SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

(MARK ONE)
          [X] ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                   For the Fiscal Year Ended December 31, 2005

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

                 For the transition period from ____________ to

                           Commission File No. 0-27737

                          GLOBETECH ENVIRONMENTAL, INC.
   --------------------------------------------------------------------------
                 (Name of Small Business Issuer in its charter)

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

                          #700-300 South Fourth Street
                             Las Vegas, Nevada 89101
                   -------------------------------------------
               (Address of principal executive offices)(Zip code)

Issuer's telephone number, including area code:            (403) 261-2929

Securities registered pursuant to Section 12(b) of the Act:

Title of each class          Name of each exchange on which each is registered
--------------------     -------------------------------------------------------
       None                                        None

Securities registered pursuant to Section 12(g) of the Act:

                         Common Stock, $0.001 par value
                   -------------------------------------------
                                (Title of Class)

Check whether the issuer is not required to file reports  pursuant to Section 13
or 15(d) of the Exchange Act. [ ]

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 [ ]

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the  best  of  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [X]

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

The Issuer's revenues for the fiscal year ended December 31, 2005 were $0.

The aggregate  market value of the voting and  non-voting  common equity held by
non-affiliates  of the  registrant  on May 3, 2006,  based on the last  reported
sales price on the OTC Bulletin Board, was approximately $4,554,000.

The  number of shares of the  registrant's  common  stock,  $0.001 par value per
share, outstanding as of May 3, 2006 was 56,847,458.

                       DOCUMENTS INCORPORATED BY REFERENCE

None

           Transition Small Business Disclosure Format: Yes [ ] No [X]

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.

                              INDEX TO FORM 10-KSB
                                DECEMBER 31, 2005

<TABLE>
<CAPTION>

<S>           <C>                                                                                     <C>
PART I        Item 1.      Description of Business                                                      3
              Item 2.      Description of Property                                                     14
              Item 3.      Legal Proceedings                                                           14
              Item 4.      Submission of Matters to a Vote of Security Holders                         14

PART II       Item 5.      Market for Common Equity and Related Stockholder Matters                    15
              Item 6.      Management's Discussion and Analysis or Plan of Operation                   16
              Item 7.      Financial Statements                                                        22
              Item 8.      Changes in and Disagreements with Accountants on
                               Accounting and Financial Disclosure                                     22
              Item 8A.     Controls and Procedures                                                     22
              Item 8B.     Other Information                                                           22

PART III      Item 9.      Directors, Executive Officers, Promoters and Control Persons,
                               Compliance with Section 16(a) of the Exchange Act                       23
              Item 10.     Executive Compensation                                                      25
              Item 11.     Security Ownership of Certain Beneficial Owners and
                               Management                                                              27
              Item 12.     Certain Relationships and Related Party Transactions                        28
              Item 13.     Exhibits                                                                    28
              Item 14.     Principal Accountant Fees and Services                                      29
</TABLE>




                                       2
<PAGE>





FORWARD-LOOKING STATEMENTS

This annual report on Form 10-KSB contains forward-looking statements within the
meaning of the federal  securities  laws.  These  forwarding-looking  statements
include, without limitation, statements regarding the Company's expectations and
beliefs  about the  market and  industry,  its goals,  plans,  and  expectations
regarding its properties and services,  its intentions and strategies  regarding
future  acquisitions and sales of properties and businesses,  its intentions and
strategies  regarding  the  formation  of strategic  relationships,  its beliefs
regarding the future success of its properties  and services,  its  expectations
and beliefs regarding competition, competitors, the basis of competition and its
ability to compete,  its beliefs and expectations  regarding its ability to hire
and  retain  personnel,  its  beliefs  regarding  period  to period  results  of
operations,  its expectations  regarding  revenues,  its expectations  regarding
future growth and financial performance,  its beliefs and expectations regarding
the adequacy of its facilities,  and its beliefs and expectations  regarding its
financial  position,  ability to finance operations and growth and the amount of
financing  necessary to support its operations.  These statements are subject to
risks and  uncertainties  that could cause  actual  results and events to differ
materially.  The Company  undertakes  no  obligation  to update  forward-looking
statements to reflect events or  circumstances  occurring after the date of this
annual report on Form 10-KSB.

                                     PART I

ITEM 1.           BUSINESS

GENERAL

Globetech  Environmental,   Inc.,  a  Nevada  corporation  ("Globetech"  or  the
"Company"), is engaged, since mid-2005, in the medical waste treatment business,
including,  since  early  2006,  the  marketing  of  proprietary  medical  waste
treatment technology.

HISTORY AND DEVELOPMENT OF THE COMPANY

The Company was  originally  incorporated  in April 1997 under the name "Alaskan
Geodetic Survey,  Inc." and remained dormant until March 2000. In July 1999, the
Company changed its name to "Morenci Corp." and adopted as its business  purpose
seeking out, investigating and, where appropriate,  merging with or acquiring an
operating company.

In March 2000, the Company acquired the assets and operations of eSportbike.com,
Inc. in exchange for $6,793 in cash and  assumption of liabilities in the amount
of $113,000. In May 2000, the Company changed its name to "eSportbike.com, Inc."
In  connection   with  the   acquisition   of  the  assets  and   operations  of
eSportbike.com,  Inc., the Company  adopted the business plan of  eSportbike.com
entailing the ongoing  operation of the Sportbike  Online  website,  an Internet
website  providing  community,  content  and  commerce  for  the  sportbike  and
motorcycle  enthusiast,  with revenues to be derived from product sales, premium
membership sales, advertising and sale of third-party services.

During the fourth quarter of 2001, the Company's  board of directors  elected to
terminate  the  Company's  existing  operations,   including  operation  of  its
Sportbike Online web site, and to seek  acquisition and operating  opportunities
in the oil and gas industry.  Pursuant to that  determination,  the Company,  in
March  2002,  changed  its name to "Red Butte  Energy,  Inc." and  carried out a
1-for-8 reverse stock split and, in April 2002,  entered into a letter of intent
to acquire an  undivided  50%  interest  in the Coal  Creek  Basin and  adjacent
properties  in McBrien Twp.,  Ontario,  Canada.  Following  due  diligence  with
respect to the subject  properties,  the Company terminated its letter of intent
and  abandoned  the  proposed  acquisition  of the Coal Creek Basin and adjacent
properties.

Following termination of the proposed Coal Creek Basin acquisition,  the Company
determined  to enter into the tire  recycling  and rubber  reclamation  business
utilizing  licensed  technology held by the Company's  largest  shareholder.  In
connection  with the  Company's  determination  to enter into the  recycling and
reclamation  business,  the  Company,  in  January  2003,  changed  its  name to
"Canglobe  International,  Inc." In December  2004,  the Company  terminated and
abandoned its efforts to enter into the tire  recycling  and rubber  reclamation
business.


                                       3
<PAGE>


BUSINESS DEVELOPMENTS AND PLANNED OPERATIONS DURING 2005 AND 2006

During 2005 and early 2006, the Company developed and implemented plans to enter
into the environmental services and medical waste treatment industry. Plans with
regard to entering  into those  industries  centered  around three  transactions
undertaken  by the Company,  (1) the  acquisition  of a license from Blue Ribbon
Environmental  Products  ("BREP") and Advanced  Water and Research  Development,
Inc.  ("AWRD") to market  certain  products  and services  developed  through CW
Remediation Ltd. ("CWR"),  (2) the acquisition from Cristallo Holdings,  Inc. of
medical waste  treatment  facilities,  and (3) the acquisition of technology and
marketing rights relating to medical waste treatment  technology from H. Goldner
and affiliates ("Logmed Technologies").

