FORM 10-QSB-QUARTERLY OR TRANSITIONAL REPORT UNDER
                            SECTION 13 OR 15 (d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report
                    U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

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

     For Quarterly period ended April 30, 1997

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

     For the transition period from___________to___________        

     Commission File Number: 0-25024     

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

          NEW MEXICO                                     85-0388759
-------------------------------              --------------------------------- 
(State or other jurisdiction of              (IRS Employer Identification No.)
 incorporation or organization)               

                 3206 Candelaria Road NE. Albuquerque, NM 87107
                 ----------------------------------------------
                    (Address of principal executive offices)

                                 (505) 884-0272
                          ---------------------------
                          (Issuer's telephone number)

                                            
                                      N/A
-------------------------------------------------------------------------------
(Former name, former address and former three-months, 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 Securities 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 [  ]

     The number of shares of the registrant's common stock outstanding as of May
25, 1997, was:
    
      No Par Value Common              18,236,411


Transitional Small Business Format: Yes [   ]  No [ X ]

                                       1
<PAGE>
 
                        PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                   Titan Technologies, Inc. and Subsidiaries
                           CONSOLIDATED BALANCE SHEET
                                 April 30, 1997
                                   UNAUDITED

ASSETS

     Current Assets
          Cash ...............................................      $    76,913
          Accounts receivable - stockholder ..................              609
                                                                    -----------
               Total Current Assets ..........................           77,522

     Property and Equipment, at cost
          Furniture and fixtures .............................            5,737
          Machinery ..........................................            5,059
                                                                    -----------
                                                                         10,796
          Less accumulated depreciation ......................           (7,766)
                                                                    -----------
               Net property and equipment ....................            3,030
                                                                    -----------
                                                                    $    80,552
                                                                    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

     Current Liabilities
          Accounts payable ...................................      $     4,344
          Note payable stockholder ...........................          112,000
          Other accrued liabilities ..........................           12,437
                                                                    -----------
               Total Current Liabilities .....................          128,781


     Stockholders' Equity
          Common stock - no par value; authorized,
          50,000,000 shares; issued and
          outstanding, 18,236,411 shares .....................        1,160,694
          Accumulated deficit ................................       (1,208,923)
                                                                    -----------
                                                                        (48,229)
                                                                    -----------
                                                                    $    80,552
                                                                    ===========

   The Accompanying Notes Are An Integral Part of These Financial Statements

                                       2
<PAGE>
      
                    Titan Technologies, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      For the Three Months Ended April 30
                                   UNAUDITED


                                                     1997              1996
                                                 ------------      ------------
 REVENUES

     Gain on sale of assets ................     $       --        $       --   
     Other income ..........................            1,492             4,965
                                                 ------------      ------------
                                                        1,492             4,965

COSTS AND EXPENSES

     General and administrative ............           90,173            83,724
     Outside services ......................           11,807            10,246
     Depreciation and amortization .........              345             1,456
     Interest ..............................            3,360             1,608
                                                 ------------      ------------
                                                      105,685            97,034
                                                 ------------      ------------

     Income (loss) before income taxes .....         (104,193)          (92,069)

     Provision for income taxes ............             --                --   
                                                 ------------      ------------

     Net income (loss) .....................     $   (104,193)     $    (92,069)
                                                 ============      ============
     Weighted average common shares
          outstanding (Note 2) .............       18,236,411        17,989,497
                                                 ============      ============

Net income (loss) per common share .........     $       0.00      $       0.00
                                                 ============      ============

    The Accompanying Notes Are An Integral Part of These Financial Statements

                                       3
<PAGE>

                   Titan Technologies, Inc. and Subsidiaries
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                       For the Nine Months Ended April 30
                                   UNAUDITED


                                                     1997              1996
                                                 ------------      ------------
REVENUES

     Gain on sale of assets ................     $    162,678      $       --   
     Other income ..........................            7,282            15,420
                                                 ------------      ------------
                                                      169,960            15,420

