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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB
                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the Fiscal Year Ended December 31, 2001
                           Commission File No. 0-23761

                      ADVANCED TECHNOLOGY INDUSTRIES, INC.
                      ------------------------------------
                 (Name of small business issuer in its charter)

               Delaware                              13-4000208
               --------                              ----------
   (State or other jurisdiction of                (I.R.S. Employer
    incorporation or organization)               Identification No.)

                            Taubenstrasse 20, D-10117
                                 Berlin, Germany
                    (Address of principal executive offices)
                    Issuer's telephone number: 49 30 201-7780

Securities registered pursuant to Section 12(b) of the Act:      None

Securities registered pursuant to Section 12(g) of the Act: Common Stock
(Title of class)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes [X] ; No
[ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best or registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ ]

Issuer's revenues for its most recent fiscal year:  $ 0

At April 15, 2002 there were 23,125,052 outstanding shares of registrant's
common stock held by non-affiliates, with a market value of approximately
$29,600,066 based on a closing bid quotation on the NASD OTC Bulletin Board on
that date of $1.28 per share.

Check whether the issuer has filed all documents and reports required to be
filed by Section 12, 13 and 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Not applicable

At April 15, 2002, a total of 46,270,605 shares of registrant's common stock
were outstanding.

Transitional Small Business Disclosure Format (check one):  Yes; [ ] No [X]



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                      ADVANCED TECHNOLOGY INDUSTRIES, INC.

PART I

ITEM 1. Description of Business

BUSINESS DEVELOPMENT

         Advanced Technology Industries, Incorporated (the "Company", "we" or
"us"), was incorporated under the laws of the State of Delaware on October 25,
1995. We were organized to identify, assess, acquire and capitalize on
innovative technologies introduced and developed by scientists throughout the
world with particular emphasis on technologies originating in Israel, Russia,
Germany and the United States.

         Our principal activities include identifying, reviewing and assessing
technologies for their commercial applicability and potential. During the period
from January 1, 2001 through December 31, 2001, we engaged in the following
activities;

         Formed RESEAL, Ltd, a Delaware corp., to hold the Company's ownership
of two proprietary resealable beverage packaging products and successfully
commercialize the products, which is now 96% owned by us.

         We formed SIBCONVERS, a Russian joint-stock company, in which we now
hold a 50% ownership interest. This company will pursue programs offered by
various governmental agencies of Russia, the United States, and the European
Union for the conversion of Russian nuclear defense industries into high tech
non-defense and nuclear remediation enterprises and to re-train nuclear and
military researchers, technicians and engineers employed in these industries.
These industries are primarily located in the closed "Nuclear Cities" situated
in Siberia.

         We formed Container Engineering, a Russian joint-stock company, in
which we own 50%. This company was formed to exploit and manufacture silicon
carbide technologies developed by Russian scientists.

         We formed International Center for Advanced Technologies, a Russian
joint-stock company. The company has entered into an agreement with a Russian
company known as The Research Institute of Physics and Engineering to explore
the development of an incubator/technology park in the Russian city of
Zhelesnogorsk. The proposal is to take a portion of a large underground nuclear
complex in that city and develop it into a facility to be known as the
International Center of Advanced Technologies ("ICAT") for the conversion of
existing companies engaged in nuclear defense technologies into non-nuclear
technologies and nuclear waste remediation technologies.

         During 2001, we acquired a 29% interest in Nurescell Inc., a Nevada
corporation. On January 11, 2001 we acquired a total of 3,500,000 shares of
Nurescell Common Stock from trusts controlled by Adrian and Diana Joseph in
exchange for the issuance of 3,500,000 shares of our Common Stock and a proxy
giving voting right for the stock to Mr. Kurt Seifman for a period of six years.
On April 16, 2001 we executed an agreement with a shareholder of Nurescell,



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Inc., Glenn A. Cramer, to exchange 1,090,000 shares of our common stock for
1,090,000 shares of stock of Nurescell, Inc. The agreement also granted
piggy-back registration rights to the shareholder. This transaction was reported
on Current Form 8-K which was filed on April 30, 2001.

         We acquired the remaining 51% of ATI Nurescell AG from Nurescell Inc
and renamed the company ATI Nuklear AG. ATI Nuklear is a German company engaged
in the development of radiation shielding and nuclear waste storage and
transportation. We owned 49% of ATI Nuklear AG prior to entering into this
agreement.

         We formed the International Laboratory for Nuclear Waste Management. In
forming this lab, we entered into an agreement with the Federal Republic of
Germany nuclear research center (Forschungszentrum Juelich Institute fur
Sicherheitsforschung and Reaktortechnik) and the Institute of Physics and
Engineering of the State University of Krasnoyarsk to develop new methods or
treating, transporting and storing nuclear waste.

BUSINESS OF ISSUER

         We acquire interests in a portfolio of technologies and companies.
Daily operation of our companies in which we have stock ownership is handled
directly by each company's existing management. All acquired technologies and
companies function fully autonomous of us. When we acquire an interest in a
company, we negotiate for representation on its board of directors. Our
designated representative is responsible for monitoring all aspects of our
investment and reporting material events directly to our Board of Directors. In
instances where we own a controlling interest in a portfolio company, we have
the ability to direct the development, marketing, and commercialization of
products. However, where we own only a minority interest or do not otherwise
exercise control over a portfolio company we must rely upon and be governed by
the decisions of management of those companies concerning those matters. In
addition, where we have a non-controlling interest in a portfolio company, in
the absence of other agreements (such as revenue sharing agreements), we will
earn revenues from the portfolio company only in the form of dividends which may
be declared by the portfolio company only in the form of dividends which may be
declared by the portfolio company and the declaration of said dividends are
solely within the discretion of the Board of Directors of the portfolio company.

PORTFOLIO TECHNOLOGIES AND COMPANIES
------------------------------------

Described below are the various technologies in which we presently own an
interest.

         During April, 1999, we acquired a 20% equity interest in each of two
Israeli companies, Flexitech, Ltd. ("Flexitech") and Pirocat, Ltd. ("Pirocat").
Flexitech has developed a heating element, which can be printed on a thin film
substrate, and Pirocat has developed a technology, which allows for conversion
of plastic waste into fuel, which can be used to produce gasoline, diesel fuel,
and heating oil.

         We purchased our interest from Ofek Le-Oleh Foundation, Ltd. (the
"Foundation"), an Israeli company with the authority to manage and distribute
Israeli government funds needed to create the infrastructure for incubation
technologies, which holds the remaining 80% interest. The agreements require us
to pay $60,000 for our equity stake in each company, payable in four $15,000
tranches, all of which has been paid. Additionally, we have been granted an
option to purchase an additional 25% of the common equity of each company from



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the Foundation for a sum to be mutually determined when and if we decide to
exercise the option. These options are exercisable for a period of 90 days
commencing after the first year of the Development Period (defined in each
agreement as the period during which the Foundation or the Israeli Technology
Company is being financed by the government of Israel, and generally a period of
two years commencing as of the date of registration of the project as an Israeli
corporation). Further, we have entered into an oral agreement with the inventors
of each technology which permit us to (i) acquire from them an additional 31% of
each corporation's common equity, which verbal options are exercisable at any
time during the Development Period, each at an exercise price to be negotiated
in the future, (ii) acquire from the inventor of the technology the shares of
each company's stock which he has the option to acquire from the Foundation, and
(iii) direct the voting of the common equity in said entities owned by the
inventors of each of the technologies, giving us voting control of each of
Flexitech and Pirocat. There is no assurance that if and when such options
become exercisable we will have sufficient funds to exercise any of them.

