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, 1998
                                           -----------------

                        Commission File Number 0-18974

                        Jordan American Holdings, Inc.
                        ------------------------------

              Florida                                 65-0142815
   ----------------------------                    -----------------
   (State or other jurisdiction                    (I.R.S. Employer
 of incorporation or organization)               Identification Number)

         1875 Ski Time Square Drive
      Suite One, Steamboat Springs, CO                       80487
  ----------------------------------------                 ----------
  (Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code:  (970) 879-1189

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:  NONE
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                        Common Stock, $.001 par value
                        -----------------------------

Check whether the Company (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 Company was required to file
such reports), and (2) has been subject to filing requirements for the past 90
days.  Yes  X    No 

Check if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-B is not contained herein, and will not be contained, to the best of the
Company'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. [   ]

The Company's revenues for fiscal year 1998 were $1,091,157.  The aggregate
market value of the voting and non-voting common equity held by non-affiliates
of the Company is $801,559 based on the closing price of $0.17 as of
February 26, 1999, multiplied by 4,715,054 shares of common stock.

As of February 26, 1999, the Company had a total of 10,421,266 shares of
common stock outstanding.
______________
*Affiliates for the purpose of this item refer to the officers, directors,
and/or persons or firms owning 5% or more of the Company's common stock, both
of record and beneficially.
<PAGE>

                     DOCUMENTS INCORPORATED BY REFERENCE


The following documents are incorporated by reference:
    Portions of Proxy Statements for 1999 Annual Meeting - Part III
<TABLE>
<CAPTION>
                                    INDEX
PART 1                                                                  PAGE
<S>                                                                     <C>
Item 1.  Business                                                         3
Item 2.  Properties                                                       8 
Item 3.  Legal Proceedings                                                8
Item 4.  Submission of Matters to a Vote of Security Holders              9

PART II 

Item 5.  Market for Common Equity and Related Stockholder Matters         9
Item 6.  Management's Discussion and Analysis                            10
Item 7.  Financial Statements                                            13
Item 8.  Changes In and Disagreements with Accountants on Accounting 
         and Financial Disclosure                                        13

PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons:
         Compliance with Section 16(a) of the Exchange Act               13
Item 10. Executive Compensation                                          13
Item 11. Security Ownership of Certain Beneficial Owners and Management  13
Item 12. Certain Relationships and Related Transactions                  13
Item 13. Exhibits and Reports on Form 8-K                                13
</TABLE>
<PAGE>
                                    PART I

Item 1.  Business

General
-------
Jordan American Holdings, Inc. ("JAHI" or "Company"), is an investment advisory
firm which conducts business under the name "Equity Assets Management" ("EAM")
and managed approximately $42 million in individual client accounts at
December 31, 1998.  IMPACT Financial Network, Inc., ("IFNI", formerly known
as Management Securities, Inc.) a subsidiary of JAHI, is a registered broker-
dealer and a member of the National Association of Securities Dealers, Inc.
("NASD") and the Securities Investor Protection Corporation ("SIPC").  Wallace
Neal Jordan, Chief Investment Officer of JAHI, founded Equity Assets
Management, Inc. in 1972 and IMPACT Financial Network, Inc. in 1986.

The Company is registered with the Securities and Exchange Commission ("SEC")
as an investment advisor, and engages in business as a money manager of
individually held equity portfolios and pooled investments, including an open-
end investment company.

Clients of JAHI consist of individuals, investment companies, corporations,
foundations, and individual retirement, corporate, group pension, profit-
sharing plans and other accounts.  The objective for accounts managed by the
Company is significant capital appreciation, or growth.  The Company, at
December 31, 1998, and 1997, managed approximately 452 and 568 accounts,
respectively, and the average account size was approximately $93,000 and
$99,000, respectively.

JAHI is compensated for its management of accounts through two primary methods.
The Company receives a fixed percentage of assets  billed each six months or a
percentage of profits based upon the account's annual performance.  As required
by the SEC, only qualified clients may be charged on a percentage of profits
basis.

At December 31, 1998, approximately 30% of the assets under management had
contracted to pay the normal percentage of assets fee of 1.9% annually.
Percentage of assets accounts, for which refunds may be due to clients, are
billed in advance and are deferred and amortized into income over the period
in which services are performed.  Approximately  70% of the managed assets are
billed on a performance basis whereby the Company normally receives 20% of the
net realized and unrealized gains, including dividends and interest, in the
account following each year of management.  Investment advisory fees based on
a percentage of the annual increase (performance billings) in the market value
of a client's portfolio are fully recognized at the contract anniversary date
after the period of management.  Management fee compensation which is due to
sales representatives is accrued when such fees are billed and is paid to sales
representatives quarterly.
                                       3
<PAGE>
Asset management contracts are terminable upon written notice from the
client(s), and management fees are refundable on a pro-rata basis, as
applicable.  For additional information and details regarding the Company's
business operations and policies, a copy of disclosure document Form ADV,
Part II is available without charge upon written request to the Company.

Exceptional management performance in percentage of profit accounts may result
in substantial revenues for the Company while poor performance in the same
accounts may yield no revenues for the Company.  Additionally, because
percentage of profit contracts are billed on an annual basis for each
respective client, there may be a delay in billing revenue for as long as
eleven months from the time when actual account performance was achieved.
Thus, performance in percentage of profit accounts may or may not benefit the
revenues of the Company for nearly one year after such performance was
achieved, depending on the billing cycle of respective clients and the
performance of investments held in the portfolio during the interim period
prior to the calculation of the billing.

Total assets under management and corporate earnings may substantially increase
or decrease due to stock market conditions, including the onset of a long-term
declining, or bear market, performance returns as influenced by the Company's
investment advisory decisions, expense and related effectiveness of marketing
efforts, competition from other investment advisory companies and mutual funds,
interest rate changes by the Federal Reserve Board, economic conditions such as
high inflation and/or recession, international events, acts of terrorism, and
other factors.

Approximately 90% of JAHI's clients maintain brokerage accounts with IFNI for
assets placed under EAM's management.  The affiliation between the Company and
IFNI is disclosed to all the Company's clients through Form ADV, Part II.  IFNI
is compensated for securities transactions on behalf of the Company's managed
accounts by receipt of commissions.  IFNI does not hold funds nor hold or
transmit securities for clients and does not carry accounts of or for any
customers of the Company.  IFNI currently executes orders through Pershing &
Co., a division of Donaldson, Lufkin, & Jenrette, a securities corporation.
Pershing, a member of SIPC, acts as clearing house and custodian and processes
all confirmations and monthly statements for JAHI clients who choose to hold
their accounts with IFNI.  Clients may decide to house their accounts at
another brokerage institution of their own choosing.  Commission income is
recognized on a settlement date basis, which does not differ materially from
the trade date basis of accounting.

In February 1993, JAHI completed a $3 million private placement of 750,000
units.  Each unit is comprised of four shares of 8% cumulative convertible
non-voting preferred stock (the "Preferred Stock") and one share of Common
Stock.  The Preferred Stock is convertible at the rate of one share of Common
stock for each $3.50 in face amount of Preferred Stock converted.  The face
amount equals the initial offering price of $1.00 per share.  If at any time
the closing bid price of  JAHI Common Stock exceeds $5.25 per share for a
period of thirty consecutive trading days, the Company may, upon thirty days'
written notice, convert the Preferred Stock to Common Stock using the above
conversion rate.  If the conversion of Preferred Stock to Common Stock
occurred, the Company would then be relieved of the $240,000 annual dividend to
the holder of the Preferred Stock.
                                       4
<PAGE>
On October 29, 1998, the Board of Directors of JAHI decided not to declare the
current semi-annual preferred stock dividend, which totaled $120,000, due to
operational and cash flow needs of the Company.  Because the preferred stock
dividend is cumulative, all cumulative but unpaid preferred stock dividends
must at some future date be declared and paid before JAHI's Board of Directors
would be able to declare and pay a dividend to its common stock shareholders.
JAHI has not declared or paid a common stock dividend and does not intend to do
so in the foreseeable future.

During 1997 the Company began serving as investment advisor to the Impact
Management Growth Portfolio ("Portfolio"), an open-end investment company
formed under the Impact Management Investment Trust.  At December 31, 1998,
the Portfolio had assets of approximately $8 million from which JAHI and IFNI
receives management fees and brokerage commissions, respectively. As of
December 31, 1998, expenses incurred by the Company since the inception of the
Portfolio have been greater than revenues received by the Company from the
Portfolio.  During 1997, JAHI also formed a new, wholly-owned subsidiary,
IMPACT Administrative Services, Inc. ("IASI"), which serves as administrative
and transfer agent for the Portfolio through the services of a sub-agency.