COSTS AND EXPENSES

     General and administrative ............          281,575           231,236
     Outside services ......................           30,978            34,959
     Depreciation and amortization .........            2,042            10,095
     Interest ..............................            8,583             4,894
                                                 ------------      ------------
                                                      323,178           281,184
                                                 ------------      ------------

     Income (loss) before income taxes .....         (153,218)         (265,764)

     Provision for income taxes ............             --                --   
                                                 ------------      ------------

     Net income (loss) .....................     $   (153,218)     $   (265,764)
                                                 ============      ============
     Weighted average common shares
          outstanding (Note 2) .............       18,236,411        17,989,497
                                                 ============      ============

Net income (loss) per common share .........     $       0.00      $      (0.02)
                                                 ============      ============

    The Accompanying Notes Are An Integral Part of These Financial Statements

                                       4
<PAGE>

                   Titan Technologies, Inc. and Subsidiaries
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                       For the Nine Months Ended April 30
                                   UNAUDITED


                                                           1997          1996
                                                        ---------     ---------
Cash flows from operating activities
     Interest received .............................    $   7,282     $  15,420
     Cash paid for suppliers and subcontractors ....     (304,178)     (263,039)
     Interest paid .................................       (8,583)       (4,894)
                                                        ---------     ---------
     Net cash provided by (used in)
     operating activities ..........................     (305,479)     (252,513)

Cash flows from investing activities
     Acquisition of property and equipment .........       (2,322)         --   

Cash flows from financing activities
     Payments on borrowing .........................         --            (893)
     Proceeds from stockholder loan ................      112,000          --   
     Proceeds from sale of common stock ............         --         450,000
                                                        ---------     ---------
                                                          112,000       449,107
                                                        ---------     ---------

     Net increase (decrease) in cash ...............     (195,801)      196,594

     Cash at beginning of year .....................      272,714       169,493
                                                        ---------     ---------

     Cash at end of period .........................    $  76,913     $ 366,087
                                                        =========     =========

Reconciliation of Net earnings (loss) to
     Cash Provided by (used in)
     Operating Activities
     Net earnings (loss) ...........................    $(153,218)    $(265,764)
     Adjustments
     Gain on sale of assets ........................     (162,678)         --   
     Depreciation and amortization .................        2,042        10,095
     Changes in assets and liabilities
     (Decrease) Increase
          in accounts payable ......................         (749)       (1,398)
     Increase in interest payable ..................        7,238         3,728
     Increase in accrued liabilities ...............        1,886           826
                                                        ---------     ---------
     Net cash provided by (used in)
          operating activities .....................    $(305,479)    $(252,513)
                                                        =========     =========

Noncash investing and financing activities:
     Certain rights and patents with a net book value of  approximately  $75,000
     were  transferred to the developer in exchange for notes  payable,  accrued
     interest and other  liabilities  to the  developer  totaling  approximately
     $238,000.

    The Accompanying Notes Are An Integral Part of These Financial Statements

                                       5
<PAGE>

                   Titan Technologies, Inc. and Subsidiaries
                         NOTES TO FINANCIAL STATEMENTS
                    For the Nine Months Ended April 30, 1997


1)  NOTES TO FINANCIAL STATEMENTS

The balance sheet at April 30, 1997,  and the  statements of operations and cash
flow for the nine  months  ended  April 30,  1997 and 1996  have  been  prepared
without audit. In the opinion of management,  all adjustments,  including normal
recurring  adjustments  necessary  to  present  fairly the  financial  position,
results of operations and cash flows,  have been made.  Certain  information and
footnote  disclosures  normally  included in  financial  statements  prepared in
accordance with generally accepted accounting  principles have been condensed or
omitted. It is suggested that these financial  statements be read in conjunction
with the Company's audited financial statements at July 31, 1996. The results of
operations  for the  nine  months  ended  April  30,  1997  are not  necessarily
indicative of operating results for the full year.