         During the Development Period, the sale or other transfer of 25% or
more of the inventor's equity of each of Flexitech and Pirocat requires the
consent of the Chief Scientist of the Israeli Ministry of Commerce and
Technology. In the event we wish to transfer our shares in either company, we
would be required to pay to the Foundation a sum equal to 25% of the value we
receive for our shares in either company. Our options to acquire the common
equity of Flexitech and Pirocat from the respective inventors of the
technologies are exercisable within such two-year periods and any acquisition of
the common equity purchasable thereunder will, therefore, require the Chief
Scientist's consent. Although we presently expect, based upon discussions with
the Chief Scientist's office that, if requested, such consent would be given,
there is no assurance that such consent will be obtained.

         Each of Flexitech and Pirocat are required to pay the Foundation a
royalty equal to 3% of the total annual revenues generated from the technologies
or products derived therefrom for the first three years after execution of the
respective agreements governing the transfer of the technology to us. The
royalty payment increases to 4% for the next three years, and finally to 5% for
the three years thereafter until all funds invested by the Foundation in each of
Flexitech and Pirocat have been repaid.

         We have the right to appoint one director on each of Flexitech's and
Pirocat's Board of Directors, which is comprised initially of four persons: Two
directors appointed by the Foundation, a third director appointed by the
scientist, and our director. All decisions of the Board must be carried by a
majority of the directors.

A. Polymer Heating Element ("PHE") Technology.

         PHE technology allows for the application of a proprietary polymer
thick film onto a polymer, ceramic or metal surface, which, when charged with an
energy source, emits heat. The surface to which the film is applied becomes a
heating element, thereby allowing for the application of heat directly to the
surface to be heated. The more energy supplied to the polymer film, the higher
the temperature emitted. The heating element involved is highly conductive,
flexible and energy efficient. The proprietary film, which forms the basis of
the PHE technology, may be applied onto multidimensional surfaces. The
advantages of the PHE technology over other existing heat sources include its
higher heat dissipation from the unit surface on the surface to be heated, its
durability, versatility, very low thermal mass and high price competitiveness



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with similar heat technologies. The commercial applications of the PHE
technology may include consumer heating appliances, automotive industry for
heated rear view mirrors and industrial machinery requiring heating elements.

B. Organic Waste Conversion Technology.

         Organic Waste Conversion technology represents a process whereby
organic elements present primarily in plastics are converted into liquid fuel
base products, which are used to make market grade gasoline, diesel fuel and
fuel oils. The process is based on pyrolisis and catalytic cracking of the
hydrocarbons and fluidized bed technologies, which have been in use for many
years. More specifically, pyrolisis is the process of heating plastic into a
liquid. Once liquefied, plastic is subjected to catalytic cracking whereby the
plastic is broken down to elemental components, including hydrocarbons, which
comprise fuels such as gasoline. The process, when fully developed may offer oil
products that are both ecologically cleaner and more economical to produce.

EKOR COMPOUND TECHNOLOGY

         On November 30, 1999, we acquired an interest which entitles us to
receive 2% of the gross revenues generated by Eurotech (the "EKOR Compound")
from Eurotech, Ltd., a former affiliate disclosed in their entirety in our Form
10-K for the period ending December 31, 2000. EKOR Compound is a patented
silicon geo-polymer developed by scientists at the Kurchatov Institute in
Moscow, Russia, specifically designed and developed for possible containment of
ecologically hazardous radioactive materials that persist from the 1986
explosion of the Chernobyl Nuclear Power Plant Reactor 4 in Chernobyl, Ukraine.
Application of the EKOR Compound foam layer is intended to contain radioactive
dust in an enclosed area by forming a permanent barrier between the soil and the
air thus trapping the contamination. Eurotech, Ltd. has advised us that in tests
conducted at the Kurchatov Institute, the EKOR Compound has been shown to be
highly resistant to radiation and structural degradation from exposure to
radiation, and is fire-resistant, waterproof, and capable of being formulated in
densities that display considerable structural strength and weight-bearing
properties. Eurotech has stated that in high dosage radiation tests, the EKOR
compound has met or exceeded all specifications for containment materials
developed by the Chernobyl authorities. Eurotech has exclusive licensing rights
to the production and application of this compound, with the exception of the
Former Soviet Union, and is marketing it to the nuclear waste industry as a
tested material capable of containing radioactive waste for hundreds of years.
Eurotech has publicly stated that the EKOR compound has completed preliminary
field and laboratory testing and Eurotech has begun commercialization of the
product.

         Our interest in the EKOR Compound is based upon a series of agreements
between us and Eurotech. During 1996, we entered into an agreement with
Eurotech, Ltd., which entitled us to receive 50% of the net profits (after
deducting development costs and related expenses attributable to EKOR) derived
from the sale of licensing by Eurotech of the EKOR Compound.

CONSUMER PRODUCTS

         By agreement dated December 6, 1999, we acquired all of the outstanding
shares of the capital stock of Cetoni Unwelttechnologies-Entwicklungs GmbH
("Cetoni") in consideration for 5,000,000 shares of our common stock and agreed
to assume up to DM4,500,000 ($2,250,000) of Cetoni's liabilities. Cetoni is a
German based design and engineering firm focused on developing and patenting
technologies and products for the consumer market. Since 1995, Cetoni has
successfully designed and patented products for the beverage, automotive
accessory, sport, healthcare, household, office and general consumer markets.



<PAGE>

Cetoni's products are designed to fill a gap in a market where products do not
exist or to make a significant improvement over products currently serving the
target market. The markets for Cetoni's products are automotive accessory (Tool
Star, Rain Safe, Car Plus and Ring Memory), healthcare (Pharmaceutical packaging
and Table Boy), household goods (butter dish, sugar dispenser, candy dispenser,
fruit peeler and fruit peeler with tray), sports (Power Ball and Walk and Roll),
office (Desk Organizer) and general consumer markets (Light Boy, Inflatable
Umbrella, Mega Contour, Cleaning Center, Alarm Transmission System and
Multi-Table System). Cetoni markets its products by way of strategic
partnerships and through entering into global distribution agreements with major
product wholesalers. It is anticipated that Cetoni will devote the majority of
its focus during 2002 on the successful commercialization of RESEAL, Ltd.'s
products, which it developed.

RESEAL, Ltd.

         RESEAL was formed to hold the Company's ownership of two proprietary
resealable beverage packaging products, specifically a resealable aluminum
beverage can and a resealable cardboard tetra-pak package. Those products were
originally developed by Cetoni GmbH, another Company subsidiary. The main
emphasis of RESEAL over the next twelve months will be on the successful
commercialization of its beverage packaging products. Cetoni previously entered
into a marketing agreement with The Falcon Group, Ltd. ("Falcon") to provide for
the introduction of the resealable products into the European brewery market,
which RESEAL is the successor. In December 2001, we entered into an agreement
whereby we sold a 2.75% equity stake in RESEAL to an accredited investor for
$275,000. Furthermore, in January 2002, we entered into an agreement with the
same party and sold an additional 1.25% equity stake in RESEAL for $125,000. We
currently own 96% of RESEAL.

ATI Nuklear AG

         In June 2001, we acquired the remaining 51% of Nurescell AG from
Nurescell Inc and changed the name of Nurescell AG to ATI Nuklear AG. The name
change was accepted by the German government on November 7, 2001.

         On June 11, 2001, ATI entered into a new agreement to modify its
license agreement with Nurescell Inc. Under the terms of this new agreement, ATI
has an exclusive and transferable right to Nurescell Inc. proprietary technology
in certain countries in Europe and Asia. ATI Nuklear is required to pay
Nurescell Inc. a royalty for the utilization of the technology and products in
the amount of 8% of the net sales of the Nurescell Inc. technology. Net sales
are defined as gross sales, less discounts, rebates, credits and freight.