In April  2005,  the Company  acquired,  for  $100,000,  a license to market the
following products, services and technologies of CWR:

o        Soil and water remediation techniques to remove salt,  hydrocarbons and
         other  contaminants  from soil and water and improve in-situ  land-farm
         sites by speeding up the process while controlling customer exposure;

o        Clean water  resonator  technology to release  bound-up oxygen in water
         and accelerate the effectiveness of microbes;

o        Water clarifier  technology  capable of cleaning up to 3,000 gallons of
         water per minute;

o        Cold water evaporator  technology capable of cleaning by way of ambient
         temperature  evaporation up to 400 gallons of oil or gas well water per
         hour; and

o Naturally occurring strains of microbes to remediate contaminants.

In April 2005,  the  Company  signed a  conditional  agreement  to acquire  from
Cristallo Holdings Inc a medical waste treatment facility in Beiseker,  Alberta,
Canada.  The agreement on the Beiseker facility provided for a purchase price of
CAD$2,000,000  plus  2,000,000  shares of common stock,  the cash portion of the
purchase price being payable in  installments  with a portion of the price being
financed by the seller and a portion to be financed by mortgage  financing to be
provided  by a  third  party  lender.  As  an  integral  term  of  the  Beiseker
acquisition, the seller, Cristallo Holdings Inc agreed to deliver to the Company
technology and marketing rights relating to a medical waste treatment technology
developed by H. Goldner (the "Logmed  Technologies").  In June 2005, pending the
acquisition  by  Cristallo  Holdings  Inc of the  Logmed  Technologies  and  the
transfer  of the same to the  Company,  the  Company  took  control of and began
operating the Beiseker  facility.  In December 2005, with the acquisition of the
Logmed Technologies still pending,  the terms of the acquisition of the Beiseker
facility were amended.

In conjunction with, and to facilitate, the Company's efforts in 2005 to acquire
or  establish  viable  business  operations,  the Company  (1) in January  2005,
entered into a settlement  agreement with various  creditors whereby the Company
issued notes  totaling  $247,858 in  settlement of amounts then due and payable,
said notes  being due  December  31,  2005,  bearing  interest  at 10% and being
convertible into common stock at $0.05 to $0.07 per share; (2) in February 2005,
carried out a 6-for-1 stock split;  (3) in April 2005,  issued 800,000 shares of
common stock to a company controlled by the Company's president, in exchange for
three  auto-clave  units to be installed  as part of the planned  upgrade to the
Beiseker  facility;   (4)  in  August  2005,  changed  its  name  to  "Globetech
Environmental, Inc.;" and (5) from time to time during 2005, borrowed funds from
the  Company's  principal  shareholders  to  facilitate  the  Beiseker  and  CRW
acquisitions,  upgrades  to the  Beiseker  facility  and  fund  operations.  The
convertible  notes issued in January 2005 were converted into 26,969,568  shares
of common stock in February 2005.

In conjunction with the commencement of operations at the Beiseker facility, the
Company,  during the third quarter of 2005,  determined to defer commencement of
efforts to market and  commercialize  the  products  and  services of CRW.  This
investment has been written off as at December 31, 2005.

In March 2006, the Company  determined that Cristallo Holdings Inc had defaulted
in  its   obligations  to  acquire  and  transfer  to  the  Company  the  Logmed
Technologies.  Following such  determination,  and efforts to negotiate  revised
terms with Cristallo,  the Company (1) acquired the Logmed Technologies directly
from H. Goldner and affiliates in March 2006 and (2) terminated operation of the
Beiseker facility and notified Cristallo Holdings of its intent to terminate the
purchase  and  return  control  of  the  Beiseker  facilities.  The  Company  is
attempting  to  negotiate a formal  agreement  terminating  the  purchase of the
Beiseker,  returning  the shares  issued to Cristallo  and  releasing all claims
relating to the proposed purchase and sale.



                                       4
<PAGE>

With the direct  acquisition of the Logmed  Technologies  and the termination of
operation of the Beiseker  facility,  the Company plans to focus its  operations
during 2006 on the marketing, sales and leasing of Logmed machines.

INDUSTRY OVERVIEW

The medical  waste  industry  has arisen  from,  and  developed  as a result of,
growing public concerns regarding  environmental  hazards and work place dangers
associated  with the treatment of infectious  diseases such as AIDS,  hepatitis,
SARS  and  other  pathogenic  diseases  and the  handling  of the  waste  stream
associated therewith.  The roots of this growth in public concern,  particularly
in the developed countries of the world, can be traced to intense media coverage
and public  outrage at medical waste  washing  ashore on the beaches of New York
and New Jersey  during the 1980s.  In  response to the public  outcry,  the U.S.
Congress  passed the Medical Waste  Tracking Act of 1988, or MWTA.  The MWTA, in
turn,  spurred increased  scrutiny,  heightened  regulation and the enactment of
laws  governing  the  handling,  tracking and  disposal of medical  waste at the
federal and state  levels in the U.S.  and in most  countries  in Europe,  North
America  and in other  developed  countries  around  the  globe.  Those laws and
regulations have established comprehensive regimens and guidelines governing the
packaging, transportation, treatment and disposal of medical waste and, in turn,
the development of the medical waste industry.

In response to the expansive new regulatory  structure  governing medical waste,
health care  facilities,  such as hospitals  and clinics,  as well as individual
physicians  offices,  dental offices,  veterinarians and other small health care
operators,  have sought out solutions to assure compliance with such regulations
and cost effectiveness in such responses.  Each of those facilities produce on a
regular and ongoing basis varying levels of medical  clinical  waste,  including
human or animal tissue, blood or other body fluids,  excretions,  drugs or other
pharmaceutical products, swabs or dressings, or syringes, needles or other sharp
instruments,  each of which may prove hazardous unless properly handled, treated
or disposed of.

A vast and diverse  industry has developed to provide a  comprehensive  range of
products  and  services  all  designed  to  address  the  regulatory  compliance
requirements  of health care  facilities in dealing with medical waste.  Product
and  service  offerings  within  the  industry  range  from  on-site  education,
training,  waste identification,  reduction and treatment equipment and services
to comprehensive off-site waste gathering, transportation and treatment services
and equipment.  Solutions are commonly  categorized by the treatment  technology
utilized and as being either  on-site or off-site.  Among the  solutions,  users
typically  select a solution  based on an  evaluation  of a  combination  of its
regulatory effectiveness, ease of use and cost-effectiveness.

According to industry publications,  the volume of infectious waste generated in
the U.S.  alone is millions of tons  annually and growing .The Company  believes
that the global  infectious  waste  market,  excluding  the U.S., is at least as
large as, or larger than, the U.S. market.

The Company  believes  that the demand for medical  waste  products and services
will continue to grow and expand driven by various factors, including:

o        PRESSURE TO REDUCE HOSPITAL COSTS. Pressure to reduce costs and improve
         efficiency  within the  healthcare  industry  has resulted in a growing
         reliance on outside  contractors  to develop and deliver cost effective
         solutions  to  various  aspects  of  facilities   operations  and  risk
         management,  including  the handling of medical  waste.  Medical  waste
         management service and product companies,  including the Company, offer
         a  range  of  products  and  services  all  with a view to  assuring  a
         cost-effective compliance program.

o        SHIFT TO  NON-ACUTE  CARE  TREATMENT  SETTINGS.  A shift in the medical
         treatment  setting from high cost acute care  facilities to alternative
         lower-cost  settings,  driven  by  managed  care  and  cost-containment
         measures,  has  resulted  in a growing  amount of medical  waste  being
         generated at smaller facilities that lack the resources, experience and
         expertise necessary to develop and implement an effective medical waste
         management  solution  without  the  involvement  of  outside  solutions
         providers.

o        GROWING  DEMAND FOR MEDICAL  SERVICES.  Demand for medical  services in
         North  America and Europe has grown in recent  years with the growth in
         government  and  private  health   programs  and  the   development  of
         technologies and treatments not previously available and is expected to
         grow  at  an  accelerated  pace  with  aging  populations  and  falling
         mortality  rates.   With  the  aging   populations  and  extended  life
         expectancy,   and  an  accompanying  increase  in  demand  for  medical
         services, the volume of medical waste generated is expected to grow.



