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 October 31, 1996

[ ] 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 November
26, 1996, was:
    
      No Par Value Common              18,236,411


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


                         PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
                                
                    Titan Technologies, Inc. and Subsidiaries
                           CONSOLIDATED BALANCE SHEET
                                October 31, 1996
                                    UNAUDITED
ASSETS

   Current Assets
     Cash ..................................................        $   262,055
     Accounts receivable - stockholder .....................                609
                                                                    -----------
          Total Current Assets .............................            262,664

   Property and Equipment, at cost
     Furniture and fixtures ................................              5,737
     Machinery .............................................              2,738
                                                                    -----------
                                                                          8,475
     Less accumulated depreciation .........................             (7,077)
                                                                    -----------
          Net property and equipment .......................              1,398

                                                                    $   264,062
                                                                    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

   Current Liabilities
     Note payable stockholder ..............................        $   112,000
     Other accrued liabilities .............................              4,702
                                                                    -----------
          Total Current Liabilities ........................            116,702


   Stockholders' Equity
     Common stock - no par value; authorized,
     50,000,000 shares; issued and
     outstanding, 18,236,411 shares ........................          1,160,694
     Accumulated deficit ...................................         (1,013,334)
                                                                    -----------
                                                                        147,360
                                                                    -----------
                                                                    $   264,062
                                                                    ===========

    The Accompanying notes Are An Integral Part of These Financial Statements


                    Titan Technologies, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      For the Three Months Ended October 31
                                    UNAUDITED


                                                        1996           1995
                                                  ------------     ------------
REVENUES

   Gain on sale of assets ...................     $    162,678     $       --   
   Other income .............................            3,090            3,787
                                                  ------------     ------------
                                                       165,768            3,787


COSTS AND EXPENSES

   General and administrative ...............          111,250           65,188
   Outside services .........................            8,933           14,623
   Depreciation and amortization ............            1,352            3,365
   Interest .................................            1,862            1,107
                                                  ------------     ------------
                                                       123,397           84,283
                                                  ------------     ------------
   Income (loss) before income taxes ........           42,371          (80,496)

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

   Net income (loss) ........................     $     42,371     $    (80,496)
                                                  ============     ============
   Weighted average common shares
     outstanding (Note 2) ...................       18,236,411       17,495,670
                                                  ============     ============

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

   The Accompanying notes Are An Integral Part of These Financial Statements


                    Titan Technologies, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      For the Three Months Ended October 31
                                    UNAUDITED
                                
                                
                                                            1996         1995
                                                         ---------    ---------
 
Cash flows from operating activities
   Interest received .................................   $   3,090    $   3,787
   Cash paid for suppliers and subcontractors ........    (123,887)     (77,358)
   Interest paid .....................................      (1,862)      (1,107)
                                                         ---------    ---------
   Net cash provided by (used in)
   operating activities ..............................    (122,659)     (74,678)

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 ...................     (10,659)     374,429
                                                         ---------    ---------

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

   Cash at end of period .............................   $ 262,055    $ 543,922
                                                         =========    =========
Reconciliation of Net earnings (loss) to
   Cash Provided by (used in) Operating Activities
   Net earnings (loss) ...............................   $  42,371    $ (80,496)
   Adjustments
   Gain on sale of assets ............................    (162,678)        --   
   Depreciation and amortization .....................       1,352        3,365
   Changes in assets and liabilities
   (Decrease) Increase
     in accounts payable .............................      (5,093)       2,453
   Increase in interest payable ......................         518         --   
   Increase in accrued liabilities ...................         871         --   
                                                         ---------    ---------
   Net cash provided by (used in)
     operating activities ............................   $(122,659)   $ (74,678)
                                                         =========    =========

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


            Titan Technologies, Inc. and Subsidiaries
                  NOTES TO FINANCIAL STATEMENTS
           For the Three Months Ended October 31, 1996


1)  NOTES TO FINANCIAL STATEMENTS

The balance sheet at October 31, 1996, and the statements of operations and cash
flow for the three  months  ended  October 31, 1996 and 1995 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 three  months  ended  October 31,  1996 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 three months ended October 31, 1996 and October 31, 1995, 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 October 31, 1996. As a result of these
activities by management general and  administrative  expenses increased $47,312
to $112,500 and outside services decreased $5,690 to $8,933 for the three months
ended October 31, 1996 as compared to the three months ended October 31, 1995.