The Company develops prospective equity clients through seminars, its web site
(www.jahi.com), sales representatives, and referrals from clients, securities
broker-dealers and other sources.  Prospective EAM clients provide information
about themselves, their investment experience, and their net worth through new
account forms, a suitability questionnaire, personal interviews and other
methods.

Management believes the Company's investment strategy and long-term performance
history of managed accounts provide a base for marketing the Company's
investment advisory services to a growing network of brokers, institutions,
and high-net worth individuals despite the fact that the Company's managed
accounts have underperformed the market averages over the last seven years.
JAHI's management anticipates that improved account performance along with
improved and increased attention to new asset gathering will be the basis for
the Company's long-term growth and potential corresponding increases in
earnings per share and market value of JAHI common stock and warrants.

During the third quarter of 1994, Wallace Neal Jordan established Jordan
Assets, Ltd.  In exchange for providing administrative services, the Company
receives 100% of any net income resulting from the collection of incentive
and/or management fees collected by Jordan Assets, Ltd., a privately held
affiliate which manages the Jordan Index Fund, L.P., ("Fund"), a limited
partnership with assets of approximately $3.5 million.  The Fund invests in
stock index futures contracts and other securities and receives as its fee 20%
of the partnership's total profits.  Fees for this Fund are accounted for as
deferred revenue until the annual billing date of the Fund, which is July 31
of each year.  Revenues to JAHI from the Fund were approximately $90,000 in
1995 as compared to no revenues from the Fund in 1996, 1997 and 1998.  Third
quarter 1999 revenues may or may not be materially impacted by revenues from
the Fund as dependent upon the Fund's profitability resulting from investment
decisions made by Fund manager Wallace Neal Jordan. Additionally, investors in

                                       5
<PAGE>
the Company's common stock or warrants should understand that there is no
guarantee that the Fund will continue to exist as a potential revenue source
for the Company.

The Company has been diligently preparing for the Year 2000 problem ("Y2K")
since 1997 and has spent approximately $2,000 related to the assessment of all
issues related to Y2K.  It is anticipated that the Company will spend another
$2,000 during 1999 for the completion of all Y2K-related issues.  Company
personnel have attended various seminars hosted by the NASD to educate
themselves about Y2K issues.  Because the Company only maintains three full-
time personnel at its portfolio management headquarters, JAHI had relatively
few assessments to make related to Y2K.  With the help of professional
information technology consultants, JAHI has determined that the impact of Y2K
upon its operations will be immaterial. Because the Company does not serve as
clearing house, custodian or other information system provider of client
accounts, JAHI's ability to manage these issues is limited to its indirect
involvement and interaction with the systems of other companies.  The Company
retains various vendors and software systems which have assessed and already
corrected the vast majority of potential problems with their software and
systems related to the Y2K.  The Company's various vendors have assured the
Company of their preparedness for Y2K.  Additionally, the Company has had plans
to update its own computer network during 1999.  These plans, which are not
directly related to any Y2K issues, when carried out, will provide the Company
with information systems which the respective vendors of these systems have
deemed to be Y2K compliant.

Competition
-----------
The Company operates in a highly competitive industry with competition from
other investment advisors, investment companies, commodity trading advisors,
broker-dealers and financial planners in addition to investment alternatives
offered by insurance companies, banks, credit unions, securities dealers and
other financial institutions.  Many of these institutions possess large sales
forces and significant financial resources, are able to engage in more
extensive marketing and advertising than JAHI and may offer accounts insured by
the Federal Deposit Insurance Corporation.  JAHI believes its investment
strategy, which centers around understanding the general trend of the market
as assisted by certain proprietary analysis, coupled with its long-term track
record, make it a viable alternative to traditionally-managed mutual funds and
money managers who often disregard general market conditions as part of their
investment strategy.

Regulation
----------
The Company is subject and will continue to be subject, as are other companies
in the securities industry, to general stock market conditions and fluctuations
as influenced by Federal Reserve Board actions, both domestic and international
economic and political conditions and events, and trends in business, finance
and other factors mentioned in this report.
 
The securities industry is subject to various risks and intense regulation
from the SEC, the NASD, the National Futures Association, and the Commodity
Futures Trading Commission.  Investment advisors, broker-dealers, and commodity
trading advisors are highly regulated by both federal and state authorities and
by other self-regulatory organizations.  Such regulations may restrict both the

                                       6
<PAGE>
types of investments and amount of investments that JAHI may employ for its
clients and itself.  The NASD, for instance, has strict requirements for the
maintenance of net capital requirements by broker-dealers such as IFNI.  There
can be no assurance that any changes to existing laws, regulations or rulings
promulgated by government entities having jurisdiction over the Company's
investment advisory, broker-dealer, investment company and commodities trading
business will not have an adverse effect upon the business of the Company, or
that the Company currently operates in full compliance with all applicable law
and regulations or will be able to remain in compliance with all applicable law
and regulations.  If the Company fails to maintain compliance with all
applicable regulations, JAHI may be subject to various and significant fines,
censures and other considerations.

Under the Investment Company Act of 1940 (the "1940 Act"), a company which
invests more than 40% of its total assets, on an unconsolidated basis, in
securities, excluding certain securities such as government securities, cash
items, and subsidiaries which are not investment companies, is subject to the
registration provisions of the 1940 Act.  The Company does not intend to
invest its assets in a manner which would require registration under the 1940
Act.  To this end, it intends to monitor the value of its investments on a
monthly basis.  If the value of the Company's investments fluctuate to the
extent that they exceed 40% of total assets on an unconsolidated basis, the
Company would be required to register as an investment company or seek an
exemption therefrom.  The 1940 Act and rules promulgated thereunder impose
restrictions and limitations on the activities of an investment company, which
may adversely impact the Company's business and operations.

By law, investment advisors, broker-dealers, and investment companies are
fiduciaries and are required to serve their clients' interests with undivided
loyalty.  The affiliation between the Company and IFNI may continue to be
scrutinized by the regulatory authorities described above because of the
potential conflict of interest created by related-party transactions, and may
be subject to various regulations which may affect the fees and charges of
IFNI.  Because of this potential conflict of interest, these arrangements may
be closely examined by the SEC and other regulatory authorities to determine
that such transactions are conducted within the rules and regulations
promulgated by the SEC and others.  Findings to the contrary may subject the
Company to censures, significant fines and/or other liabilities, or cause the
Company to change its method of doing business.  The SEC requires that business
be conducted in the best interests of the clients and that such arrangements be
disclosed to them. While the Company believes that its existing relationships
are in compliance with applicable law and regulations, findings to the contrary
may have a material adverse effect upon the Company.

During 1997, the Nasdaq Stock Market formalized new standards for continued
listing of securities on the Nasdaq Small Cap Market ("Nasdaq").  During the
third quarter of 1998, JAHI common stock was delisted from Nasdaq.  The
Company's common stock is now traded on the Over-The-Counter Bulletin Board
("OTC-BB"), which may adversely affect the trading and liquidity of the
Company's common stock.  A substantial portion of the Company's outstanding
common stock and warrants are held in EAM client accounts.  In April of 1997,
the Board of Directors unanimously voted to retain JAHI securities in EAM
accounts but to discontinue all directed purchasing activities for clients

                                       7
<PAGE>
related to JAHI stock and warrants and to only sell JAHI securities as
instructed by the client(s).

Many aspects of the financial services industry involve substantial liability
risks, including exposure under federal and state securities laws in connection
with the distribution of securities and investment advisor activities.  The
Company currently maintains errors and omission insurance policies insuring
against this risk, although such insurance does not necessarily protect the
Company against loss in all events.

Employees
---------
At February 28, 1999, the Company employed seven full-time personnel.
Management of JAHI believes that clients of the Company have invested their
assets with the Company primarily based upon the long-term performance record
of Mr. Jordan and, for many, their long-standing investment relationship with
him.  The Company may be materially adversely affected in the event of Mr.
Jordan's death, as it is possible that many client accounts would choose to
discontinue their managed accounts. However, current management of the Company
believes that, because of greater management depth, especially in regard to
C.E.O. and Senior Assistant Portfolio Manager Charles R. Clark, who has begun
his ninth year of working with Mr. Jordan, and improved management information
systems, this may not necessarily occur.  The Company maintains "key man" life
insurance on Mr. Jordan in the amount of $3.75 million, which is payable to the
Kirkland S. & Rena B. Lamb Foundation as redemption capital for the Lamb
Foundation's current investment in $3 million worth of JAHI preferred stock. 


