SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

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

                       For the period ended June 30, 1998

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

       For the Transition period from ______________ to _______________

                         Commission file number 0-19693

                        RANES INTERNATIONAL HOLDING, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

          Nevada                                                87-0485320
--------------------------------------------------------------------------------
(State of other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

        8360 East Via de Ventura, Bldg. L-200, Scottsdale, Arizona 85258
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                  602-905-5579
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

                                      None
--------------------------------------------------------------------------------
                        (Former name, former address and
                             former fiscal year, if
                           changed since last report.)


  As of July 13, 1998, the registrant had 8,226,647 shares of its common stock,
                         $0.001 par value, outstanding.

           Transitional Small Business Disclosure Format (Check One):
                                 Yes [ ] No [X]

<PAGE>

                        RANES INTERNATIONAL HOLDING, INC.

                                Table of Contents


PART I      FINANCIAL INFORMATION                                      Page No.
                                                                       --------

Item 1      Financial Statements

            Condensed Balance Sheet...................................    3
            Condensed Statement of Operations.........................    4
            Condensed Statement of Cash Flows.........................    5
            Notes to Condensed Financial Statements...................    6

Item 2      Plan of Operations........................................    8

PART II     OTHER INFORMATION

Item 1      Legal Proceedings.........................................    8
Item 2      Changes in Securities.....................................   N/A
Item 3      Defaults upon Senior Securities...........................   N/A
Item 4      Submission of Matters to a Vote of Security Holders.......   N/A
Item 5      Other Information.........................................   N/A
Item 6      Exhibits and Reports on Form 8-K..........................    8

SIGNATURES............................................................    9



























                                      2
<PAGE>

                        RANES INTERNATIONAL HOLDING, INC.
                      (A Company in the Development Stage)

                             Condensed Balance Sheet
                                  June 30, 1998
                                   (Unaudited)


                                     Assets

Current Assets:
   Cash                                                            $       -0-
   Trade exchange receivable - barter                                   43,316
   Prepaid expenses                                                    326,000
   Media products and services receivable - current portion            250,000
                                                                   -----------

          Total current assets                                         619,316

Media Products and Services Receivable - non current portion           250,000
                                                                   -----------

                                                                   $   869,316
                                                                   ===========
                      Liabilities and Stockholders' Equity

Current Liabilities:
   Accounts payable:
     Trade                                                         $   182,388
     Related party                                                     118,339
     Note payable                                                        5,000
                                                                   -----------
          Total current liabilities                                    305,727
                                                                   -----------
Stockholders' Equity:
   Common stock, $0.001 par value, Authorized 50,000,000 shares,         8,227
     issued and outstanding 8,226,647 shares
   Additional paid-in capital                                        4,240,905

   Deficit accumulated during development stage                     (3,685,543)
                                                                   -----------
          Total stockholders' equity                                   563,589
                                                                   -----------
                                                                   $   869,316
                                                                   ===========







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


                                        3
<PAGE>

                        RANES INTERNATIONAL HOLDING, INC.
                      (A Company in the Development Stage)

                     Condensed Statements of Operations
     for the three and six month periods ended June 30, 1998, 1997 and 1996
             and for the period from inception of development stage
                      (February 15, 1990) to June 30, 1998
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                                      Cumulative
                                                                                                                      from the
                                                Three month period                       Six month period             inception of
                                                  Ended June 30,                          Ended June 30,              Development
                                       ------------------------------------   -------------------------------------   stage
                                                                                                                      (February 15,
                                                                                                                      1990) to
                                          1998         1997         1996          1998         1997          1996     June 30,1998
                                       ----------   ----------   ----------   ----------   ----------    ----------   ------------
<S>                                    <C>          <C>          <C>          <C>          <C>           <C>         <C>
Net Sales                              $      -0-   $    1,624   $      -0-   $      -0-   $    1,624    $      -0-   $      1,624

Selling, general & administrative
  expenses                                128,875      130,144      290,967      269,756      394,597       629,253      3,687,320
                                       ----------    ---------   ----------   ----------   ----------    ----------    -----------
  Loss from operations                   (128,875)    (128,520)    (290,967)    (269,756)    (392,973)     (629,253)    (3,685,696)

Interest Income                               -0-          -0-          106          -0-          -0-           106            153
                                       ----------    ---------   ----------   ----------   ----------    ----------    -----------

Loss before provision for income taxes   (128,875)    (128,520)    (290,967)    (269,756)    (392,973)     (629,147)    (3,685,543)
Provision for income taxes                    -0-         -0-          -0-          -0-          -0-           -0-            -0-
                                        ----------   ---------   ----------   ----------   ----------    ----------    -----------
Net Loss                                $ (128,875)  $(128,520)  $ (290,967)  $ (269,756)  $ (392,973)   $ (629,147)   $(3,685,543)
                                        ==========   =========   ==========   ==========   ==========    ==========    ===========

Loss per common share                   $    (0.02)  $  (22.76)  $   (74.61)  $    (0.07)  $   (69.60)   $ (161.32)
                                        ==========   =========   ==========   ==========   ==========    ==========

