------   -------------

     Total Expenses                   41,517         379,931       1,163,155         385,706       1,973,380
                                -------------   -------------   -------------   -------------   -------------

LOSS FROM OPERATIONS                 (41,517)       (379,931)     (1,163,155)       (385,706)     (1,973,380)

OTHER INCOME (EXPENSE)

   Loss on extinguishment
     of debt                              --              --         (48,363)             --         (48,363)
   Interest expense                       --              --              --          (1,900)         (5,900)
                                -------------   -------------   -------------   -------------   -------------

   Total Other Income                     --              --         (48,363)             --         (54,263)
                                -------------   -------------   -------------   -------------   -------------

NET LOSS                        $    (41,517)   $   (379,931)   $ (1,211,518)   $   (387,606)   $ (2,027,643)
                                =============   =============   =============   =============   =============

BASIC LOSS PER SHARE
 OF COMMON STOCK                $      (0.00)   $      (0.03)   $      (0.06)   $      (0.05)
                                =============   =============   =============   =============

WEIGHTED AVERAGE
 NUMBER OF SHARES
 OUTSTANDING                      21,200,258      11,890,279      19,387,291       7,280,910
                                =============   =============   =============   =============

            The accompanying notes are an integral part of these consolidated financial statements

                                                      3

</TABLE>


<PAGE>
<TABLE>

               VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                           (A Development Stage Company)
             Consolidated Statements of Stockholders' Equity (Deficit)
<CAPTION>

                                                                         Deficit
                                                                        Accumulated
                                      Common Stock         Additional    During the
                               -------------------------     Paid-in    Development
                                  Shares        Amount       Capital       Stage
                               -----------   -----------   -----------  -----------
<S>                            <C>           <C>           <C>          <C>
Balance, January 7, 1982               --    $       --    $       --   $       --

Common stock issued for cash
 at $7.50 per share                 6,000             6        45,000           --

Common stock issued for cash
 at $0.39 per share               168,503           169        65,819           --

Net loss from inception on
 January 7, 1982 through
 December 31, 1982                     --            --            --      (39,597)
                               -----------   -----------   -----------  -----------

Balance, December 31, 1982        174,503           175       110,819      (39,597)

Net loss for the year ended
 December 31, 1983                     --            --            --      (71,397)
                               -----------   -----------   -----------  -----------

Balance, December 31, 1983        174,503           175       110,819     (110,994)

Common stock issued for cash
 at $25.00 per share                   57            --         1,425           --

Common stock issued for cash
 at $25.00 per share                    3            --            75           --

Common stock issued for cash
 at $0.25 per share             1,580,000         1,580        38,373           --

Net loss for the year ended
 December 31, 1984                     --            --            --           --
                               -----------   -----------   -----------  -----------

Balance, December 31, 1984      1,754,563         1,755       150,692     (110,994)

Retired common stock,          (1,296,132)       (1,297)           --           --

Net loss for the year ended
 December 31, 1985                     --            --            --           --
                               -----------   -----------   -----------  -----------

Balance, December 31, 1985        458,431           458       150,692     (110,994)

Net loss for the year ended
 December 31, 1986                     --            --            --           --
                               -----------   -----------   -----------  -----------

Balance, December 31, 1986        458,431           458       150,692     (110,994)

Net loss for the year ended
 December 31, 1987                     --            --            --           --
                               -----------   -----------   -----------  -----------

Balance, December 31, 1987        458,431    $      458    $  150,692   $ (110,994)
                               -----------   -----------   -----------  -----------

 The accompanying notes are an integral part of these consolidated financial statements

                                         4



<PAGE>

                 VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                             (A Development Stage Company)
         Consolidated Statements of Stockholders' Equity (Deficit) (Continued)

                                                                            Deficit
                                                                           Accumulated
                                         Common Stock         Additional    During the
                                  -------------------------     Paid-in    Development
                                     Shares        Amount       Capital       Stage
                                   -----------   -----------   -----------  -----------

Balance, December 31, 1987           458,431    $      458    $  150,692   $ (110,994)

Net loss for the year ended
 December 31, 1988                        --            --            --           --
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1988           458,431           458       150,692     (110,994)

