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

                                   FORM 10-QSB

(Mark One)

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

                For the quarterly period ended February 28, 1999

|_|   TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
      EXCHANGE ACT OF 1934

For the transition period from ______________  to  ________________

Commission file number - 000-22813

                             MOTO GUZZI CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

        Delaware                                                 13-3853272
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer 
incorporation or organization)                               Identification No.)

                   350 Park Avenue , New York, New York 10022
              ---------------------------------------------------
               (Address of principal executive offices - Zip code)
            
Registrant's telephone number, including area code: (212) 644-4441

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

    North Atlantic Acquisition Corp., 5 East 59th Street, New York, NY 10022

Indicate by checkmark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes |X| No |_|

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

Indicate by checkmark whether the registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court.

                                 Yes |_| No |_|

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable
date.

Common stock, par value $.01 per share, 5,496,000 shares outstanding as of May
17, 1999.
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

                                      INDEX

Part I  -  Financial Information

Item 1.    Financial statements:

           Balance sheets as of February 28, 1999 and August 31, 1998 .......  3
           Statements of operations for the three and six months 
             ended February 28, 1999 and 1998 and period from 
             September 1, 1995 (inception) to February 28, 1999..............  4
           Statements of stockholders' equity for the six months ended 
             February 28, 1999...............................................  5
           Statements of cash flows for the six months ended February 
             28, 1999 and 1998 and period  from September 1, 1995 
             (inception) to February 28, 1999................................  6
           Notes to financial statements.....................................  7

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

Part II -  Other Information

Item 1.    Legal Proceedings.................................................  9

Item 2.    Changes in Securities.............................................  9

Item 3.    Defaults Upon Senior Securities...................................  9

Item 4.    Submission of Matters to a Vote of Security Holders...............  9

Item 5.    Other Information.................................................  9

Item 6.    Exhibits and Reports on Form 8-K..................................  9

Signatures................................................................... 10


                                        2
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

Part 1. Financial Information

Item 1. Financial Statements

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                            February 28, 1999   August 31, 1998
                                                            -----------------   ---------------
                                                               (Unaudited)         (Audited)
<S>                                                            <C>                <C>        
Assets                                                                            
Cash                                                           $       602        $     1,079
Cash held in escrow                                                    485                324
Investment in treasury                                                            
  securities held in escrow                                      8,641,834          8,408,801
Deferred merger costs                                              601,420            105,000
                                                               -----------        -----------
                                                               $ 9,244,341        $ 8,515,204
                                                               ===========        ===========
Liabilities and Stockholders' Equity                                              
Liabilities:                                                                      
  Accrued expenses                                             $   796,998        $   174,496
                                                               -----------        -----------
Commitments                                                                       
Common stock subject to possible                                                  
  conversion, 160,000 shares                                                      
  at redemption value                                            1,728,367          1,681,825
                                                               -----------        -----------
Stockholders' equity:                                                             
   Convertible preferred stock, $.01 par value - shares                           
     authorized 1,000,000; outstanding none; subscribed                           
     94; liquidation value - $9,400                                      1                  1
   Subscription receivable                                              --               (100)
   Class A common stock, $.01 par value - shares                                  
     authorized 10,000,000; outstanding 906,000                      9,060              9,060
   Class B common stock, $.01 par value - shares                                  
     authorized 250,000; issued and outstanding 150,000              1,500              1,500
   Additional paid-in capital                                    6,586,948          6,586,948
   Earnings (deficit) accumulated during                                          
     the development stage                                         121,467             61,474
                                                               -----------        -----------
       Total stockholders' equity                                6,718,976          6,658,883
                                                               -----------        -----------
                                                               $ 9,244,341        $ 8,515,204
                                                               ===========        ===========
</TABLE>

                 See accompanying notes to financial statements.


                                        3
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

Item 1. Financial Statements

                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                  Three Months Ended              Six Months Ended           Period From
                                     February 28                    February 28          September 1, 1995
                              --------------------------    --------------------------     (inception) to
                                 1999            1998           1999           1998      February 28, 1999
<S>                           <C>            <C>            <C>            <C>              <C>        
Interest income               $    83,748    $   108,624    $   232,498    $   213,624      $   643,891
General and administrative
  expenses and debt costs         (35,019)       (92,013)       (75,963)      (103,013)        (279,057)
Income taxes                      (25,000)                      (50,000)                       (115,000)
                              -----------    -----------    -----------    -----------      -----------
Net income                         23,729         16,611        106,535        110,611          249,834
                              ===========    ===========    ===========    ===========      ===========

Net income per common share   $      0.02    $      0.02    $      0.10    $      0.10
                              ===========    ===========    ===========    ===========

Weighted average common
  shares outstanding            1,056,000      1,056,000      1,056,000      1,056,000
                              ===========    ===========    ===========    ===========
</TABLE>

                 See accompanying notes to financial statements.