Weighted average number of common
  shares outstanding                     7,292,581       5,646        3,900    3,779,133        5,646         3,900
                                        ==========   =========   ==========   ==========   ==========    ==========
</TABLE>









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


                                       4
<PAGE>
                        RANES INTERNATIONAL HOLDING, INC.
                      (A Company in the Development Stage)

                       Condensed Statements of Cash Flows
    for the Six month periods ended June 30, 1998, 1997 and 1996 and for the
period from inception of development stage (February 15, 1990) to June 30, 1998
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                                      Cumulative
                                                                                                                      from the
                                                Three month period                        Six month period            inception of
                                                  Ended June 30,                           Ended June 30,             Development
                                        ------------------------------------   ------------------------------------   stage
                                                                                                                      (February 15,
                                                                                                                      1990) to
                                           1998         1997         1996         1998         1997         1996      June 30, 1998 
                                        ----------   ----------   ----------   ----------   ----------   ----------   -------------
<S>                                     <C>          <C>          <C>          <C>          <C>         <C>           <C>           
Cash flows from operations:
Net loss                                $ (128,875)  $ (128,520)  $ (290,861)  $ (269,756)  $ (392,973) $  (629,147)  $  (3,685,543)

Adjustments to reconcile net loss
  to net cash used in operating
  activities:
  Amortization                                 -0-          -0-       25,500          -0-          -0-       51,000         136,000
  Write down of artwork                                                                                                     400,000
  Common stock issued for services         300,000                                400,000                                 1,754,355

Change in assets and liabilities:
  Increase in trade exchange receivable        120           45          113          120           90          113           6,684
  Increase in prepaid expenses            (326,000)                    2,500     (326,000)                    1,875        (326,000)
  Increase (decrease) in checks issued 
    in excess of cash in bank                  (22)                                   (47)
                                        ----------   ----------   ----------   ----------   ----------   ----------   -------------
Increase in accounts payable and
  accrued expenses                         154,777      128,384       89,091      190,683      261,571      181,269         300,727
                                        ----------   ----------   ----------   ----------   ----------   ----------   -------------
Net cash used in operating activities          -0-          (91)    (173,657)      (5,000)    (131,312)    (394,530)     (1,413,777)
                                        ----------   ----------   ----------   ----------   ----------   ----------   -------------
Cash flows from financing activities:
  Proceeds from issuance of note                                                    5,000                                     5,000
  Sale and issue of common stock, net                                172,590                   125,000      375,796       1,408,777
  Cash provided by financing activities        -0-          -0-      172,590          -0-      125,000      375,796       1,413,777
                                        ----------   ----------   ----------   ----------   ----------   ----------   -------------
Net increase(decrease) in cash funds           -0-          (91)      (1,067)         -0-       (6,312)     (18,734)            -0-
Cash, beginning of period                      -0-          106        1,165          -0-        6,327       18,832             -0-
                                        ----------   ----------   ----------   ----------   ----------   ----------   -------------
Cash, end of period                     $      -0-   $       15   $       98   $      -0-   $       15   $       98   $         -0-
                                        ==========   ==========   ==========   ==========   ==========   ==========   =============
</TABLE>


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

                                       5
<PAGE>
                        RANES INTERNATIONAL HOLDING, INC.
                          (A Development Stage Company)

                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                                  June 30, 1998


NOTE 1 - THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

HISTORY OF REPORTING ENTITY

Ranes International Holding, Inc. ("the Company") is a development stage company
that was incorporated  under the laws of the state of Nevada in February 1990 as
Partisan  Corporation.  On March 10, 1995, the Company's name was changed to Bio
Fluorescent  Technologies,  Inc. On March 6, 1998, the Company again changed its
corporate  name to Ranes  International  Holding,  Inc. The Company was inactive
through  February 1995 and prior to such time the Company had no activity  other
than that of capitalization efforts.

BASIS OF PRESENTATION

The  unaudited  condensed  financial  statements  and  related  notes  have been
prepared  pursuant to the rules and  regulations  of the Securities and Exchange
Commission.  Accordingly,  certain information and footnote disclosures normally
included in financial  statements prepared in accordance with generally accepted
accounting  principles have been omitted pursuant to such rules and regulations.
The  accompanying  financial  statements  and  related  notes  should be read in
conjunction  with the  audited  financial  statements  of the  company and notes
thereto, for the fiscal year ended December 31, 1997.

USE OF ESTIMATES

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of  assets  and  liabilities  at the date of the
financial  statements and the reported  amounts of revenues and expenses  during
the reporting period. Actual results could differ from those estimates.

LOSS PER COMMON SHARE

Loss per common  share is  computed  by  dividing  the net loss by the  weighted
average  number of common shares  outstanding  during the period.  Fully diluted
loss per common share is  considered  equal to primary loss per common share for
all periods presented.

REVERSE STOCK SPLIT AND COMPARABILITY

On January 17, 1998,  the Company  authorized  a 1 for 100 reverse  stock split.
This policy was activated on March 6, 1998,  the  authorized  stock  remained at
50,000,000 shares of common stock. In the accompanying  financial statements all
figures  relating  to shares of stock have been  restated to reflect the reverse
split as if it had occured prior to periods presented for comparison purposes.