         In addition, under the terms of this modified agreement, Nurescell Inc.
agreed to assign to ATI all ownership in Nurescell AG, which has been renamed to
ATI Nuklear AG. Nurescell Inc. has agreed to repay to ATI all monies that ATI
has previously paid to, or on behalf of, Nurescell Inc. for its acquisition of a
49% interest in Nurescell AG. As part of the agreement, ATI agreed to continue
to finance Nurescell Inc's continued monthly operations on a non-interest
bearing basis through December 31, 2001. Nurescell Inc. has also executed a
convertible promissory note for the monies due to ATI up to and including the
date of this agreement. Principal and interest on this note shall be all due and
payable on demand. The principal and interest may be converted by ATI into
shares of the $.001 par value common stock of Nurescell Inc. Interest is payable
at the rate of 10% per annum.



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         As of September 30, 2001, ATI, Nurescell Inc. and ATI Nuklear AG
entered into another agreement pursuant to which, among other things, (i)
Nurescell US was released from any and all past, present, and future
obligations, whether past due or otherwise, with respect to the funding of ATI
Nuklear AG, (ii) Nurescell Inc agreed that all payments required of ATI Nuklear
AG pursuant to the License Agreement (other than 8% royalty payments) were
deemed paid in full, (iii) Nurescell Inc. amended its June 11, 2001 promissory
note to the following terms: $1 million convertible promissory note payable to
ATI Nuklear AG. The note is secured by (i) 15,000,000 shares of Nurescell Inc's
common stock, (ii) a first priority security interest in Nurescell Inc.'s
technology and (iii) all royalties from ATI Nuklear AG.

Nurescell Inc.

         On August 23, 2000 we entered into an Agreement For Purchase of Stock
with Adrian Joseph and his wife Dianna Joseph to purchase 3,500,000 shares of
the $0.0001 par value common stock of Nurescell Inc. owned by them in
consideration for the issuance to the Joseph's of 3,500,000 shares of the
$0.0001 par value common stock of ATI. In addition, the voting rights of the
Joseph shares of ATI are held in an irrevocable proxy with Kurt Seifman for a
period of six years. Also, the Agreement provides that the Josephs may receive
up to an additional 2,000,000 shares of the common stock of ATI in the event
that ATI Nuklear achieves certain gross revenue numbers over a period of five
years. The shares of Nurescell Inc. to be received by ATI constitute
approximately 22.9% of the outstanding shares of Nurescell Inc. This transaction
was concluded on January 11, 2001.

         The shares to be received by the Josephs are restricted shares. In
addition, the Agreement prohibits the Josephs from selling or otherwise
transferring in excess of 600,000 shares per year. However, the Agreement
provides for the execution of a Registration Rights Agreement giving the Josephs
the right to have up to 600,000 shares per year registered over a six year
period. The Josephs have the right to demand registration of their shares each
year at their expense, or, if ATI is filing a registration statement to register
other shares during that time, to require that their shares be registered at the
expense of ATI. In lieu of registering the shares ATI has the right to purchase
the shares at 80% of the average bid price at determined times. The Agreement
also provides for the execution of an Irrevocable Proxy by the Josephs, which
would give Mr. Kurt Seifman the right to vote any of the shares received by the
Josephs under the Agreement for a period of six years. Mr. Seifman and ERBC
Holdings, Ltd., which he owns, own as of December 31, 2001 17,988,578 shares of
the outstanding $0.0001 per value common stock of ATI, which constitutes
approximately 42.23% of the outstanding shares of ATI as of December 31, 2001.
The transaction closed on January 11, 2001. These transactions were reported on
Current Form 8-K's filed on September 7, 2000 and January 22, 2001.

INTERNATIONAL CENTER OF ADVANCED TECHNOLOGIES.

         The Company has entered into an agreement with a Russian company known
as The Research Institute of Physics and Engineering to explore the development
of an incubator/technology park in the Russian city of Zhelesnogorsk. The
proposal is to take a portion of a large underground nuclear complex in that
city and develop it into a facility to be known as the International Center of
Advanced Technologies ("ICAT") for the conversion of existing companies engaged
in nuclear defense technologies into non-nuclear technologies and nuclear waste
remediation technologies. During 2002, the Company will be working with a
strategic partner to (i) define the portion of the complex that could be used



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for ICAT, (ii) prepare capital and operating budgets, (iii) locate funding from
governmental sources that may be available for ICAT, and (iv) locate additional
strategic partners to provide financing, research and development, and marketing
services to the companies that may occupy ICAT.

SIBCONVERS.

         The Company has entered into an agreement with a Russian group to form
a Russian company called Sibconvers in which the Company will have a 50%
interest. During 2002, Sibconvers will pursue programs offered by various
governmental agencies of Russia, the United States, and European Union countries
for the conversion of Russian nuclear defense industries into high-tech
non-defense and nuclear remediation enterprises and to retrain nuclear and
military researchers, technicians and engineers employed in those industries.
Those industries are primarily located in the closed "nuclear cities" situated
in Siberia.

INTERNATIONAL LABORATORY FOR NUCLEAR WASTE MANAGEMENT.

         The Company has entered into an agreement with the Federal Republic of
Germany-Nuclear Research facility-Forschungszentrum Juelich Institute fur
Sicherheitsforschung and Reaktortechnik and the Institute of Physics and
Engineering of Krasnoyarsk State University for the formation of a laboratory to
be known as the International Laboratory for Nuclear Waste Management. During
2002, this venture will pursue contracts and programs concerning the research,
development, testing, and certification for nuclear waste remediation
applications in the closed "nuclear cities" of the Russian Federation.

CURRENT OPERATIONS

         The competition in the technology proliferation and transfer market is
highly intense and is based on product and technology recognition and
acceptance, novelty and marketability of an invention, price, and sales
expertise. Currently, we have the primary emphasis on product development,
dependability, patentability and commercialization of our acquired technology.
As a part of our day-to-day operations, our employees and consultants review a
number of technologies, innovations, ideas and intellectual properties with the
purpose of evaluating the novelty of a technological idea, assessing additional
research and development investment required to bring an invention to a point
where it may be commercially exploited, and prospects for patentability and
marketability of a reviewed technology. We also estimate the costs and time
required to complete research and development of a technology necessary to
achieve commercial viability as well as the initial steps required for
introducing the technology to the market, e.g. production of samples and
development of marketing strategy and documentation required to obtain patent
protection covering the technology. A proposed acquisition of an invention or
technology is usually accomplished by means of equity investment, purchase,
assignment and licensing arrangements directly from the scientists or technology
developers.

         We have not generated any revenues from any of our acquired
technologies, and we are currently operating at a loss. We will require
additional funding to achieve our growth objectives. If we do not receive
additional funding, we will not be able to pursue the intended marketing plan
and, in such case, may not be able to successfully conduct our operations. There
is no assurance that we will be successful in marketing any of our technologies
or in generating any meaningful revenues from operations.

MARKETING AND DISTRIBUTION
--------------------------



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         Our primary business focus is the acquisition and commercialization of
advanced technologies and the commercial products that result from these
efforts. We anticipate that beverage packaging and radioactive contamination
containment industries will be the primary markets for our products and
technologies during 2002. We have limited experience in marketing of products
and services in these fields and intend to rely on licensing and joint venture
opportunities with multi-national companies for the marketing and sale of its
technologies. Consequently, we will rely on our distribution partners and
affiliates to market our technologies worldwide.

         We believe that several of our acquired technologies and products are
ready for commercialization and marketing specifically our beverage packaging
products. As a result, we will devote significant business activities and
resources to the successful commercialization and marketing of our acquired
technologies and products. We also have little experience marketing products of
a technological or consumer nature. The introduction of a new product or
technology into the market place requires vast capital resources and an increase
in corporate personnel. Our product marketing relies on the development of
strategic alliances with global distributors. This places the burden of
marketing the products directly on the strategic partners and keeps our cost
risk low and reduces the amount of capital resources we need to operate
successfully. Conversely, the risks include the inability to locate the proper
partner and or the partner is ineffective.

