SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB


                     QUARTERLY REPORT UNDER SECTION 13 OR 15
                     OF THE SECURITIES EXCHANGE ACT OF 1934


               For the quarterly period ended September 30, 1999

                         Commission File Number: 0-10707


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


           Delaware                                             06-1042505
(State or other Jurisdiction of                              (I.R.S. Employer
 Incorporation or Organization)                             Identification No.)


     651 Day Hill Road, Windsor, CT                                06095
(Address of Principal Executive Offices)                         (Zip Code)


                                  860-683-2005
                               (Telephone Number)


--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report.)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15 of the  Exchange  Act during  the past 12 months  (or for such  shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.


         Yes _X_                                       No ___


State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.


            Class                               Outstanding at Sept. 30, 1999
Common stock $.01 Par Value                            13,580,008 Shares



<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES


                                      INDEX


                                                                     Page Number
                                                                     -----------


PART I           FINANCIAL INFORMATION

     Item 1.     Financial Statements

                 Consolidated Balance Sheet
                    September, 1999 and March 31, 1999.....................    3

                 Consolidated Statements of Income and Comprehensive
                    Income Three Months Ended September 30,
                    1999 and 1998..........................................    4

                 Consolidated Statements of Income and Comprehensive
                    Income Six Months Ended September 30,
                    1999 and 1998..........................................    5

                 Consolidated Statements of Cash Flows
                    Six Months Ended September 30,
                    1999 and 1998..........................................    6

                 Notes to Consolidated Financial Statements................  7-8

     Item 2.     Management's Discussion and Analysis ..................... 9-10


PART II          OTHER INFORMATION

     Item 1.     Legal Proceedings.........................................   11

     Item 2.     Changes in Securities.....................................   11

     Item 3.     Defaults Upon Senior Securities...........................   11

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

     Item 5.     Other Information.........................................   11

     Item 6.     Exhibits and Reports on Form 8-K..........................   11


SIGNATURE PAGE ............................................................   12

                                       2

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                     ASSETS
<TABLE>
<CAPTION>
                                                           September 30,     March 31,
                                                                1999            1999
                                                            (Unaudited)      (Audited)
<S>                                                        <C>             <C>
CURRENT ASSETS
  Cash                                                     $      2,763    $      1,658
  Accounts Receivable, Net                                    1,289,411       1,259,524
  Inventories                                                 1,815,825       1,957,097
  Prepaid Expenses and Other Current Assets                     314,931         267,654
  Deferred Income Taxes                                         100,000         100,000
                                                           ------------    ------------
    Total Current Assets                                      3,522,930       3,585,933
                                                           ------------    ------------

PROPERTY , PLANT AND EQUIPMENT
  Property, Plant and Equipment - At Cost                     9,746,787       9,354,857
  Less: Accumulated Depreciation                              4,927,955       4,768,658
                                                           ------------    ------------
   Property, Plant, and Equipment - Net                       4,818,832       4,586,199
                                                           ------------    ------------

OTHER ASSETS
  Undeveloped Land Held for Investment                          119,666         118,109
  Intangible Assets - Net of Amortization                       109,713         115,683
  Officers' Life Insurance                                    1,297,688       1,243,234
  Investment in Foreign Company                                 100,000         100,000
  Deposits and Other                                             16,595           8,293
  Marketable Equity Securities, at Market                       185,000         185,000
                                                           ------------    ------------
    Total Other Assets                                        1,828,662       1,770,319
                                                           ------------    ------------

TOTAL ASSETS                                               $ 10,170,424    $  9,942,451
                                                           ============    ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts Payable                                         $  1,029,399    $  1,249,110
  Accrued Taxes and Expenses                                    139,518         162,131
  Current Portion of Long Term Debt                             354,558         341,109
  Notes Payable - Bank                                        1,493,876       1,513,443
                                                           ------------    ------------

    Total Current Liabilities                                 3,017,351       3,265,793
                                                           ------------    ------------

