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: SEPTEMBER 30, 2005

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                        For the transition period from To

                         Commission file number 0-27737

                          Globetech Environmental, Inc.
        (Exact name of small business issuer as specified in its charter)

            Nevada                                      77-0454856
-------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or organization)

                #700-300 South Fourth Street, Las Vegas, NV 89101
                    (Address of Principal Executive Offices)

                                 (403) 261-2929
                           (Issuer's telephone number)

                          Canglobe International, Inc.
                          ----------------------------
         (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(d) 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

Indicate by check mark whether the  registrant is a shell company (as defined by
Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

                      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  practical  date:  September  30,  2005  48,073,030


Transitional Small Business Disclosure Format (check one). Yes [ ]; No [X]



<PAGE>



                                     PART I

ITEM 1.  FINANCIAL STATEMENTS

                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                       September 30,       December 31,
                                                                           2005                2004
                                                                     -----------------  ------------------
Assets:
<S>                                                                  <C>                <C>
   Cash and Cash Equivalents                                         $               -  $                -
   Accounts Receivable                                                         116,821                   -
   Deposit                                                                   1,231,348                   -
   Prepaid Expenses                                                              5,784                   -
                                                                     -----------------  ------------------

      Total Current Assets                                                   1,353,953                   -
                                                                     -----------------  ------------------

Property and Equipment:
   Plant Equipment                                                             416,223                   -
   Furniture and Equipment                                                       5,063                   -
                                                                     -----------------  ------------------
                                                                               421,286                   -
   Less Accumulated Depreciation                                               (28,424)                  -
                                                                     -----------------  ------------------

      Net Property and Equipment                                               392,862                   -
                                                                     -----------------  ------------------

Intangible Assets:
   Licensing Rights                                                            100,000                   -
   Less Accumulated Amortization                                               (20,833)                  -
                                                                     -----------------  ------------------

     Total Intangible Assets                                                    79,167                   -
                                                                     -----------------  ------------------

      Total Assets                                                   $       1,825,982  $                -
                                                                     =================  ==================
</TABLE>














<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                       September 30,       December 31,
                                                                           2005                2004
                                                                     -----------------  ------------------
Liabilities and Shareholders' Equity

Liabilities:
<S>                                                                  <C>                <C>
   Accounts Payable and Accrued Liabilities                          $         422,051  $          254,110
   Deferred Revenue                                                             51,775                   -
   Due to Shareholders                                                         219,600              12,994
                                                                     -----------------  ------------------

     Total Current Liabilities                                                 693,426             267,104
                                                                     -----------------  ------------------

       Total Liabilities                                                       693,426             267,104
                                                                     -----------------  ------------------

Minority Interest                                                               28,388                   -
                                                                     -----------------  ------------------

Stockholders' Equity:
  Common Stock, Par value $.001, Authorized
    100,000,000 shares, Issued 48,073,030 at
    September 30, 2005 and 18,303,462 at
    December 31, 2004                                                           48,073              18,303
  Paid-In Capital                                                            2,374,342             508,396
  Currency Translation Adjustment                                             (198,135)                  -
  Retained Deficit                                                            (273,432)           (273,432)
  Deficit Accumulated During the
     Development Stage                                                        (846,680)           (520,371)
                                                                     -----------------  ------------------
     Total Stockholders' Equity                                              1,104,168            (267,104)
                                                                     -----------------  ------------------

       Total Liabilities and Stockholders' Equity                    $       1,825,982  $                -
                                                                     =================  ==================
</TABLE>










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


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                               Cumulative
                                                                                                                 Since
                                                                                                              December 1,
                                                                                                                  2001
                                         For the Three Months Ended         For the Nine Months Ended         Inception of
                                               September 30,                      September 30,               Development
                                     ---------------------------------- ----------------------------------
                                           2005             2004              2005             2004              Stage
                                     ---------------- ----------------- ---------------- ----------------- ------------------
<S>                                  <C>              <C>               <C>              <C>               <C>
Revenues                             $        222,006 $               - $        289,803 $               - $          289,803
Costs of Sales                                 68,623                 -           94,840                 -             94,840
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Gross Profit                                  153,383                 -          194,963                 -            194,963
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Expenses:
General and Administrative                    209,235            43,031          578,976            62,051          1,099,094
                                     ---------------- ----------------- ---------------- ----------------- ------------------
      Total Expenses                          209,235            43,031          578,976            62,051          1,099,094
                                     ---------------- ----------------- ---------------- ----------------- ------------------