         Cetoni entered into an agreement, during 2000, with the Falcon Group
Ltd., for the exclusive marketing rights of the resealable can technology,
Developed by Cetoni, for the European Brewery market.

         On August 3, 2001, we entered into an agreement with Styner+Bienz for
the production of samples of our resealable beverage can and conducting certain
tests required for commercialization of the product.

COMPETITION
-----------

         Competition in all of the areas in which we own and propose to purchase
technologies is intense. We compete against a wide range of companies,
universities, think tanks, consumer product companies and others, most which
possess substantially greater financial and marketing resources and experience
than us. Competition in our core business segments is typically based on product
recognition and acceptance, price, and sales and marketing expertise and
resources. Any one or more of our competitors or other enterprises not presently
identified by or known to us may develop technologies and/or products which are
superior to ours, less expensive than our products and technologies or market
more successfully existing or new competing products and technologies. To date,
we have not generated any revenues from our products or technologies and are
competing against companies that may have significantly greater financial and
human resources.

RESEARCH AND DEVELOPMENT
------------------------

         In the fiscal year ended December 31, 2001, we spent $__________ on
research and development.



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         By comparison, in the fiscal year ended December 31, 2000, we spent
$_____ on research and development.

         We are not aware of any U.S. or foreign laws or regulations that govern
the marketing, sale or use of any of its present technologies, other than U.S.,
Russian and Western European environmental safety laws and regulation pertaining
to the containment and remediation of radioactive contamination and the toxicity
of materials used in connection therewith (in the case of the EKOR and Nurescell
materials). Based on the results of tests conducted at the Kurchatov Institute
Eurotech believes that the EKOR compound meets applicable U.S. and German
regulatory standards. Based on the results of tests conducted at the University
of Missouri and by various Russian and German institutes, Nurescell believes
that their material meets applicable U.S. and German regulatory standards.
However, there can be no assurance that more stringent or different standards
may not in the future be adopted or applied depending on EKOR or Nurescell's
intended use, or that if adopted or applied, they will not materially increase
the cost to Eurotech and Nurescell of licensing and using the EKOR and Nurescell
compounds, or prevent their use altogether. Moreover, there can be no assurance
that any or all jurisdictions in which we presently operate or in the future may
conduct our business will not enact laws or adopt regulations which increase the
cost of or prevent us from licensing or marketing its other technologies or
otherwise doing business therein. Particularly in the case of Russia, the
enactment of such laws or the adoption of such regulations may have a presently
unquantifiable, substantial adverse impact on our financial condition, business
and business prospects.

INTELLECTUAL PROPERTY
---------------------

         Set forth below is a description of all intellectual property rights
owned by us, Cetoni and ATI Nuklear AG.

         Israeli PHE and Waste Conversion Patents. We have entered into
exclusive patent arrangements with Flexitech and Pirocat covering Heating
Element and Waste Conversion technologies. Patent applications for these
technologies have been filed in Israel.

         EKOR Compound Technology. Eurotech, Ltd. holds all right, title and
interest, inclusive of all patent and other intellectual property rights, in and
to the EKOR Compound technology in Canada, China, Japan, Republic of Korea, the
United States of America, Ukraine and all member countries of the European
Patent Agreement until August 1, 2014. On March 23, 1999 Euro-Asian Physical
Society ("EAPS") was issued a patent on the process for manufacturing its EKOR
Compound from the United States Patent and Trademark Offices, Patent No.
5,886,060. On November 28, 1997, the Ministry of Health of the Russian
Federation certified the EKOR Compound and its components as non-toxic, thereby
allowing for EKOR's production, delivery, sale and use in the Russian
Federation.

         Cetoni has applied for patents covering twenty-two products developed
through its in-house research and development department in the major industrial
countries in the world. Currently, Cetoni plans to focus its intellectual
property efforts on the continued development of new beverage packaging products
to compliments those its has already developed.

         Nurescell Inc. has been granted patents in the United States and
Pakistan. Additionally, Nurescell has filed for patent protection in the major
countries in North America, Europe, Asia and South America.



<PAGE>

EMPLOYEES
---------

         We currently employ 15 full-time and one part-time employees. We engage
a number of independent consultants to assist in the identification, assessment,
acquisition and marketing of technologies in the regular course of our business.
Our subsidiary, Cetoni, currently employs seven full-time and one part-time
employee. Cetoni's employees engage in product research, development and
marketing. ATI Nuklear currently employs three employees and four consultants.
We believe that we have good relations with our employees.

ITEM 2. DESCRIPTION OF PROPERTY

         Our principal executive offices are at Berlin, Germany. The 800 square
foot executive space is located at Taubenstrasse 20, D-10117, Berlin, Germany
with a monthly rent of approximately $3,578 and a lease with a remaining term of
4 years. Our telephone number is (49) 30 201-7780. RESEAL's executive offices
are also located in the offices of the Company.

         Cetoni's principal executive offices are located in a 220 square meter
space at Patriching 26, D-94034, Passau, Germany. The facility is leased with a
monthly rent of $750 with no expiration date. The facility is leased from a
family member of the former principal shareholder of Cetoni.

         ATI Nuklear AG maintains its executive office space adjacent to our
executive offices in Berlin, German. The 100 square meter executive space is
leased for a period of four years at a monthly rent of approximately $3,400.

ITEM 3. LEGAL PROCEEDINGS

         There is no current outstanding litigation in which we are involved and
we are unaware of any pending actions or claims against us.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         On May 18, 2001, the Company received approval of the Advanced
Technology Industries, Inc. 2000 Stock Option Plan ("Plan") from shareholders
owning or having the right to vote 20,334,333 shares, which constituted a
majority of the outstanding shares. Delaware General Corporation Law ("Law")
sections 228(a) and (c) provide that any action that may be taken at a special
meeting of the shareholders, such as approval of the Plan, may be taken by
written consent of shareholders holding a majority of the shares of the Company.
Section 228(e) of the Law provides that notice of such action be sent to
shareholders who have not consented to such action. Pursuant to the Law, May 18,
2001 has been set as the record date for such notice.

PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS

COMMON STOCK

         Each share of Common Stock entitles the holder thereof to share ratably
in dividends and distributions, if any, on the Common Stock when, as and if



<PAGE>

declared by the Board of Directors, from funds legally available. There are no
preemptive, subscription or conversion rights. Upon liquidation, dissolution or
winding up of the affairs of the company and after payment of creditors and
satisfaction of any amounts outstanding to holders of the Preferred Stock, the
assets legally available for distribution will be divided ratably on a
share-for-share basis among the holders of the outstanding shares of Common
Stock. The holders of the outstanding shares of Common Stock are not entitled to
cumulative voting and are entitled to one vote per share with respect to all
matters that are required by law to be submitted to a vote of shareholders,
including the election of Directors. Accordingly, the holders of more than 50%
of the outstanding shares of Common Stock will have the ability to elect all of
the Directors.

PREFERRED STOCK

         Currently, no shares of Preferred Stock have been designated by the
Board of Directors. The Board of Directors has the authority, without further
action by the holders of the Common Stock, to issue Preferred Stock in one or
more series and to fix as to any such series the dividend rate, redemption
prices, preferences on liquidation or dissolution, sinking fund terms, if any,
conversion rights, voting rights and any other preference or special rights and
qualifications. Shares of Preferred Stock issued by the Board of Directors could
be utilized, under certain circumstances, as a method of raising additional
capital, for possible acquisitions or for any purpose. The Board of Directors
has not authorized the issuance of any series of Preferred Stock and there are
no agreements, understandings or plans for the issuance of any Preferred Stock.

MARKET INFORMATION.

Our common stock is traded on the NASD OTC Bulletin Board currently under the
symbol AVDI.