Financial Condition

The Company's  liquidity decreased in the three months ended October 31, 1996 as
cash  decreased  by  $10,619  since  July 31,  1996.  Operations  used $ 122,659
compared to the same period of the prior year in which operations used $ 74,678.
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.

                           PART II. OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

The only legal  proceedings  to which the  Company is a party or of which any of
its property is subject are pending or known to be contemplated is:

1. On September 12, 1994, in the Second  Judicial  District Court for Bernalillo
County New Mexico (Civil Action CV-94-7558), an individual sued Mr. Bruce Clark,
a Company  officer  and  director,  alleging  damages  to be proved at trial for
injuries  sustained in an automobile  accident involving an automobile driven by
Mr.  Clark.  The Company was also named as a defendant on the theory that at the
time of the accident Mr. Clark was acting within the scope of his  employment by
the Company.  The Company  answered the  Complaint and denied that Mr. Clark was
acting  within the scope of his  employment  at the time of the  accident.  This
matter went to jury trial in August, 1996, and the jury found that Mr. Clark was
not acting within the scope of his employment and found that the Company was not
liable to the  Plaintiff  for any amount of money.  The Judgement on Verdict was
not entered until October 11, 1996.  The Plaintiff  filed a notice of appeal but
the Company does not at this time know whether the appeal will be perfected.

2. On May 15, 1996,  the Company filed an action in the United  States  District
Court for New Mexico (Civil Action 673-JP-LFG)  against Floyd Wallace and Harold
Barrington alleging that certain technology purportedly developed by Mr. Wallace
which was  acquired by the Company  had, at the time of the sale to the Company,
been  misrepresented.  Mr.  Wallace  answered  denying  the  allegations  of the
Complaint  and  counterclaimed  against the Company for breach of  contract,  an
accounting  under  the  contract,  and a  prima  facie  tort  resulting  from  a
stop-transfer instruction given by the Company to its transfer agent relating to
the stock given to Mr. Wallace as part of the  consideration for his technology.
Mr.   Barrington   answered   denying  the  allegations  of  the  Complaint  and
subsequently  filed a separate  action  against the Company  alleging  breach of
contract and prima facie tort resulting from a stop-transfer  instruction  given
by the Company to its transfer agent relating to the stock given Mr.  Barrington
as consideration for the Wallace technology (see below).

    The litigation between the Company and the defendants has been settled by an
agreement  through which the parties  agreed to a mutual release and a dismissal
of all claims and the Company agreed to relinquish all claims it may have had to
the use of certain expired patent and catalytic regime developed by Mr. Wallace.

3. On September 15, 1996,  Mr. Harold  Barrington  filed an action in the Second
Judicial  District  Court  for  Bernalillo  County,  New  Mexico  (Civil  Action
CV-96-08824) alleging breach of contract and a prima facie tort resulting from a
stop-transfer instruction given by the Company to its transfer agent relating to
the stock given to Mr.  Barrington as part of the  consideration for the Wallace
technology. The Company has answered denying the allegations of the complaint.

    The litigation between the Company and the defendants has been settled by an
agreement  through which the parties  agreed to a mutual release and a dismissal
of all claims and the Company agreed to relinquish all claims it may have had to
the use of certain expired patent and catalytic regime developed by Mr. Wallace.

4. 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

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


                            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
          



December 4, 1996  Ronald L. Wilder
                  ------------------------------------------------
           Ronald L. Wilder, President and Chief Executive Officer





December 4, 1996  Bruce R. Clark       
                  -------------------------------------------------
           Bruce R. Clark, General Counsel, Chief Financial Officer
           and Chief Accounting Officer