Item 2.  Properties

The Company currently rents its office space at 1875 Ski Time Square, Suite
One, Steamboat Springs, Colorado, for approximately $2,200 per month.


Item 3.  Legal Proceedings

The SEC conducted an examination of the Company in November 1997.  As a result
of this examination, certain issues arose regarding possible violations of the
Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment
Advisers Act of 1940 relating to the contingent "best efforts" private
placement debenture offering for Boston Restaurants Associates, Inc.  The SEC
has initiated discussions with the Company's legal counsel with regard to these
issues and may be considering formal action against the Company.  Legal counsel
to the Company filed a "Wells Submission" with the SEC on June 1, 1998.
Management and legal counsel of the Company cannot, at this time, predict with
any certainty the outcome of the SEC's examination or whether the resolution
will have a material effect on JAHI's operations or financial statements.

Other than the foregoing, the Company is not a party in any material
litigation, and management has no knowledge of any threatened material
litigation against the Company.
                                       8
<PAGE>
Item 4.  Submission of Matters to a Vote of Security Holders

During the fourth quarter of the fiscal year covered by this report, no matters
were submitted to a vote of security holders through the solicitation of
proxies or otherwise.


                                   PART II

Item 5.  Market for Common Equity and Related Stockholder Matters

Market for Common Stock
-----------------------
The Company's common stock currently trades on the OTC-BB under the symbol
"JAHI."  The following are the high and low sales prices for JAHI for the two
year period ended December 31, 1998. Such prices may represent high and low bid
quotations or prices between dealers in securities and do not include retail
markup, markdown, or commissions and may not necessarily represent actual
transactions.
<TABLE>
<CAPTION>
Common Stock Prices
Year Ended December 31, 1997               High            Low
<S>                                      <C>             <C>
        First Quarter                     $1.00           $0.50
        Second Quarter                    $0.84           $0.50
        Third Quarter                     $0.78           $0.59
        Fourth Quarter                    $0.63           $0.38

Year Ended December 31, 1998               High            Low
        First Quarter                     $0.41           $0.31
        Second Quarter                    $0.38           $0.31
        Third Quarter                     $0.34           $0.19 
        Fourth Quarter                    $0.19           $0.07

</TABLE>
On February 26, 1999, the closing price of the Company's common stock was
$0.17.  As of February 26, 1999, approximately 891,000 shares of common stock
were held in accounts of EAM clients, which represented approximately 9% of the
Company's outstanding shares as of December 31, 1998.  Wallace Neal Jordan
owned approximately 33% of the Company's outstanding shares at December 31,
1998.
                                       9
<PAGE>
Dividends
---------
The Company has not paid or declared cash dividends on its common stock since
inception and does not anticipate paying dividends in the foreseeable future.
At December 31, 1998, the Company's policy was to retain all earnings for
application in its business.  Payment of future cash dividends is at the
discretion of the Board of Directors and will depend upon earnings, financial
requirements of the Company and other such factors as the Board of Directors
may deem relevant.

From February 1993 until June 30 of 1998, the Company made semi-annual cash
dividend payments on its cumulative convertible non-voting preferred stock at
a rate of 8% per annum, to the extent permitted by Florida law.  Total payments
in 1998 were $120,000, and there are currently no projected annual payments
for 1999.
 
Shareholders
------------
At December 31, 1998, there were 10,421,266 outstanding shares of the Company's
common stock and 253 shareholders of record.


Item 6.  Management's Discussion and Analysis

Safe Harbor for Forward-Looking Statements
------------------------------------------
Information found in this report contains forward-looking implications which
may differ materially from actual results due to the success, or lack thereof,
of JAHI's management decisions, marketing and sales effectiveness, investment
decisions, and the management of clients' stock portfolios and pooled
investments as influenced by market conditions, Federal Reserve Board policy,
economic trends, political developments, domestic and international events, and
other factors.  There can be no guarantee that any forward-looking implications
discussed and/or referenced in this report will have any impact, positive or
negative, upon the earnings, value and/or operations of the Company.
 
Operational Notes
-----------------
Long-term trends in retention of client assets since fiscal year-end 1995 show
that the Company has had a net loss in assets under management, i.e., more
assets in client accounts have departed from the Company's management than have
been brought in as new managed assets. The Company's assets under management
at December 31, 1998, were approximately $42 million as compared to
approximately $56 million at the end of fiscal year 1997 and $65 million at
end of fiscal 1996.  From January 1 through February 28, 1999, the Company
experienced a net loss in assets under management of approximately $3.7
million.  This declining trend in total assets under management may continue
to have a direct negative impact upon the Company's investment advisory
revenues and related brokerage commissions.  It is likely that future net
income/loss of the Company will be substantially impacted by the amount of
assets under management, investment management decisions and general stock
market conditions, among other factors.

                                      10
<PAGE>
The net average compound performance of the Company's managed accounts in 1998
was approximately 11%, compared to 2% for 1997.  Because approximately 70% of
the Company's managed assets are billed on a performance fee basis, revenue
from these accounts will fluctuate in relation to account performance.
Calendar year comparisons of performance fee revenue based upon calendar year
account performance do not necessarily correspond exactly to each other due to
varying billing cycles of the accounts. Management fees for 1998 were lower
because of relatively weak performance in clients' managed accounts during 1997
and 1998 and because of the decline in total assets under management.

Basic and diluted earnings per share and share equivalent are based upon the
weighted average number of share and/or share equivalents outstanding during
the period.  The calculations ignore common stock equivalent shares when their
inclusion in such calculations would have been anti-dilutive.

Marketable securities consist primarily of corporate stocks and other
securities held in Company investment accounts.  Realized and unrealized gains
or losses result from the trading of securities in Company investment accounts.

Additional information regarding the Company's operations may be located in
JAHI's quarterly 10-QSB filings for fiscal 1998.

Results of Operations
---------------------
Net (loss) attributable to common stock for fiscal year 1998 was ($825,777) or
($0.08) per common share and share equivalent compared to a net loss of
($1,072,844) or ($0.10) per common share and share equivalent for the same
period in 1997.  Net income was primarily affected by relatively low account
performance in 1997 and 1998, and an overall reduction in assets under
management during fiscal 1998.  Revenues from investment advisory fees for
fiscal year 1998 totaled $664,710 compared to revenues from investment advisory
fees of $1,021,201 for the same period in 1997. Unless account performance and
asset gathering improves or increases, respectively, the Company's current net
loss trend may continue.

Commission revenues increased for fiscal year 1998 to $426,447 as compared to
$361,693 for the same period in 1997, an increase of approximately 18%.  This
increase was primarily due to an increase in the trading volume of securities
being purchased and sold in client accounts as determined by investment
management decisions by the Company based on its investment strategy, market
conditions and other factors. A decrease in total assets under management may
also have affected IFNI revenues during 1998, and a decrease or increase in
assets under management during 1999 may have a corresponding impact upon IFNI
revenues for 1999.

Selling, general, and administrative ("SG&A") expenses of $1,811,908 were
incurred during fiscal 1998, compared to SG&A expenses of $2,109,376 for the
same period in 1997, a  decrease of approximately 14%. The decrease in SG&A
stems primarily from fewer organizational and operational expenses associated

                                      11
<PAGE>
with the Impact Management Investment Trust and the Impact Management Growth
Portfolio.
	
Total other income (loss) was a gain of $134,974 for fiscal 1998, compared to
a loss of ($106,362) for fiscal year 1997. During 1998, the Company realized a
gain of $50,893 from the sale of its former condominium in Steamboat Springs,
Colorado, which accounted for approximately 38% of the total gains in other
income.

Liquidity and Capital Resources
-------------------------------
At December 31, 1998, the Company had cash and cash equivalents of $495,622
versus $51,286 at December 31, 1997, an increase of approximately 966%  This
increase is primarily due to cash received from the payoff of the note on the
Company's former headquarters in Sarasota, Florida, the sale of the Company's
former condominium, mentioned above, and a decrease in assets classified at
December 31, 1997, as marketable securities.  Marketable securities were valued
at $163,010 at December 31, 1998, as compared to $783,500 at December 31, 1997,
a decrease of approximately 79%.  On December 31, 1996, the Company invested
$500,000 into a convertible debenture (see accompanying notes to financial
statements) which will pay interest during 1999 at a rate of 12%.  This
debenture constitutes the "Notes receivable" total of $500,000 shown on the
Company's balance sheet as of December 31, 1998.

Accounts payable and accrued expenses were $179,684 at December 31, 1998, as
compared to $179,360 at December 31, 1997. Accruals are based upon actual
expenses incurred as well as unbilled expenses.