         The table below sets forth the range of high and low bid quotes of our
common stock for each quarter for the last two fiscal years as reported by the
OTC-BB. The bid prices represent inter-dealer quotations, without adjustments
for retail mark-ups, markdowns or commissions and may not necessarily represent
actual transactions.

2000                                High             Low
-------                            -------          -------
First Quarter                      3.00             1.50
Second Quarter                     3.0625           1.50
Third Quarter                      2.00              .96875
Fourth Quarter                      .9375            .15625

2001                                High             Low
-------                            -------          -------
First Quarter                         .50              .22
Second Quarter                       1.91              .19
Third Quarter                         .85              .22
Fourth Quarter                        .40              .22

         There were approximately 151 shareholders of record of common stock as
of April 15, 2001. We believe that there are an addition 300 who hold their
shares in street name.

         There are currently fifteen active market makers of our common stock
consisting of, Fleet Trading Division of Fleet Securities, GVR Company, Hill



<PAGE>

Thompson Magid and Co. Inc., Herzog, Heine, Geduld, Inc., Knight Securities,
Inc., Ladenburg Thalmann & Co., Wm V. Frankel & Co., Sierra Brokerage Services,
Paragon Capital Corporation, Meyerson (M.H.) & Co. Inc., Schwab Capital Markets
LP, Phillip Louis Trading, Inc., Ladenburg Capital Management Inc., North
American Institutional Brokers and V Finance Investments Inc..

         Interwest Stock Transfer Company, located at 1981 East Holiday Road,
Salt Lake City, Utah, is the transfer agent and registrar for our common stock.

         We have never declared or paid cash dividends on our Common Stock, and
we anticipate that future earnings, if any, will be retained for development of
our business. Payment of cash dividends in the future will be wholly dependent
upon our earnings, financial condition, capital requirements and other factors
deemed relevant by us. It is not likely that cash dividends will be paid in the
foreseeable future. In the event of the acquisition of a business by us or the
merger with another company, control of our company and our Board of Directors
may pass to others. In that event, the payment of dividends would be wholly
dependent upon such persons.

SALE OF UNREGISTERED SHARES

         During the last three years we have sold securities which were not
registered under the Securities Act of 1933 (the "Act"). The transactions not
reported in our previously filed quarterly reports are as follows:

         We entered into an agreement with a bridge lender having an Effective
Date of September 10, 2001 and issued a promissory note which provides that the
loan is due January 31, 2001 and provides for interest at the rate of 1% per
month. Under the agreement, the Company borrowed $560,000. The Company issued
1,270,000 shares of its common stock to the lender as an incentive to make that
loan.

         On November 27, 2001, the Company borrowed $10,000 for an individual
and issued a promissory note which provide that the loan is due in 90 days and
provides for interest at the rate of 1% per month. The Company issued 10,000
shares of its common stock to the lender as an incentive to make that loan. .

         On December 3, 2001, we entered into agreements with two bridge lenders
representing a total of $350,000 in principal amount of notes to extend the
maturity date of those notes for an additional 90 days. We issued a total of
700,000 shares of common stock as additional consideration to the bridge lenders
for their agreement to extend the maturity date.

         Also in December, we entered into an agreement with a bridge lender
representing $260,000 in principal amount of notes to extend that maturity date
of those notes for an additional 60 days. We issued a total of $520,000 shares
of common stock as additional consideration to the bridge lenders for their
agreement to extend the maturity date.

         On December 6, 2001 we issued 250,000 shares of common stock to an
individual for past and future services, valued at $62,475.

         On December 17, 2001, we issued 350,000 shares of our restricted common
stock in consideration for past legal services in the amount of $87,465.



<PAGE>

         On December 17, 2001, we issued an aggregate of 750,000 shares of our
common stock to individuals who had previously provided consulting services to
the company. The value of these services where $187,425.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS

         The following discussion and analysis should be read in conjunction
with the remainder of this Annual Report on Form 10-KSB including, but not
limited to, the financial statements and notes thereto included herein.

PLAN OF OPERATION
-----------------

         We are a development stage company and our efforts have been primarily
devoted to technology identification and acquisition, research and development,
organizational efforts and raising capital. This discussion provides an analysis
of our plan of operation for the next twelve months.

         We were formed to acquire and commercialize new or previously existing
but non-commercialized technologies particularly those developed by scientists
and engineers in Israel, Russia, and Germany. We may acquire a direct interest
in the technology, a right to use the technology, and/or an ownership interest
in the entity owning the technology. The acquisition of technologies by us may
be made by the issuance of our stock or securities, cash, or other consideration
or a combination thereof.

         During the next twelve months the Company intends to concentrate on (i)
the commercialization of certain products of RESEAL, Ltd, our 96% owned
subsidiary, (ii) commercialization of technologies licensed or developed by ATI
Nuklear (iii) completion of evaluation of technologies being presently
considered and the acquisition thereof if appropriate, and (iv) identification,
evaluation, and possible acquisition of additional technologies and v) pursuit
of the business plans of the International Center of Advanced Technologies,
Sibconvers, and the International Laboratory for Nuclear Waste Management.

         We anticipate that we will incur significant capital costs for the
continued development of technologies for ATI Nuklear.

         We will require additional financing to continue our planned operations
during 2002. Management believes that it will be able to raise the necessary
financing to continue planned operations. However, there is no guarantee that we
will be able to successfully raise the required funds for operations, or that
such funds will be available on terms satisfactory to us. Any inability to raise
additional fund would require that we significantly scale back our planned
operations.

         RESEAL, Ltd. ("RESEAL"), the Company's 96% owned subsidiary, was formed
to hold the Company's ownership of two proprietary resealable beverage packaging
products, specifically a resealable aluminum beverage can and a resealable
cardboard tetra-pak package. These products were originally developed by Cetoni
GmbH, an ATI subsidiary. The main emphasis of RESEAL over the next twelve months
will be on the successful commercialization of its beverage packaging products.
We have previously entered into a marketing agreement during 2000 with the



<PAGE>

Falcon Group, Ltd. ("Falcon") to provide for the introduction of the resealable
products into the European brewery market. Falcon is entitled to a royalty
payment plan based on unit sales of the resealable beverage can.

         We have begun, in partnership with Styner+Bienz, scheduled production
of the first 10,000 machine-fabricated production samples for distribution to
beverage producers who have previously expressed a high degree of interest in
the resealable beverage cans. It is anticipated that production of those
samples, marketing and general operational expenses will require less than
$450,000. We anticipate that in the event we are required to purchase capital
equipment for the full scale production of our resealable beverage cans, an
additional $2,000,000 would be required.

         RESEAL believes that it can obtain financing on favorable terms for a
substantial portion of that amount from the beverage producers, suppliers and/or
other sources. However, if financing is not available, management believes that
RESEAL will be able to obtain the necessary funds to pay for the production,
marketing and operational expenses from other sources.

ATI Nuklear AG
--------------

         ATI Nuklear AG is presently developing a business plan for the
manufacture and marketing of the technology in the Soviet Union and Continental
Europe. ATI Nuklear AG is presently continuing its test program for the
technology in Russia and Germany to verify the suitability of its technology
rights for these applications in shielding, transporting and storing nuclear
waste.

         ATI Nuklear intends to be active in the development and marketing of
its technology rights in Germany and Russia during the next 12 months. ATI
Nuklear intend to raise up to $20,000,000 to support its required investments to
fully implement its business plan. If necessary financing is not available,
management of ATI Nuklear would be required to significantly scale back its
business plan and operations.

OTHER MATTERS
-------------

         During the period of the plan, we do not anticipate any significant
changes in the numbers of employees employed by us, RESEAL, ATI Nuklear or
Cetoni, our subsidiary.

         We may incur substantial expenses associated with performing due
diligence incident to the investigation of technologies suitable for
acquisition. The amount and type of expenses incurred will vary depending on the
technology being investigated and it is not possible to project what these
expenses might be during the period of the plan.