                                      6

<PAGE>

NOTE 2 - TRADE EXCHANGE RECEIVABLE - BARTER:

In August  1995,  the Company  issued  14,814 (49) shares of its common stock in
exchange for $50,000 worth of barter  credit on the ITEX Retail Trade  Exchange.
Management  believes that they will be able to  successfully  utilize the barter
credit for the cost of hotels and travel over the next year.

NOTE 3 - MEDIA PRODUCTS AND SERVICES RECEIVABLE:

In October 1995,  the Company issued 200,000 (667) shares of its common stock in
exchange for script  writing,  music scoring,  radio  commercial  production and
radio  advertising  time to be  received in the future  valued at  approximately
$500,000. Management believes that they will be able to successfully utilize the
entire balance during 1998 and 1999.

NOTE 4 - RELATED PARTY TRANSACTIONS:

The Company incurred liabilities of $51,300 for management services and expenses
for the three month period ended June 30, 1998, to a related party. On March 31,
1998, the Company issued 5,000,000 shares of regulation 144 stock to the related
company in exchange for  $100,000 of accrued  liability.  At June 30, 1998,  the
Company owed the related company  $118,339 which is included in accounts payable
in the accompanying financial statements.

The Company has entered into consulting  agreements with individuals to help the
Company locate and bring businesses into the Company. The terms of payment is to
be the issue of  shares of  regulation  "S-8"  stock.  The  Company  has  issued
3,000,000  shares of regulation  "S-8" stock during the three month period ended
June 30, 1998, some of the value is reflected as an expense and the balance as a
prepaid expense.

As of December 1, 1997, the Company has utilized the related companies executive
office and its  telecommuting  office  facilities  for the Company's  office and
administration  efforts.  The Company  had  contracted  with Cactus  Consultants
International, Inc. to supply public relations support services and office staff
support,  which ended March 31, 1998.  Management is taking under advisement the
merits of extending or modifying future agreements.

DEVELOPMENT STAGE ACTIVITY AND MANAGEMENT'S PLANS

To date the Company's operations have consisted primarily of obtaining a license
for a  system,  assembling  a  management  team and  raising  capital.  From the
Company's  inception through June 30, 1998, the Company's  business  development
costs have totaled approximately $3,686,000. These expenditures have been funded
primarily  with the proceeds from the private sales of its equity  securities as
well as with the issuance of its common stock in exchange for services.

The Company  plans to research  and gather data on companies  and products  that
would  lend  themselves  to the  acquisition  through  licensing  agreements  or
mergers.  Companies and products will be evaluated on technology or proven sales
and operating histories which are compatible with corporate strategies.

The Company  reorganized  its  management  team in May 1996 to proceed  with the
implementation  of its business plan and the acquisition of compatible  products
to  establish  the  Company  as an  operating  Company as soon as  possible.  As


                                       7
<PAGE>

indicated by the name change in March 1998, the Company has changed its focus to
utilize the holding  company  approach with possible  mergers as subsidiaries to
the Company.

The  Company  will need to raise  additional  operating  capital to satisfy  its
obligations and to fund other operating expenses.  The Company will continue its
efforts to raise capital to fund its operations, including private placements of
its common  stock.  However,  there is no  assurance  that such  efforts will be
successful.  Failure by the Company to obtain such  additional  financing  would
have a material adverse effect on the Company.


ITEM 2.  PLAN OF OPERATIONS

The Company is presently  concentrating  its efforts on becoming  operational by
licensing  or  otherwise  acquiring  technologically  advanced  state-of-the-art
products  which  respond  to the  international  market.  The  Company  is  also
exploring  the  possibility  of  acquiring  other   technologies,   products  or
businesses compatible with its goal to become operational in the shortest period
of time.

Management  anticipates to make an announcement during the third quarter of 1998
of  progress  and  possible  merger  or  business  acquisition  as a  result  of
management's  and  the  retained   consultants  efforts  in  searching  for  and
evaluating  possible  companies and products.  As of this report date management
cannot guarantee the Company's success of any of the existing situations.

As of the date of this  filing,  the Company has not  obtained  such  financing.
Failure by the Company to obtain such additional financing would have a material
adverse effect on the Company.


                                    PART II

ITEM 1.  LEGAL PROCEEDINGS

No changes in legal  proceedings since the Form 10-KSB filing for the year ended
December 31, 1997.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)   Exhibits

               Exhibit No.    Description
               -----------    -----------
                  27          Financial Data Schedule

         (b)   Reports on Form 8-K

               None.







                                       8
<PAGE>

                                   SIGNATURES

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

Date: August 20, 1998                  RANES INTERNATIONAL HOLDING, INC.
                                       ---------------------------------
                                                (Registrant)

                                       By: /s/    Jan J. Olivier
                                           -------------------------------------
                                           Jan J. Olivier, President/Director

                                       By: /s/    Wynn J. Bott
                                           -------------------------------------
                                           Wynn J. Bott, Controller







































                                       9