LONG TERM DEBT                                                2,419,640       2,194,241
                                                           ------------    ------------

STOCKHOLDERS' EQUITY
  Common Stock, Par Value $.01/Share,
  Authorized 25,000,000 shares, issued 13,580,008 shares
      at 9/30/99 and 13,305,008 shares at 3/31/99               135,800         133,050
    Additional Paid-in Capital                                5,454,351       5,444,855
  Less:  Treasury Stock, at Cost                                164,564         320,521
  Less:  Accumulated Other Comprehensive Loss                   259,000         259,000
  Retained Earnings (Deficit)                                  (433,154)       (515,967)
                                                           ------------    ------------
    Total Stockholders' Equity                                4,733,433       4,482,417
                                                           ------------    ------------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                                     $ 10,170,424    $  9,942,451
                                                           ============    ============
</TABLE>

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

                                       3

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES
            CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
                    FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                         1999               1998
                                                     ------------      ------------

<S>                                                  <C>               <C>
Net Sales                                            $  2,634,438      $  2,665,374

Cost of Goods Sold                                      1,962,088         1,931,735
                                                     ------------      ------------

Gross Profit                                              672,350           733,639

Selling, General & Administrative Expenses                473,754           480,157
                                                     ------------      ------------

Income From Operations                                    198,596           253,482
                                                     ------------      ------------

Other Income (Expense)
     Interest Expense, Net                               (105,595)          (99,702)
     Realized Loss on Sale of Securities                      -0-          (126,580)
     Other - Net                                           (4,785)           (4,785)
                                                     ------------      ------------
     Total Other Income (Expense)                        (110,380)         (231,067)
                                                     ------------      ------------

Income Before Income Taxes                                 88,216            22,415

Provision for Income Taxes                                    -0-               -0-


Net Income                                                 88,216            22,415

Other Comprehensive Income (Loss), net of tax
      Unrealized holding gains during the period          (37,000)           (5,750)
                                                     ------------      ------------
                                                          (37,000)           (5,750)
                                                     ------------      ------------

Comprehensive Income                                 $     51,216      $     16,665
                                                     ------------      ------------

Earnings per Share-Basic                             $        .01               NIL
                                                     ============      ============

Earnings per Share-Diluted                           $        .01               NIL
                                                     ============      ============

Weighted Average Shares Outstanding- Basic             13,496,310        12,665,276
                                                     ============      ============
Weighted Average Shares Outstanding- Diluted           15,758,711        15,227,015
                                                     ============      ============
</TABLE>


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

                                       4

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES
            CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
                     FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                        1999              1998
                                                                                                    ------------      ------------
<S>                                                                                                 <C>               <C>
Net Sales                                                                                           $  5,594,922      $  5,297,829

Cost of Goods Sold                                                                                     4,129,355         3,809,317
                                                                                                    ------------      ------------

Gross Profit                                                                                           1,465,567         1,488,512

Selling, General & Administrative Expenses                                                             1,014,226           977,194
                                                                                                    ------------      ------------

Income From Operations                                                                                   451,341           511,318
                                                                                                    ------------      ------------

Other Income (Expense)
     Interest Expense, Net                                                                              (203,007)         (196,530)
     Realized Loss on Sale of Securities                                                                     -0-          (126,580)
 Other - Net                                                                                              (9,570)          (19,568)
                                                                                                    ------------      ------------
     Total Other Income (Expense)                                                                       (212,571)         (342,678)
                                                                                                    ------------      ------------

Income Before Income Taxes                                                                               238,770           168,640

Provision for Income Taxes                                                                                   -0-               -0-


Net Income                                                                                               238,770           168,640

Other Comprehensive Income (Loss), net of tax
      Unrealized holding gains during the period                                                             -0-           (80,000)
                                                                                                    ------------      ------------
                                                                                                             -0-           (80,000)
                                                                                                    ------------      ------------

