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 January 31, 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
         February 25, 1997, 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
                                January 31, 1997
                                   UNAUDITED

ASSETS

        Current Assets
                Cash ..........................................     $   173,493
                Accounts receivable - stockholder .............             609
                                                                    -----------
                        Total Current Assets ..................         174,102

        Property and Equipment, at cost
                Furniture and fixtures ........................           5,737
                Machinery .....................................           5,059
                                                                    -----------
                                                                         10,796
                Less accumulated depreciation .................          (7,421)
                                                                    -----------
                        Net property and equipment ............           3,375
                                                                    -----------
                                                                    $   177,477
                                                                    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

        Current Liabilities
                Note payable stockholder ......................     $   112,000
                Other accrued liabilities .....................           9,513
                                                                    -----------
                        Total Current Liabilities .............         121,513


        Stockholders' Equity
                Common stock - no par value; authorized,
                50,000,000 shares; issued and
                outstanding, 18,236,411 shares ................       1,160,694
                Accumulated deficit ...........................      (1,104,730)
                                                                    -----------
                                                                         55,964
                                                                    -----------
                                                                    $   177,477
                                                                    ===========

    The Acompanying Notes Are An Integral Part of These Financial Statements


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

       
                                                      1997             1996 
                                                  ------------     ------------
REVENUES
        Gain on sale of assets ...............    $       --       $       --   
        Other income .........................           2,700            6,668
                                                  ------------     ------------
                                                         2,700            6,668

COSTS AND EXPENSES

        General and administrative ...........          80,152           82,325
        Outside services .....................          10,238           10,090
        Depreciation and amortization ........             345            5,274
        Interest .............................           3,361            2,177
                                                  ------------     ------------
                                                        94,096           99,866
                                                  ------------     ------------

        Loss before income taxes .............         (91,396)         (93,198)

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

        Net loss .............................    $    (91,396)    $    (93,198)
                                                  ============     ============
        Weighted average common shares
                outstanding (Note 2) .........      18,236,411       17,866,041
                                                  ============     ============

Net loss per common share ....................    $       0.00     $       0.00
                                                  ============     ============

    The Acompanying Notes Are An Integral Part of These Financial Statements


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


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

        Gain on sale of assets ...............    $    162,678     $       --   
        Other income .........................           5,790           10,455
                                                  ------------     ------------
                                                       168,468           10,455

COSTS AND EXPENSE

        General and administrative ...........         191,402          147,512
        Outside services .....................          19,171           24,713
        Depreciation and amortization ........           1,697            8,639
        Interest .............................           5,223            3,284
                                                  ------------     ------------
                                                       217,493          184,148
                                                  ------------     ------------
        Loss before income taxes .............         (49,025)        (173,693)

        Provision for income taxes ...........            --               --   
                                                  ------------     ------------
        Net loss .............................    $    (49,025)    $   (173,693)
                                                  ============     ============
        Weighted average common shares
                outstanding (Note 2) .........      18,236,411       17,866,041
                                                  ============     ============

Net loss per common share ....................    $       0.00     $       0.00
                                                  ============     ============

    The Acompanying Notes Are An Integral Part of These Financial Statements


                    Titan Technologies, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                       For the Six Months Ended January 31
                                   UNAUDITED


                                                          1997           1996
                                                       ---------      ---------
Cash flows from operating activities
        Interest received ........................     $   5,790      $  10,455
        Cash paid for suppliers and
           subcontractors ........................      (209,466)      (169,626)
        Interest paid ............................        (5,223)        (3,284)
                                                       ---------      ---------
        Net cash provided by (used in)
        operating activities .....................      (208,899)      (162,455)

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 ..........       (99,221)       286,652
                                                       ---------      ---------

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

        Cash at end of period ....................     $ 173,493      $ 456,145
                                                       =========      =========
Reconciliation of Net earnings (loss) to
    Cash Provided by (used in)
       Operating Activities
    Net earnings (loss) ..........................     $ (49,025)     $(173,693)
    Adjustments
    Gain on sale of assets .......................      (162,678)          --   
    Depreciation and amortization ................         1,697          8,639
    Changes in assets and liabilities
    (Decrease) Increase in accounts payable ......        (4,435)          (200)
    Increase in interest payable .................         3,878          2,127
    Increase in accrued liabilities ..............         1,664            672
                                                       ---------      ---------
    Net cash provided by (used in)
      operating activities .......................     $(208,899)     $(162,455)
                                                       =========      =========

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 Acompanying Notes Are An Integral Part of These Financial Statements


                    Titan Technologies, Inc. and Subsidiaries
                          NOTES TO FINANCIAL STATEMENTS
                    For the Six Months Ended January 31, 1997


1)  NOTES TO FINANCIAL STATEMENTS

The balance sheet at January 31, 1997, and the statements of operations and cash
flow for the six  months  ended  January  31,  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 six  months  ended  January  31,  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 six months ended  January 31, 1997 and January 31, 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 January 31, 1997. As a result of these
activities by management general and  administrative  expenses increased $43,890
to $191,402 and outside services  decreased $5,542 to $19,171 for the six months
ended January 31, 1997 as compared to the six months ended January 31, 1996.

Financial Condition

The Company's  liquidity decreased in the three months ended January 31, 1997 as
cash decreased by $99,221 since July 31, 1996. Operations used $208,899 compared
to the same period of the prior year in which operations used $162,455. 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

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.

2. On  November  1,  1996,  Judith L. Durzo  filed  suit in the Second  Judicial
District  Court of New Mexico to attempt to collect a balance of $11,469.06  she
maintains  is owed to her for legal  services  for which the Company has already
paid her  $20,000.00 to date.  The Company  disputes her claim and is bringing a
countersuit against her for breach of contract (implied covenant of good faith),
unfair trade  practices,  and decit for  recovery of some of the amount  already
paid to her on the basis of her  excessive  billing.  The Company is also in the
process of preparing a  disciplinary  complaint  against Ms. Durzo which will be
filed  with  the New  Mexico  State  Bar  Association  both on the  basis of her
excessive  billing,  breach  of her  duty  of  loyalty  and for  revelations  of
attorney/client confidence.

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
                



February 25, 1997 Ronald L Wilder
                  -----------------------------------------------
          Ronald L. Wilder, President and Chief Executive Officer





February 25, 1997 Bruce R. Clark
                  -----------------------------------------------
          Bruce R. Clark, General Counsel, Chief Financial Officer
          and Chief Accounting Officer