Net cash provided by (used in) operating activities for fiscal year 1998 was
($49,351) compared to ($1,187,347)  for the same period in 1997. This change
was due primarily to decreased operating losses for 1998, decreased losses from
trading and investing activities, and changes in operating assets and
liabilities.  Net cash provided by (used in) investing activities for fiscal
1998 was $613,687 compared to ($43,342) for 1997.  This change was due
primarily to the principal received on the note receivable related to the
Company's former headquarters in Sarasota, Florida, and the sale of the
Company's former condominium.  Net cash (used in) financing activities for
fiscal 1998 was ($120,000) compared to ($443,081) for 1997.  This change was
due primarily to the culmination of stock repurchase activity in 1997 and the
Board of Director's decision not to declare the JAHI semi-annual Preferred
Stock dividend of  $120,000 for the second half of 1998.

Management of the Company believes short-term cash needs will continue to be
met through management fees, brokerage revenues and/or the liquidation of
marketable securities.  At December 31, 1998, the Company had $658,632 in cash
and marketable securities.
                                      12
<PAGE>
Item 7.  Financial Statements 

Financial statements contained in this report reflect no change from the
preceding year in any accounting principles or practices or in the method of
application of those principles or practices.


Item 8.  Changes In and Disagreements with Accountants on Accounting and
         Financial Disclosure

There were no disagreements, as disclosed on a Form 8-K filing dated September
14, 1998, with the Company's previous auditors, in connection with their
resignation regarding the Company's accounting and financial disclosure.  The
Company disclosed on a Form 8-K filing dated December 3, 1998, the engagement
of the accounting firm of Spicer, Jeffries & Co. for the purpose of conducting
all Company-related audits for fiscal year 1998.


                                  PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
         Compliance with Section 16 (a) of the Exchange Act.

The response to this item will be included in a definitive proxy statement
filed within 120 days after the end of the Company's fiscal year, which
response is incorporated herein by reference.


Item 10.  Executive Compensation

The response to this item will be included in a definitive proxy statement
filed within 120 days after the end of the Company's fiscal year, which
response is incorporated herein by reference.


Item 11.  Security Ownership of Certain Beneficial Owners and Management

The response to this item will be included in a definitive proxy statement
filed within 120 days after the end of the Company's fiscal year, which
response is incorporated herein by reference.


Item 12.  Certain Relationships and Related Transactions

The response to this item will be included in a definitive proxy statement
filed within 120 days after the end of the Company's fiscal year, which
response is incorporated herein by reference.


Item 13.  Exhibits and Reports on Form 8-K

(a) Exhibits:  See Exhibit Index.

(b) Reports on Form 8-K:  The Company filed a Current Report on Form 8-K dated
September 14, 1998, disclosing the resignation of Arthur F. Bell, Jr. &
Associates, L.L.C. as the Company's independent auditors.  The Company filed
a Current Report on Form 8-K dated December 3, 1998, disclosing the Company's
engagement of Spicer, Jeffries & Co. to serve as its independent auditors for
the fiscal year ended December 31, 1998.

                                      13
<PAGE>
Exhibit Index
<TABLE>
<CAPTION>
Exhibit                         Description                            Page
Number
<S>                                                                   <C>
 3.1    Articles of Incorporation as amended                            (1)
 3.2    Bylaws as amended                                               (1)
 4.1    Specimen Certificate of Common Stock                            (1)
 4.2    Specimen Warrant Certificate                                    (1)
 4.3    Form of Warrant Agreement, as amended                           (1) 
 4.4    Form of IPO Underwriter's Warrant                               (1) 
 4.5    Designations of 8% Cumulative Convertible Preferred Stock       (3)
10.1    Employment Agreement between the Company and W. N. Jordan       (2)
10.2    Non-Competition Agreement between the Company and W. N. Jordan  (2)
21      Subsidiaries of the Company:                                     -
             IMPACT Financial Network, Inc.
             IMPACT Administrative Services, Inc.
23.1    Arthur F. Bell, Jr. & Associates, L.L.C., Consent
23.2    Spicer Jeffries & Co., Consent
</TABLE>
(1) Incorporated herein from certain exhibits to the Company's Registration
    Statement on Form S-1, File No. 33-31324, as declared effective by the
    Securities and Exchange Commission on June 5, 1990.

(2) Incorporated herein from certain exhibits to the Company's Current Report
    on Form 8-K dated August 15, 1991.

(3) Included in Exhibit 3.1. 
                                      14
<PAGE>
                                 SIGNATURES

Pursuant to the requirements of 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, thereunto duly authorized.

                             JORDAN AMERICAN HOLDINGS, INC.
                             (Registrant)

Dated March 25, 1999         By: /s/Charles R. Clark
                             -----------------------------------------
                                    Charles R. Clark,
                                    Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the date indicated.

Dated March 25, 1999         By: /s/Wallace Neal Jordan
                             -----------------------------------------
                                    Wallace Neal Jordan,
                                    Director, Chairman of the Board,
                                    Chief Investment Officer

Dated March 25, 1999         By: /s/Charles R. Clark
                             -----------------------------------------
                                    Charles R. Clark,
                                    Director, Chief Executive Officer,
                                    Senior Assistant Portfolio Manager

Dated March 25, 1999         By: /s/Terri Williams Abady
                             -----------------------------------------
                                    Terri Williams Abady,
                                    Director

Dated March 25, 1999         By: /s/Ronald A. Stiller
                             -----------------------------------------
                                    Ronald A. Stiller,
                                    Director

                                      15
<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES

                      CONSOLIDATED FINANCIAL STATEMENTS

                   YEARS ENDED DECEMBER 31, 1998 AND 1997


                              TABLE OF CONTENTS
                              -----------------
                                                                    Page
                                                                    ----

Independent Auditors' Reports                                   F-2 - F-3

Consolidated Balance Sheets                                           F-4

Consolidated Statements of Operations                                 F-5

Consolidated Statements of Changes in Stockholders' Equity            F-6

Consolidated Statements of Cash Flows                           F-7 - F-8

Notes to Consolidated Financial Statements                    F-9 - F- 19






                                      F-1

<PAGE>

                        INDEPENDENT AUDITORS' REPORT


To the Board of Directors
Jordan American Holdings, Inc. and Subsidiaries

We have audited the accompanying consolidated balance sheet of Jordan American
Holdings, Inc. and Subsidiaries as of December 31, 1998, and the related
consolidated statements of operations, changes in stockholders' equity, and
cash flows for the year then ended.  These financial statements are the
responsibility of the Company's management.  Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audit provides a reasonable basis
for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Jordan American
Holdings, Inc. and Subsidiaries as of December 31, 1998, and the results of
their operations and their cash flows for the year then ended, in conformity
with generally accepted accounting principles.

As discussed in Note 9 to the financial statements, a material portion of the
Company's transactions are processed by its clearing broker who is an external
counterparty.  The Company is in the process of contacting its clearing broker,
as well as other suppliers, to assess their compliance and remediation efforts
with respect to the so-called "Year 2000" problem and the Company's exposure to
them.  The ultimate success or failure of the corrective plan and the extent
of such success or failure cannot presently be determined.  Accordingly, the
financial statements do not include any adjustments that might result from the
outcome of this uncertainty


                                       SPICER, JEFFRIES & CO.                   
Denver, Colorado
March 4, 1999
                                      F-2

<PAGE>

                         INDEPENDENT AUDITOR'S REPORT


To the Board of Directors and Stockholders
Jordan American Holdings, Inc. and Subsidiaries


We have audited the accompanying consolidated balance sheet of Jordan American
Holdings, Inc. and subsidiaries as of December 31, 1997, and the related
consolidated statements of operations, changes in stockholders' equity, and
cash flows for the year then ended.  These financial statements are the
responsibility of the Company's management.  Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audit provides a reasonable basis
for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Jordan American
Holdings, Inc. and its subsidiaries as of December 31, 1997, and the results
of their operations and their cash flows for the year then ended in conformity
with generally accepted accounting principles.