     Operating  Loss                          (55,852)          (43,031)        (384,013)          (62,051)          (904,131)
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Other Income (Expense):
Interest Expense                                    -               (79)        (247,858)             (166)          (248,111)
Currency Exchange                                (886)                -             (285)                -               (285)
Forgiveness of Debt                                 -                 -          294,664                 -            294,664
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Total Other Income (Expense)                     (886)              (79)          46,521              (166)            46,268
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Income before
Minority Interest                             (56,738)          (43,110)        (337,492)          (62,217)          (857,863)

Minority Interest                              10,533                 -           11,183                 -             11,183
                                     ---------------- ----------------- ---------------- ----------------- ------------------

     Net Income (Loss)               $        (46,205)$         (43,110)$       (326,309)$         (62,217)$         (846,680)
                                     ================ ================= ================ ================= ==================

Loss per Share, Basic &
Diluted                              $              - $          (0.01) $         (0.01) $          (0.02)
                                     ================ ================= ================ =================

Weighted Average Shares
Outstanding                                48,073,030         3,050,577       46,262,040         3,050,577
                                     ================ ================= ================ =================
</TABLE>

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


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                  For the Nine Months Ended         Inception of
                                                                        September 30,               Development
                                                             -----------------------------------
                                                                   2005               2004             Stage
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                          <C>                <C>              <C>
Net Loss for the Period                                      $        (326,309) $        (62,217)$         (846,680)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
     Depreciation and Amortization                                      51,120                 -             54,208
     Common Stock Issued for Services                                        -                 -            226,259
     Deferred Revenue                                                   49,745                 -             49,745
     Minority Interest                                                  11,183                 -             11,183
     Interest Expense from Beneficial Conversion                       247,858                 -            247,858
Changes in Operating Assets and Liabilities
     (Increase) Decrease in Account Receivable                         (99,023)                -            (99,023)
     (Increase) Decrease in Prepaid Expense                             (5,534)                -             (5,534)
     Increase (Decrease) in Accounts Payable                           167,941            56,800            404,652
     Increase (Decrease) in Accrued Interest                                 -                79                  -
                                                             -----------------  ---------------- ------------------
Net Cash Used in operating activities                                   96,981            (5,338)            42,668
                                                             -----------------  ---------------- ------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchase of Property and Equipment                                (17,391)                -            (17,391)
     Deposit for Plant, Property and Equipment                        (189,011)                            (189,011)
     Purchase of Licensing Rights                                     (100,000)                -           (100,000)
                                                             -----------------  ---------------- ------------------
Net cash provided by investing activities                             (306,402)                -           (306,402)
                                                             -----------------  ---------------- ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from Shareholders                                        206,606             5,338            260,178
                                                             -----------------  ---------------- ------------------
Net Cash Provided by Financing Activities                              206,606             5,338            260,178
                                                             -----------------  ---------------- ------------------

Net Effect of Foreign Currency Translation                               2,815                 -              2,815
                                                             -----------------  ---------------- ------------------

Net (Decrease) Increase in Cash                                              -                 -               (741)
Cash at Beginning of Period                                                  -                 -                741
                                                             -----------------  ---------------- ------------------
Cash at End of Period                                        $               -  $              - $                -
                                                             =================  ================ ==================
</TABLE>





<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                                    Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                       2001
                                                                 For the Nine Months Ended         Inception of
                                                                       September 30,                Development
                                                             ----------------------------------
                                                                   2005              2004              Stage
                                                             ----------------  ---------------- -------------------

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
<S>                                                          <C>               <C>              <C>
  Interest                                                   $              -  $              - $                 -
  Franchise and income taxes                                 $              -  $              - $                 -

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Note Payable Converted to Stock                              $        247,858  $              - $           528,086
Shares Issued to Acquire Equipment                           $        400,000  $              - $           400,000
Shares Issued to Acquire Company                             $      1,000,000  $              - $         1,000,000
</TABLE>



















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


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

         The accompanying  financial  statements have been prepared on the basis
of accounting principles applicable to a "going concern",  which assume that the
Company  will  continue in  operation  for at least one year and will be able to
realize  its assets  and  discharge  its  liabilities  in the  normal  course of
operations.