                                       5
<PAGE>

o        INCREASING  ENVIRONMENTAL  AND SAFETY CONCERNS AND  REGULATION.  Public
         concern  regarding  the effects of industry on the  environment  and on
         safety  have led to  extensive  regulation  of  various  aspects of the
         medical waste management industry. Applicable environmental regulations
         regarding the discharge of pollutants into the atmosphere has increased
         the cost of operating  medical waste  incinerators  and resulted in the
         closure  of  many   facilities   resulting  in  a  growing  demand  for
         non-incineration  alternatives for medical waste treatment.  Similarly,
         workplace  regulations  regarding  exposure  of workers to  blood-borne
         pathogens and other potentially infectious materials have resulted in a
         growing  demand for effective  solutions to assure proper  handling and
         disposal of medical wastes.

SERVICES AND OPERATIONS

The Company's  principal services and operations are comprised of the marketing,
sales    and    leasing    of   our    proprietary    Logmed    medical    waste
disinfection/sterilization  units and the operation of a contract  medical waste
treatment facility, the Halle clinic medical facility in Wittenberg, Germany.

- LOGMED PRODUCTS.  Effective with the acquisition of underlying  technology and
marketing rights in March 2006, the Company's  principal focus is the marketing,
sale and  leasing of its  proprietary  medical  waste  treatment  units known as
Logmed.  Logmed represents an environmentally  friendly  cost-effective  medical
waste  treatment  solution with potential  application in the treatment of other
waste that is considered bio-hazardous such as airline garbage.

Logmed  is  an  advanced  autoclave  unit  incorporating   proprietary  patented
technologies and processes,  including  continuous feeding,  shredding,  mixing,
fragmenting,   drying,   chemical   treatment  and  compaction  in  an  enclosed
environment to deactivate,  dis-infect,  sterlize and reduce contaminated waste.
Logmed offers a fully automated  medical waste treatment  solution with multiple
user benefits, including:

o        elimination of manual separation;
o        reduction in end product and accompanying  reduction in  transportation
o        energy efficient thermal treatment;  and
o        minimal  environmental impact due to reduced end product and no harmful
         discharge to the environment.

Treatment of medical waste in a Logmed unit begins with loading waste  material,
inside of and including disposable  containers,  bags or collection bins, into a
conveying  basin.  Once the loading door is closed the actual loading process is
initiated  electronically  with the weight of waste  material being measured and
recorded before transporting the waste into a charging funnel.  Individual locks
within the unit are utilized to create a low-pressure atmosphere within the unit
preventing  emission of contaminated  particles from the unit with aspirated air
being filtered before release into the ambient air.

Within  the  closed  unit  environment,  the  waste is  continuously  fed into a
single-shaft  shredder  disintegrator  to reduce the waste material to a defined
particle size. Waste is then fed through a dosing device exposing the waste to a
disinfection  process  incorporating  exposure  to  heat  by  the  injection  of
saturated steam under pressure.

The entire process is independently monitored and controlled electronically with
process data being stored and available for review and printing. In the event of
any  process  failures,  the  unit's  monitoring  capabilities  will  notify the
operator  on a display  panel as well as by an  audible  alarm and the unit will
shut off automatically to assure there is no release of contaminated material.

Logmed incorporates an automated thermal self-disinfection process to facilitate
safe maintenance and repair.

Typical cycle time to treat a load of medical waste ranges from 30 to 60 minutes
based on the heat level to be utilized and the size of the load.

Logmed effectively  renders medical waste harmless while reducing the end volume
of  by-product  by up to 80% of  original  volume.  The  unit  does not emit any
significant  odor or steam to the atmosphere nor create any  significant  noise.
Wastewater  is minimal and meets EPA and other  general  standards on wastewater
emission.

Incorporating  over 30 years of research and development by Helmut Goldner,  the
inventor of Logmed,  the current  generation  of Logmed was first  introduced in
2001 with the first commercial  deployment of Logmed units occurring in 2001. At
December 31, 2005, a total of 5 Logmed units were deployed and  operational in 3
countries in Europe.



                                       6
<PAGE>

The Company's  current product  offerings  include the Logmed I and Logmed II as
well as the  Logfood  and a  variety  of  Logmed  container  systems,  described
generally as follows:

o        LOGMED I - a stationary disinfection unit with a processing capacity of
         approximately  400 to 550  pounds  of  waste  material  per  hour  with
         dimensions of  approximately  25 feet  (length),  13 feet (depth) and 8
         feet  (height).  Logmed is equipped  with a hydraulic  lift and tipping
         device for ease of loading waste into the unit.

o        LOGMED II - a mobile  sterilization unit that may also be operated as a
         fixed  unit with a  processing  capacity  of 220 to 330 pounds of waste
         material per hour with dimensions of approximately 20 feet (length), 11
         feet (depth) and 8 feet (height).

o        LOGFOOD - a mobile  sterilization  unit that may also be  operated as a
         fixed unit being substantially  similar to Logmed II in capacity,  size
         and  function  but  targeted  to catering  waste and animal  production
         markets in addition to medical waste markets.

o        LOGMED  CASE  SYSTEMS - container  systems  designed  specifically  for
         collection and disposal of waste in hospitals and medical facilities to
         assure secure, hygienic collection and transportation of waste.

- MEDICAL WASTE  TREATMENT  OPERATIONS.  Since March 2006, the Company has owned
and operated a medical waste  treatment  facility in Wittenberg,  Germany.  From
June 2005 to March 2006,  the Company  managed the  operation of a medical waste
treatment facility in Beiseker, Alberta, Canada.

Operation of the German facility was transferred to the Company  pursuant to the
Company's March 2006  acquisition of the Logmed  Technologies.  The facility was
previously  operated  by Mr.  Goldner  from 1998  until the  acquisition  of the
facility by the Company.  The facility serves as both an operating  facility and
profit  center for the Company and as a prototype  facility to  demonstrate  and
aide in the marketing of Logmed units in operation.

The German facility is located within the Halle medical  facility in Wittenberg,
Germany  and  houses a Logmed I unit.  The  facility  provides  waste  treatment
services  exclusively  for the Halle medical  facility with  approximately  1500
kilos of medical waste being treated daily during 2005. The facility is operated
under a contract with the Halle medical facility to provide  treatment  services
on a fee per day basis.  Services  provided at the facility range from receiving
and  processing  medical  waste  to  turn  key  services  including   education,
transportation  and  ultimate  disposal  of treated  by-products.  The  facility
operates  in a single  eight  hour  shift 5 days per week and  employs  a single
operator.

Pursuant to the Company's  agreement with Cristallo  Holdings Inc to acquire the
Beiseker  facility,  the  Company  commenced  management  of  operations  of the
Beiseker  facility in June 2005 and operated the facility  until March 2006. The
Beiseker  facility is a medical  waste  incineration  facility  with a treatment
capacity of approximately 700 pounds per hour. The Company's  original agreement
with  Cristallo  Holdings  Inc to acquire the  Beiseker  facility was amended on
multiple  occasions  to permit the  management  of the  facility  by the Company
pending  closing and to close the purchase  subject to the ultimate  delivery by
Cristallo Holdings Inc of the Logmed  Technologies.  Following the expiration of
Cristallo  Holdings Inc's exclusive  rights to acquire the Logmed  Technologies,
the Company elected to acquire the Logmed Technologies  directly from H. Goldner
and his associates and to terminate the acquisition of the Beiseker facility and
the Company's operation of that facility.

STRATEGY

The  Company's  strategy is  principally  focused on  deploying  Logmed units at
health  care  facilities  at pricing  points  that make  on-site  medical  waste
treatment  more cost  effective  than treatment of waste at off-site third party
facilities.