                              /s/ Arthur F. Bell, Jr. & Associates, L.L.C.
                                  ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.
                                  CERTIFIED PUBLIC ACCOUNTANTS

Lutherville, Maryland
February 9, 1998, except for the last paragraph 
of Note 9 as to which the date is March 20, 1998


                                      F-3




<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES

                         CONSOLIDATED BALANCE SHEETS
                         DECEMBER 31, 1998 AND 1997
                         ---------------------------
<TABLE>
<CAPTION>
ASSETS:                                               1998           1997
                                                   ----------     ----------
<S>                                               <C>            <C>
Cash and cash equivalents                          $  495,622     $   51,286
Marketable securities                                 163,010        783,500
Investment advisory fees receivable, net
  of allowance for doubtful accounts of
  $42,902, in 1998 and $12,960 in 1997                 45,985         99,178
Receivable from clearing broker                       103,888         97,080
Deposit with clearing broker                           25,000         25,000
Prepaid expenses and other current assets              81,686         97,635
Property and equipment, at cost, net of
  accumulated depreciation and amortization            
  of $86,163 and $102,962                              64,853        220,575
Receivable from officer (Note 5)                       15,000         15,000
Notes receivable (Note 3)                             500,000        935,000
                                                   ----------     ----------
  Total assets                                     $1,495,044     $2,324,254
                                                   ==========     ==========

            LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:

Accounts payable and accrued expenses              $  179,684     $  179,360
Deferred investment advisory fees                      29,703        153,472
                                                   ----------     ----------              
  Total liabilities                                   209,387        332,832
                                                   ----------     ----------
COMMITMENTS AND CONTINGENCIES (Notes 8 and 9)

STOCKHOLDERS' EQUITY (Notes 1, 4 and 7):

8% cumulative, convertible, non-voting
  preferred stock, $0.01 par value; $1.00
  liquidation value;  authorized 5,000,000
  shares; issued and outstanding 3,000,000
  shares.                                              30,000         30,000
Common stock, $0.001 par value; authorized
  20,000,000 shares; issued and outstanding
  10,421,266 shares and 10,408,876 shares at
  December 31, 1998 and 1997 respectively.             10,421         10,409
Additional paid in capital                          4,502,853      4,622,853
Deficit                                            (3,257,617)    (2,671,840)
                                                   ----------     ----------
  Total stockholders' equity                        1,285,657      1,991,422
                                                   ----------     ----------
                                                   $1,495,044     $2,324,254
                                                   ==========     ==========
</TABLE>
See accompanying notes to consolidated financial statements.

                                      F-4


                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                       Year ended December 31, 
                                                           1998          1997
                                                       -----------   -----------
REVENUES:
<S>                                                   <C>           <C>
Investment advisory fees                               $   664,710   $ 1,021,201
Commission income                                          426,447       361,693
                                                       -----------   -----------
  Total revenues                                         1,091,157     1,382,894

Selling, general and administrative expenses             1,811,908     2,109,376
                                                       -----------   -----------
  Operating income (loss)                                 (720,751)     (726,482)
                                                       -----------   -----------

OTHER INCOME (EXPENSE):
Interest and dividends                                     111,405       123,522
Realized gain (loss) from investing and trading           (108,195)     (275,824)
Unrealized gain from investing and trading                  65,717        55,536
Gain on sale of assets, net                                 50,893           -
Other, net                                                  15,154        (9,596)
                                                       -----------   -----------
  Total other income (expense), net                        134,974      (106,362)
                                                       -----------   -----------
  Net loss before income taxes                            (585,777)     (832,844)
                                                       
  Income taxes (Note 6)                                        -             -
                                                       -----------   -----------
  Net loss                                                (585,777)     (832,844)

Dividends on preferred stock, including dividends in
 arrears of $120,000 in 1998                               240,000       240,000
                                                       -----------   -----------
  Net loss attributable to common stock                $  (825,777)  $(1,072,844)
                                                       ===========   ===========
Basic loss per common share                            $      (.08)  $      (.10)
                                                       ===========   ===========
Diluted loss per common share                          $      (.08)  $      (.10)
                                                       ===========   ===========
Weighted-average number of common shares outstanding:

  Basic                                                 10,421,266    10,542,000
                                                       ===========   ===========
  Diluted                                               10,421,266    10,542,000
                                                       ===========   ===========
</TABLE>
See accompanying notes to consolidated financial statements.

                                      F-5
<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
          CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY 
                   YEARS ENDED DECEMBER 31, 1998 AND 1997
                   --------------------------------------
<TABLE>
<CAPTION>
                                            Preferred Stock            Common Stock        Additional                   Total   
                                            $0.01 Par Value          $0.001 Par Value       Paid in                   Stockholders'
                                           Shares      Amount       Shares      Amount      Capital        Deficit      Equity
                                         ----------  ----------   ----------  ----------   ----------   ------------  -----------
<S>                                      <C>        <C>          <C>         <C>          <C>          <C>           <C>
BALANCES, January 1, 1997                 3,000,000  $   30,000   10,678,376  $   10,678   $4,930,202   $(1,715,096)  $ 3,255,784

Issuance of common stock                        -           -         18,500          19       11,544           -          11,563

Purchase and retirement of common stock         -           -       (288,000)       (288)     (78,893)     (123,900)     (203,081)

Consolidated net (loss)                         -           -            -           -            -        (832,844)     (832,844)

Dividends on preferred stock                    -           -            -           -       (240,000)          -        (240,000)
                                         ----------  ----------   ----------  ----------   ----------   ------------  -----------
BALANCES, December 31, 1997               3,000,000      30,000   10,408,876      10,409    4,622,853    (2,671,840)    1,991,422

Adjustment  to common stock                     -           -         12,390          12          -             -              12

Consolidated net (loss)                         -           -            -           -            -        (585,777)     (585,777)

Dividends on preferred stock                    -           -            -           -       (120,000)          -        (120,000)
                                         ----------  ----------   ----------  ----------   ----------   ------------  -----------
BALANCES, December 31, 1998               3,000,000  $   30,000   10,421,266  $   10,421   $4,502,853   $(3,257,617)  $ 1,285,657
                                         ==========  ==========   ==========  ==========   ==========   ============  ===========
</TABLE>
See accompanying notes to consolidated financial statements.

                                      F-6

<PAGE>

                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                    -------------------------------------
<TABLE>
<CAPTION>
                                                       Year ended December 31, 
                                                          1998         1997   
                                                      -----------  -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                  <C>           <C>
Net loss                                              $ (585,777)   $(832,844)
Adjustments to reconcile net loss to net cash 
 used in operating activities:
  Depreciation                                            27,928       23,843
  Gain on sale of assets                                 (50,893)         -
  Realized loss from investing and trading               108,195      275,824
  Unrealized (gain) from investing and trading           (65,717)     (55,536)
  Issuance/adjustment  of common stock                        12       11,563
  Change in operating assets and liabilities:
    Investment advisory fees receivable                   53,193       (6,382)
    Trading marketable securities                        578,012     (508,163)
    Prepaid expenses and other current assets              9,141      (48,762)
    Receivable from affiliates                               -        124,250
    Accounts payable and accrued expenses                    324     (110,670)
    Deferred investment advisory fees                   (123,769)     (60,470)
                                                      ----------   ----------
Net cash used in operating activities                    (49,351)  (1,187,347)
                                                      ----------   ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets                             192,012          -
Capital expenditures, net                                (13,325)     (54,517)
Principal received on notes receivable                   435,000       11,175
                                                      ----------   ----------
Net cash provided by (used  in) investing activities     613,687      (43,342)
                                                      ----------   ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase and retirement of common stock                      -       (203,081)
Dividends on preferred stock                            (120,000)    (240,000)
                                                      ----------   ----------
Net cash used in financing activities                   (120,000)    (443,081)
</TABLE>
See accompanying notes to consolidated financial statements.

                                      F-7

<PAGE>

                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                    -------------------------------------
                                 (Concluded)
<TABLE>
<CAPTION>
                                                       Year ended December 31, 
                                                          1998         1997   
                                                      -----------  -----------
<S>                                                  <C>          <C>
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     444,336   (1,673,770)

CASH AND CASH EQUIVALENTS, beginning of year              51,286    1,725,056
                                                      ----------   ----------
CASH AND CASH EQUIVALENTS, end of year                $  495,622   $   51,286
                                                      ==========   ==========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
 INFORMATION:

  Interest paid                                       $    9,070   $    9,179
                                                      ==========   ==========
  Income taxes paid                                          -     $    1,500
                                                      ==========   ==========
</TABLE>
See accompanying notes to consolidated financial statements.

                                      F-8

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Business and Operations
-----------------------
Jordan American Holdings, Inc. and subsidiaries (JAHI/the Company) was
incorporated in Florida in May 1989.  The Company was previously known as
Christian Purchasing Network, Inc. until the Company's name was changed in
June 1993.  The Company provides investment advisory and portfolio management
services to individual investors and pooled accounts.