         Several conditions and events cast doubt about the Company's ability to
continue  as  a  "going  concern".  The  Company  has  incurred  net  losses  of
approximately  $1,120,000  for the  period  from  April 7, 1997  (inception)  to
September 30, 2005, has a liquidity problem,  and requires additional  financing
in order to finance its business  activities on an ongoing basis. The Company is
actively  pursuing  alternative  financing and has had discussions  with various
third parties, although no firm commitments have been obtained.

         The  Company's  ability  to survive  will  depend on  numerous  factors
including,  but not  limited to, the  Company's  receiving  continued  financial
support, completing public equity financing, or generating profitable operations
in the future.

         These  financial  statements do not reflect  adjustments  that would be
necessary  if the Company  were unable to continue as a "going  concern".  While
management believes that the actions already taken or planned, will mitigate the
adverse conditions and events which raise doubt about the validity of the "going
concern" assumption used in preparing these financial  statements,  there can be
no assurance that these actions will be successful.

         If the  Company  were unable to  continue  as a "going  concern",  then
substantial adjustments would be necessary to the carrying values of assets, the
reported amounts of its liabilities, the reported revenues and expenses, and the
balance sheet classifications used.

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         This summary of accounting policies for Globetech  Environmental,  Inc.
(formerly Canglobe International,  Inc.) is presented to assist in understanding
the Company's financial statements. The accounting policies conform to generally
accepted  accounting  principles  and  have  been  consistently  applied  in the
preparation of the financial statements.







<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Interim Financial Statements

         The unaudited financial statements as of September 30, 2005 and for the
three and nine months then ended,  reflect,  in the opinion of  management,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
fairly state the financial  position and results of operations for the three and
nine  months.   Operating  results  for  interim  periods  are  not  necessarily
indicative of the results which can be expected for full years.

Organization and Basis of Presentation

         The Company was  incorporated  under the laws of the State of Nevada on
April 7, 1997.  The Company  ceased all operating  activities  during the period
from April 7, 1997 to July 9, 1999 and was considered  dormant. On July 9, 1999,
the Company  obtained a Certificate of renewal from the State of Nevada.  During
2000,  the Company  developed  an Internet  website  which  provided  community,
content  and  commerce  for the  sportbike  and  motorcycle  enthusiast.  During
November  2001, the Company  abandoned the internet  business and since December
2001, the Company is in the  development  stage,  and has not commenced  planned
principal  operations.  On March 19, 2002,  the Company's  name was changed from
eSportbike.com,  Inc. to Red Butte Energy, Inc. On January 16, 2003, the Company
changed its name to Canglobe International, Inc. On August 12, 2005, the Company
changed its name to Globetech Environmental, Inc.

         During March, 2005, the Company entered into a licensing agreement with
Blue Ribbon Environmental  Products, Inc. (BREP) and Advanced Water and Research
Development, Inc. (AWRD) of Spokane, Washington for $100,000. Under the terms of
the  licensing  agreement  the  Company  has the  rights  to  market  technology
developed  by BREP and AWRD through an Alberta  company,  CW  Remediation,  Ltd.
(CWR),  which is co-owned by the Company and BREP. As of September 30, 2005, the
Company has decided  not to pursue the license  agreement  with BREP and AWRD at
this time,  but the  Company  reserves  the right to purse this  business in the
future.











<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Principles of Consolidation

         The consolidated financial statements include the accounts of Globetech
Environmental,  Inc.  (formerly  Canglobe  International,   Inc.)  and  Beiseker
Envirotech, Inc., a wholly owned subsidiary, and CW Remediation, Ltd., which the
Company has a 50 percent interest.

