<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   Form 10-QSB

    (Mark One)

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

For the Quarter Ended March 31, 2001
                                       OR

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

For the transition period from __________ to __________

               Commission file number:          0-30166
                                      --------------------------------

                            CONMAT TECHNOLOGIES, INC.
         ----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

          Florida                                    23-2999072
          -------                                    ----------
(State or other jurisdiction of            (IRS Employer Identification Number)
incorporation or organization)

            Franklin Avenue and Grant Street, Phoenixville, PA 19460
            --------------------------------------------------------
                    (Address of Principal Executive Offices)


                                 (610) 935-0225
                                 --------------
              (Registrant's telephone number, including area code)


        Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES [X] NO [ ]

        Transitional Small Business Format: YES [ ]   NO [X]

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

Common Stock, $0.001 par value, outstanding on May 14, 2001: 2,988,083 shares




<PAGE>

                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>


PART I. FINANCIAL INFORMATION                                                   Page
<S>                                                                             <C>
         Item 1.   Financial Statements

                     Consolidated Condensed Balance Sheets  -
                     March 31, 2001 and December 31, 2000                        3

                     Consolidated Condensed Statements of Operations -
                     Three Months Ended March 31, 2001 and 2000                  4

                     Consolidated Condensed Statements of Cash Flows -
                     Three Months Ended March 31, 2001 and 2000                  5

                     Notes to Consolidated Condensed Financial Statements        6

         Item 2.   Management's Discussion and Analysis of Financial Condition
                   and Results of Operations                                     8

PART II. OTHER INFORMATION

         Item 1.   Legal Proceedings                                            11

         Item 2.   Changes in Securities and Use of Proceeds                    11

         Item 3.   Defaults Upon Senior Securities                              11

         Item 4.   Submission of Matters to a Vote of Security Holders          11

         Item 5.   Other Information                                            12

         Item 6.   Exhibits and Reports on Form 8-K                             12

SIGNATURES
</TABLE>
                                       2
<PAGE>
ConMat Technologies, Inc. and Subsidiary
Consolidated Condensed Balance Sheets
<TABLE>
<CAPTION>

                                                                                March 31              December 31
                               ASSETS                                             2001                    2000
                                                                                ----------             ----------
Current Assets:                                                                (Unaudited)             (Audited)
<S>                                                                             <C>                    <C>
   Cash and cash equivalents                                                    $   53,763             $  153,038
   Accounts receivable - net                                                     4,592,849              4,744,077
   Inventories                                                                   1,206,313              1,478,185
   Prepaid expenses                                                                373,100                269,178
                                                                                ----------             ----------
                                                 Total Current Assets            6,226,025              6,644,478
Property, Plant & Equipment - net                                                1,287,245              1,227,409
Deferred Income Taxes                                                               78,493                 78,493
Other Assets                                                                       252,163                270,858
                                                                                ----------             ----------
                                                         Total Assets           $7,843,926             $8,221,238
                                                                                ==========             ==========
                LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
   Line of credit                                                              $ 2,743,864            $ 2,469,031
   Current portion of long-term debt                                               847,196                789,338
   Current portion of capital lease obligations                                     43,043                 64,743
   Accounts payable                                                              2,407,202              2,711,097
   Accrued expenses                                                                406,120                551,219
                                                                                ----------             ----------
                                            Total Current Liabilities            6,447,425              6,585,428

Long-Term Debt                                                                   2,061,043              2,149,064
Obligations Under Capital Leases                                                    28,144                 33,818
Other Liabilities                                                                  166,669                168,969
                                                                                ----------             ----------
                                                    Total Liabilities            8,703,281              8,937,279
Stockholders' Equity (Deficiency):
   Series A preferred stock - $.001 par value, 1,500,000
      shares authorized, 713,250 shares issued and outstanding                         713                    713
   Series B Preferred Stock - $.001 par value, 166,667
      shares authorized, issued and outstanding                                    500,000                500,000
   Series C preferred stock - $.001 par value, 446,150
      shares authorized, 382,500 issued and outstanding                                383                    383
   Common stock - $.001 par value, 40,000,000 shares
      authorized, 2,988,083 and 2,963,083 shares issued,
      2,607,758 and 2,742,258 outstanding                                            2,988                  2,963
   Additional paid-in capital                                                      200,162                195,687
   Accumulated deficit                                                           (304,461)              (300,949)
   Cost of common shares in treasury, 380,325 and 220,825 shares                 (166,140)               (96,838)
   Less: Receivables for shares sold                                             (900,000)              (900,000)
              Receivable relating to Eastwind claim                              (193,000)              (118,000)
                                                                                ----------             ----------
                                       Total Stockholders' Deficiency            (859,355)              (716,041)
                                                                                ----------             ----------
                       Total Liabilities and Stockholders' Deficiency           $7,843,926             $8,221,238
                                                                                ==========             ==========
</TABLE>