         Except for a nominal amount of revenue from the sale of Cetoni products
in a prior period, we have not generated any revenue from operations since our
inception and we have not been profitable since our inception. Although we
believe that we will recognize additional revenues during the next twelve months
based on expressions of interest from third parties to acquire licenses to use
our technologies and purchase our products, there can be no assurances as to
when and whether we will be able to commercialize our products and technologies
and realize any revenues therefrom or that RESEAL or ATI Nuklear AG will be able
to do so. Neither our products and technologies or those of RESEAL or ATI
Nuklear have ever been utilized on a large-scale commercial basis.



<PAGE>

         We expect that we will continue to generate losses until at least such
time as we can commercialize our technologies or those of our subsidiaries., if
ever. No assurance can be given that we can complete the development of any
technology or that, if any technology is fully developed, it can be manufactured
and marketed on a commercially viable basis. Furthermore, no assurance can be
given that any technology will receive market acceptance. Being a development
stage company, we are subject to all risks inherent in the establishment of a
developing or new business.

RESULTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2001 AS COMPARED TO THE
PERIOD ENDED DECEMBER 31, 2000.


         As of December 31, 2001 we had working capital deficiency of
$___________, shareholders' deficiency of ______ and an accumulated deficit of
($________). We anticipate that we will continue to incur significant operating
losses for the next twelve months. We may incur additional losses thereafter,
depending upon our ability or the ability of ATI Nuklear AG and RESEAL Ltd to
generate revenues from the license or sale of technologies or products.

LIQUIDITY AND CAPITAL RESOURCES
--------------------------------
         We will require additional financing to continue to fund our efforts,
operating costs and to complete additional technology acquisitions. We
anticipate that we will be able to raise the needed funds for continuing
operations.

         We will attempt to raise this additional capital through the public or
private placement of our securities, debt or equity financing, joint ventures,
or the licensing or sale of our technologies and products. However, the Company
has not entered into any definitive agreements or arrangements to obtain any
such sources of capital and no assurance can be given that it can successfully
obtain additional capital.

         On October 31, 2000 we commenced an offering of $750,000 of six-month
promissory notes (the "Note Offering") bearing an interest rate of 1% per month,
of which we sold $510,000. This event was reported in Current Report on Form 8K
filed on November 15, 2000. We subsequently increased the offering to
$1,500,000, and extended the offering period to and including March 31, 2001,
which event was report on the Current Report on Form 8K filed on January 22,
2001. An additional $250,000 in notes were sold for the period ending March 31,
2001.

         We raised additional working capital by obtaining short term loans
totaling $123,700, at an interest rate of 1% per month. On March 12, 2001 the
loans and accrued interest were converted to a loan under the Note Offering and
126,651 shares of our common stock was issued to the note holder in accordance
with the terms of the Note Offering.

         On April 30, 2001, the Company, in order to provide working capital,
issued a promissory note for $240,000 with a maturity date of three months.
Interest is payable at the rate of 1% per month. The Company has the option to
pay the interest in cash or restricted stock. If the option exercised by the



<PAGE>

Company to pay the interest in stock, the number of shares to be delivered to
the lender will be determined by multiplying (i) the average closing bid price
of the stock for the five trading days prior to the maturity date by (ii) 85%
and dividing the interest due by the resulting multiple. In addition, the lender
received 410,000 shares of the Company's common stock as an incentive to make
this loan. In addition, we granted the lender piggyback registration rights for
the shares for a period of five years from the date of the loan. We utilized
$220,000 of the funds from this loan to repay a portion of the Note Offering
which came due on April 1, 2001.

         On May 1, 2001, the Company executed agreements, to provide working
capital liquidity, with several bridge lenders to convert bridge loans in the
amounts of $180,000 and $150,000 into an aggregate amount of 919,989 shares of
the Company's common stock. On that same date, the Company executed an agreement
with a related party to convert $467,873 of accrued consulting fees and $60,000
of promissory notes into 3,336,745 shares of the Company's common stock in full
satisfaction of the $527,873 due. In addition, on May 1, 2000, the Company
executed an agreement with its President to convert $60,000 of outstanding
promissory notes into 344,788 shares of the Company's common stock in full
satisfaction of the $60,000 due. On May 1, 2001, the Company also executed an
agreement with the Chief Financial Officer of the Company to convert $50,000 of
accrued salary into 316,056 shares of the Company's common stock in full
satisfaction of the $50,000 due.

         During May, 2001, the Company borrowed $100,000 from an individual and
issued a promissory note which provides that the loan is due in three months and
provides for interest at the rate of 1% per month. The Company issued 100,000
shares of its common stock to the lender as an incentive to make that loan. In
addition, the Company granted the lender piggyback registration rights for the
shares for a period of five years from the date of the loan.

         On July 13, 2001, the Company borrowed $15,000 from an individual and
issued a promissory note which provides that the loan is due in three months and
provides for interest at the rate of 1% per month. The Company issued 15,000
shares of its common stock to the lender as an incentive to make that loan.

         Also on July 13, 2001, an officer of the Company advanced $10,000
pursuant to a promissory note which provides that the loan is due in three in
three months and provides for interest at the rate of 1% per month. The Company
issued 10,000 shares of its common stock to the lender as an incentive to make
that loan.

         On July 30, 2001, the Company executed an agreement with a bridge
lender to convert bridge loans in the principal amount of $240,000 plus $7,200
in interest into an aggregate amount of 775, 286 shares of the Company's common
stock.

         On July 30, 2001, the Company borrowed $330,000 from an individual and
issued a promissory note which provides that the loan is due in six months and
provides for interest at the rate of 1% per month. The Company issued 330,000
shares of its common stock to the lender as an incentive to make that loan. In
addition, the Company granted the lender piggyback registration rights for the
shares for a period of five years from the date of the loan.

         The Company entered into an agreement with a bridge lender having an
Effective Date of September 10, 2001 and issued a promissory note which provides
that the loan is due January 31, 2001 and provides for interest at the rate of
1% per month. Under the agreement, the Company borrowed $560,000. The Company
issued 1,270,000 shares of its common stock to the lender as an incentive to
make that loan.



<PAGE>

         On November 27, 2001, the Company borrowed $10,000 for an individual
and issued a promissory note which provide that the loan is due in 90 days and
provides for interest at the rate of 1% per month. The Company issued 10,000
shares of its common stock to the lender as an incentive to make that loan.

         In December 2001, to provide working capital for ATI, we entered into
an agreement whereby we sold a 2.75% equity stake in RESEAL to an accredited
investor for $275,000.

ITEM 7. FINANCIAL STATEMENTS

Our financial statements for the year ended December 31, 2001 are attached
hereto as pages F-1 through F-36.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

         Our previous accountants were Tabb, Conigliaro & MCCann, P.C. located
in New York, New York. Effective January 1, 2001 Tabb, Congiliaro & McCann, P.C.
merged with Grassi & Co. P.C. located in New York and that firm remains as our
accountants.

PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE
        WITH SECTION 16(a) OF THE EXCHANGE ACT

DIRECTORS AND OFFICERS

As of December 31, 2001, our officers and Directors were:


NAME                          AGE           TITLE
----                          ---           -----

Hans-Joachim Skrobanek        51        President and Director

Peter Goerke                  41        Vice President

James Samuelson               32        Vice President, Chief Financial Officer,
Secretary

Jacques Saunder               80        Director

Hans-Joachim Schuerholz       75        Director

         All directors hold office until the next annual meeting of stockholders
and until their successor have been elected and qualified. The Board of
Directors elects the officers annually.