Net loss for the year ended
 December 31, 1989                        --            --            --           --
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1989           458,431           458       150,692     (110,994)

Net loss for the year ended
 December 31, 1990                        --            --            --           --
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1990           458,431           458       150,692     (110,994)

Net loss for the year ended
 December 31, 1991                        --            --            --           --
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1991           458,431           458       150,692     (110,994)

Net loss for the year ended
 December 31, 1992                        --            --            --           --
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1992           458,431           458       150,692     (110,994)

Net loss for the year ended
 December 31, 1993                        --            --            --           --
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1993           458,431           458       150,692     (110,994)

Canceled common stock               (316,000)         (316)           --           --

Net loss for the year ended
 December 31, 1994                        --            --            --       (6,656)
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1994           142,431           142       150,692     (117,650)

Common stock issued for
   services at $0.001 per share    2,357,895         2,358            --           --

Net loss for the year ended
   December 31, 1995                      --            --            --      (49,097)
                                  -----------   -----------   -----------  -----------

Balance, December 31, 1995         2,500,326    $    2,500    $  150,692   $ (166,747)
                                  -----------   -----------   -----------  -----------

 The accompanying notes are an integral part of these consolidated financial statements

                                           5



<PAGE>

                   VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                               (A Development Stage Company)
           Consolidated Statements of Stockholders' Equity (Deficit) (Continued)

                                                                                 Deficit
                                                                                Accumulated
                                             Common Stock         Additional     During the
                                      -------------------------     Paid-in     Development
                                        Shares        Amount       Capital        Stage
                                      -----------   -----------   -----------   -----------

Balance, December 31, 1995             2,500,326    $    2,500    $  150,692    $ (166,747)

Common stock issued for
   services at $0.001 per share          120,000           120            --            --

Net loss for the year ended
   December 31, 1996                          --            --            --        (1,681)
                                      -----------   -----------   -----------   -----------

Balance, December 31, 1996             2,620,326         2,620       150,692      (168,428)

Net loss for the year ended
   December 31, 1997                          --            --            --        (3,517)
                                      -----------   -----------   -----------   -----------

Balance, December 31, 1997             2,620,326         2,620       150,692      (171,945)

Net loss for the year ended
   December 31, 1998                          --            --            --        (2,479)
                                      -----------   -----------   -----------   -----------

Balance, December 31, 1998             2,620,326         2,620       150,692      (174,424)

Net loss for the year ended
   December 31, 1999                          --            --            --        (6,307)
                                      -----------   -----------   -----------   -----------

Balance, December 31, 1999             2,620,326         2,620       150,692      (180,731)

Net loss for the year ended
   December 31, 2000                          --            --            --        (9,011)
                                      -----------   -----------   -----------   -----------

Balance, December 31, 2000             2,620,326         2,620       150,692      (189,742)

Net loss for the year ended
   December 31, 2001                          --            --            --       (19,461)
                                      -----------   -----------   -----------   -----------

Balance, December 31, 2001             2,620,326         2,620       150,692      (209,203)

Contributed capital for rent and
 officer compensation                         --            --         1,950            --

Net loss for the year ended
 December 31, 2002                            --            --            --       (13,960)
                                      -----------   -----------   -----------   -----------

Balance, December 31, 2002             2,620,326         2,620       152,642      (223,163)

Contributed capital for rent and
  officer compensation                        --            --           488            --

Capital contributed by shareholders
 through forgiveness of
 accounts payable and interest                --            --        77,415            --
                                      -----------   -----------   -----------   -----------

Balance forward                        2,620,326    $    2,620    $  230,545    $ (223,163)
                                      -----------   -----------   -----------   -----------

   The accompanying notes are an integral part of these consolidated financial statements

                                             6



<PAGE>

                   VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                               (A Development Stage Company)
           Consolidated Statements of Stockholders' Equity (Deficit) (Continued)

                                                                                 Deficit
                                                                               Accumulated
                                            Common Stock         Additional     During the
                                     -------------------------     Paid-in     Development
                                       Shares        Amount       Capital        Stage
                                     -----------   -----------   -----------   -----------