Because of capital  constraints  at most  health  care  facilities  and  adverse
environmental  impact and other issues  associated with the operation of on-site
incineration  facilities,  many health care facilities have closed their on-site
incineration  facilities and outsourced medical waste treatment to various third
party  service  providers.  While the move toward  off-site  third party medical
waste  treatment  has allowed  health care  facilities to avoid the need for new
capital  investment to replace old  incineration  capabilities  and has provided
certain other operating benefits, off-site treatment has disadvantages including
the cost and  logistics  associated  with  sorting  waste and  transporting  and
tracking medical waste for treatment at off-site facilities.



                                       7
<PAGE>

The Company intends to initially target the high-volume institutional segment of
the health care market by positioning  the Logmed unit as a viable,  easy-to-use
and  cost-effective  alternative  to off-site  third party  treatment of medical
waste.  The Company  intends to provide lease financing for units with each unit
being leased at an affordable base rate plus additional payments based on volume
of waste  processed.  The Company  believes  that such lease  financing  will be
comparable to, or less than, the cost currently paid by health care institutions
for off-site  third party  treatment  without the need to access the health care
institution's capital budget.

In addition to the  potential  reduction in  operating  costs to the health care
institution,  the Company  intends to emphasize  other benefits of deploying the
Logmed  on-site,   including  ease  of  handling  waste  material  derived  from
elimination  of the need to sort and separate  medical waste and  elimination of
risks  and  costs  associated  with   transporting   untreated  waste  from  the
institution to off-site facilities.

The Company  intends to initially  target  health care  facilities in Europe and
Australia  where  units are  already  operational  or are on order and to expand
marketing efforts to North America and other developed nations of the world. The
Company's  existing  treatment  facility in Wittenberg,  Germany will serve as a
prototype to demonstrate  the Logmed  technology and use. In order to accelerate
or otherwise  facilitate entry into various markets,  the Company may enter into
joint ventures with local marketing or manufacturing companies.

Once the  Company has  established  its Logmed  unit as a viable  medical  waste
treatment  alternative  in the  high-volume  institutional  market,  the Company
intends to evaluate the development of products and service  offerings  targeted
to mid- and small-volume health care facilities and to evaluate the extension of
the Logmed technology into other hazardous waste treatment  applications outside
of the medical field.

EQUIPMENT FINANCING

Because of the high cost  associated  with the  production and sale of effective
medical waste treatment technologies, the Company considers product financing as
a critical  component  of the  successful  marketing  of any  on-site  treatment
technology.

Viable financing alternatives consist,  principally,  of financed sales of units
and  financing  leases.  While  Company  financing  and  financing  arranged  by
purchasers might be viable in limited  circumstances,  the Company believes that
the most  attractive  financing  alternatives  from the  standpoint  of both the
Company and end users is third-party  financing arranged by the Company. In some
instances,   third-party  financing  might  consist  of  direct  purchase  money
financing  provided  by an  institution  to a health  care  facility to purchase
units.  However,  in most  instances,  the  Company  believes  that  health care
institutions will prefer leasing arrangements in which the Company pairs a lease
of a unit with  institutional  financing provided to the Company with the stream
of lease  payments  servicing the Company's  debt incurred in the  institutional
financing.

To date,  the Company,  and  previously  Logmed  Technologie  GmbH, has arranged
financing on units on a negotiated  basis as transactions  arise. The Company is
seeking to  establish  a  relationship  with one or more  institutional  lenders
wherein standardized financing and leasing arrangements are agreed to in advance
with those  arrangements  being made available  based on certain  pre-determined
criteria  and  tailored  to  specific  operating  and cost  concerns  of medical
facilities.  There is no assurance  that the Company will be  successful  in its
efforts to establish  standardized financing arrangements on terms acceptable to
prospective  customers,  or at all,  in which  case  the  Company's  ability  to
successfully market Logmed units may be adversely effected.

ACQUISITIONS

In order to facilitate the Company's  entry into the medical waste treatment and
environmental  services and  solutions  market,  and to facilitate  growth,  the
Company has entered into a number of  acquisitions  and may carry out additional
acquisitions in the future. Principal acquisitions undertaken to date, include:

-- CWR/BREP/AWRD LICENSE

In April 2005, the Company acquired,  for $100,000, a license from BREP and AWRD
to market certain  products and services  developed by CWR. The license entitles
the Company to commercialize  CWR's environmental  remediation  technologies and
services, including:

o        Soil and water remediation techniques to remove salt,  hydrocarbons and
         other  contaminants  from soil and water and improve in-situ  land-farm
         sites by speeding up the process while controlling customer exposure;



                                       8
<PAGE>

o        Clean water  resonator  technology to release  bound-up oxygen in water
         and accelerate the effectiveness of microbes;

o        Water clarifier  technology  capable of cleaning up to 3,000 gallons of
         water per minute;

o        Cold water evaporator  technology capable of cleaning by way of ambient
         temperature  evaporation up to 400 gallons of oil or gas well water per
         hour; and

o Naturally occurring strains of microbes to remediate contaminants.

The Company is not actively pursuing  commercialization  of the CWR technologies
at this time.

-- BEISEKER FACILITY

In April 2005, the Company  signed an agreement  with Cristallo  Holdings Inc to
purchase the Beiseker medical waste treatment  facility in Alberta,  Canada. The
Beiseker  facility  is  a  fully  permitted  medical  waste  treatment  facility
operating an incineration unit.

The  agreement  on the  Beiseker  facility  provided  for a  purchase  price  of
CAD$2,000,000  plus  2,000,000  shares of common stock.  The cash portion of the
purchase price was payable CAD$50,000 on exercise of the option with the balance
being payable  CAD$1,400,000  by proceeds of a mortgage to be placed on the land
and  buildings  comprising  the  Beiseker  facility  and  CAD$550,000  by seller
financing  with  interest  accruing at 6% per annum and repayable at the rate of
CAD$100,000 per month, plus interest,  beginning January 1, 2006,  decreasing to
CAD$50,000  per month,  plus  interest,  beginning May 1, 2006.  Pursuant to the
terms  of the  acquisition  of the  Beiseker  facility,  the  seller,  Cristallo
Holdings  Inc agreed to acquire and transfer to the Company all  technology  and
marketing rights relating to a medical waste treatment  technology  developed by
H. Goldner (the "Logmed  Technologies").  In December 2005, the terms of payment
of the purchase  price of the Beiseker  facility  were amended to provide for an
immediate cash payment of CAD$225,000 with the balance of the purchase price, in
the amount of  CAD$1,631,000,  being  financed by  Cristallo  Holdings  Inc, the
seller, with a balloon payment of CAD$500,000 being due January 15, 2006 and the
balance  being  payable in monthly  installments  based on the vendor  take back
mortgage terms.

In  June  2005,  pending  Cristallo  Holdings  Inc 's  delivery  of  the  Logmed
Technologies  and payment of the final purchase price,  the Company took control
and began operations at the Beiseker facility.  The Company continued  operation
of the  Beiseker  facility  until the  expiration  of  Cristallo  Holding  Inc's
exclusive rights to acquire the Logmed Technologies in March 2006. Following the
expiration  of Cristallo  Holding Inc 's exclusive  rights to acquire the Logmed
Technologies , the Company elected to acquire the Logmed  Technologies  directly
and to terminate  the  acquisition  of the Beiseker  facility and the  Company's
operation of that facility.  The Company notified  Cristallo Holdings Inc of its
termination  and intent to return the Beiseker  facilities  and is attempting to
negotiate a formal  termination  and release  agreement and return of the shares
issued to Cristallo.