<PAGE>

         Hans-Joachim Skrobanek has been our President since October 27, 1999
and a Director since December, 1999. Mr. Skrobanek was previously engaged in
project financing and technology transfers from Russia and the Ukraine to the
West. From 1995 to 1999, Mr. Skrobanek was employed as a consultant to Eurotech,
Ltd. and was directly involved in technology transfers from Russia and Israel to
Western markets. Mr. Skrobanek graduated from the University of Frankfurt in
1976 with a Bachelor of Commerce degree.

         Peter Goerke joined us as a Vice President in March of 2000. Prior to
this he served as the Chief of Department of Intracamion, an international
transportation company. He also served as a consultant to the Treuhandanstalt.
Mr. Goerke has a Masters Degree in Politics from the Institute of International
Relations, Moscow, Russia. He is fluent in German, Russian, English and French.

         James Samuelson joined us as Vice President, Chief Financial Officer in
February 2000. Mr. Samuelson has also served as the Chief Operating Officer and
Chief Financial Officer of our wholly-owned subsidiary Cetoni. From February
1998 to January 2000, Mr. Samuelson served as a Vice President of Corporate
Finance for Eastbrokers AG/WMP Bank AG in Vienna, Austria. In 1997, Mr.
Samuelson was employed as a Vice President from Grammont, Ltd., a boutique
investment banking firm in Paris, France. Prior to 1997, Mr. Samuelson was
engaged in graduate studies. Mr. Samuelson received a Master of Business
Administration Degree in 1996, and a Bachelor of Science in Business
Administration degree in 1992, both from Creighton University.

         Jacques J. Saunder joined us as a Director in March, 1999. Mr. Saunder
also has served, at various times, as our Vice President and Secretary. For the
past five years, Mr. Saunder has been the President of Advanced Technologies
Industries and from inception until January 2000, President of that company. Mr.
Saunder graduated from College Royale Francais in Berlin, Germany in 1938 with a
degree in business, from the Haute Etude Commercial in Paris, France in 1949 and
from City College of New York in 1965.

         Hans-Joachim Schuerholz has served as one of our directors since May
1999. From 1995 to present, Mr. Schuerholz has served as a managing director and
consultant for a real estate company in Saxony, Germany. From 1993 to 1995, Mr.
Schuerholz was employed as a legal consultant to the City of Dresden, Germany,
in the area of restitution and priority investment law. He graduated from the
University of Menster I 1953 with a legal degree.

COMPLIANCE WITH SECTION 16(A) OF THE Exchange ACT

         No officer, director of 10% shareholder was delinquent in filing
required Form 3 or 4 with the Securities and Exchange Commission.

         To the best of our knowledge Cetoni Holdings Ltd. has not filed a Form
3 reflecting its ownership of 5,000,000 shares of common stock acquired as a
result of our acquisition of Cetoni Unwelttechnologies-Entwicklhungs, GmbH. To
the best of our knowledge Cetoni Holdings, Ltd. has not acquired or disposed of
any of our securities during 2001.

ITEM 10. EXECUTIVE COMPENSATION

         The following table presents, for each of the last three fiscal years
ending December 31, 2001 the annual compensation earned by our chief executive
officer and our most highly compensated executive officers.



<PAGE>
<TABLE>
<CAPTION>
=========================================================================================================
                                                               LONG TERM COMPENSATION
---------------------------------------------------------------------------------------------------------
                                ANNUAL COMPENSATION                  Awards          Payouts
                            --------------------------------  ---------------------  ---------

                                                   Other                  Securities              All
                                                   Annual     Restricted  Underlying    LTIP     Other
                                          Bonus    Compen-    Stock       Options/    Payouts   Compen-
                     Year    Salary ($)    ($)     sation($)  Awards($)   SARs(#)       ($)     sation($)
-------------------  -----  -----------  --------  ---------  ----------  ----------  --------  ---------
<S>                  <C>    <C>          <C>       <C>        <C>         <C>         <C>       <C>
Hans Skrobanek,
President            2001   $110,000
-------------------  -----  -----------  --------  ---------  ----------  ----------  --------  ---------
                     2000    110,000
-------------------  -----  -----------  --------  ---------  ----------  ----------  --------  ---------
                     1999
-------------------  -----  -----------  --------  ---------  ----------  ----------  --------  ---------
James Samuelson,
Vice President,
Chief Financial
Officer, Secretary   2001   $120,000(1)    $0.00
-------------------  -----  -----------  --------  ---------  ----------  ----------  --------  ---------
                     2000   $120,000(2)  $10,000
-------------------  -----  -----------  --------  ---------  ----------  ----------  --------  ---------
                     1999
-------------------  -----  -----------  --------  ---------  ----------  ----------  --------  ---------

=========================================================================================================
</TABLE>

(1)      Includes 252,845 shares of common stock as salary for the period
         between January and April, 2001.
(2)      Includes 63,212 shares of common stock as salary for the month of
         December 2000.
<TABLE>
<CAPTION>
===============================================================================================
                           OPTIONS/SAR GRANTS IN THE FISCAL YEAR 2001
-----------------------------------------------------------------------------------------------
                                      INDIVIDUAL GRANTS
-----------------------------------------------------------------------------------------------
                                     Number of     % of Total
                                     Securities    Options/SARs
                                     Underlying    Granted to
                                     Option/SARs   Employees in   Exercise or Base   Expiration
Name                         Year    Granted (#)   Fiscal Year    Price ($/Share)    Date
---------------------------  -----   -----------   ------------   ----------------   ----------
<S>                          <C>        <C>              <C>               <C>        <C>
Hans-Joachim Skrobnek,
President                    2001             0
---------------------------  -----   -----------   ------------   ----------------   ----------
                             2000       150,000          31.91%            $0.343     10/25/10
---------------------------  -----   -----------   ------------   ----------------   ----------
                             1999
---------------------------  -----   -----------   ------------   ----------------   ----------
James Samuelson, Vice
President, Chief Financial
Officer, Secretary           2001             0
---------------------------  -----   -----------   ------------   ----------------   ----------
                             2000       100,000          21.28%            $0.343     10/25/10
---------------------------  -----   -----------   ------------   ----------------   ----------
                             1999
===============================================================================================
</TABLE>
INCENTIVE STOCK OPTION PLAN.

         In 1996, we adopted an Incentive Stock Option Plan whereby we reserved
500,000 shares of common stock for issuance to our employees. No options had
been issued under this plan. On October 22, 2000 our Board of Directors
cancelled this plan and adopted a new stock option entitled the Advanced
Technology Industries, Inc. 2000 Stock Option Plan ("Plan"). Under the Plan
options may be issued to directors, officers, key employees, consultants,
agents, advisors, and independent contractors who are in a position to



<PAGE>

contribute materially to the prosperity of the company. The Plan provides for
the issuance of both Incentive Stock Options ("ISO"s") and Non-Qualified Stock
Options ("NQSO's"). ISO's are issued to employees and NQSO's are generally
issued to non-employees. The number of shares that are subject to ISO's is
limited to 3,000,000 under the Plan. The number of NQSO's that may be issued is
subject to the discretion of the Board of Directors.

         Our Board of Directors administers the Plan but may delegate such
administration to a committee, which shall consist of at least two members of
the Board. The Board or the Committee has the authority to determine the number
of options to be granted, when the options may be exercised and the exercise
price of the options, provided that the exercise price may never be less than
the fair market value of the shares of the Common Stock on the date the option
is granted (110% in the case of any employee who owns more than 10% of the
combined voting power or value of all classes of stock). Options may be granted
for terms not exceeding ten years from the date of the grant, except for options
granted to person holding in excess of 10% of the common stock, in which case
the options may not be granted for a term not to exceed five years from the date
of the grant.

         The Plan must be approved by the shareholders within one year from the
date of adoption of the Board. The shareholders approved the Plan on May 18,
2001.

         In 2000 our Board approved the issuance of ISO options to purchase
470,000 shares of common stock and NQSO's to purchase 615,000 shares. All of
said options were issued with an exercise price of $.343 per share.