See notes to consolidated condensed financial statements

                                       3
<PAGE>


ConMat Technologies, Inc. and Subsidiary
Consolidated Condensed Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>

                                                                                   Three Months Ended March 31
                                                                                      2001              2000
                                                                                   -----------       -----------
<S>                                                                                <C>               <C>
Net Sales to Customers                                                             $ 3,589,407       $ 3,257,082
Cost of Goods Sold                                                                   2,689,192         2,392,917
                                                                                   -----------       -----------
                                         Gross Profit                                  900,215           864,165

Selling, General and Administrative Expenses                                           718,871           630,028
Corporate Expenses                                                                      97,752           101,069
                                                                                   -----------       -----------
                                     Operating Income                                   83,592           133,068

Other Income (Expense):
   Interest expense                                                                  (119,356)         (131,634)
   Rental income                                                                        66,411            63,579
                                                                                   -----------       -----------
                            Income Before Tax Expense                                   30,647            65,013

Income Tax Expense                                                                       9,200            31,700
                                                                                   -----------       -----------
                                           Net Income                              $    21,447       $    33,313
                                                                                   ===========       ===========

Net earnings per Common Share:
      Basic                                                                        $         -       $      0.01
                                                                                   ===========       ===========

      Diluted                                                                      $         -       $      0.01
                                                                                   ===========       ===========

Weighted average number of common shares outstanding:

      Basic                                                                          2,630,174         2,225,000
                                                                                   ===========       ===========

      Diluted                                                                        2,630,174         3,437,926
                                                                                   ===========       ===========
</TABLE>

See notes to consolidated condensed financial statements

                                       4
<PAGE>





ConMat Technologies, Inc. and Subsidiary
Consolidated Condensed Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>

                                                                       Three Months Ended March 31
                                                                      ----------------------------
                                                                         2001                2000
                                                                      ---------           ---------
<S>                                                                   <C>                 <C>
Cash Flows from Operating Activities:
   Net (loss) earnings                                                $  21,447           $  33,313
   Adjustments to reconcile to net cash provided by (used in)
      operating activities:
         Depreciation and amortization                                   68,218              49,751
   Changes in assets and liabilities:
      (Increase) decrease in assets
         Accounts receivable                                            151,228            (147,887)
         Receivable relating to Eastwind claim                          (75,000)                  -
         Inventories                                                    271,872            (100,520)
         Prepaid expenses                                               (96,797)             (9,844)
         Other assets                                                    (8,198)            (19,807)
      Increase (decrease) in liabilities
         Accounts payable                                              (303,895)            385,501
         Accrued expenses                                              (135,099)            (19,107)
                                                                      ---------           ---------
           Net Cash (Used In) Provided By Operating Activities         (106,224)            171,400

Cash Flows from Investing Activities:
   Purchase of property and equipment                                  (101,086)            (12,848)
                                                                      ---------           ---------
                         Net Cash Used In Investing Activities         (101,086)            (12,848)

Cash Flows from Financing Activities:
   Net borrowings (repayments) under lines of credit                    274,833             (29,343)
   Repayments of term notes                                             (30,163)           (110,976)
   Repayments of capital lease obligations                              (27,374)            (23,031)
   Purchases of treasury stock                                          (69,302)                  -
   Payments of Series B preferred dividends                             (10,000)                  -
   Payments of Series C preferred dividends                             (24,959)                  -
   Recapitalization costs                                                (5,000)                  -
   Offering costs associated with Series C preferred stock                                  (15,023)
                                                                      ---------           ---------
           Net Cash Provided By (Used In) Financing Activities          108,035            (178,373)

                       Net Decrease in Cash & Cash Equivalents          (99,275)            (19,821)

Cash and Cash Equivalents at Beginning of Period                        153,038             101,592
                                                                      ---------           ---------
Cash and Cash Equivalents at End of Period                            $  53,763           $  81,771
                                                                      =========           =========

Supplemental Cash Flow Information:
   Cash paid for interest                                             $ 119,356           $ 131,634
                                                                      =========           =========
   Cash paid for income taxes                                         $  58,670           $       -
                                                                      =========           =========
</TABLE>
See notes to consolidated condensed financial statements

                                       5
<PAGE>



ConMat Technologies, Inc and Subsidiary

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

NOTE A - INTERIM FINANCIAL INFORMATION

         The financial statements of ConMat Technologies, Inc. as of March 31,
2001 and 2000, and for the three months then ended and related footnote
information are unaudited. All adjustments (consisting only of normal recurring
adjustments) have been made which, in the opinion of management, are necessary
for a fair presentation. Results of operations for the three months ended March
31, 2001 are not necessarily indicative of the results that may be expected for
any future period. The balance sheet at December 31, 2000 was derived from
audited financial statements.

         Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
consolidated financial statements be read in conjunction with the consolidated
financial statements and notes included in the Company's Annual Report on Form
10-KSB for the year ended December 31, 2000. The results of operations for the
three months ended March 31, 2001 are not necessarily indicative of the
operating results, which may be achieved for the full year.

NOTE B - FINANCIAL STATEMENT RECLASSIFICATIONS

         The financial statements of ConMat Technologies, Inc. as of March 31,
2001 and for the three months then ended contain reclassifications relating to
freight expense and sales commissions. In the past, the Company had recorded
these items as deductions from gross revenues. For the three months ended March
31, 2000, the effect of these reclassifications was an increase in Net Sales to
Customers of $117,000 with offsetting increases to Cost of Goods Sold of $74,000
and Selling Expenses of $43,000.

NOTE C - EARNINGS (LOSS) PER SHARE

         ConMat reports earnings per share in accordance with the provisions of
SFAS NO. 128, Earnings Per Share. SFAS No. 128 requires presentation of basic
and diluted earnings per share in conjunction with the disclosure of the
methodology used in computing such earnings per share. Basic earnings per share
exclude dilution and is computed by dividing income available to common
shareholders by the weighted average common shares outstanding during the
period. Diluted earnings per share takes into account the potential dilution
that could occur if securities or other contracts to issue common stock were
exercised and converted into common stock. However, no potential common shares
are included in the computation of diluted per share amounts when there is a
loss from continuing operations.



                                       6
<PAGE>

The following are basic and diluted (loss) earnings per share calculations for
the periods presented.
<TABLE>
<CAPTION>


                                                                               Three Months Ended March 31
                                                                              ----------------------------
                                                                                 2001              2000
                                                                              ----------        ----------
<S>                                                                           <C>               <C>
Earnings per Share - Basic:
   Net income                                                                 $   21,447        $   33,013
   Dividends on preferred shares                                                 (33,877)          (10,000)
                                                                              ----------        ----------
   Net (loss) income available to common shareholders                            (12,430)           23,013
                                                                              ==========        ==========

   Weighted average shares outstanding                                         2,630,174         2,225,000
                                                                              ==========        ==========

                      Basic Earnings Per Share                                $        -        $     0.01
                                                                              ==========        ==========

Earnings per Share - Diluted:
   Net (loss) income available to common shareholders                         $  (12,430)       $   23,013
   Dividends on preferred shares                                                                    10,000
   Net (loss) income available to common shareholders
                                                                              ----------        ----------
      after assumed conversions                                               $  (12,430)       $   33,013
                                                                              ==========        ==========

   Weighted average shares outstanding                                         2,630,174         2,225,000
   Dilutive effect of preferred stock                                                  0           978,030
   Dilutive effect of stock options and warrants                                       0           234,896
                                                                              ----------        ----------
      Diluted average shares outstanding                                       2,630,174         3,437,926
                                                                              ==========        ==========

                    Diluted Earnings Per Share                                $        -        $     0.01
                                                                              ==========        ==========
</TABLE>
                                       7

<PAGE>


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

                           FORWARD LOOKING STATEMENTS

         Some of the statements contained in this report discuss future
expectations, contain projections of results of operations or financial
condition or state other "forward-looking" information. Those statements are
subject to known and unknown risks, uncertainties and other factors that could
cause the actual results to differ materially from those contemplated by the
statements. The forward-looking information is based on various factors and was
derived using numerous assumptions.

         Important factors that may cause actual results to differ from
projections include, for example:

     o general economic conditions, including their impact on capital
       expenditures;

     o business conditions in the materials technology and wastewater treatment
       industries;

     o the regulatory environment;

     o rapidly changing technology and evolving industry standards;

     o new products and services offered by competitors; and

     o price pressures.

         In addition, in this report, the words "believe", "may", "will",
"estimate", "continue", "anticipate", "intend", "expect", "plan", and similar
expressions, as they relate to the business or management of ConMat
Technologies, Inc. or its wholly-owned subsidiary, Polychem Corporation, are
intended to identify forward-looking statements.

