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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

(Mark One)

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

                    For the quarterly period ended June 2000

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

            For the transition period from ___________ to ___________


                       Commission file number ___________


                         THERMALTEC INTERNATIONAL CORP.
        (Exact name of small business issuer as specified in its charter)


                  Delaware                                       113255619
(State or other jurisdiction of incorporation                 (I.R.S. Employer
              or organization)                               Identification No.)


                    68A Lamar Street, West Babylon, NY 11704
                    (Address of principal executive offices)


                                 (631) 643-2285
                           (Issuer's telephone number)


                                       N/A
              (Former name, former address and former fiscal year,
                         if changed since last report)


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


Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.       Yes [_]  No [_]


                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 4,078,785 shares as of June, 2000.

<PAGE>


                 Thermaltec International Corp.and Subsidiaries
                           Consolidated Balance Sheets

                                                          as of
                                                        6/30/2000
                                                       (unaudited)
                                                       -----------
Assets
    Current Assets
             Cash and Cash Equivalents                 $   318,080
             Trade Accounts Receivable                     182,896
             Inventory                                     124,098
             Prepaid and Other Current Assets               60,328
                                                       -----------

             Total Current Assets                          685,402
                                                       -----------

    Fixed Assets
             Machinery and Equipment                       264,883
             Leasehold Improvements                         40,120
                                                       -----------

                         Gross Fixed Assets                305,003
             Less:  Accumulated Depreciation              (104,348)
                                                       -----------

             Net Fixed Assets                              200,655
                                                       -----------

    Other Assets
             Goodwill, Net                                 447,016
             Organization Costs, Net of Amortization           809
             Other Assets                                    3,513
                                                       -----------

             Total Other Assets                            451,338
                                                       -----------

Total Assets                                           $ 1,337,395
                                                       ===========


Liabilities and Stockholders' Equity (Deficit)
    Current Liabilities
             Notes Payable                             $    92,148
             Vendor Accounts Payable                       271,154
             Other Liabilities                             152,993
             Shareholder Loan                              211,507
                                                       -----------

    Total Current Liabilities                              727,802
                                                       -----------

    Long-Term Liabilities
             Long-Term Debt Less Current Maturities        107,390
                                                       -----------

    Total Liabilities                                      835,192
                                                       -----------


    Common Stock                                               408
    Additional Paid-In Capital                           3,512,848
    Retained Earnings (Deficit)                         (3,027,055)
    Accumulated Other Comprehensive Income:
             Foreign Currency Translation Adjsutment        16,002
                                                       -----------

    Total Stockholders' Equity (Deficit)                   502,203
                                                       -----------

Total Liabilities and Stockholders' Equity (Deficit)   $ 1,337,395
                                                       ===========


          See accompanying notes to consolidated financial statements.


<PAGE>

                 Thermaltec International Corp.and Subsidiaries
         Consolidated Statements of Operations and Comprehensive Income
                           For the Nine Months Ending


                                                         (Unaudited)
                                                  6/30/1999       6/30/2000
                                                 -----------     -----------
Sales                                               $204,950        $211,051

Cost of Sales                                        145,170         209,250
                                                 -----------     -----------

Gross Profit                                          59,780           1,801

General and Administrative Expenses                  345,382         852,873
                                                 -----------     -----------


Net Loss                                            (285,602)       (851,072)
                                                 -----------     -----------

Other Comprehensive Income:
    Foreign Currency translation adjustments          16,078          (9,084)
                                                 -----------     -----------
Total Comprehensive Income (Loss)                  ($269,524)      ($860,156)
                                                 ===========     ===========


Basic and Diluted Loss per Share                      ($0.12)         ($0.29)
                                                 ===========     ===========

Weighted Average Number of Shares Outstanding      2,455,791       3,017,551
                                                 ===========     ===========

          See accompanying notes to consolidated financial statements.