Balance forward                       2,620,326   $     2,620   $   230,545   $  (223,163)

Common stock issued for services
  at $0.025 per share                13,389,932        13,390       321,358            --

Common stock issued for
 services at $0.61 per share            100,000           100        60,900            --

Common stock issued for
 services at $0.47 per share             10,000            10         4,690            --

Net loss for the year ended
 December 31, 2003                           --            --            --      (592,962)
                                     -----------   -----------   -----------   -----------

Balance, December 31, 2003           16,120,258        16,120       617,493      (816,125)

Common stock issued for
  services at $0.16 per share
  (unaudited)                         1,000,000         1,000       159,000            --

Common stock issued for
  services at $0.17 per share
  (unaudited)                         1,800,000         1,800       304,200            --

Common stock issue for services
  at $0.165 per share (unaudited)       800,000           800       131,200            --

Common stock issued for
  services at $0.215 per share
  (unaudited)                            30,000            30         6,420            --

Common stock issued for debt
  at $0.45 per share (unaudited)        150,000           150        67,350            --

Common stock issued for services
  at $0.40 per share (unaudited)        300,000           300       119,700            --

Common stock issued for services
  at $0.34 per share (unaudited)        700,000           700       237,300            --

Common stock issued for services
  at $0.41 per share (unaudited)        300,000           300       122,700            --

Net loss for the three months
  ended June 30, 2004 (unaudited)            --            --            --    (1,211,518)
                                     -----------   -----------   -----------   -----------

Balance, June 30, 2004
  (unaudited)                        21,200,258    $   21,200    $ 1,765,363   $(2,027,643)
                                     ===========   ===========   ===========   ============

   The accompanying notes are an integral part of these consolidated financial statements

                                             7

</TABLE>
<PAGE>
<TABLE>

                    VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                                (A Development Stage Company)
                            Consolidated Statements of Cash Flows
                                         (Unaudited)
<CAPTION>

                                                                                    From
                                                             For the             Inception on
                                                         Six Months Ended         January 7,
                                                             June 30,            1982 Through
                                                   ---------------------------     June 30,
                                                       2004           2003           2004
                                                   ------------   ------------   ------------
<S>                                                <C>            <C>            <C>
CASH FLOWS FROM OPERATING
 ACTIVITIES:

   Net loss                                        $(1,211,518)   $  (387,606)   $(2,027,643)
   Adjustments to reconcile net loss to net cash
    used by operating activities:
     Depreciation                                           60             30            140
     Loss on extinguishment of debt                     48,363             --         48,363
     Stock issued for services                       1,085,450        327,332      1,488,436
     Contributed capital for rent and officer
      compensation                                          --            488          2,438
     Increase in accounts payable
      and accounts payable - related party              53,502         42,756        205,994
     Increase to accrued liabilities                    25,836         17,600        133,792
                                                   ------------   ------------   ------------

       Net Cash Used by Operating Activities             1,693            600       (148,480)
                                                   ------------   ------------   ------------

CASH FLOWS FROM INVESTING ACTIVITIES:

   Purchase of fixed assets                             (1,693)          (600)        (2,293)
                                                   ------------   ------------   ------------

     Net Cash Used by Investing Activities              (1,693)          (600)        (2,293)
                                                   ------------   ------------   ------------

CASH FLOWS FROM FINANCING ACTIVITIES:

   Issuance of common stock for cash                        --             --        150,773
                                                   ------------   ------------   ------------

     Net Cash Provided by Financing Activities              --             --        150,773
                                                   ------------   ------------   ------------

NET DECREASE IN CASH                                        --             --             --

CASH AT BEGINNING OF PERIOD                                 --             --             --
                                                   ------------   ------------   ------------

CASH AT END OF PERIOD                              $        --    $        --    $        --
                                                   ============   ============   ============

CASH PAID FOR:

   Interest                                        $        --    $        --    $        --
   Income taxes                                    $        --    $        --    $        --

SCHEDULE OF NON CASH
   FINANCING ACTIVITIES

   Stock issued for services                       $ 1,085,450    $   334,748    $ 1,488,436
   Contributed capital for rent and officer
     compensation                                  $        --    $       488    $     2,438
   Contributed capital by shareholders             $        --    $        --    $    77,415