COMPENSATION OF DIRECTORS

There is no standard or individual compensation package for any of the
directors.

EMPLOYMENT CONTRACTS

         There are no employment contracts with the executive officers listed in
the Summary Compensation Table.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         The following table sets forth information as of December 31, 2001 as
to each person who is known to ATI to be the beneficial owner of more than 5% of
ATI's outstanding common stock (giving effect to all warrants and options
exerciseable within 60 days) and as to the security and percentage ownership of
each executive officer and director of ATI and all officers and directors of ATI
as a group. Except where specifically noted, each person listed in the table has
sole voting and investment power with respect to the shares listed.



<PAGE>
<TABLE>
<CAPTION>
------------------- ------------------------------------ -------------------------- -------------------------
                             Name and Address               Security Ownership             Percentage
     Title of                       Of                       Amount and Nature                 Of
      Class                  Beneficial Owners            Of Beneficial Ownership            Class
------------------- ------------------------------------ -------------------------- -------------------------
<S>                 <C>                                       <C>                            <C>
      Common        Kurt Seifman
                    5 West 86th Street                        21,488,578 (1)                 46.44%
                    New York, NY  10024
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Glenn A. Cramer
                    3134 Bel Air Drive                         3,875,385 (2)                  8.38%
                    Los Vegas, NV
------------------- ------------------------------------ -------------------------- -------------------------
      Common         Hans Joachim Skrobanek
                    Taubenstrasse 20                             1,073,359                    2.32%
                    Berlin, Germany D-10117
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Jacques J. Saunder                            25,000
                    Taubenstrasse 20                                                             0%
                    Berlin, Germany D-10117
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Hans Joachim Schuerholz                       15,000
                    Taubenstrasse 20                                                             0%
                    Berlin, Germany D-10117
------------------- ------------------------------------ -------------------------- -------------------------
      Common        James Samuelson                               366,056
                    Taubenstrasse 20                                                             0%
                    Berlin, Germany D-10117
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Peter Goerke                                  50,000
                    Taubenstrasse 20                                                             0%
                    Berlin, Germany D-10117
------------------- ------------------------------------ -------------------------- -------------------------
      Common        Cetoni Holdings, Ltd. (3)                    5,000,000
                                                                                             10.81%
------------------- ------------------------------------ -------------------------- -------------------------
                    Officers and Directors as a group
                    (5 persons)                                                               3.33%
------------------- ------------------------------------ -------------------------- -------------------------
</TABLE>
(1)      2,677,440 of these shares are held directly by Mr. Seifman. 15,341,138
         of these shares are held indirectly through ERBC Holdings, Ltd., for
         which Mr. Seifman is the sole beneficial holder. 3,500,000 of these
         shares represent Mr. Seifman's sole voting power as Proxy Holder
         pursuant to an Irrevocable Proxy for the Adrian Joseph Separate
         Property Trust and the Dianna Joseph Separate Property Trust, as well
         as presently exercisable options to purchase 125,000 shares at $0.343
         per share.

(2)      These shares are held indirectly by Mr. Cramer as Trustee of the Glenn
         A. Cramer Separate Property Trust dated September 1, 1987.

(3)      Cetoni Holdings, Ltd. is beneficially owned by A. Schlattl.


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         ERBC Holdings Ltd ("ERBC") has from time to time loaned money to us for
operations. On December 31, 2001 the amount of said loans was approximately
$__________. The loans are payable on demand are bear interest of 10% per annum.



<PAGE>

         By letter agreement dated June 1, 1996 we engaged ERBC to provide
consulting services for one year. That agreement has been renewed annually.
During 2001, we incurred consulting fees of $240,000 for services provided under
the contract. At December 31, 2001, we owed ERBC $________ under the agreement.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits

2.1      Agreement and Plan of Reorganization between Kurchatov Research
         Holdings, Ltd. and Aberdeen Acquisition Corporation filed as exhibit to
         Form 8-K filed January 14, 2000. (1)

3.1      Articles of Incorporation of Advanced Technology Industries, Inc. (2)

3.2      By-Laws of Advanced Technology Industries, Inc. (2)

4.1      Form of Common Stock Certificate. (2)

4.2      Form of Warrant Certificate issued in connection with offerings of
         debentures. (2)

10.1     Agreement with Eurotech, Ltd. to Acquire Resealable Can Technology. (2)

10.2     Flexitech, Ltd. Acquisition Agreement. (2)

10.3     Pirocat, Ltd. Acquisition Agreement. (2)

10.4     Agreement with the Holder of All Outstanding Equity of Cetoni
         Umwelttechnologies-Entwicklungs. (2)

10.5     Agreement with Eurotech, Ltd. relating to Silicon (EKOR) Compound. (2)

10.6     Lease Agreement for Office Space in Berlin, Germany. (2)

10.7     [INCLUDE ALL MATERIAL CONTRACTS DISCUSSED IN BUSINESS, MD&A, AND
         RELATED PARTY SECTIONS, OR INCLUDE AND INDICATE WHERE ORIGINALLY FILED]

10.8     Letter Agreement with Eurotech dated June 20, 2000 concerning Eurotech
         Repurchase of Stock. (3)

10.9     Distribution Agreement with Fackelmann GmbH & Co. dated May 11, 2000
         (Butter dispenser Dish). (4)

10.10    Distribution Agreement with Fackelmann GmbH & Co. dated May 11, 2000
         (Fruit Stripper). (4)

10.11    Investment Agreement between Nurescell, Inc. and Nurescell AG. (5)

10.12    License Agreement between Nurescell, Inc. and Nurescell AG. (5)



<PAGE>

10.13    Agreement For Purchase Of Stock of Nurescell, Inc. by Company. (5)

10.14    Advanced Technology Industries, Inc. 2000 Stock Option Plan. (6)

10.15    Loan Agreement. (7)

10.16    Conversion Agreement between ERBC Holdings Limited and Company. (8)

21.      List of Subsidiaries. (9)

27.      Financial Data Schedule.

--------------

(1)      Filed as same numbered Exhibit to registrant's Current Report on 8-K,
         filed January 14, 2000.

(2)      Filed as same numbered Exhibit to registrant's Amended Current Report
         on 8-K, filed May 15, 2000.

(3)      Filed as same numbered Exhibit to registrant's Amended Current Report
         on 8-K, filed July 5, 2000.

(4)      Filed as same numbered Exhibit to registrant's Quarterly Report for
         quarter ended June 30, 2000, filed August 21, 2000.

(5)      Filed as same numbered Exhibit to registrant's Current Report on Form
         8-K, filed September 7, 2000.

(6)      Filed as same numbered Exhibit to registrant's Current Report on Form
         8-K, filed November 8, 2000.

(7)      Filed as same numbered Exhibit to registrant's Current Report on Form
         8-K, filed January 22, 2001

(8)      Filed as same numbered Exhibit to registrant's Current Report on Form
         8-K, filed December 14, 2000

(9)      Filed as same numbered Exhibit to registrant's Form 10QSB Quarterly
         Report for the First Quarter of 2000, filed May 23, 2000

         (b)      (b) Reports on 8-K

The following Current Reports on Form 8-K were filed in the last quarter of
2002:

None



<PAGE>

SIGNATURES

         In accordance with Section 13 of 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.


                      ADVANCED TECHNOLOGY INDUSTRIES, INC.


Date: April 16, 2001                 By   /s/ Hans Joachim Skrobanek
                                          --------------------------------------
                                              President

Date: April 16, 2001                 By   /s/ James Samuelson
                                          --------------------------------------
                                              Chief Financial Officer



Name                                Title               Date
----                                -----               ----

/s/ Hans Joachim Skrobanek         Director            April 16, 2002
--------------------------

/s/ Hans Joachim Schuerholz        Director            April 16, 2002
---------------------------