<PAGE>

                 Thermaltec International Corp.and Subsidiaries
         Consolidated Statements of Operations and Comprehensive Income
                           For the Three Months Ending


                                                         (Unaudited)
                                                  6/30/1999       6/30/2000
                                                 ----------      -----------

Sales                                                $78,714        $120,469

Cost of Sales                                         87,488         127,679
                                                 -----------     -----------

Gross Profit (Loss)                                   (8,684)         (7,210)

General and Administrative Expenses                  198,126         218,143
                                                 -----------     -----------


Net Loss                                            (206,900)       (225,353)
                                                 -----------     -----------

Other Comprehensive Income:
    Foreign Currency translation adjustments           7,056         (14,845)
                                                 -----------     -----------
Total Comprehensive Income (Loss)                  ($199,844)      ($240,198)
                                                 ===========     ===========


Basic and Diluted Loss per Share                      ($0.08)         ($0.07)
                                                 ===========     ===========

Weighted Average Number of Shares Outstanding      2,510,368       3,592,784
                                                 ===========     ===========



          See accompanying notes to consolidated financial statements.

<PAGE>


                 Thermaltec International Corp. and Subsidiaries
            Consolidated Statements of Shareholders' Equity (Deficit)
                    For the Nine Months Ending June 30, 2000
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                   Common Stock                                        Accumulated
                                           --------------------------     Additional    Retained          Other
                                            Number of                      Paid-In      Earnings      Comprehensive
                                             Shares            Amount      Capital      (Deficit)         Income        Total
                                           --------------------------     ----------    ---------     -------------   --------
<S>                                         <C>                  <C>      <C>          <C>                <C>         <C>
Balance September 30, 1999                  2,608,118            261      1,902,407    (2,175,983)        25,086      (248,229)

(UNAUDITED)
Net Loss for the
nine months ending 6/30/00                                                               (851,072)                    (851,072)

Other Comprehensive Income:
Foreign Currency Translation Adjustment                                                                   (9,084)       (9,084)

Stock issued for services, 2/18/00            155,666             16        332,721                                    332,737

Warrants exercised 3/6/00                       1,000              0          1,000                                      1,000

Stock sold and issued 4/13/00                 834,000             83        833,917                                    834,000

Stock issued for Other loans 4/14/00          165,000             17        164,984                                    165,000

Shares issued for services June 2000           65,001              7         59,095                                     59,102

Shares issued on 6/13/00 for purchase         250,000             25        218,725                                    218,750
 of HVT on 5/19/00
                                           ----------     ----------     ----------    ----------     ----------    ----------
Balance June 30, 2000                       4,078,785            408      3,512,848    (3,027,055)        16,002       502,203
                                           ==========     ==========     ==========    ==========     ==========    ==========
</TABLE>

           See accompanying notes to consolidated financial statements


<PAGE>

                 Thermaltec International Corp.and Subsidiaries
                      Consolidated Statements of Cash Flow
                           For the Nine Months Ending
<TABLE>
<CAPTION>
                                                                              (Unaudited)
                                                                        6/30/1999     6/30/2000
                                                                        ----------    ---------
<S>                                                                     <C>           <C>
Cash Flows from Operating Activities:
       Net Loss                                                         ($285,602)    ($851,072)
                                                                        ---------     ---------
       Adjustments to reconcile net loss to net cash used
       in operating activities:
               Depreciation & Amortization                                 23,152        22,599
               Common Stock Issued for Services                            77,567       391,839
               Loss on Disposal of Assets                                   3,375            --
               Excess of Liabilities Over Assets Purchased from
                      High Velocity Technology                                 --      (228,266)
               (Increase) decrease in:
                      Receivables                                         (19,543)      (23,448)
                      Inventories                                         (29,488)     (104,319)
                      Prepaid and other current assets                      3,680       (58,837)
                      Other Assets                                           (329)          767
               Increase (decrease) in:
                      Accounts Payable                                     26,538        95,153
                      Accrued Expenses and Other Current Liabilities       54,785       115,261
                                                                        ---------     ---------

               Total Adjustments                                          139,737       210,749
                                                                        ---------     ---------

               Net cash used in operating activities                     (145,865)     (640,323)
                                                                        ---------     ---------

Cash Flows from Investing Activities:
       Purchases of Fixed Assets & Leasehold Improvements                       0       (79,004)
                                                                        ---------     ---------