At December 31, 1998 and 1997, the Company owned 100% of the issued and
outstanding common stock of IMPACT Financial Network, inc. (IFNI).  During
1997, IFNI changed its name from Management Securities, Inc. to IMPACT
Financial Network, Inc.

During 1997, the Company established a new wholly-owned subsidiary, IMPACT
Administrative Services, Inc., for the purpose of providing operational and
administrative support to Impact Management Investment Trust (see Note 2) and
other mutual funds.  JAHI's customer's investment transactions are primarily
brokered through IFNI, a registered broker-dealer in securities acting as non-
clearing introducing broker.

The Company also does business under the name of Equity Assets Management
(EAM), the trade name of a former subsidiary which was merged into JAHI and
dissolved during 1995.


Consolidation and Basis of Presentation
---------------------------------------
The consolidated financial statements include the accounts of JAHI and its
subsidiaries; all significant intercompany transactions have been eliminated
during consolidation.

The accompanying consolidated financial statements have been prepared in
accordance with generally accepted accounting principles and based upon
prescribed guidelines of the Securities and Exchange Commission's (SEC) Small
Business (SB) Regulations.  Such consolidated financial statements are not
intended to include all disclosures required by the SEC's Regulation S-X.


Investment Advisory Fees
------------------------
Investment advisory fees received in advance are deferred and amortized into
income over the period in which services are performed.  Investment advisor
fees based on a percentage of the annual increase in the market value of a
customer's portfolio (including interest and dividends) are recognized at the
contract anniversary date.  Fees due sales representatives are recognized when
such fees are earned.

The Company's revenues are significantly dependent upon the performance of
customers' investment portfolios.  Such performance is impacted by changes in
securities and commodities prices and other factors.  The revenue presented in
the consolidated statements of operations may not be indicative of future
performance.

                                      F-9

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)

Investment Advisory Fees (continued)
------------------------
As discussed in Note 5, certain investment advisory customer accounts contain
common stock of the Company.  The Company, at the discretion of Wallace Neal
Jordan, has elected not to bill certain customers whose accounts:  (i) contain
Company common stock, (ii) have market values that are in a state of decline
and/or (iii) have appreciation rates below that for which Mr. Jordan believes
billing is appropriate.  The aggregate dollar value of such unbilled amounts
was approximately $900 and $24,000 for the years ended December 31, 1998 and
1997, respectively.


Commission Income
-----------------
Commission income is recognized on a settlement date basis, which does not
differ materially from the trade date basis of accounting.


Cash and Cash equivalents
-------------------------
All highly liquid instruments with original maturities of three months or less
are considered cash equivalents.


Marketable Securities
---------------------
Marketable securities consist principally of corporate stocks.  These
securities are carried at market value, as determined by nationally recognized
securities exchanges.  The cost of marketable securities was $255,448 and
$910,096 at December 31, 1998 and 1997 respectively.  In addition, the Company
engaged  in the trading of stock index futures contracts, which was
discontinued during 1998, which were valued at market value.  Realized gain
(loss) from the trading of futures contracts amounted to approximately
$(14,700) and $(320,000) during 1998 and 1997 respectively.  No open contracts
existed at December 31, 1998 and 1997.


Deposit with Clearing Broker
----------------------------
The Company entered into an agreement with a clearing broker which requires a
minimum restricted cash balance of $25,000. Due to the restricted nature of
the cash deposit, it is not considered a "cash equivalent" for consolidated
financial statement purposes.

                                      F-10

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)

Property and Equipment
----------------------
Property and equipment is carried at cost.  Depreciation is computed using the
straight-line method over the estimated useful lives of the related assets
(five or seven years for furniture, fixtures and equipment and thirty years for
buildings).  When assets are retired or otherwise disposed of, the cost and
related accumulated depreciation are removed from the accounts, and any
resulting gain or loss is recognized currently.  The cost of maintenance and
repairs is charged to expense as incurred, whereas renewals and capital
improvements are capitalized.


Income Taxes
------------
The Company accounts for income taxes in accordance with Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes".  Under the asset
and liability method of Statement 109, deferred tax assets and liabilities are
recognized for the estimated future tax consequences attributable to
differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases.  Deferred tax assets and
liabilities are measured using enacted tax rates in effect for the year in
which those temporary differences are expected to be recovered or settled.
Under Statement 109, the effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period that includes the
enactment date.


Earnings Per Common Share
-------------------------
During 1997, the Company adopted Statements of Financial Accounting Standards
No. 128, "Earnings per Share" (SFAS 128), which requires presentation of both
basic earnings per common share and diluted earnings per common share.
Additionally, SFAS 128 requires restatement of prior period earnings per
common share.  No changes to the Company's previously reported earning per
common share resulted from the adoption of SFAS 128.  Common stock equivalents
are not included in the weighted average calculation since their effect would
be anti-dilutive.


Use of Estimates
----------------
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that effect the reported amount of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those estimates, and such
differences may be material to the consolidated financial statements.

                                      F-11

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 2 - IMPACT MANAGEMENT INVESTMENT TRUST

During 1997, the Company completed the formation and registration of Impact
Management Investment Trust (the trust).  The trust is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company (mutual fund).  Impact Management Growth Portfolio (the Portfolio) is
the initial Series of the trust.  JAHI is the investment advisor of the Trust
and IFNI is the primary distributor and the broker-dealer through which the
Trust executes the majority of its  securities transactions.

The Portfolio commenced operations on June 17, 1997, with the sale of 10,000
shares of beneficial interest of the Portfolio to the Company for cash in the
amount of $100,000.  The Portfolio commenced investing in securities on
September 16, 1997.  At December 31, 1998 and 1997, the market value of the
Company's investment in the Portfolio was $54,761 and $88,400, respectively,
which is included in marketable securities in the consolidated balance sheets.
As investment advisor of the Portfolio, the Company received an annual
investment advisory fee equal to 1.25% and 2.25% of the Portfolio's average
daily net assets at December 31, 1998 and 1997, respectively.


NOTE 3 - NOTES RECEIVABLE

On January 12, 1996, the Company sold the land and building at the Company's
former corporate headquarters in Sarasota, Florida, and repaid the outstanding
principal balance of $373,121.  The land and buildings were sold for $557,832
of which $111,657 was received in cash.  A three year promissory note was
received from the purchaser for the balance of $446,175.  The entire principal
balance of the note is due on January 12, 1999.  The note bears interest at a
rate of 8% per annum and the company receives monthly interest payments on the
outstanding principal balance of approximately $3,000.  The note is secured by
the related land and building.  During 1997, $11,175 of the original principal
balance of the note was prepaid by the borrower.  During 1998, the balance of
the note was repaid by the borrower.

On December 31, 1996, the company purchased a $500,000 variable rate
convertible subordinated debenture from Boston Restaurant Associates, Inc.
(BRAI).  The principal balance of the debenture is due and payable on December
31, 2011.  The debenture has a conversion price of $1.25 per share and bears
interest at a rate of 8% for 1997, 10% for 1998, 12% for 1999 and 14%
thereafter.  The principal amount of the debenture is included in notes
receivable in the December 31, 1998 and 1997 consolidated balance sheets.

In connection with the purchase of the debenture, the Company also acquired,
at no cost, warrants to subscribe for the purchase from BRAI up to 500,000
fully paid and nonassessable shares of BRAI's common stock.  The purchase
rights represented by the warrants are exercisable by the Company, in whole or
in part, at any time through December 31, 2006, at an exercise price of $3.00
per share.

The carrying value of the above notes receivable approximates the fair market
value as estimated by management, after considering such factors as current
interest rates, liquidity, conversion terms and the credit worthiness of the
borrowers.  The Company's management has estimated the value of the BRAI
warrants to be $-0- at December 31, 1998 and 1997.  This determination was
made considering primarily the current value of the underlying common stock
and the current illiquidity of the warrants.

                                      F-12

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 4 - STOCKHOLDERS' EQUITY

During June 1990, JAHI filed a registration statement offering for sale units,
at $10 per unit, with each unit consisting of five shares of common stock and
five warrants (Public warrants).  The warrants allowed the holder to purchase
one share of common stock, upon the exercise of two warrants, for $3.20 per
share, for a period of five years form the date of the prospectus (June 5,
1990).  IFNI acted as underwriter for this initial public offering.
Substantially all of the units underwritten by IFNI were sold to EAM customers.