         The  results  of  subsidiaries  acquired  or sold  during  the year are
consolidated  from their effective dates of acquisition  through their effective
dates of disposition.

         All  significant  inter-company  accounts  and  transactions  have been
eliminated.

Nature of Business

         The  Company  has been  pursuing  opportunities  in the  medical  waste
treatment  industry  in  Beiseker,  Alberta,  Canada.  The  Company  intends  on
rebuilding the plants existing incinerator  technology and other environmentally
friendly technologies in the medical waste treatment industry.

Cash and Cash Equivalents

         For purposes of the statement of cash flows, the Company  considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Pervasiveness of Estimates

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  required  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  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.

Revenue Recognition

         Revenue is recognized as services are performed.





<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Loss per Share

         Basic loss per share has been  computed  by  dividing  the loss for the
year  applicable to the common  stockholders  by the weighted  average number of
common  shares  outstanding  during the years.  There were no common  equivalent
shares outstanding at September 30, 2005 and 2004.

Foreign Currency Translation

         The  Company's  functional  currency  is the  Canadian  dollar  and the
reporting currency is the U.S. Dollar. All elements of financial  statements are
translated  using a current  exchange  rate.  For  assets and  liabilities,  the
exchange  rate at the  balance  sheet  date is  used.  Stockholders'  Equity  is
translated using the historical rate. For revenues,  expenses,  gains and losses
the weighted average exchange rate for the period is used. Translation gains and
losses are included as a separate component of stockholders'  equity.  Gains and
losses resulting from foreign currency transactions are included in net income.

Reclassifications

         Certain   reclassifications  have  been  made  in  the  2004  financial
statements to conform with the 2005 presentation.

Advertising Expense

         Advertising costs are expensed when the services are provided.

Income Taxes

         The  Company  has a net  operating  loss for income  taxes.  Due to the
regulatory  limitations  in  utilizing  the loss,  it is  uncertain  whether the
Company  will be able to  realize a benefit  from  these  losses.  Therefore,  a
deferred  tax  asset  has  not  been  recorded.  There  are no  significant  tax
differences requiring deferral.

Concentrations of Credit Risk

         The  Company has no  significant  off-balance-sheet  concentrations  of
credit  risk such as foreign  exchange  contracts,  options  contracts  or other
foreign hedging arrangements.


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Depreciation and Amortization

         Fixed  assets  are stated at cost.  Depreciation  and  amortization  is
calculated  on a  straight-line  basis over the  estimated  useful  lives of the
assets as follows:


                     Asset                              Rate
------------------------------------------------  -----------------

Plant Equipment                                             3 years
Furniture and Equipment                                   3-5 years

         Maintenance  and  repairs are charged to  operations;  betterments  are
capitalized.  The  cost  of  property  sold  or  otherwise  disposed  of and the
accumulated  depreciation  thereon are eliminated  from the property and related
accumulated depreciation accounts, and any resulting gain or loss is credited or
charged to income.

         The Company has adopted the Financial  Accounting  Standards Board SFAS
No., 121,  "Accounting  for the  Impairment of Long-lived  Assets." SFAS No. 121
addresses  the  accounting  for (i)  impairment of  long-lived  assets,  certain
identified  intangibles and goodwill  related to assets to be held and used, and
(ii) long-live lived assets and certain identifiable  intangibles to be disposed
of.  SFAS No. 121  requires  that  long-lived  assets and  certain  identifiable
intangibles  be held and used by an entity be reviewed for  impairment  whenever
events or changes in circumstances indicate that the carrying amount of an asset
may not be  recoverable.  If the sum of the expected  future cash flows from the
use of the  asset  and  its  eventual  disposition  (un-discounted  and  without
interest  charges) is less than the carrying  amount of the asset, an impairment
loss is recognized.