                                        4
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

Item 1. Financial Statements

Statement of Stockholders' Equity

<TABLE>
<CAPTION>
                                                                                                                                
                                                                                                                                
                                         Preferred Stock  Subscription  Class A Common Stock  Class B Common Stock  Additional  
                                         -------------------------------------------------------------------------    paid-in   
                                         Shares   Amount   Receivable     Shares    Amount      Shares    Amount      capital   
                                         -------------------------------------------------------------------------------------- 
                                                                                                                                
<S>                                          <C>  <C>       <C>           <C>       <C>         <C>       <C>         <C>       
Balance August 31, 1997 (Audited)            94   $     1   $ (9,400)     906,000   $ 9,060     150,000   $ 1,500     6,586,948 
                                                                                                                                
Subscription paid                            --        --      9,300           --        --          --        --            -- 
Net income                                   --        --         --           --        --          --        --            -- 
Accretion to redemption value                                                                                                   
  of common stock                            --        --         --           --        --          --        --            -- 

                                         ------   -------   --------     --------   -------    --------   -------   ----------- 
                                                                                                                                
Balance August 31, 1998 (Audited)            94         1       (100)     906,000     9,060     150,000     1,500     6,586,948 
                                                                                                                                
Subscription paid                            --        --        100           --        --          --        --            -- 
Net income                                   --        --         --           --        --          --        --            -- 
Accretion to redemption value                                                                                                   
  of common stock                            --        --         --           --        --          --        --            -- 

                                         ------   -------   --------     --------   -------    --------   -------   ----------- 
                                                                                                                                
Balance February 28, 1999 (Unaudited)        94   $     1   $     --      906,000   $ 9,060    150,000    $ 1,500     6,586,948 

                                         ======   =======   ========     ========   =======   ========    =======   =========== 

<CAPTION>
                                          (deficit)
                                         accumulated
                                          during the       Total
                                          development   stockholders'   Comprehensive
                                            stage          equity           Income
                                          ---------     -------------
                                                                        
<S>                                       <C>            <C>                  <C>
Balance August 31, 1997 (Audited)         $ (70,005)     $ 6,518,104    
                                                                        
Subscription paid                                --            9,300    
Net income                                  213,304          213,304          213,304
Accretion to redemption value                                           
  of common stock                           (81,825)         (81,825)         (81,825)

                                          ---------      -----------      -----------
                                                                        
Balance August 31, 1998 (Audited)            61,474        6,658,883          131,479
                                                                        
Subscription paid                                --              100    
Net income                                  106,535          106,535          106,535
Accretion to redemption value                                           
  of common stock                           (46,542)         (46,542)         (46,542)

                                          ---------      -----------      -----------
                                                                        
Balance February 28, 1999 (Unaudited)     $ 121,467      $ 6,718,976           59,993

                                          =========      ===========
</TABLE>

                 See accompanying notes to financial statements.


                                        5
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

Item 1. Financial Statements

                             STATEMENTS OF CASH FLOW
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                         Period From
                                                      6 months ended February 28,     September 1, 1995
                                                      ---------------------------       (inception) to
                                                          1999           1998         February 28, 1999
<S>                                                   <C>             <C>                  <C>         
Net income                                                106,535        110,611               249,834
Adjustments to reconcile net income/(loss) to                                           
     net cash used in operating activities:                                             
    Amortization of deferred debt costs                        --             --                 9,800
    Amortization of discount on notes payable                  --             --                35,000
    Changes in operating assets and liabilities:                                        
        Accrued expenses                                  622,502        (16,337)              558,899
                                                                                        
    Interest receivable on investments                     17,027       (163,102)             (211,528)

                                                      -----------    -----------           -----------
Cash used in operating activities                         746,064        (68,828)              642,005
                                                      -----------    -----------           -----------
                                                                                        
    Purchase of treasury securities in escrow         (21,820,060)    (4,157,874)          (40,454,258)
    Sale of treasury securities in escrow              21,570,000      4,106,000            32,065,375
   (Increase)/decrease in cash held in escrow                (161)         1,352                 1,191
                                                                                        
                                                      -----------    -----------           -----------
Net cash used in investing activities                    (250,221)       (50,522)           (8,387,692)
                                                      -----------    -----------           -----------
                                                                                        
Net proceeds from sale of common stock                                        --             8,188,109
Subscription paid                                             100          9,300                 9,400
Deferred costs:                                                                         
   Registration                                                               --                90,000
   Merger costs                                          (496,420)                            (496,420)
   Debt                                                                       --                (9,800)
Repayment of notes payable                                              (100,000)             (100,000)
Proceeds from issuance of notes payable                        --             --                65,000
                                                                                        
                                                      -----------    -----------           -----------
Net cash (used in)/provided by investing activities      (496,320)       (90,700)            7,746,289
                                                      -----------    -----------           -----------
                                                                                        
Net increase/decrease in cash                                (477)      (210,050)                  602
                                                                                        
Cash, beginning of period                                   1,079        400,535                    --
                                                                                        
                                                      -----------    -----------           -----------
Cash, end of period                                           602        190,485                   602
                                                      ===========    ===========           ===========
</TABLE>

In fiscal 1996, the company received a note for subscribed preferred stock
amounting to $9,400, which is a non cash financing activity. In fiscal 1996, the
company recorded a $90,000 liability relating to a license agreement, which is a
non-cash financing activity


                                        6
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

                          NOTES TO FINANCIAL STATEMENTS

1.    Basis of Presentation. The financial statements are presented in
      accordance with the requirements of Form 10-Q and Regulation 210 of S-X
      and consequently do not include all of the disclosures normally made in an
      annual Form 10-K filing. Accordingly, the financial statements included
      herein should be reviewed in conjunction with the financial statements and
      footnotes therein included within the Company's Annual Report on Form 10-K
      for the year ended August 31, 1998.