Comprehensive Income                                                                                $    238,770      $     88,640
                                                                                                    ------------      ------------

Earnings per Share-Basic                                                                            $        .02      $        .01
                                                                                                    ============      ============

Earnings per Share-Diluted                                                                          $        .02      $        .01
                                                                                                    ============      ============

Weighted Average Shares Outstanding-Basic                                                             13,400,793        12,633,381
                                                                                                    ============      ============
Weighted Average Shares Outstanding-Diluted                                                           15,557,665        15,562,090
                                                                                                    ============      ============
</TABLE>


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

                                       5

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                     FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                          1999         1998
                                                                       ---------    ---------
<S>                                                                    <C>          <C>
OPERATING ACTIVITIES:
  Net income                                                           $ 238,770    $ 168,640
         Adjustments to reconcile net income to net cash provided by
         operating activities:
  Re-issuance of treasury stock                                            5,000          -0-
  Depreciation and amortization                                          165,263      165,267
  Realized loss on sale of securities                                        -0-      126,580
  Changes in operating assets and liabilities:
    Increase (decrease) in accounts payable                             (219,711)    (103,830)
    Decrease (increase) in prepaid expenses and                          (55,579)     (31,470)
        Other assets
    Decrease (increase) in accounts receivable                           (29,887)    (204,371)
    Decrease (increase) in inventories                                   141,272     (368,084)
    Increase (decrease) in accrued expenses                              (18,113)       5,303
                                                                       ---------    ---------

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
                                                                         227,015     (241,965)
                                                                       ---------    ---------
INVESTING ACTIVITIES;
  Purchases of property, plant and equipment                            (391,930)     (38,535)
  Increase in other investments                                           (1,557)      (1,516)
  Investment in foreign company                                              -0-     (100,742)
  Increase in life insurance premiums receivable                         (54,454)     (54,454)
  Sale of marketable securities                                              -0-       47,420
                                                                       ---------    ---------


NET CASH  (USED IN) INVESTING ACTIVITIES                                (447,941)    (247,827)
                                                                       ---------    ---------

FINANCING ACTIVITIES
  Sale of common stock                                                     2,750          -0-
  Principal payments on debt obligations                                (153,983)    (147,348)
  Net proceeds from revolving and term debt                              373,264      637,819
                                                                       ---------    ---------
NET CASH PROVIDED BY FINANCING ACTIVITIES                                222,031      490,471
                                                                       ---------    ---------

INCREASE (DECREASE) IN CASH                                                1,105          679

CASH AT BEGINNING OF PERIOD                                                1,658        2,023
                                                                       ---------    ---------

CASH AT END OF PERIOD                                                  $   2,763    $   2,702
                                                                       =========    =========
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       6

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1: BASIS OF PRESENTATION

     The  financial  information  included  herein is unaudited;  however,  such
information  reflects all  adjustments  (consisting  solely of normal  recurring
adjustments)  which are,  in the  opinion of  management,  necessary  for a fair
statement of results for the interim  period.  Certain  information and footnote
disclosures  normally  included in financial  statements  prepared in accordance
with generally  accepted  accounting  principles have been condensed or omitted.
The results of operations for the three and six months ended  September 30, 1999
and  September  30,  1998 are not  necessarily  indicative  of the results to be
expected for the full year.

NOTE 2: INVENTORIES

     Inventories consist of the following at September 30:

                                          1999                  1998
                                       ----------            ----------
     Raw materials                     $  945,383            $1,279,077
     Work-in-process                      317,987               299,895
     Finished goods                       552,456               237,522
                                       ----------            ----------
                                       $1,815,826            $1,816,504
                                       ==========            ==========

NOTE 3: EARNINGS PER SHARE

     The  Company  has  adopted  "Statement  of  Accounting  Standards  No. 128,
Earnings per Share" (SFAS 128).  Earnings per share for the three and six months
ended September 30, 1999 and September 30, 1998 have been computed in accordance
with this  pronouncement,  based on the weighted  average of outstanding  shares
during the periods.  The weighted  average number of shares  outstanding used in
the calculations are as follows:


<TABLE>
<CAPTION>
                                                    Three Months Ended                        Six Months Ended
                                            Sept. 30, 1999      Sept. 30, 1998      Sept. 30, 1999      Sept. 30, 1998
                                            --------------      --------------      --------------      --------------
<S>                                           <C>                 <C>                 <C>                 <C>
Weighted Average Shares
     Outstanding (Basic)                      13,496,310          12,665,276          13,400,793          12,633,381

 Assumed Conversion of Stock Options           2,262,401           2,561,739           2,516,872           2,928,709
                                              ----------          ----------          ----------          ----------

Weighted Average Shares Outstanding-
     (Diluted)                                15,758,711          15,277,015          15,557,665          15,562,090
                                              ----------          ----------          ----------          ----------
</TABLE>

                                       7

<PAGE>

NOTE 4: INCOME TAXES

     The Company adopted "Statement of Accounting  Standards No. 109, Accounting
For Income Taxes" (SFAS 109)  effective  April 1, 1994.  The statement  requires
that deferred  income taxes reflect the future tax  consequences  of differences
between the tax bases of assets and  liabilities  and their bases for  financial
reporting purposes. In addition, SFAS 109 requires the recognition of future tax
benefits,  such  as  net  operating  loss  carryforwards,  to  the  extent  that
realization of such benefits are more likely than not.

     The primary components of the Company's deferred tax assets and liabilities
and the related valuation allowance are as follows:

     Assets:
       Uniform capitalization adjustment                   $     773
       Net operating loss carryforward                       310,852
       Other                                                   4,179
                                                           ---------
                                                             315,804
     Liabilities:
       Accelerated depreciation                               (3,080)
                                                           ---------
                                                              (3,080)
     Net deferred tax asset before valuation allowance       318,884

     Less: Valuation allowance                              (218,884)
                                                           ---------
     Net deferred tax asset                                $ 100,000
                                                           =========

     The Company continually reviews the adequacy of the valuation allowance and
recognizes a benefit from income taxes only when reassessment  indicates that it
is more likely than not that the  benefits  will be  realized.

     At September 30, 1999, the Company had net operating loss  carryforwards of
approximately  $914,000  expiring  from 2001 to 2007.  In  addition,  unused tax
credits of $144,000 expire from 2000 to 2001 and are also being carried forward.

NOTE 5: CASH FLOW INFORMATION AND NON CASH INVESTING ACTIVITIES

     The  following  supplemental  information  is  disclosed  pursuant  to  the
requirements of Financial  Accounting Standards Board's "Statement of Accounting
Standards No 95, Statement of Cash Flows".

                                                        6 Months Ended Sept. 30,
                                                         1999           1998
                                                       ---------     ---------
     Cash payments for interest                        $ 203,007     $ 196,530
      Issuance of common stock to 401(k) plan          $   4,500     $   5,483
     Valuation reserve to reflect long-term equity
           securities at market                        $     -0-     $ (80,000)

NOTE 6: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

     The  Company  has  adopted  "Statement  of  Accounting  Standards  No. 130,
"Reporting  Comprehensive  Income" (SFAS 130), which  establishes  standards for
reporting and display of comprehensive income and its components (i.e. revenues,
expenses, gains and losses) in a complete set of financial statements. All prior
periods have been restated to conform to the provisions of this statement.

                                       8

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES

                      MANAGEMENT'S DISCUSSION AND ANALYSIS

          RESULTS OF OPERATIONS

     Net sales for the three months ended September 30, 1999 totaled $2,634,438,
approximately the same amount for the same period of the prior year. For the six
months  ended  September  1999,  net sales of  $5,594,922  in the  current  year
outdistanced  the  $5,297,839  recorded in the period ended  September 30, 1998.
During the first quarter of fiscal 2000 the Company  achieved a record quarterly
sales  level of  $2,960,484,  fueled by growth in the  Company's  core market of
water  source  heat pump  applications.  A portion  of these  sales  represented
non-recurring inventory stock building programs undertaken by certain customers.