         ConMat undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise after the date of this report. In light of these risks and
uncertainties, the forward-looking events and circumstances discussed in this
report may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements. Further information
concerning the risks facing ConMat's business and operations is set forth in the
section entitled "Risk Factors" in ConMat's Annual Report on Form 10-KSB for the
year ended December 31, 2000.


Results of Operations For The Three Month Periods Ended March 31, 2001 and 2000

         The following table sets forth certain statement of operation items as
a percentage of net sales for the period indicated:

                                            Three Months Ended March 31
                                       ----------------------------------
                                            2001                    2000
                                       -----------              ----------
Net Sales                                   100.0%                  100.0%
Cost of Goods Sold                           74.9                    73.5
Gross Profit                                 25.1                    26.5
Selling and Administration                   20.0                    19.3
Interest Expense                              3.3                     4.0
Other Expense                                 0.9                     1.2
Income Tax (Benefit) Expense                  0.3                     1.0
                                            -----                   -----
Net (Loss) Income                             0.6%                    1.0%
                                            =====                   =====


                                       8
<PAGE>

         Cost of goods sold is determined as the sum of material costs, direct
manufacturing labor costs and an allocation of utilities and other overhead
costs attributable to manufacturing activities.

         Total revenues increased $332,000 or 10.2% to $3,589,000 for the three
months ended March 31, 2001 from $3,257,000 for the three months ended March 31,
2000. Polychem ended the first quarter of 2001 with an order backlog of
$6,271,000 compared to $6,890,000 at the end of the comparable quarter in 2000.

         Gross profit decreased by $36,000 or 4.2% to $900,000 for the
three-month period ended March 31, 2001 from $864,000 for the three months ended
March 31, 2000. Gross profit decreased slightly as a percentage of sales to
25.1% for the three-month period ended March 31, 2001 from 26.5% for the three
months ended March 31, 2000. Polychem's cost of good sold as a percentage of
sales increased from 73.5% in 2000's first quarter to 74.9% in the quarter just
ended. The slight degradation in gross margin is consistent with slighter lower
margins recorded in the later three-quarters of 2000. These decreases are the
result of increased pricing pressures both domestically and internationally. In
the international marketplace, the strong US Dollar has created even more
pressure to lower selling price to compete with local manufacturers. ConMat bids
and invoices almost exclusively in US Dollars. Other factors causing increases
in the cost of sales are higher freight costs associated with partial shipments
and higher than anticipated direct labor overtime expenses.

         Selling and administrative expenses increased by $89,000 or 14.1% to
$719,000 for the three month period ended March 31, 2001 from $630,000 for the
comparable quarter in 2000. As a percentage of revenues, selling and
administrative expenses increased only slightly by .7% to 20.0% for the
three-month period ended March 31, 2001. This increase is the result of
additions to the administrative staff and increased travel related expenses.
ConMat has been increasing its expenditures in the cultivation of additional
business opportunities throughout the Pacific Rim. The administrative staff
increases resulted from strategic replacements of individuals who left the
organization in the first six months of 2000.

         Corporate expenses remained relatively stable for the three months
ended March 31, 2001 as compared to the three months ended March 31, 2000.
Decreases in professional fees were offset by increased insurance expenses.
ConMat continues to incur legal expenses in the defense of several lawsuits that
relate to ConMat's acquisition of Polychem.

         Interest expense for the three-month period ended March 31, 2001
decreased $13,000 or 9.3 %, to $119,000 from $132,000 for the comparable quarter
in 2000. The lower expense reflects somewhat lower borrowing levels and an
overall decrease in interest rates. Interest expense as a percentage of total
revenues decreased to 3.3% in the three-month period ended March 31, 2001
compared to 4.0% in the three months ended March 31, 2000.

         ConMat recognized a net profit of $21,000 for the three-month period
ended March 31, 2001. For the comparable quarter in 2000, ConMat reported a
profit of $33,000. As a percentage of net revenues, net income decreased from
1.0% for the three months ended March 31, 2000 as compared to .6% for the
quarter ended March 31, 2001.



                                       9
<PAGE>

Liquidity and Capital Resources

         ConMat realized a net cash decrease of $99,000 for the three-month
period ended March 31, 2001. For the comparable period in 2000, ConMat realized
a net cash decrease of $20,000. ConMat's primary source of working capital is a
credit facility of up to $5 million, subject to a lending formula limit, secured
by Polychem's receivables and inventory. As of March 31, 2001, the maximum
borrowing amount was $2,780,000 and the outstanding balance was $2,744,000.
ConMat's current ratio as of March 31, 2001 is .97 as compared to 1.01 at
December 31, 2000. While ConMat is presently in a negative working capital
position of $221,000, there are several large receivables relating to equity
transactions that are presently being accounted for as reductions in the
stockholders' equity section of ConMat's March 31, 2001 balance sheet.
Management believes that a significant portion of these receivables will be
collected on or before June 15, 2001. Upon resolution of these transactions
together with cash generated from operations, management believes that ConMat
has sufficient assets, equipment and facility to attain and absorb forecasted
growth in revenues. ConMat has no commitments for significant capital
expenditures in the foreseeable future.

