Cash Flows from Financing Activities:
       Proceeds from sale of shares net of offering costs                  78,200       835,000
       Proceeds of sale of shares not yet issued                               --            --
       Proceeds from issuance of Notes Payable                                 --       129,609
       Repayments of Notes Payable                                             (6)           --
       Net proceeds (repayments) of Shareholder Loans                     106,522       (49,396)
                                                                        ---------     ---------

Net cash provided by financing activities                                 184,716       915,213
                                                                        ---------     ---------

Effect of Exchange on Cash                                                 16,078        (9,084)

Net increase (decrease) in cash and cash equivalents                       54,929       186,802

Cash & Cash Equivalents, Beginning of Period                                5,604       131,278
                                                                        ---------     ---------

Cash & Cash Equivalents, End of Period                                  $  60,533     $ 318,080
                                                                        =========     =========
</TABLE>

SUPPLEMENTAL CASH FLOW INFORMATION
       The Company had a non-cash investing activity of $ 218,750 that resulted
       from the acquisition of a subsidiary whose net liabilities exceeded net
       assets, summarized as follows:

<TABLE>

                      <S>                                                             <C>
                      Goodwill acquired                                               $ 447,016
                      Stock issued for acquisition of subsidiary                        218,750
                                                                                      ---------
                      Excess of liabilities over assets of subsidiary acquired        $ 228,266
                                                                                      =========
</TABLE>

       In addition, the Company had a non-cash financing activity of $ 165,000
       when it issued shares of stock for repayment of various loans.

                 See accompanying notes to financial statements


<PAGE>

                         THERMALTEC INTERNATIONAL CORP.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                    FOR THE NINE MONTHS ENDING JUNE 30, 2000
                                   (Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of the
Company have been prepared by management in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-QSB and item 310 of Regulation S-B. Accordingly, they do
not include all of the information and footnotes required by generally accepted
accounting principles for financial statement presentation. In the opinion of
management, all adjustments consisting of normal recurring accruals considered
necessary for a fair presentation have been included. The results of operations
for interim periods are not necessarily indicative of the results to be expected
for the full year. These consolidated interim financial statements should be
read in conjunction with the financial statements and notes thereto included in
the Company's Form 10-SB currently under review by the Securities and Exchange
Commission.

2. GOODWILL

As a result of the purchase of High Velocity Technology, Inc. on May 19, 2000,
the Company has recorded, in consolidation, goodwill of $450,772 less
accumulated amortization of $3,756 in the month of June. Goodwill is being
amortized on a straight-line basis over a life of ten years.

3. EQUITY TRANSACTIONS

On May 31,1999 the Company authorized the sale of 1,000,000 shares of common
stock to be offered in private transactions of 1,000 Units, representing 1,000
shares per Unit. Each Unit consisted of 1,000 common shares, 750 B Warrants and
500 C Warrants for the purchase of additional common shares of the Company. Such
offering was filed with the State of New York Department of Law. The Company
utilized an exemption from the registration provisions under Regulation D Rule
504,as amended, and sold in those States which permit the offering to take
place. The termination date of the offering was March 31, 2000. The exercise
price of the Warrants is $1.50 per B Warrant share and $2.00 per C Warrant
share, exercisable commencing one year from the date of the subscription
agreement for the B Warrant and two years from the date of the subscription
agreement for the C Warrant. The B Warrants will expire March 31, 2002 and the C
Warrants will expire March 31, 2003. 999,000 shares were subscribed in the
offering. There were 649,350 B Warrants and 499,500 C Warrants subscribed. On
April 13, 2000, 999,000 common shares were issued.

On June 13, 2000 250,000 common shares were issued as payment for the purchase
of High Velocity Technology, Inc.

During the nine months ending June 30, 2000 the Company issued 220,667 shares
for services to outside consultants as follows:

      Marketing services            43,041 shares           $ 67,850
      Administrative services      177,626 shares           $323,987

<PAGE>

4. INCOME TAXES

No provision for income taxes was recorded for the three and nine month periods
ending June 30, 2000, due to a net loss having been incurred. The Company does
not anticipate having taxable income at September 30, 2000.

5. MERGERS AND ACQUISITIONS

On January 31, 2000, the Company signed a letter of intent to acquire the assets
of Edge Management Inc. Edge Management is a privately-held firm in the
Professional Employers Organization industry; it has current annual revenues of
$ 43 million. Upon completion of the due diligence process, the Company chose to
withdraw from further negotiations with Edge Management.