      The financial information has been prepared in accordance with the
      Company's customary accounting practices and has not been audited. In the
      opinion of management, the information presents all adjustments necessary
      for a fair statement of interim results. All such adjustments are of a
      normal and recurring nature. The foregoing interim results are not
      necessarily indicative of the results of operations to be expected for a
      full year.

2.    Investments. The Company has invested the majority of the proceeds from
      the initial public offering in United States Treasury Bills. These
      treasury bills, which were purchased at a discount, are presented at their
      accreted cost, which approximates its market value.

3.    Merger with Moto Guzzi Corp. On August 18, 1998, the Company, Moto Guzzi
      Corp., a Delaware corporation ("Guzzi Corp."), and for certain provisions,
      Trident Rowan Group, Inc., a Maryland corporation ("TRG"), entered into a
      definitive Agreement and Plan of Merger and Reorganization, as amended
      ("Merger Agreement"), pursuant to which Guzzi Corp. would merge with and
      into NAAC, with NAAC being the surviving corporation ("Merger"). TRG and
      its majority-owned subsidiary, O.A.M. S.p.A., together owned all the
      outstanding common stock of Guzzi Corp. prior to the merger. Guzzi Corp.
      is a leading Italian manufacturer, marketer and distributor of performance
      and luxury motorcycles and motorcycle parts, marketed under the "Moto
      Guzzi(R)" brand name. The Merger was approved on March 4, 1999 and
      consummated on March 5, 1999.

      The Merger will be treated as a reverse acquisition of the Company by
      Guzzi Corp. The shareholders of NAAC will own, after the Merger, less than
      50% of the post-Merger shares. The shareholders of Guzzi Corp. received
      approximately 76.4% of the post-Merger shares of the Company, excluding
      any shares of the Company's Class A common stock issuable upon exercise of
      any options or warrants, and Guzzi Corp., therefore, is the accounting
      acquiror. An aggregate of 4,200,000 shares of common stock were issuable
      in accordance with the merger. The cost of the acquisition of the Company
      will be based on the fair value of the Company's assets and liabilities as
      of the date of the Merger (which amounts approximate book value).
      Additionally, an aggregate of 30,000 shares of common stock were issuable
      to Graubard, Mollen & Miller, counsel to NAAC, contingent upon
      consummation of the merger in payment of fees relating to the merger. As
      the Company had no operating activities prior to merger, the merger is not
      considered as a business combination as defined byAPB16.

      In accordance with the merger agreement, the Company changed its name to
      Moto Guzzi Corporation and changed its stock ticker symbol to "GUZI".
      Following the merger, the Company will adopt the


                                        7
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

      December 31 financial reporting year of Moto Guzzi Corp. and will report
      the first interim results for the merged company for the quarter ended
      March 31, 1999. As most of the sales and all of the production of Moto
      Guzzi Corp. are in Italy, the Company will report its results in Italian
      lire.

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

Moto Guzzi Corporation, formerly North Atlantic Acquisition Corp. (the
"Company") as of the end of the quarter and six months ended February 28, 1999,
was a "blank check" or "blind pool" company which was formed on August 9, 1995
to serve as a vehicle to effect a merger, exchange of capital stock, asset
acquisition or other business combination (a "Business Combination") with an
operating business (a "Target Business"). The business objective of the Company
is to effect a Business Combination with a Target Business which the Company
believes has significant growth potential.

As discussed in more detail Note 3 to the unaudited financial statements as at
February 28,1999, the Company merged with Moto Guzzi Corp. on March 5, 1999.


                                        8
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

                           Part II - Other Information

Item 1.    Legal Proceedings.

           None

Item 2.    Changes in Securities.

           None

Item 3.    Defaults Upon Senior Securities.

           None

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

           None

Item 5.    Other Information

           None

Item 6.    Exhibits and Reports on Form 8-K

           None


                                        9
<PAGE>

                             Moto Guzzi Corporation
                   (formerly North Atlantic Acquisition Corp.)
                      (formerly Orion Acquisition Corp. I)
                    (a corporation in the development stage)

                           Part II - Other Information

                                   SIGNATURES

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


Date: May 18, 1999                     Moto Guzzi Corporation


                                       By Mark S. Hauser
                                          --------------------------------------
                                          Mark S. Hauser
                                          Executive Chairman


                                       By Nick Speyer
                                          --------------------------------------
                                          Nick Speyer
                                          Chief Financial Officer


                                       10