                                       10

<PAGE>


PART II

Item 1. Legal Proceedings.

     ConMat is currently a defendant in an action originally filed on January
28, 1999, in Pennsylvania state court captioned John R. Thach v. The Eastwind
Group, et al. On October 27, 2000, co-defendant, The Eastwind Group, Inc., filed
a voluntary petition for relief under Chapter 11 of Title 11 of the Bankruptcy
Code (U.S.B.C., E.D. Pa. Bankruptcy No. 00-33372 SR). The plaintiff removed the
state court action to the United States Bankruptcy Court for the Eastern
District of Pennsylvania on November 29, 2000 (U.S.B.C., E.D. Pa. Adversary No.
00-906). Plaintiff maintains that Eastwind, his former employer, breached the
terms of his severance agreement and that the sale of Polychem to ConMat was
part of a conspiracy to avoid payments to him and has violated Pennsylvania's
Uniform Fraudulent Transfer Act. The plaintiff seeks damages of at least
$350,000 and punitive damages of at least $500,000. In addition, the plaintiff
seeks to have the December 8, 1998 acquisition of Polychem declared null and
void. Among the other named defendants is Paul A. DeJuliis, President of ConMat
and the former Chief Executive Officer of Eastwind. Initially, the plaintiff
sought a temporary restraining order and preliminary injunction seeking to set
aside the sale of Polychem to ConMat. By Order dated February 19, 1999, the
State Court denied plaintiff's request for injunctive relief. Currently the
plaintiff is seeking permission from the Bankruptcy Court to proceed with his
litigation.

         On January 22, 2001 the Bankruptcy Court appointed a Chapter 11 trustee
to oversee and administer The Eastwind Group, Inc. bankruptcy. The bankruptcy
trustee may assert claims against ConMat, including the claim made in the Thach
case that the December 8, 1998 acquisition of Polychem was a fraudulent
conveyance. Management of ConMat is currently in discussions with the bankruptcy
trustee to resolve any potential claims.

         ConMat is currently a defendant in a federal district court action
filed on April 11, 2000, in the United States District Court for the Eastern
District of Pennsylvania captioned Profutures Special Equities Fund, L.P. v. The
Eastwind Group, et al. (U.S.D.C., E.D. Pa. Civil Action No. 00-CV-1888).
ProFutures maintains that Eastwind and others violated federal and state
securities laws and committed common law fraud in connection with the June 1998
purchase by ProFutures of $750,000 in Series C Convertible Preferred Stock of
Eastwind. ProFutures seeks damages in the amount of $750,000 and seeks to have
the acquisition of Polychem by ConMat declared null and void. Among other named
defendants is Paul A. DeJuliis, President of ConMat and former Chief Executive
Officer of Eastwind. ConMat, Paul A. DeJuliis and two other former officers of
Eastwind filed a Motion to Dismiss the Complaint on May 25, 2000 and ProFutures
responded. Before the court issued a ruling on that motion, co-defendant
Eastwind filed for bankruptcy in November 2000 and the case was stayed. Nothing
further has occurred in this case.

Item 2.    Changes in Securities.

                  Not Applicable.

Item 3.    Defaults Upon Senior Securities.

                  Not Applicable.

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

                  Not Applicable.



                                       11
<PAGE>


Item 5.    Other Information.

                  Not Applicable.

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

                  (a) Exhibits

                      None

                  (b) ConMat did not file any current reports on Form 8-K during
                      the period covered by this report.

                                       12

<PAGE>


                                   SIGNATURES

         In accordance with Section 13 or 15(d) of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed on its behalf
by the undersigned, hereunto duly authorized.


                             CONMAT TECHNOLOGIES, INC.


 Date: May 18, 2001            By: /s/ Paul A. De Juliis
                                   -------------------------------------------
                                   Paul A. DeJuliis,
                                   President and Chief Executive Officer
                                   (Principal Executive Officer)




 Date: May 18, 2001            By: /s/ Thomas C. Morral, Jr.
                                   -------------------------------------------
                                   Thomas C. Morral, Jr.,
                                   Vice President and Chief Financial Officer
                                   (Principal Financial and Accounting Officer)

                                       13