    The accompanying notes are an integral part of these consolidated financial statements

                                              8

</TABLE>



<PAGE>

              VICTORY CAPITAL HOLDINGS CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                       June 30, 2004 and December 31, 2003

NOTE 1 - CONSOLIDATED FINANCIAL STATEMENTS

         The accompanying consolidated financial statements have been prepared
         by the Company without audit. In the opinion of management, all
         adjustments (which include only normal recurring adjustments) necessary
         to present fairly the financial position, results of operations and
         cash flows at June 30, 2004 and 2003 and for all periods presented have
         been made.

         Certain information and footnote disclosures normally included in
         financial statements prepared in accordance with accounting principles
         generally accepted in the United States of America have been condensed
         or omitted. It is suggested that these consolidated financial
         statements be read in conjunction with the consolidated financial
         statements and notes thereto included in the Company's December 31,
         2003 audited consolidated financial statements. The results of
         operations for the period ended June 30, 2004 is not necessarily
         indicative of the operating results for the full year.

NOTE 2 - GOING CONCERN

         The Company's consolidated financial statements are prepared using
         accounting principles generally accepted in the United States of
         America applicable to a going concern which contemplates the
         realization of assets and liquidation of liabilities in the normal
         course of business. The Company has not yet established an ongoing
         source of revenues sufficient to cover its operating costs and allow it
         to continue as a going concern. The ability of the Company to continue
         as a going concern is dependent on the Company obtaining adequate
         capital to fund operating losses until it becomes profitable. If the
         Company is unable to obtain adequate capital, it could be forced to
         cease operations.

         In order to continue as a going concern, develop a reliable source of
         revenues, and achieve a profitable level of operations the Company will
         need, among other things, additional capital resources. Management's
         plans to continue as a going concern include seeking opportunities to
         merge with an existing operating company. In the interim, the
         shareholders of the Company will cover all operating expenses.
         Management cannot provide any assurances that the Company will be
         successful in accomplishing any of its plans.

         The ability of the Company to continue as a going concern is dependent
         upon its ability to successfully accomplish the plans described in the
         preceding paragraph and eventually secure other sources of financing
         and attain profitable operations. The accompanying consolidated
         financial statements do not include any adjustments that might be
         necessary if the Company is unable to continue as a going concern.

Item 2. Management's Discussion and Analysis or Plan of Operation.
------------------------------------------------------------------

Plan of Operation.
------------------

Our Company has launched 3 unique service products and is now managing several
marketing programs designed to increase our existing subscriber base for our
OnDemand and Global Card products. During our 2nd Quarter, OnDemand enrolled 3
nationally recognized corporate accounts, which represent a 3rd quarter rollout
of over 75,000 customers in North America. Our average Monthly Subscription
Revenue (MSR) represents $13.97 yet we anticipate increasing our MSR with the
launch of our VoIP (Voice over Internet Protocol) UnityVoice product, set to
launch 3rd Quarter. It is our goal to complete the roll-out of these corporate
customers by December 31, 2004.

Our Company's plan of operation for the next quarter is to continue executing
the business plans of our subsidiary Companies in the following sectors: (a)
Technology, (On Demand Communications Corp.)(b) Finance, (Global Card, Inc.)and
Media. Victory's business objective is to increase net operating income and net
asset value by focusing its efforts and assets in companies and industries with
high potential for growth, equity appreciation and overall return. The Company
is principally engaged in the formation of subsidiary companies to operate in
emerging markets, and incubating them from their initial stages to maturity and
independence.



<PAGE>


Item 3. Controls and Procedures.
--------------------------------

         (a) Evaluation of Disclosure Controls and Procedures

         Victory Capital Holdings Corporation's President and
Secretary/Treasurer have evaluated the company's disclosure controls and
procedures as of September 07, 2004, and they concluded that these controls and
procedures are effective.