Prior to June 1995, the Company had stock warrants outstanding entitling the
warrant holder to acquire approximately 1,113,000 shares of common stock at the
price of $3.20 per share.   The Company also had outstanding Underwriter
Warrants related to the initial public offering which entitled IFNI to purchase
44,545 units of the Company at a price of $16.50 per unit.  Each unit consisted
of five shares of common stock and five stock warrants.  Two stock warrants
entitled IFNI to purchase one share of the Company's common stock at $3.84 per
share.  Management of the Company reached an oral agreement with Wallace Neal
Jordan that the rights to such warrants were transferred to Mr. Jordan
immediately prior to the acquisition of IFNI by the Company.

During June 1995, JAHI filed a registration statement amending certain terms of
the above mentioned warrants.   The Public Warrants, which were originally to
expire on June 5, 1995, were amended to reduce the exercise price to $2.50 and
to extend their expiration date for a period of five years to June 5, 2000.
The Underwriter Warrants, which were originally to expire on dates ranging from
September 27, 1995 to January 8, 1996, were amended (i) to reduce the exercise
price to $12.90 per unit; (ii) so that two stock warrants entitle the holder
to purchase one share of common stock for $3.00 per share; and (iii) to extend
their respective expiration dates for a period of five years to dates ranging
from September 27, 2000 to January 8, 2001.

At December 31, 1998 and 1997, the Company had stock warrants outstanding
entitling the warrant holder to acquire 1,113,000 shares of common stock at
$2.50 per share.  The Company also had outstanding Underwriter Warrants
related to the initial public offering entitling Wallace Neal Jordan (pursuant
to the aforementioned oral agreement) to purchase 44,545 units of the Company
at a price of $12.90 per unit.

JAHI has authorized 5,000,000 shares of $0.01 par value preferred stock.  The
Board of Directors is authorized to issue preferred stock in one or more
series, to determine the rights thereto, and to fix the number of shares on any
series of preferred stock and the designation of any such series.

During 1993, the Company completed a $3,000,000 private placement of 750,000
units, each unit comprised of four shares of 8% cumulative, convertible, non-
voting preferred stock and one share of common stock.  All units were sold to
a customer of EAM (see Note 5).  The common stock issued in this offering was
given to the Company to distribute to the preferred shareholders by three
officers of the Company for no additional consideration.

                                      F-13

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 4 - STOCKHOLDERS' EQUITY (continued)

The preferred stock is convertible at the rate of one share of common stock for
each $3.50 in Face Amount ($1.00) of the preferred stock converted.  If at any
time the closing bid price of the common stock for the period of thirty
consecutive trading days exceeds $5.25 per share, then, in such event, the
Company may, upon 30 days written notice, automatically convert the preferred
stock to common stock at the rate of $3.50 in Face Amount of the shares
converted.  The preferred stock has a liquidation preference of $1.00 per share
plus accrued and unpaid dividends.  Dividends in arrears on preferred stock at
December 31, 1998 amounted to $120,000.

In connection with the preferred stock offering, the Company obtained "key man"
life insurance on the life of Wallace Neal Jordan, in the amount of $3,750,000,
with the Company as the beneficiary.  In the event of Mr. Jordan's death, the
benefit shall be paid by the Company to the holders of the Preferred Stock
outstanding on that date, at the rate of $1.25 per share, in exchange for such
shares.  The Company has also agreed to use its best efforts to continue to
maintain sufficient insurance so long as there are shares of the Preferred
Stock outstanding.  During January 1996, the provisions of the life insurance
were changed so that the holder of Preferred Stock outstanding became the
direct beneficiary.  In addition, the Company maintains life insurance on other
officers aggregating $2,000,000, with the Company as the primary beneficiary.

In January 1996, the Board of Directors approved repurchase by the company of
up to $1.5 million worth of the Company's common stock.  During 1997, the
company repurchased 288,000 shares of its common stock at a cost of $203,081
pursuant to the stock repurchase.  In November 1997, the Board of Directors
elected to discontinue the repurchase of its common stock.


NOTE 5 - RELATED PARTY TRANSACTIONS

At December 31, 1998 and 1997, the Company officers, directors, and their
family members owned 4,065,356 and 4,473,856 shares (39% and 43%),
respectively, of the Company's common stock.  Also at December 31, 1998 and
1997, approximately 890,856 and 1,778,000 shares (8.5% and 17%), respectively,
of JAHI common stock were held in the accounts of the Company's customers.
Wallace Neal Jordan has had limited control over these shares; however, he will
not exercise such authority without specific customer authorization.  Many of
the Company's customers acquired their shares during the initial public
offering and thus also own warrants enabling them to purchase additional shares
of JAHI common stock.

During 1996, the Company loaned Wallace Neal Jordan, the Company's Chief
Investment Officer, $15,000 in exchange for a two year note payable in full,
upon demand, prior to October 9, 1998.  The note bears interest at a rate of
6% per annum and the Company receives quarterly interest payments which
commenced on December 31, 1996.  During 1998, the Company extended the due
date of this note payable to June 30, 1999.

                                      F-14

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 5 - RELATED PARTY TRANSACTIONS (continued)

During 1996, the Company entered into an Agreement of Joint Venture with IMPACT
Financial Network ("IMPACT"), a company unaffiliated with IFNI, for the purpose
of forming Impact Management Investment Trust (see Note 2).  Ronald A. Stiller,
the President of IMPACT, is also a member of the Board of Directors of the
Company.  Pursuant to the provisions of the Agreement of Joint Venture, all
expenses associated with the creation, maintenance and operations of the Trust
and Impact Management Growth Portfolio were to be funded from the
administration fees that are paid by the Trust to IMPACT Administrative
Services, Inc., an affiliate of IMPACT.  As of December 31, 1996, the Company
had incurred $87,871 of costs associated with creation of the Trust and Impact
Management Growth Portfolio.  During 1996, the Company also paid various
promotional costs on behalf of IMPACT which amounted to approximately $6,000.
At December 31, 1996, these amounts were subject to future reimbursement to the
Company from IMPACT and its affiliates.  During 1997, the Company incurred
approximately $104,000 of additional costs associated with the creation of the
Trust and Impact Management Growth Portfolio which was also subject to future
reimbursement from IMPACT and its affiliates.  During 1997, Ronald A Stiller
resigned as President of IMPACT and was hired by the Company as National Sales
and Marketing Director.  Pursuant to Mr. Stiller's employment terms, the
Company forgave all amounts owed by IMPACT and its affiliates in exchange for
all future administration fees of the Trust and other future revenue.
Accordingly, amounts owed by IMPACT and its affiliates totaling approximately
$198,000 were written off by the Company during 1997.

During 1996, the Company began the formation of Jordan New Millennium Fund,
L.P. (the "Partnership").  The Partnership intended to engage in the business
of trading and investing in securities of United States issuers, primarily in
publicly traded common and preferred stocks.  It was anticipated that the
General Partner of the Partnership would be Jorkar Management, L.P., of which
the Company would be the General Partner and, accordingly, the Company would
receive a portion of the fees earned by Jorkar Management, L.P.  As of
December 31, 1996, the Company paid costs incurred in connection with the
formation of the Partnership amounting to $30,506.  This amount, along with
additional amounts incurred during 1997 of $14,248 were to be repaid to the
Company by the Partnership out of the proceeds of the Partnership's private
placement offering.  During 1997, the Company determined that future
collectibility of such costs was uncertain and, accordingly, such costs were
written-off.

In 1994, Wallace Neal Jordan established the Jordan Index Fund, L.P. (the
"Fund").  The Fund engages in the speculative trading of stock index futures
contracts, and may occasionally trade in equity securities and stock options.
The Fund is administered by its general partner, Jordan Assets, Ltd.  Jordan
Assets, Ltd. is not a subsidiary of JAHI, although JAHI is registered as a
principal of Jordan Assets, Ltd. with the Commodity Futures Trading Commission.
All trading decisions for the Fund are made by Jordan Assets, Ltd.  Certain
customers of the Company participate in the Fund at the sole discretion of
such customers.  Additionally, certain administrative functions are provided
to the Fund by JAHI in return for the fees earned by Jordan Assets, Ltd.  No
such fees were earned during 1998 and 1997.

                                      F-15

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 6 - INCOME TAXES

The tax effect of temporary differences that give rise to significant portions
of deferred tax assets and deferred tax liabilities are primarily attributable
to net operating loss carryforwards for U.S. income tax purposes.  As of
December 31, 1998 and 1997, the Company had approximately $3,851,000 and
$3,530,000, respectively in pretax U.S. net operating loss carryforwards,
expiring through the year 2018.  A large portion of such net operating loss
carryforwards were incurred prior to the August 15, 1991 reverse acquisition
of JAHI and its subsidiaries, and as such, management of the Company
anticipates restrictions on the use of these carryforwards due to provisions
of Section 382 of the U.S. Internal Revenue Code.  The deferred tax assets that
result from such operating loss carry forwards of approximately $1,310,000 and
$1,200,000 at December 31, 1998 and 1997, respectively, have been fully
reserved in the accompanying consolidated financial statements.  During the
years ended December 1998 and 1997, the valuation allowance established against
the net operating loss carryforwards increased by $110,000 and $297,000,
respectively, representing the incurrence of additional losses during 1998 and
1997.