On January 31, 2000 the Company signed a letter of intent to acquire one million
shares, representing 10% of the outstanding shares of I(x) Partners, Ltd. I(x)
Partners, based in Salem, NH, is active in the field of information technology,
with a special emphasis on developing and enhancing real-time data processing
systems by means of the Internet. The acquisition will be effected by the
exchange of 200,000 shares of Thermaltec common stock. The completion of the
acquisition is subject to the usual due diligence process. As of June 30, 2000,
the due diligence process was ongoing.

On February 4, 2000 the Company signed a letter of intent to acquire the assets
of High Velocity Technology, Inc., a privately-held company in the thermal spray
industry. The acquisition was consummated on May 19, 2000 by the exchange of
250,000 shares of Thermaltec common stock and $ 100,000 in cash for all of the
assets of High Velocity.

On February 14, 2000 the Company signed a letter of intent to acquire the assets
of Viaplex Communications, Inc., an information technology professional services
company with specialized expertise in the design, implementation and support of
enterprise multi-service networks and applications. Upon completion of the due
diligence process, the Company chose to withdraw from further negotiations with
Viaplex.

<PAGE>

                MANAGEMENT'S DISCUSSION & ANALYSIS OF OPERATIONS
                         Thermaltec International Corp.

Results of Operations

Nine Months Ending June  30, 2000 vs. June 30, 1999

For the nine months ended June 30, 2000, Thermaltec International had $ 211
thousand of consolidated sales, an increase of 3% from the prior year's
comparative period, as the inclusion of $ 71 thousand of sales from High
Velocity Technology, Inc.("HVT") for the month of June more than offset the
decline in business in Costa Rica. Gross margins were 1 %, a decline from the
29% in the prior year, primarily reflecting $52 thousand of cost overruns and
rework at Thermaltec de Costa Rica (TCR). The Company expects that gross margins
will improve significantly as improved efficiencies at TCR take effect and as
the higher-margin revenues of HVT assume a greater share of total Company
revenues. Selling, general and administrative expenses were $853 thousand, $508
thousand more than the prior period, of which $392 thousand was the result of
shares issued for services during the period. Of these expenses, $194 thousand
were required to bring the Camanco (formerly know as Solar Communications)
merger process, begun in 1999 to a conclusion. In addition, the Company incurred
$46 thousand in pursuing other mergers. During the comparative period of the
prior year, expenses included approximately $51 thousand of administrative and
legal costs associated with the planned merger with Camanco Communications.
Expenses other than merger costs were $613 thousand during the first nine
months, an increase of $319 thousand from the year ago period, as the Company
incurred $ 277 thousand of costs in technical training and expansion for its
Costa Rican subsidiary and approximately $29 thousand in costs for registration
and filing of Form 10-SB.

As stated above, the Company incurred approximately $46 thousand of
administrative and legal expenses during the nine months ending June 30, 2000 in
pursuing merger discussions and "due diligence" investigation of three
acquisition candidates, specifically High Velocity Technologies, Edge Management
Inc., and Viaplex Communications. The acquisition of High Velocity was
consummated on May 19, 2000 by the exchange of 250 thousand shares of Thermaltec
common stock and $100 thousand in cash for all of the assets of High Velocity.
The Company chose to withdraw from further negotiations with Edge Management
Inc. and with Viaplex Communications upon completion of the respective due
diligence processes.

Three Months Ending June 30, 2000 vs June 30, 1999

For the three months ended June 30, 2000 Thermaltec International had $ 120
thousand of consolidated sales, an increase of 53% from the prior year's
comparative period, as the inclusion of $ 71 thousand of sales from High
Velocity Technology more than offset the decline in NYSERDA billing during this
quarter, $13 thousand versus a $42 thousand billing during the comparative
period of last year. The Company expects to continue further NYSERDA billings
until the completion of the project. General and administrative expenses rose
10%, to $218 thousand due to $20 thousand of acquisition-related costs being
included. Without those costs, expenses were even with the comparative period of
the prior year.