         The Company has adopted the Financial  Accounting  Standards Board SFAS
No. 142, "Goodwill and Other Intangible Assets." SFAS 142 requires,  among other
things,  that companies no longer amortize  goodwill,  but instead test goodwill
for  impairment  at least  annually.  In addition,  SFAS 142  requires  that the
Company  identify  reporting  entities  for the purpose of  assessing  potential
future  impairments  for goodwill,  reassess the useful lives of other  existing
recognized  intangible  assets, and cease amortization of intangible assets with
an indefinite  useful life. An intangible  asset with an indefinite  useful life
should be tested for impairment in accordance with the guidance of SFAS 142.





<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Depreciation and Amortization (continued)

         Intangible assets consisted of the following at September 30, 2005:


                 Asset               Amortization               Rate
------------------------------ ------------------------ ---------------------

Licensing Rights               $                100,000               3 years
Less Accumulated Amortization                   (20,833)
                               ------------------------

Total                          $                 79,167
                               ========================

Stock Based Compensation

         In October  1995,  the  Financial  Accounting  Standards  Board  issued
Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation,"  (SFAS  123),  which is  effective  for periods  beginning  after
December  15,  1995.   SFAS  123  requires  that  companies   either   recognize
compensation  expense  for  grants of stock,  stock  options,  and other  equity
instruments based on fair value or provide pro-forma disclosure of the effect on
net income and earnings per share in the Notes to the Financial Statements.  The
Company has adopted SFAS 123 in accounting for stock-based compensation.

NOTE 3 - COMMITMENTS

         As of  September  30,  2005,  all  activities  of the Company have been
conducted by  corporate  officers  from either their homes or business  offices.
Currently,  there are no  outstanding  debts owed by the  company for the use of
these facilities and there are no commitments for future use of the facilities.

NOTE 4 - DEPOSITS

         On April 8,  2005,  the  Company  entered  into an option  to  purchase
agreement to acquire the medical waste treatment facility at Beiseker,  Alberta,
Canada. The agreement was originally  scheduled to be completed on September 30,
2005, but the  anticipated  closing date has been extended to December 15, 2005.
Under the terms of the option agreement,  the Company must pay $612,625 (725,000
Canadian Dollar) cash on closing and $950,625  (1,125,000  Canadian Dollar) as a
Vendor Take Back mortgage  plus  2,000,000  shares of common  stock.  To date, a
$189,011  (225,000  Canadian  Dollar) cash deposit has been made and the Company
has a commitment  letter for the remaining  $422,500  (500,000  Canadian Dollar)
required to close. The deposits represent the shares issued to date, as well as,
cash deposits and payment of expenses on the property.


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 4 - DEPOSITS (Continued)

         The Company  has assumed  operations  of the  medical  waste  treatment
facility since June 1, 2005.

NOTE 5 - SHAREHOLDER ADVANCES

         Shareholders of the Company have advanced the Company money in order to
pay general and administrative  expenses.  As of September 30, 2005 and December
31, 2004, the Company owed $219,600 and $12,994 respectively,  relating to these
notes.

NOTE 6 - DEFERRED REVENUE

         Deferred  revenue  represents  income  which  has been  billed  but not
earned.  During June, 2005, $51,775 was paid to the Company for the treatment of
medical  waste.  As of September 30, 2005,  $51,775 of the medical waste has not
been destroyed.

NOTE 7 - STOCK SPLIT

         On May 6,  1999,  the Board of  Directors  authorized  1,000 to 1 stock
split, changed the authorized number of shares to 100,000,000 shares and the par
value to $.001 for the Company's common stock. As a result of the split, 999,000
shares were issued.

         On February 23, 2000, the Board of Directors  authorized the acceptance
of 800,000  shares of restricted  common stock returned to the Company by and on
behalf of Mr.  Daniel L.  Hodges,  formerly the sole Officer and Director of the
Company.  The 800,000  shares were canceled  immediately  upon receipt.  Also on
February 23, 2000 the Board of Directors  authorized a 27 to 1 stock split. As a
result of this split the Company issued 5,200,000 shares of common stock.

         On March 19, 2002,  the Board of  Directors  approved a 1 for 8 reverse
stock split.

         On February  24, 2005,  the Board of Directors  approved a 6 to 1 stock
split. All references in the accompanying  financial statements to the number of
common  shares and  per-share  amounts  have been  restated to reflect the stock
split and cancellation of shares.