         (b) Changes in Internal Controls

         There are no significant changes in internal controls or in other
factors that could significantly affect these controls subsequent to September
07, 2004.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.
--------------------------

         The Company was a named defendant in an unlawful detainer action filed
in Los Angeles County, California. During the 2nd Quarter the Company's legal
representation entered final settlement and the matter has been dismissed with
prejudice.

Item 2. Changes in Securities.
------------------------------

         None; not applicable.

Item 3. Defaults Upon Senior Securities.
----------------------------------------

         None; not applicable.

Item 4. Submission of Matters to a Vote of Security Holders.
------------------------------------------------------------

         None; not applicable.

Item 5. Other Information.
--------------------------

         On November 17, 2003 the Company relieved Jersey Transfer and Trust
Company of the duties as the Company's Transfer Agent and engaged Mellon
Investor Services to fill these duties and responsibilities.

         Harold Gregg, the Company's Chairman and Interim CEO, owns 0% of the
Company's common stock, is eligible under the Performance Agreement dated
January 1, 2004, which is valid through December 31, 2004, to be issued 10% of
the Company's common stock at a .10 share price. These shares will be issued in
the event that the business plan referenced above in item 2. is either met or
exceeded.

         Mr. Gregg, also serves as General Counsel for Ascot Investments, Inc.,
which holds 4.0% of the Company's common stock. In addition, Mr. Gregg serves as
General Counsel of Ascot Aviations, Inc. and CTSO, Inc., which both hold 4.0% of
the Company's common stock. Mr. Gregg currently holds a seat on the Board of
Directors of Ascot Investments, Inc. Both Ascot Aviations, Inc. and CTSO, Inc.
are portfolio holdings of Ascot Investments, Inc.



<PAGE>

Item 6. Exhibits and Reports on Form 8-K.
-----------------------------------------

         (a) Exhibits.

             None.

         (b) Reports on Form 8-K.

             None.

                                   SIGNATURES

         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 thereunto duly authorized.

                                  Victory Capital Holdings Corporation
                                  fka New Environmental Technologies Corporation

Date: 09/10/04                    By: /s/Harold Gregg
     --------------                   ------------------------------------
                                      Harold Gregg
                                      Director and CEO
                                      Secretary and Treasurer

<PAGE>
                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I, Harold Gregg, President of Victory Capital Holdings Corporation, (the
     "Registrant"), certify that:

     1.   I have reviewed this Annual Report on Form 10-QSB ("the Annual
          Report") of the Registrant;

     2.   Based on my knowledge, this Annual Report does not contain any untrue
          statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this Annual Report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this Annual Report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the Registrant as of, and for, the periods presented in
          this Annual Report;

     4.   The Registrant's other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant
          and we have:

          a)   designed such disclosure controls and procedures to ensure that
               material information relating to the Registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               Annual Report is being prepared;

          b)   evaluated the effectiveness of the Registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this Annual Report (the "Evaluation Date"); and

          c)   presented in this Annual Report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The Registrant's other certifying officer and I have disclosed, based
          on our most recent evaluation, to the Registrant's auditors and the
          audit committee of Registrant's Board of Directors (or persons
          performing the equivalent function);

          a)   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the Registrant's
               ability to record, process, summarize and report financial data
               and have identified for the Registrant's auditors any material
               weaknesses in internal controls; and

          b)   any fraud, whether or not material, that involves management or
               other employees who have a significant role in the Registrant's
               internal controls; and

     6.   The Registrant's other certifying officer and I have indicated in this
          Annual Report whether or not there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.

Dated:  September 10, 2004                   Signature: /s/ Harold Gregg
                                                        ------------------------
                                                        Harold Gregg
                                                        President



<PAGE>

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Harold Gregg, certify that:

1.       I have reviewed this quarterly report on Form 10-QSB of Victory Capital
         Holdings Corporation fka New Environmental Technologies Corporation.
         The Report fully complies with the requirements of section 13(a) or
         15(d) of the Securities Exchange Act of 1934; and

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report.

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report. Date: September 10, 2004

                                           /s/ Harold Gregg
                                           -------------------------------------
                                           Harold Gregg
                                           Chairman of the Board and Treasurer
                                           (principal executive officer)
                                           (principal financial officer