-- LOGMED TECHNOLOGIE

In March 2006, the Company entered into an agreement with Hans-Eberhardt Frenzel
("Frenzel"),  Helmut Goldner  ("Goldner"),  Goldner Umwelt & Hygienetechnik GmbH
("GUH"),  and Logmed Technologie GmbH ("Logmed  Technologie")  pursuant to which
the Company agreed to purchase:

o        for a purchase  price of 406,000 Euro  (approximately  $486,000),  from
         Frenzel and Goldner, 100% of the stock of Logmed Technologie;

o        for a  purchase  price of 34,000  Euro  (approximately  $40,000),  from
         Frenzel and  Goldner,  an operating  Logmed  hospital  waste  treatment
         machine (a "Logmed") and existing contract rights pursuant to which the
         Logmed unit is currently  operated at the Halle clinic medical facility
         in Wittenberg, Germany; and

o        for a purchase  price of 660,000 Euro  (approximately  $790,000),  from
         Goldner,  a portfolio of patents  constituting  the  underlying  Logmed
         technology.



                                       9
<PAGE>

The  agreement  also  provides  that the Company  will pay to GUH  400,000  Euro
(approximately  $478,000) for annulment of an existing  license  agreement  with
Logmed  Technologie  and  assignment to Logmed  Technologie of the rights of GUH
with respect to operating rights at the Halle clinic medical facility.

The aggregate  sums payable by the Company under the  agreement,  1,500,000 Euro
(approximately $1,795,000), are payable in instalments as follows:

o        50,000 Euro  credited for payments  previously  made through  Cristallo
         Holdings Inc on the request of the Company;

o        150,000 Euro due March 23, 2006;

o        500,002 Euro due December 31, 2006;

o        434,000 Euro due December 31, 2007; and

o        365,998 Euro due December 31, 2008.

In addition to the instalments  payable under the agreement,  the Company agreed
to pay to Goldner an ongoing  fee with  respect to each  Logmed unit sold by the
Company in the amount of 10,000  Euro,  and 25,000  Euro with  respect to Logoil
units sold by the Company, with the fee terminating on the earlier of payment of
an aggregate of 2,500,000 Euro or March 31, 2011;  provided,  however,  that the
term of the fee payment  will be extended  until March 31, 2014 with  respect to
units  subject to  purchase  contracts  or options in place at March 31, 2011 if
delivery of units occurs on or before  March 31,  2014.  Where units are sold in
instalments,  the fee  payable to Goldner is payable  upon  receipt of the first
instalment.  With  respect to units  operated  or licensed by the Company or its
affiliates,  the Company will pay a fee per kilo or liter of material  processed
in lieu of the per unit fee.

Under the agreement,  the Company's  directors  will use  reasonable  efforts to
cause a designee of Goldner and Frenzel to be elected to the board of  directors
of the Company and Goldner will provide  consulting  services to the Company for
up to ten days per month for a fee of 3,250 Euro per month plus expenses.

The agreement  also provides that Goldner will retain  certain rights to exploit
the  Logoil  technology  and that the  Company  will have the  rights  under its
license to all improvements to the Logoil technology.

On March 24, 2006, the Company paid the initial  installment of 150,000 Euro and
the Company completed the acquisition of 100% of the stock of Logmed Technologie
GmbH  along  with  the  patent  portfolio  underlying  the  Logmed  unit and the
operating Logmed unit and contract relating to operation of the unit.

MANUFACTURING

Logmed units have historically been manufactured to order for Logmed Technologie
GmbH by experienced independent equipment manufacturers.

The Company does not intend to conduct any manufacturing  operations but intends
to continue to utilize independent  manufacturers with initial units expected to
be  manufactured to order by AMF Gustav Bruns GmbH, a German  manufacturer  that
previously  manufactured multiple units on behalf of Logmed Technologie GmbH and
is familiar with the unit and technology.

Manufacturing of units is expected to involve delivery of unit specifications to
experienced  manufacturers  that  will  manufacture  or source  components,  and
assemble and test units based on agreed  criteria.  We may contract for separate
quality control, inspection and testing of units. Cost of manufacturing units is
expected to be based on bids or quotes from manufacturers that may be subject to
negotiation.

As sales volumes increase,  we intend to evaluate establishing single source, or
multiple  source,  contract  manufacturing  arrangements  in which we  negotiate
volume based fixed pricing per unit. We believe there are multiple manufacturers
that have the experience and capability of meeting our manufacturing needs.





                                       10
<PAGE>

MARKETING

The Company's marketing strategy is focused on targeting high-volume  high-value
generators  of medical  waste where the benefits of on-site  operation of Logmed
units are expected to be most  compelling.  Principal  target  customers will be
acute care  hospitals  with 200 or more beds as well as day surgery  clinics and
other high volume medical clinics and nursing facilities.

Pricing of Logmed units will be fixed, coupled with financing  arrangements,  so
as to make the monthly cost to our customers equal to or more favorable than the
costs  charged by third party  providers to transport  and treat  medical  waste
off-site.  We intend to structure  our pricing and  financing so as to allow our
customers the ability to scale the volume of material treated with a predictable
cash cost without the need to access the customer's capital budget process while
allowing us to generate  rental income or other payments  streams  sufficient to
recoup our cost and a return  thereon with the potential of additional  revenues
to be derived from increases in volumes treated. See "Equipment Financing."

The Company's  marketing efforts will be led by our President,  Don Sampson,  an
experienced operator in the medical waste treatment industry.  Initial marketing
efforts  will be focused in  markets  where  Logmed  units have  enjoyed  market
acceptance in the form of units in service, including, in particular, Europe and
Australia.  We intend to  assemble a sales team  including  a mix of  employees,
sales representatives and marketing alliance partners, as appropriate,  to enter
and service principal markets worldwide. Our initial marketing efforts in Europe
are expected to be carried out with the  assistance  of Hans  Frenzel,  a former
principal and Managing  Director of Logmed  Technologie GmbH who was responsible
for the sales and marketing effort at Logmed  Technologie GmbH and who continues
to serve as a Managing Director of Logmed  Technologie GmbH and as a director of
the Company and will  provide  marketing  services on a  contractual  basis.  In
Australia and select markets in Southeast Asia, we are in negotiations to form a
marketing alliance with Medivac Limited (ASX-MDV),  an established  manufacturer
and marketer of medical  waste  treatment  solutions,  pursuant to which Medivac
would act as our sales  representative  in those  markets  and we would have the
right to sell Medivac's smaller volume units in markets we service.  In order to
service markets in North and South America, we intend to initially form and rely
on a team of seasoned medical technology sales representatives.

COMPETITION

There are numerous  regulated  medical  waste  management  services and products
companies operating in our target markets, and the market is highly competitive.
Competition  within the  industry  is based on both the  nature of the  solution
(outsourced  service based solutions vs. in-house  product based  solutions) and
the  technologies  offered   (incineration  vs.  autoclaving)  and  the  related
cost-effectiveness  and compliance  reliability  of each  solution.  Our primary
competitors are large  corporations  with regional,  national and  international
businesses.  These companies provide a variety of products and services and many
have substantially greater financial and other resources than we possess.

Competition  based on the nature of the  solution  offered  relates to  in-house
treatment  of medical  waste as opposed to  outsourcing  treatment  to  off-site
operators.  Our  current  focus is on sale of Logmed  units for use  on-site  at
medical facilities.  Many competitors,  including large international  operators
such as Stericycle,  focus on off-site  treatment options in which most, or all,
aspects of waste treatment are outsourced  with medical waste being  transported
off-site for  treatment.  We believe  on-site  treatment  using our Logmed units
offers competitive advantages compared to outsourced off-site treatment options,
including  elimination of manual separation,  reduction in transportation costs,
increased control by medical facilities  operators,  reduced  environmental risk
exposure  and  shortened  holding time of waste and at prices  comparable  to or
better than outsourced solutions.

Competition  based on  technology  relates to the type of  treatment  technology
utilized to treat and neutralize  medical waste. Due to environmental  concerns,
incineration  is rapidly  declining  as a viable  technology  for  treatment  of
medical waste.  An array of alternative  technologies  have been introduced by a
variety of companies to fill the void left by the decline in  incineration as an
acceptable option. Many of the technologies  currently  deployed,  including our
Logmed unit, involve advanced autoclave capabilities. These technologies compete
based  on  a  variety  of  factors  including  principally  cost  effectiveness,
environmental impact,  operating  effectiveness of the solution and ease of use.
We believe that the Logmed unit competes favorably in all of these areas.