<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 8 - COMMON STOCK TRANSACTIONS

         On June 24, 2002, the Company issued 300,000 shares of common stock for
$198,000 in consulting services to be performed over a six month period.

         On October 31, 2003,  the board of directors  approved a debt to equity
transaction,  where  $280,228  in debt was  converted  into  700,570  shares  of
restricted common stock.

         On January  27,  2005,  the  Company  negotiated  with its  creditors a
settlement  agreement.  Under this agreement the creditors received  convertible
promissory notes totaling  $247,858.  The promissory notes were due December 31,
2005  and  carried  a 10  percent  interest  rate.  The  promissory  notes  were
convertible on demand to common shares on the basis of 20 percent of the current
market value of the shares.  On February 2, 2005, the creditors  converted their
convertible  promissory notes into 26,969,568 shares of common stock. On January
27,  2005,  the fair  market  value of the stock was $0.35,  therefore  the fair
market value of the stock was greater than the  conversion  price of $0.05,  the
Company has  recognized  interest  expense of $247,858 in  connection  with this
beneficial conversion.

         On April 8, 2005,  the Company  negotiated to acquire the medical waste
treatment facility at Beiseker,  Alberta,  Canada. Under terms of the agreement,
the Company is to pay $612,625 (725,000 Canadian Dollar) on closing and $950,625
(1,125,000 Canadian Dollar) as a Vendor Take Back mortgage and 2,000,000 shares.

         In order to facilitate  upgrade to the Beiseker  facility,  the Company
has negotiated from a company affiliate with its president,  equipment valued at
$400,000,  through the issuance of 800,000  shares of common stock.  On April 8,
2005, the fair market value of the stock was $0.50 per share.



















<PAGE>



ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

         The following  information  should be read in conjunction with the Form
10-KSB  filed for the year  ended  December  31,  2004,  and  other  information
regarding  our  financial  performance  for the period  covered by this  report,
including,  but not limited to, the financial  statements  included elsewhere in
this report.

FORWARD LOOKING STATEMENT

         This  Management's  Discussion  and  Analysis  or  Plan  of  Operations
includes  a number  of  forward-looking  statements  that  reflect  Management's
current  views with respect to future events and  financial  performance.  Those
statements   include  statements   regarding  the  intent,   belief  or  current
expectations  of the Company and members of its  management  team as well as the
assumptions  on which such  statements  are  based.  Prospective  investors  are
cautioned that any such forward-looking  statements are not guarantees of future
performance  and involve  risk and  uncertainties,  and that actual  results may
differ materially from those  contemplated by such  forward-looking  statements.
Readers are urged to carefully review and consider the various  disclosures made
by the Company in this report and in the Company's  other reports filed with the
Securities  and  Exchange  Commission.  Important  factors  currently  known  to
Management  could  cause  actual  results  to differ  materially  from  those in
forward-looking  statements.  The Company  undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated  events or changes in the future  operating  results over time.
The Company believes that its assumptions are based upon reasonable data derived
from and known about its business and operations and the business and operations
of the Company.  No assurances are made that actual results of operations or the
results of the Company's future  activities will not differ  materially from its
assumptions.

Plan of Operations

         On March 31, 2005, the Company entered into a licensing  agreement with
Blue  Ribbon  Environmental  Products,  Inc.  ("BREP")  and  Advanced  Water and
Research  Development Inc. ("AWRD") of Spokane,  Washington for $100,000.  Under
the terms of this  licensing  agreement  the  Company  has the  rights to market
technology developed by BREP and AWRD through an Alberta company, CW Remediation
Ltd. ("CWR"), which is co-owned by the Company and BREP.

         The  Company  has  not  been   successful   in  marketing  any  of  the
technologies due to unsuccessful testing results and a lack of financing.

         The Board of Directors  has  instructed  management to focus on closing
the  medical  waste  business  and  related  technologies  and to not pursue the
license  with BREP and AWRD at this  time.  The  Company  reserves  the right to
pursue this business in the future.