     The second  quarter sales  slowdown is a seasonal trend created by a number
of  factors.  Vacation  shutdowns  and/or  reduced  work  schedules  at many OEM
factories  traditionally  reduce  demand for the Company's  products  during the
summer  months.  Shipments for the third quarter are projected to increase above
those of the  second  quarter as  customer  requirements  return to levels  more
consistent with the balance of the year.

     Cost of goods sold aggregated 74% of sales for both the three and six month
periods of the current  year.  For the same periods in fiscal 1999,  these costs
totaled  72% of sales.  The  average  cost of  copper  and  copper-alloy  tubing
continued to increase  slightly in the current  quarter,  following the trend of
the first three months of the fiscal year.  Recent  price  stabilization  in the
commodity  market should serve to mitigate cost  increases in the near term. The
Company  has  also  added  staff in  production  support  functions,  increasing
manufacturing overhead costs. Additional technicians and manufacturing engineers
may be hired in the coming months to further support new products and processes.

     Selling, general and administrative expenses decreased by $6,403, or 1%, in
the current  quarter as  compared to the same period of the prior year.  For the
six-month periods, these expenses increased by $37,032 (4%), from fiscal 1999 as
compared to fiscal 2000. These variances are created by timing  differences,  as
operating expenses have remained flat for all periods presented.

     Increases in the prime  lending rate  resulted in higher debt service costs
for both revolving and term debt.  During the prior year, a realized loss on the
sale of marketable  securities  occurred in the second  quarter,  resulting in a
charge to earnings of $126,580. No securities were sold in the current year.

     Net income for the three-month  period increased from fiscal 1999 to fiscal
2000.  Income  from  operations  was higher in the prior year due to the adverse
factors  affecting  manufacturing  costs  previously  detailed.  Offsetting this
increase was the loss on sale of securities  reflected as other expense. For the
six months, net income increased from $168,640 at September 30, 1998 to $238,770
at September 30, 1999 as a result of the same factors.

          LIQUIDITY AND CAPITAL RESOURCES

     Working  capital  totaled  $505,579  at  September  30,  1999,  compared to
$320,140  at March 31, 1999 and  $521,277  at  September  30,  1998.  During the
current  six-month  period,  current  assets  decreased by $63,003 while current
liabilities  decreased  by  $248,442,  resulting  in a net  increase  in working
capital of $185,439. Inventories were reduced by $141,272, or 7%, from March 31,
1999 as the  Company has  targeted  this area for  special  emphasis  during the
current year. Inventories are expected to remain near this level for the balance
of fiscal year 2000. Trade accounts payable also decreased  significantly during
the six-month period, primarily as a result of the inventory reduction program.

     Resources used to fund investing  activities increased from $247,827 during
the prior year  six-month  period to $447,941 in the six months ended  September
30, 1999. Construction of a 15,000 square foot addition to the Company's primary
manufacturing facility commenced in June 1999. Completion is expected by the end
of calendar  year 1999 and  certain  operations  currently  housed in a separate
Company owned building will be

                                       9

<PAGE>

relocated to the new space.  The addition is financed with a  construction  loan
from the  Company's  principal  bank;  the loan is planned to be  converted to a
permanent  mortgage upon completion of the project;  the Company is also engaged
in a program to upgrade and augment its production equipment in fiscal 2000.

     During fiscal year 1999 the Company invested  $100,000 in a Belgian company
engaged in the processing of pharmaceutical related products. The investment was
financed with  margined  securities  that suffered  declines in value in concert
with the general stock market decline in September 1998. This resulted in margin
calls  and the  Company  sold a portion  of its  holdings,  recording  a loss of
$126,580 for that period.