We face  potential  competition  from  new  entrants  in the  market,  including
outsourcing  operators that may attain  sufficient  scale of operations to lower
the cost of outsourced  treatment to levels at which we may be unable to compete
as well as the  introduction  of new  technologies  that may  either  reduce  or
eliminate the generation of medical wastes or produce better results in the form


                                       11
<PAGE>

of lower  operating  costs,  more  effective  treatment  and less  environmental
impact, among other benefits.

INTELLECTUAL PROPERTY

The Company  considers the  protection of its  technology to be important to its
business.

The Company relies on patents, proprietary know-how and continuing technological
innovation.  We try to protect this information  through a combination of patent
protection  and  confidentiality  agreements  with our  employees,  vendors  and
consultants.  In connection with our acquisition of Logmed  Technologie  GmbH we
acquired  a  portfolio  of  26  patents   covering  the  principal   proprietary
technologies  incorporated into our Logmed units. We intend to vigorously defend
our patents and to continuously seek new and additional  patents as necessary to
protect our rights in future  technological  advances in our units. There can be
no assurance that our patents will not be contested and will be sustained in the
event of a  contest,  that we will be  successful  in our  efforts to secure new
patents, that our confidentiality agreements will not be breached, that we would
have adequate remedies for any breach or that our trade secrets or know-how will
not otherwise become known or independently discovered by other parties.

Our commercial  success may also depend on our not infringing  patents issued to
other parties. There can be no assurance that patents belonging to other parties
will not require us to alter our  processes,  pay licensing  fees or cease using
any current or future processes. In addition,  there can be no assurance that we
would  be able to  license  the  technology  rights  that  we may  require  at a
reasonable  cost or at all.  If we could not obtain a license to any  infringing
technology that we currently use, it could have a material adverse effect on our
business.

REGULATION

The Company  operates  within the medical waste  management  industry,  which is
subject to extensive and frequently  changing federal,  state and local laws and
regulations.  This statutory and regulatory framework imposes compliance burdens
and  risks  on the  Company  and  the  users  of  our  Logmed  units,  including
requirements to obtain and maintain government permits.  Those requirements vary
from jurisdiction to jurisdiction.

The  Company  may be required to obtain  certain  permits,  classifications  and
registrations  in order to market our Logmed units in various  jurisdictions  or
for selected uses. We believe we are presently in compliance with all applicable
regulations  relating to our operations in the markets in which Logmed units are
currently  operational  and  intend  to  take  all  steps  necessary  to  assure
compliance  with any  applications  regulations  that may apply in the future in
such markets and in any new markets we may enter.

The  Company  is  evaluating  marketing  its  Logmed  unit  for use in the  food
processing industry and,  specifically,  for the treatment of prions such as mad
cow disease.  The Company intends to conduct testing to verify the effectiveness
of the Logmed  technology  in  treatment  of prions  and,  subject to  obtaining
satisfactory  results, to securing necessary approvals to market the Logmed unit
for such  application.  While  regulation  with  regard  to  treatment  of prion
diseases is evolving, we expect that the U.S. FDA and similar organizations will
establish  standards and guidelines that will govern the treatment of prions. We
expect that testing and regulatory  compliance  with regard to the use of Logmed
units in the treatment of prions will require at least one year.

While the  Company  presently  intends to limit its  operations  to the sale and
marketing of its Logmed  units for  operation by third  parties,  the  Company's
customers will be subject to a broad range of regulations  that will  indirectly
affect the Company and acceptance of its products. Illustrative of the nature of
regulations  that may  affect  the  Company's  customers  and,  indirectly,  the
Company,  are the regulations  applying to operations in the United States which
may  serve  as a model  for  other  jurisdiction,  a  summary  of the  principal
regulations being as follows:

o        MEDICAL  WASTE  TRACKING ACT OF 1988.  In the late 1980s,  the MWTA was
         adopted  in  response  to  health  and   environmental   concerns  over
         infectious  medical waste after medical waste washed ashore on beaches,
         particularly in New York and New Jersey, during the summer of 1988. The
         primary  objective of the MWTA was to ensure that medical  wastes which
         were  generated  in a  covered  state  and  which  posed  environmental
         problems, including an unsightly appearance, were delivered to disposal
         or  treatment  facilities  with  minimum  exposure to waste  management
         workers  and the  public.  The MWTA's  tracking  requirements  included
         accounting  for all waste  transported  and imposed  civil and criminal
         sanctions for violations.



                                       12
<PAGE>

         In regulations implementing the MWTA, the EPA defined medical waste and
         established  guidelines  for its  segregation,  handling,  containment,
         labeling and transport.  The MWTA  established a model followed by many
         states  in  developing   their   specific   medical  waste   regulatory
         frameworks.

o        CLEAN AIR ACT REGULATIONS.  In August 1997, the EPA adopted regulations
         under the Clean Air Act that limit the discharge into the atmosphere of
         pollutants  released by medical waste  incineration.  These regulations
         required  every state to submit to the EPA for  approval a plan to meet
         minimum emission standards for these pollutants.

o        OCCUPATIONAL SAFETY AND HEALTH ACT OF 1970. The Occupational Safety and
         Health Act of 1970  authorizes  OSHA to issue  occupational  safety and
         health  standards.  OSHA  regulations  are  designed  to  minimize  the
         exposure of employees to hazardous work environments. Various standards
         apply to certain aspects of medical waste treatment  operations.  These
         regulations govern, among other things:

         o        exposure  to  blood-borne   pathogens  and  other  potentially
                  infectious materials;
         o        lock out/tag out procedures;
         o        medical surveillance requirements;
         o        use of respirators and personal protective equipment;
         o        emergency planning; and
         o        hazard communication.

o        RESOURCE  CONSERVATION  AND  RECOVERY  ACT OF 1976.  In 1976,  Congress
         passed the Resource  Conservation and Recovery Act of 1976, or RCRA, as
         a response to growing public concern about problems associated with the
         handling and disposal of solid and hazardous  waste.  RCRA required the
         EPA to promulgate  regulations  identifying hazardous wastes. RCRA also
         created  standards  for  the  generation,  transportation,   treatment,
         storage and disposal of solid and  hazardous  wastes.  These  standards
         included a documentation  program for the  transportation  of hazardous
         wastes  and a permit  system  for solid and  hazardous  waste  disposal
         facilities. Medical wastes are currently considered non-hazardous solid
         wastes under RCRA. However,  some substances  collected by us from some
         of our customers,  including  photographic  fixer developer  solutions,
         lead foils and dental amalgam, are considered hazardous wastes.

         Our customers use landfills for the disposal of autoclaved waste. Waste
         is not regulated as hazardous  under RCRA unless it contains  hazardous
         substances exceeding certain quantities or concentration  levels, meets
         specified descriptions, or exhibits specific hazardous characteristics.
         Following  autoclave  treatment,  waste is disposed of as non-hazardous
         waste.

o        DOT REGULATIONS. The U.S. DOT has put regulations into effect under the
         Hazardous  Materials  Transportation  Authorization  Act of 1994  which
         require  medical  waste to be packaged and labeled in  compliance  with
         designated  standards,  and  which  incorporate  blood-borne  pathogens
         standards issued by OSHA.  Under these  standards,  among other things,
         packaging  must be identified  with a "biohazard"  marking on the outer
         packaging,  and medical waste containers must be sufficiently rigid and
         strong to prevent  tearing or bursting and must be  puncture-resistant,
         leak-resistant, properly sealed and impervious to moisture.