         The Company is in the process of  acquiring  the assets  medical  waste
treatment facilities of Cristallo Engineering Inc. located in Beiseker, Alberta.
The initial  option was accepted by both  Companies on April 8, 2005.  Under the
terms of the option  agreement,  the Company must pay $612,625 (725,000 Canadian
Dollar) cash on closing and  $950,625  (1,125,000  Canadian  Dollar) as a Vendor
Take Back mortgage plus  2,000,000  shares of common stock.  To date, a $189,011
(225,000  Canadian  Dollar)  cash  deposit  has been made and the  Company has a
commitment letter for the remaining  $422,500 (500,000 Canadian Dollar) required
to close. A new Alberta company,  Beiseker Envirotech Inc. has been incorporated
to own and operate the medical waste treatment facilities.


<PAGE>



         Prior to closing on the transaction to acquire the Beiseker plant,  the
Company has commenced upgrades which will increase the revenue earning potential
of the plant.  These  improvements  include the  upgrading  of the  incinerator,
installation  of three  auto-clave  units,  automated  washing  facilities,  and
improved  product  handling.  The cost of these  improvements is estimated to be
approximately  $300,000.  The  auto-clave  units have been acquired  through the
issuance of 800,000 shares of common stock to an affiliate of the Company.

         In February,  2005, the Company entered into an agreement with NCC LCC,
whereby it would earn up to 50 percent  of the  Company by raising  equity.  The
Company  has  informed  NCC LCC that it would not be  proceeding  with this fund
raising.

RESULTS OF OPERATIONS - QUARTER ENDED  SEPTEMBER 30, 2005 AS COMPARED TO QUARTER
ENDED SEPTEMBER 30, 2004

        The Company  reported net income  (loss) of ($46,205)  and ($43,110) for
the three months ended September 30, 2005 and 2004, respectively,  which was due
to  general  and  administrative  expenses  incurred  by the  Company.  The most
significant  increase  was due to the  Company  becoming  active in  negotiating
acquisitions.

Results of Operations

         The Company began  operation the Beiseker Waste  Treatment  facility on
June 1, 2005, pursuant to the provisions of the Purchase and Sale Agreement with
Cristallo  Holdings,  Inc. This initial  operating period enabled the Company to
assess the strengths and deficiencies of the existing  operations in preparation
for ultimate closing.

         The Company had sales  revenues of $222,006  and $289,803 for the three
and nine  months  ended  September  30,  2005 and no sales  revenue for the same
periods in 2004.  Costs of sales were $68,623 and $94,840 for the three and nine
months  ended  September  30, 2005 and no cost of sales for the same  periods in
2004.

         The  Company had no selling and  marketing  expenses  for the three and
nine  months  ended  September  30, 2005 and 2004.  General  and  administrative
expenses  were  $209,235  and  $578,976  for the  three  and nine  months  ended
September  30, 2005 and $43,031 and $62,051 for the three and nine months  ended
September 30, 2004.  General and  administrative  expenses increased by $166,204
and $516,925  for the three and nine month  comparative  periods,  respectively.
This is largely due to the Company becoming active, negotiating transactions and
commencing operations in the Beiseker Waste Treatment facility.  The majority of
the general and  administrative  expenses  relate to $229,465 in consulting  and
$89,200 in travel expenses for the nine months ended September 30, 2005.

Liquidity and Capital Resources

         The Company has working capital of $660,527 as of September 30, 2005 as
compared to a $267,104 working capital deficiency at December 31, 2004.

          In order to finance the startup of the two  acquisitions,  the Company
is relying on financing provided by its major sha reholders. The amount owing to
the  shareholders has increased to $219,600 as of September 30, 2005 as compared
to $12,994 as at December 31, 2004.  The Company  remains  reliant for liquidity
and capital resources  through advances from its shareholders.  The Company also
may try to continue to finance its operations  through  borrowing and/or through
the sale of shares.




<PAGE>



Critical Accounting Policies

Revenue Recognition

         Revenue is earned on the treatment of waste and is recognized  when the
services are performed.  Deferred revenue  represents income from waste received
which has been billed but not destroyed.  Unearned  revenues are reported on the
balance sheet as deferred revenue.