2)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Net income  (loss) per common share is  calculated  using the  weighted  average
number of share outstanding during each period.

3)  ISSUANCE OF COMMON STOCK

On October 3, 1995 the company sold 1,111,111 shares of common stock to Wolfgang
Reiger Gembh, for which it received $450,000.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Results of Operations
---------------------

During the nine months ended April 30, 1997 and April 30, 1996,  the company had
no licensing  revenue.  During the year ended July 31, 1996 the Company  granted
tire  recycling  license  rights for  Europe,  Australia,  New Zealand and South
Africa to a company.  The  agreement  requires  the payment of licensee  fees of
$1,500,000 to $2,500,000 to the Company for each plant constructed and royalties
of 3.5% of the gross sales price of by-products  from the plants.  No plants are
scheduled for construction at April 30, 1997. As a result of these activities by
management general and administrative expenses increased $50,339 to $281,575 and
outside services decreased $3,981 to $30,978 for the nine months ended April 30,
1997 as compared to the nine months ended April 30, 1996.

Financial Condition
-------------------

The  Company's  liquidity  decreased  in the nine months ended April 30, 1997 as
cash  decreased  by  $195,801  since July 31,  1996.  Operations  used  $305,479
compared to the same period of the prior year in which operations used $252,513.
Based on the  results  of fiscal  1996 and its  prospects  for 1997,  management
considers the Company's  liquidity  position  adequate with funds  sufficient to
meet its operating needs.

                                       6
<PAGE> 

                          PART II. OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

1. On June 17, 1996, the Company filed an action in the Second Judicial District
Court for Bernalillo County, New Mexico (Civil Action CV-96-6134) against Robert
Aragon and Anne Trawicky for fraud or negligent misrepresentation by them at the
time they  issued a license  to Aegis  Technologies,  a Company  subsidiary,  in
exchange for Company  shares.  At the time the Company shares were issued to Mr.
Aragon  and  Ms.  Trawicky  they  represented  to the  Company  that  a  license
previously issued to Aegis Technologies was in full force and effect. Subsequent
to the issuance of the Company  shares to them,  they  informed the Company that
the license had expired prior to the date that Aegis  Technologies  was acquired
by the  Company.  Aegis'  only  business at the time of its  acquisition  by the
company  was the  ownership  of the  license.  The  defendants  have  denied the
allegations of the complaint and Ms.  Trawicky has filed a counterclaim  against
the  Company  seeking the removal of a  stop-transfer  instruction  given by the
Company to its transfer agent relating to Ms. Trawicky's shares.

No time has yet been set for discovery in this matter.  It is  anticipated  that
unless the matters can be settled by a mutually agreed  release,  discovery will
take  place  during  fiscal  1997 and  trial  will not  occur  until  some  time
thereafter.

The  Company  knows of no other  legal  proceedings  pending or  threatened,  or
judgement  against any  director or officer of the Company in their  capacity as
such.

ITEM 2.  CHANGES IN SECURITIES

NONE

ITEM 3.  DEFAULTS IN SENIOR SECURITIES

NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

NONE

                                       7
<PAGE>


ITEM 5.  OTHER INFORMATION

NONE

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a)  There are no exhibits required by Item 601 of Regulation S-K

     (b)  Reports on Form 8-K.  State  whether any reports on Form 8-K have been
filed  during the  quarter  for which this  report is filed,  listing  the items
reported, any financial statements filed, and the dates of any such reports.

NONE

                                       8
<PAGE>

                                   SIGNATURES

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

     TITAN TECHNOLOGIES, INC. AND SUBSIDIARIES
          



May 27, 1997  Ronald L. Wilder
              -------------------------------------------------------   
              Ronald L. Wilder, President and Chief Executive Officer





May 27, 1997  Bruce R. Clark
              -------------------------------------------------------- 
              Bruce R. Clark, General Counsel, Chief Financial Officer
                and Chief Accounting Officer

                                       9