         DOT  regulations   also  require  that  a  transporter  be  capable  of
         responding on a 24-hour-a-day basis in the event of an accident, spill,
         or release to the environment of a hazardous material.

o        COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF
         1980.  The  Comprehensive  Environmental  Response,   Compensation  and
         Liability Act of 1980, or CERCLA, established a regulatory and remedial
         program to provide for the investigation and cleanup of facilities that
         have  released  or threaten to release  hazardous  substances  into the
         environment.  CERCLA  and state laws  similar to it may impose  strict,
         joint and  several  liability  on the  current  and  former  owners and
         operators of  facilities  from which  releases of hazardous  substances
         have occurred and on the generators and  transporters  of the hazardous
         substances  that come to be  located at these  facilities.  Responsible
         parties may be liable for substantial  site  investigation  and cleanup
         costs  and  natural  resource  damages,   regardless  of  whether  they
         exercised due care and complied with applicable laws and regulations.



                                       13
<PAGE>


POTENTIAL LIABILITY AND INSURANCE

The medical waste industry involves potentially  significant risks of statutory,
contractual,  tort and common law liability claims.  Potential  liability claims
could involve, for example:

o        cleanup costs;
o        personal injury;
o        damage to the environment;
o        employee matters;
o        property damage; or
o        alleged negligence or professional errors or omissions in the planning
         or performance of work.

In the event our Logmed  unit fails to  operate in the manner  intended  and our
customers  suffer  liability  arising from such failure,  we could be subject to
claims asserted by the effected customers.  We could also be subject to fines or
penalties in connection with violations of regulatory requirements.

We do not presently carry liability insurance that would cover liability arising
from  failures of our units to perform as  intended.  We intend to evaluate  the
acquisition  of  liability  insurance  to cover  such  risks at such time as our
financial  position will support the same. Even if we are successful in securing
such insurance, there can be no assurance that we will not face claims resulting
in substantial  liability for which we are uninsured or  underinsured  and which
could have a material adverse effect on our business.

EMPLOYEES

As  of  March  31,   2006,   the  Company  had  5  full-time   and  2  part-time
employees/consultants. None of the Company's employees are subject to collective
bargaining agreements.

ITEM 2.           PROPERTIES

As of December 31, 2005, the Company  maintained no formal offices but conducted
its  operations  in space  provided  free of charge by the  Company's  principal
officers.

Management  believes that its facilities are adequate to support  operations for
the foreseeable  future. In the event that the Company experiences growth in its
sales and requires space to house administrative, sales and other personnel, the
Company  anticipates it will be required to secure  appropriate  office space to
house its employees and operations.  No arrangements have been made with respect
to secure office space if needed.

The Company may be contacted at #700-300 South Fourth Street, Las Vegas,  Nevada
89101, by email at Globetech@shaw.ca, or by telephone at 403-261-2929.

ITEM 3.           LEGAL PROCEEDINGS

The  Company  may from  time to time be a party to  lawsuits  incidental  to its
business.  The  Company  is not aware of any  current,  pending,  or  threatened
litigation  or  proceedings  that could have a  material  adverse  effect on its
results of operations, cash flows or financial condition.

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

Not applicable.




                                       14
<PAGE>



                                     PART II

ITEM 5.           MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

STOCK AND STOCK HOLDER INFORMATION

The  Company's  common stock  trades on the OTC Bulletin  Board under the symbol
"GENV".

Prior to February 2005, there was no established trading market in the Company's
common stock and trading  therein was sporadic.  The following  table sets forth
the range of high and low bid prices for each quarter during fiscal 2005:

                                                       High             Low

Calendar Year 2005

         Fourth Quarter..............................  $.20              $.08
         Third Quarter...............................  $.48              $.10
         Second Quarter..............................  $.55              $.35
         First Quarter...............................  $.80              $.10

The quotations reflect inter-dealer prices without retail mark-up,  mark-down or
commission and may not represent actual transactions.

At March 31, 2006, the closing bid price of the common stock was $0.08.

As of March  31,  2006,  there  were  approximately  56  record  holders  of the
Company's common stock.

DIVIDENDS

The Company has not paid any cash  dividends  since its  inception and presently
anticipates  that all earnings,  if any, will be retained for development of the
Company's  business  and that no dividends on the shares of common stock will be
declared in the foreseeable  future. Any future dividends will be subject to the
discretion of the Company's Board of Directors and will depend upon, among other
things,  future earnings,  the operating and financial condition of the Company,
its capital requirements, general business conditions and other pertinent facts.
Therefore, there can be no assurance that any dividends on the common stock will
be paid in the future.

EQUITY COMPENSATION PLAN INFORMATION

The following table provides information as of December 31, 2005 with respect to
the shares of our  common  stock that may be issued  under our  existing  equity
compensation plans.

<TABLE>
<CAPTION>
                                                                                                       NUMBER OF SECURITIES
                                                                                                     REMAINING AVAILABLE FOR
                                                                            WEIGHTED-AVERAGE          FUTURE ISSUANCE UNDER
                                         NUMBER OF SECURITIES TO BE        EXERCISE PRICE OF        EQUITY COMPENSATION PLANS
                                           ISSUED UPON EXERCISE OF        OUTSTANDING OPTIONS,        (EXCLUDING SECURITIES
                                            OUTSTANDING OPTIONS,          WARRANTS AND RIGHTS        REFLECTED IN COLUMN (A))
           PLAN CATEGORY                   WARRANTS AND RIGHTS (A)                (B)
-------------------------------------    ----------------------------    -----------------------    ---------------------------
<S>                                      <C>                             <C>                        <C>
Equity compensation plans approved
by security holders (1)                                    3,400,000                      $0.50                      4,600,000
Equity compensation plans not
approved by security holders                                       -                          -                              -
                                         ----------------------------    -----------------------    ---------------------------
Total                                                      3,400,000                      $0.50                      4,600,000
                                         ============================    =======================    ===========================
</TABLE>

(1)      Consists  of  shares  reserved  for  issuance  under the 2005 Long Term
         Performance Plan pursuant to which 8,000,000  shares were reserved,  of
         which 4,600,000 have expired.


                                       15
<PAGE>


ITEM 6.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

THE FOLLOWING DISCUSSION AND ANALYSIS OF THE COMPANY'S FINANCIAL CONDITION AS OF
DECEMBER 31, 2005, AND THE COMPANY'S  RESULTS OF OPERATIONS FOR THE YEARS IN THE
TWO-YEAR PERIOD ENDED DECEMBER 31, 2005 AND 2004,  SHOULD BE READ IN CONJUNCTION
WITH THE COMPANY'S AUDITED  CONSOLIDATED  FINANCIAL STATEMENTS AND NOTES THERETO
INCLUDED ELSEWHERE IN THIS REPORT.

OVERVIEW

Globetech  Environmental,  Inc.'s ("Globetech" or the "Company") business during
2005  consisted  principally  of the  operation  of the Beiseker  medical  waste
treatment facility in Alberta,  Canada. The Company began operating the Beiseker
facility in June 2005 and operated that  facility  until March 2006. As a result
of the failure of the seller to fully perform under the terms of the acquisition
of the Beiseker  facility,  the Beiseker  facility was returned to the seller of
that facility in March 2006 and the Company's  investment in, and operations of,
the  Beiseker  facility  have  been  reported  in a  single  item  as  "loss  on
investments."  Prior to March 2005,  the Company had no  substantial  operations
other  than  ongoing  efforts to  acquire  or invest in an  operating  business.
Accordingly,  the  financial  position  and  results at and for the years  ended
December 31, 2005 and 2004 are not comparable given the minimal operations prior
to commencement of the medical waste treatment operations in June 2005.