Accounts Receivable

         We  are   required  to  estimate  the   collectibility   of  out  trade
receivables.  A  considerable  amount of judgement is required in assessing  the
ultimate    realization   of   these   receivables,    including   the   current
credit-worthiness  of our customers.  Changes in required reserves may occur due
to changing  circumstances,  including changes in the current market environment
or in the  particular  circumstances  of  individual  customers.  We assess  the
recoverability of accounts  receivable by performing  specific account review of
significant customer accounts and applying general reserve percentages (based on
historical  collection  experience)  to the  remaining  population  of  customer
accounts.

Government Regulations

         The Company is subject to all pertinent Federal,  State, and Local laws
governing its business.  The Company is subject to licensing and regulation by a
number of authorities in its Province (State) or municipality. These may include
health, safety, and fire regulations.  The Company's operations are also subject
to  Federal  and State  minimum  wage laws  governing  such  matters  as working
conditions and overtime.

ITEM 3. CONTROLS AND PROCEDURES

         The Company's Chief Executive  Officer and Chief Financial  Officer are
responsible for establishing and maintaining  disclosure controls and procedures
for the Company.

         (a) Evaluation of Disclosure Controls and Procedures

         As of the end of the period covered by this report, the Company carried
out an  evaluation,  under the  supervision  and with the  participation  of the
Company's management, including the Company's President, of the effectiveness of
the design and operation of the  Company's  disclosure  controls and  procedures
pursuant to Rule 13a-15 under the  Securities  Exchange Act of 1934,  as amended
(the  "Exchange  Act").  Based  upon the  evaluation,  the  Company's  President
concluded that, as of the end of the period, the Company's  disclosure  controls
and  procedures  were effective in timely  alerting him to material  information
relating to the Company  required to be included in the reports that the Company
files and submits pursuant to the Exchange Act.

         (b) Changes in Internal Controls

         Based  on his  evaluation  as of  September  30,  2005,  there  were no
significant  changes in the Company's internal controls over financial reporting
or in any other areas that could  significantly  affect the  Company's  internal
controls  subsequent  to the date of his most recent  evaluation,  including any
corrective  actions  with  regard  to  significant   deficiencies  and  material
weaknesses.




<PAGE>



                           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

On August 19,  2005,  James Baker  resigned as Director of the  Company.  And on
September  9, 2005,  David  Alexander  resigned as Chief  Financial  Officer and
Secretary  and  Director.  Theodor  Hennig  replaced  David  Alexander  as Chief
Financial  Officer and  Secretary  and Director for the Company on September 25,
2005.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) The following exhibits are included as part of this report:

Exhibit
Number            Title of Document

2.1      Change in Control Agreement dated January 15, 2001 (1)
3.1      Articles of Incorporation (2)
3.2      Amended Articles of Incorporation (2)
3.3      Bylaws (2)
31.1     Certification  Pursuant  to Section  302 of the  Sarbanes-Oxley  Act of
         2002.
31.2     Certification  Pursuant  to Section  302 of the  Sarbanes-Oxley  Act of
         2002.
32.1     Certification  Pursuant  to Section  906 of the  Sarbanes-Oxley  Act of
         2002.
32.2     Certification  Pursuant  to Section  906 of the  Sarbanes-Oxley  Act of
         2002.


(1)      Incorporated by reference to the Registrant's  quarterly report on Form
         10-QSB filed on May 21, 2001.

(2)      Incorporated by reference to the Registrant's registration statement on
         Form 10-SB filed on October 20, 1999.

         (b)      Reports on Form 8-K filed. Form 8-K filed October 4, 2005


<PAGE>



                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the  undersigned,  thereto duly
authorized.

                          GLOBETECH ENVIRONMENTAL, INC.


Date: November 30, 2005         By: /s/ Donald Sampson
                                ---------------------------------------------
                                Donald Sampson
                                President and Director
                                (Principal Executive Officer)



Date: November 30, 2005         By: /s/ Theodor Hennig
                                ---------------------------------------------
                                Theodor Hennig
                                Chief Financial Officer, Secretary and
                                Director
                                (Principal Financial Officer)