Liquidity and Financial Resources

The Company has not yet achieved profitability since its inception in 1994. As a
result, it has limited the amount of the debt it has raised to cover only the
acquisition of assets with reliably predictable benefits, such as production
machinery. The Company is of the opinion that the financing necessary to fund
market development is more appropriately obtained through the sale of equity.
Debt outstanding as of June 30, 2000 consists primarily of $19 thousand of a
bank note and $ 181 thousand in equipment financing. Additional liquidity has
been provided by shareholder loans as of June 30, 2000 of $ 212 thousand. Since
inception, the Company has raised $2.4 million through the sale of common stock
other than stock issued in exchange for services.

The Company has a deficiency in working capital and has accumulated a
significant shareholders' deficit. Despite this, in the opinion of management,
the Company remains viable. Its staff in the United States and in Costa Rica has
developed considerable expertise in the application of coatings and in
developing enhanced techniques and operating parameters. The Company intends
through its acquisition of and integration with High Velocity

<PAGE>

Technology, to combine complementary skills to develop a highly competitive
engineering enterprise. The Company is installing improved processes, quality
control and cost accounting systems at Thermaltec de Costa Rica.

On May 31, 1999, the Company authorized the sale of 1,000,000 shares of common
stock to be offered in private transactions of 1,000 Units, representing 1,000
shares per Unit. Each Unit consisted of 1,000 Common shares and 750 B Warrants
and 500 C Warrants for the purchase of additional shares of the Company. Such
offering was filed with the State of New York Department of Law. The Company
utilized an exemption from the registration provisions under Regulation D Rule
504, as amended, and sold in those states which permit the offering to take
place. The termination date of the offering was March 31, 2000. The exercise
price of the Warrants is $1.50 per B Warrant share and $2.00 per C Warrant
share, exercisable commencing one year from the date of the subscription
agreement for the B Warrant and two years from the date of the subscription
agreement for the C Warrant. The B Warrants will expire March 31, 2002 and the C
Warrants will expire March 31, 2003. 999,999 shares were subscribed in the
offering. There were 649,350 B Warrants and 499,500 C Warrants subscribed. On
April 13, 2000, 999,000 shares were issued.


The Company's payment terms for its receivables are thirty calendar days after
invoicing. At June 30, 2000, there were $47 thousand due from NYSERDA,
representing retainage under the terms of the original contracts for Phase I and
for Phase II. Upon completion of the project, the remaining balance is expected
to be paid by NYSERDA.

Year 2000 Compliance

The operations of the Company have not been highly vulnerable to disruption due
to the "Y2K" problem. The Company replaced entirely its computer hardware and
accompanying software prior to the end of 1999. At the end of 1999, the Company
experienced no difficulties with the "Y2K" problem and, in the opinion of
management no cause for further concern exists.

Inflation

The amounts presented in the financial statements do not provide for the effect
of inflation on the Company's operations or its financial position. Amounts
shown for machinery, equipment and leasehold improvements and for costs and
expenses reflect historical cost and do not necessarily represent replacement
cost. The net operating losses shown would be greater than reported if the
effects of inflation were reflected either by charging operations with amounts
that represent replacement costs or by using other inflation adjustments.

Forward-looking Information

Certain statements in this document are forward-looking in nature and relate to
trends and events that may affect the Company's future financial position and
operating results. The words "expect" "anticipate" and similar words or
expressions are to identify forward-looking statements. These statements speak
only as of the date of the document; those statements are based on current
expectations, are inherently uncertain and should be viewed with caution. Actual
results may differ materially from the forward-looking statements as a result of
many factors, including changes in economic conditions and other unanticipated
events and conditions. It is not possible to foresee or to identify all such
factors. The Company makes no commitment to update any forward-looking statement
or to disclose any facts, events or circumstances after the date of this
document that may affect the accuracy of any forward-looking statement.

<PAGE>

                                   SIGNATURES

     In accordance with Section 12 of the Securities Act of 1934, the registrant
caused this registration statement to be signed on its behalf by the
undersigned, thereounto duly authorized.


(Registrant)                             THERMALTEC INTERNATIONAL CORP

Date                                     By /s/ Andrew Mazzone
    -------------------                     -----------------------------
                                            Andrew Mazzone, President and
                                            Chairman of the Board of Directors
                                            Principal Financial Officer
                                            Principal Accounting Officer