     Net  cash  provided  by  financing  activities  in the  current  year  were
significantly  below that of the six month  period  ended  September  30,  1998.
During the prior  year,  an  increase  in  inventories  was  required to support
customer requirements,  which resulted in advances against the revolving line of
credit.  As inventory  levels were reduced in the current year, cash provided by
operating  activities was used to repay revolving debt.  Additional term debt of
$373,264  was  incurred  during the period  representing  advances  against  the
construction loan for the building addition. Upon completion, the projected loan
balance for the main building,  including a refinancing of the existing mortgage
is expected to be approximately $1,750,000.

     Inflation  and other cost  increases  continue  to play a minor role in the
Company's day to day  operations.  Improvements to  manufacturing  processes and
procedures  coupled with small price  increases in purchased  goods and services
have enabled the Company to maintain its current cost structure.  As the Company
continues its conversion to cellular manufacturing,  further cost reductions are
anticipated  which should offset future  effects of inflation for the balance of
the fiscal year.  Further,  upon  completion of the building  addition,  certain
operations will be relocated from an adjacent facility,  which will also improve
efficiencies and lower manufacturing costs.

          FORWARD LOOKING STATEMENTS

     This quarterly report contains certain forward-looking statements regarding
the Company,  its business  prospects and results of operations that are subject
to certain risks and  uncertainties  posed by many factors and events that could
cause the  Company's  actual  business,  prospects  and results of operations to
differ  materially  from those that may be anticipated  by such  forward-looking
statements.  Factors that may affect such  forward-looking  statements  include,
without limitation: the Company's ability to successfully and timely develop and
finance new projects,  the impact of competition on the Company's revenues,  and
changes in unit prices,  supply and demand for the Company's tubing product line
especially in applications  serving the  commercial,  industrial and residential
construction industries.

     When used, words such as "believes,"  "anticipates,"  "expects,"  "intends"
and similar expressions are intended to identify forward-looking statements, but
are not the exclusive means of identifying forward-looking  statements.  Readers
are cautioned not to place undue reliance on these  forward-looking  statements,
which  speak  only as of the date of this  report.  The  Company  undertakes  no
obligation to revise any  forward-looking  statements in order to reflect events
or  circumstances  that may subsequently  arise.  Readers are urged to carefully
review and consider the various  disclosures made by the Company in this report,
news  releases,  and  other  reports  filed  with the  Securities  and  Exchange
Commission  that attempt to advise  interested  parties of the risks and factors
that may affect the Company's business.


                                       10

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES

                           PART II - OTHER INFORMATION


Item 1. Legal Proceedings.

     There are no material  legal  proceedings  known or threatened  against the
Company.

Item 2. Change in Securities.

     No class of  registered  securities  of the  Company  have been  materially
modified,  and no class of registered securities have been materially limited or
qualified by the issuance or  modification  of any other class of  securities of
the Company.

Item 3. Defaults Upon Senior Securities.

     There have been no defaults of any terms of the Company's securities.

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

     No  matters  were  submitted  to a vote of the  Securities  Holders  of the
Company during the quarterly period for which this report is filed.

Item 5. Other Information.

     None

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

          (a)  No Exhibits have been submitted with this report

          (b)  No reports on Form 8-K were filed  during the  quarter  for which
               this report is filed.

                                       11

<PAGE>

                      THERMODYNETICS, INC. AND SUBSIDIARIES


                                 SIGNATURE PAGE



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant has caused this report to be signed on its behalf by the  undersigned
thereunto duly authorized.




                                            THERMODYNETICS, INC.



Date: November 12, 1999                     By: /s/  Robert A. Lerman
                                                -----------------------
                                                Robert A. Lerman
                                                President


Date: November 12, 1999                     By: /s/  Robert I. Lieberman
                                                --------------------------
                                                Robert I. Lieberman
                                                Treasurer and Chief Financial
                                                Officer





                                       12