As of December 31, 1998 and 1997, the Company also had U.S. net capital loss
carryforwards of approximately $221,000 and $275,000, respectively, which
expire on December 31, 2002.  The deferred tax asset of approximately $75,140
in 1998 and $93,500 in 1997, that results from the capital loss carryforward,
has been fully reserved in the accompanying consolidated financial statements.


NOTE 7 - STOCK OPTIONS

During August 1991, the board of directors of JAHI approved the Long-Term
Incentive Plan (the "Plan"), a stock option plan.  The aggregate number of
shares of common stock which may be granted by the Company will not exceed a
maximum of 1,000,000 shares during the period of the Plan.  During 1998, the
Company's shareholders voted to increase the shares available for grant to
2,000,000 shares.

The option price per share shall be at least the fair market value (as
determined by the Finance/Compensation Committee or, in lieu thereof, the
Board of Directors) of the common stock on the date the stock option is
granted.  If at any time a stock option is granted, an employee owns more than
10% of the total combined voting power of all classes of stock of the Company
or any of its subsidiaries, then the terms of the stock option shall specify
that the option price shall be at least 110% of the fair market value of the
stock subject to the option, and shall be exercisable for up to 5 years from
the date of grant.  In addition, the Plan provides for the mandatory grant of
options to directors on a yearly basis commencing March 1, 1993.

If for any reason a change in control of the Company occurs, or under the sole
discretion of the Finance/Compensation Committee or, in lieu thereof, the Board
of Directors, all shares subject to the stock option shall immediately become
earned and exercisable.  The Board of Directors may discontinue the Plan at
any time, and may amend it from time to time.  Certain amendments require
stockholders' approval.

                                      F-16

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 7 - STOCK OPTIONS (continued)

The Company has also issued certain stock options outside of the Plan.

Information with respect to all options is as follows:
<TABLE>
<CAPTION>
                                    Long-term                              Weighted-Average
                                    Incentive     Other                  Exercise     Exercise  
                                      Plan       Options     Total      Price Range    Price     
                                    --------    --------   ---------   ------------   --------
<S>                                 <C>         <C>       <C>         <C>            <C>
Balance at December 31, 1996         538,359     212,200     750,559   $0.57 - 2.00   $   1.14
  Granted                            360,000      30,000     390,000   $0.60 - 1.00   $    .94
                                    --------    --------   ---------   ------------   --------
Balance at December 31, 1997         898,359     242,200   1,140,559   $0.57 - 2.00   $   1.07
  Granted                             82,500         -        82,500   $0.14 - 0.38   $    .31
  Forfeited and reissued             (25,000)     25,000         -     $     -        $    -    
                                    --------    --------    --------   ------------   --------
Balance at December 31, 1998         955,859     267,200    1,223,059  $0.14 - 2.00   $   1.02
                                    ========    ========    =========  ============   ========
Number of options exercisable at
  December 31, 1997                  323,204     112,200      435,404  $0.57 - 2.00   $   1.11
                                    ========    ========    =========  ============   ========
Number of options exercisable at
  December 31, 1998                  474,774     249,200      723,974  $0.14 - 2.00   $   1.04
                                    ========    ========    =========  ============   ========
</TABLE>
At December 31, 1998 and 1997 respectively, 1,008,141 and 65,641 share options
were available for future grant under the Plan.

The following table summarizes additional information regarding all stock 
options outstanding at December 31, 1998.
<TABLE>
<CAPTION>
                                  Options Outstanding                           Options Exercisable            
                 -----------------------------------------------------  ----------------------------------
                      Number        Weighted-Average  Weighted Average       Number
                  Outstanding at        Remaining         Exercise       Exercisable at    Weighted-Average
Exercise Prices  December 31, 1998  Contractual Life       Price        December 31, 1998   Exercise Price 
---------------  -----------------  ----------------  ----------------  -----------------  ----------------
<S>                <C>                 <C>               <C>               <C>                <C>
 $0.14 - 0.38          82,500           8.4 years         $  .31              86,250           $  .22
 $0.57 - 1.00         686,106           7.1 years            .92             316,143              .87
 $1.01 - 1.50         360,953           5.7 years           1.15             231,681             1.14
 $1.51 - 2.00          93,500           5.1 years           1.89              89,900             1.87
                    ---------                                              ---------
                    1,223,059                                                723,974
                    =========                                              =========
</TABLE>
The Financial Accounting Standards Board issued statement of Financial
Accounting Standards No. 123 ("SFAS 123"), "Accounting for Stock-based
Compensation" which recommends, but does not require, measuring compensation
cost for stock options based on the fair value of the options at the grant
date.  The Company has elected not to adopt SFAS 123 but continues to apply
Accounting Principles Board Opinion No. 25 and related Interpretations in
accounting for the Plan and other stock option activity.

                                      F-17

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 7 - STOCK OPTIONS (continued)

Had the Company measured compensation cost based on the fair value of the
options at the grant date for 1998 and 1997 consistent with the method
prescribed by SFAS 123, the Company's net income (loss) and earnings per
common share would have been reduced to the pro forma amounts indicated below:
<TABLE>
<CAPTION>
                                                  1998          1997
                                               ----------   ------------
<S>                                           <C>          <C>
Net income (loss) attributable   As reported   $(825 777)   $(1 072 844)
    to common stock              Pro forma     $(842 205)   $(1 140 457)
Basic and diluted earnings       As reported   $    (.08)   $      (.10)
    per common share             Pro forma     $    (.08)   $      (.11)
</TABLE>
The fair value of each option grant was estimated at the date of the grant
using the Black-Scholes option pricing model with the following assumptions for
1998 and 1997: risk-free interest rate of 4.5% and 6%;  no dividend yield;
expected life of 6 years; and volatility of 75% for 1998 and 81% for 1997.

During the initial phase-in period of applying SFAS 123 for pro forma
disclosure purposes, the results may not be representative of the effects on
reported net income for future years because options vest over several years
and additional grants generally are made each year.


NOTE 8  - COMMITMENTS

The Company has entered into employment agreements with certain individuals who
are stockholders and directors of the Company.  The agreements establish
certain minimum base compensation levels, and provide for certain compensation
incentives based on the Company's performance.  No bonuses were earned under
these agreements during the years ended December 31, 1998 and 1997.


NOTE 9 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND CONTINGENCIES

In the normal course of business, the Company's client activities ("clients")
through its clearing broker involve the execution, settlement, and financing of
various client securities transactions.  These activities may expose the
Company to off-balance sheet risk.  In the event the client fails to satisfy
its obligations, the Company may be required to purchase or sell financial
instruments at prevailing market prices in order to fulfill the client's
obligations.

In the Company's investment activities, the Company purchases securities for
its own account and may incur losses if the market value of the securities
decline subsequent to December 31, 1998.

                                      F-18

<PAGE>
                        JORDAN AMERICAN HOLDINGS, INC.
                               AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  ------------------------------------------
                                 (continued)

NOTE 9 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND CONTINGENCIES
(continued)

The Company's financial instruments, including cash receivables and deposits,
are carried at amounts which approximate fair value.  The Company's marketable
securities are carried at the December 31, 1998 market value.  Payables and
other liabilities are carried at amounts which approximate fair value.

The Company has a substantial portion of its assets on deposit with banks and
brokers.  Assets deposited with banks and brokers are subject to credit risk.
In the event of a bank's or broker's insolvency, recovery of Company assets on
deposit may be limited to account insurance or other protection afforded such
deposits.

A material portion of the Company's transactions are processed by its clearing
broker who is an external counterparty.  The Company is in the process of
contacting its clearing broker, as well as other suppliers, to assess their
compliance and remediation efforts with respect to the so-called "Year 2000"
problem and the Company's exposure to them.  The ultimate success or failure
of the corrective plan and the extent of such success or failure cannot
presently be determined.

The Securities and Exchange Commission has completed an inspection of the
Company's investment advisory and broker/dealer operations.  As a result of the
inspection, certain issues arose regarding possible violations.  Management and
legal counsel to the Company cannot, at this time, predict with any certainty
the outcome of the SEC's inspection or whether the resolution will have a
material affect on the Company's operations or financial statements.

                                      F-19