2005 DEVELOPMENTS

During 2005 and early 2006, the Company developed and implemented plans to enter
into the environmental services and medical waste treatment industry. Plans with
regard to entering  into those  industries  centered  around three  transactions
undertaken  by the Company,  (1) the  acquisition  of a license from Blue Ribbon
Environmental  Products  ("BREP") and Advanced  Water and Research  Development,
Inc.  ("AWRD") to market  certain  products  and services  developed  through CW
Remediation Ltd. ("CWR"),  (2) the acquisition from Cristallo Holdings,  Inc. of
medical waste  treatment  facilities,  and (3) the acquisition of technology and
marketing  rights relating to medical waste treatment  technology from H Goldner
and affiliates ("Logmed Technologies").

In April  2005,  the Company  acquired,  for  $100,000,  a license to market the
following products, services and technologies of CWR:

o        Soil and water remediation techniques to remove salt,  hydrocarbons and
         other  contaminants  from soil and water and improve in-situ  land-farm
         sites by speeding up the process while controlling customer exposure;

o        Clean water  resonator  technology to release  bound-up oxygen in water
         and accelerate the effectiveness of microbes;

o        Water clarifier  technology  capable of cleaning up to 3,000 gallons of
         water per minute;

o        Cold water evaporator  technology capable of cleaning by way of ambient
         temperature  evaporation up to 400 gallons of oil or gas well water per
         hour; and

o Naturally occurring strains of microbes to remediate contaminants.

In April 2005, the Company  signed an agreement  with Cristallo  Holdings Inc to
purchase the Beiseker medical waste treatment  facility in Alberta,  Canada. The
Beiseker  facility  is  a  fully  permitted  medical  waste  treatment  facility
operating an incineration unit.

The  agreement  on the  Beiseker  facility  provided  for a  purchase  price  of
CAD$2,000,000  plus  2,000,000  shares of common stock.  The cash portion of the
purchase price was payable CAD$50,000 on exercise of the option with the balance
being payable  CAD$1,400,000  by proceeds of a mortgage to be placed on the land
and  buildings  comprising  the  Beiseker  facility  and  CAD$550,000  by seller
financing  with  interest  accruing at 6% per annum and repayable at the rate of
CAD$100,000 per month, plus interest,  beginning January 1, 2006,  decreasing to
CAD$50,000  per month,  plus  interest,  beginning May 1, 2006.  Pursuant to the
terms  of the  acquisition  of the  Beiseker  facility,  the  seller,  Cristallo
Holdings  Inc agreed to acquire and transfer to the Company all  technology  and
marketing rights relating to a medical waste treatment  technology  developed by
H. Goldner (the "Logmed  Technologies").  In December 2005, the terms of payment
of the purchase  price of the Beiseker  facility  were amended to provide for an
immediate cash payment of CAD$225,000 with the balance of the purchase price, in
the amount of  CAD$1,631,000,  being  financed by  Cristallo  Holdings  Inc, the


                                       16
<PAGE>

seller, with a balloon payment of CAD$500,000 being due January 15, 2006 and the
balance  being  payable in monthly  installments  based on the vendor  take back
mortgage terms.

In conjunction with, and to facilitate, the Company's efforts in 2005 to acquire
or  establish  viable  business  operations,  the Company  (1) in January  2005,
entered into a settlement  agreement with various  creditors whereby the Company
issued notes  totaling  $247,858 in  settlement of amounts then due and payable,
said notes  being due  December  31,  2005,  bearing  interest  at 10% and being
convertible into common stock at $0.05 to $0.07 per share; (2) in February 2005,
carried out a 6-for-1 stock split;  (3) in April 2005,  issued 800,000 shares of
common stock to a company controlled by the Company's president, in exchange for
three  auto-clave  units to be installed  as part of the planned  upgrade to the
Beiseker  facility;   (4)  in  August  2005,  changed  its  name  to  "Globetech
Environmental, Inc.;" and (5) from time to time during 2005, borrowed funds from
the  Company's  principal  shareholders  to  facilitate  the  Beiseker  and  CRW
acquisitions,  upgrades  to the  Beiseker  facility  and funds  operations.  The
convertible  notes issued in January 2005 were converted into 26,969,568  shares
of common stock in February  2005.  As a result of the  settlement  of debt at a
discount  through the issuance of  convertible  notes,  during 2005, the Company
reported a gain from the  forgiveness  of debt of $294,664 and interest  expense
attributable to the beneficial  conversion  feature of the convertible  notes of
$247,858.

In conjunction with the commencement of operations at the Beiseker facility, the
Company,  during the third quarter of 2005,  determined to defer commencement of
efforts to market and  commercialize  the  products  and  services  of CRW. As a
result of the decision not to pursue development of the commercialization of the
CRW license,  during 2005, the Company  reported a loss of $101,276  relating to
the write-down of the CRW license.

In March 2006, the Company  determined that Cristallo Holdings Inc had defaulted
in  its   obligations  to  acquire  and  transfer  to  the  Company  the  Logmed
Technologies.  Following such  determination,  and efforts to negotiate  revised
terms  with  Cristallo  Holdings  Inc,  the  Company  (1)  acquired  the  Logmed
Technologies  directly from Logmed  Technologie in March 2006 and (2) terminated
operation of the Beiseker facility and notified Cristallo Holdings of its intent
to terminate  the purchase and return  control of the Beiseker  facilities.  The
Company is attempting to negotiate a formal  agreement  terminating the purchase
of the  Beiseker,  returning  the shares  issued to Cristallo  and releasing all
claims  relating  to  the  proposed  purchase  and  sale.  As a  result  of  the
termination of the Company's  operation of the Beiseker  facility and the return
of control of the facilities to Cristallo Holdings, the Company recorded none of
the revenues or expenses  relating to operation of the Beiseker  facility during
2005, but recorded a loss on investments of $1,558,485.  The loss on investments
consisted  of (1) the value of the stock issued in  connection  with the initial
acquisition  of  the  Beiseker  facility  ($1,000,000),  (2)  payments  made  to
Cristallo   Holdings  pursuant  to  the  terms  of  the  acquisition   agreement
($323,500),  and (3) amounts invested to upgrade the Beiseker  facility,  net of
cash flows from  operation  of the  facility.  Additionally,  as a result of the
termination  of  operation of the Beiseker  facility,  during 2005,  the Company
reported a loss of $400,000 from the  write-down of autoclave  units acquired by
the Company for use at the Beiseker facility.

With the direct  acquisition of the Logmed  Technologies  and the termination of
operation of the Beiseker  facility,  the Company plans to focus its  operations
during 2006 on the marketing, sales and leasing of Logmed machines.

CRITICAL ACCOUNTING POLICIES

The following  describes the critical  accounting policies used in reporting the
Company's  financial  condition  and  results  of  operations.  In  some  cases,
accounting  standards  allow  more than one  alternative  accounting  method for
reporting.  In those cases,  reported  results of operations  would be different
should the Company employ an alternative accounting method.

GOING CONCERN.  The Company's financial  statements are prepared on the basis of
accounting  principles  applicable to a "going concern",  which assumes 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.

The financial  statements do not reflect  adjustments that would be necessary if
the Company  were unable to continue as a "going  concern."  If the Company were
unable to continue as a "going concern," then substantial  adjustments  would be
necessary to the carrying value of assets,  the reported amounts of liabilities,
the reported revenues and expenses and the balance sheet classifications used.


                                       17
<PAGE>


IMPAIRMENT OF LONG-LIVED  ASSETS. The Company reviews all long-lived assets on a
regular  basis to determine if there has been  impairment  in the value of those
assets.  If, upon review,  it is  determined  that the  carrying  value of those
assets may not be recoverable,  the Company will record a charge to earnings and
reduce the value of the asset on the balance  sheet to the amount  determined to
be recoverable.

For  purposes  of   evaluating   recoverability   of  long-lived   assets,   the
recoverability test is performed using undiscounted cash flows of the individual
assets and consolidated  undiscounted  net cash flows for long-lived  assets not
identifiable to individual properties compared to the related carrying value. If
the undiscounted operating income is less than the carrying value, the amount of
the  impairment,  if any, will be determined by comparing the carrying  value of
each asset with its fair value.  Fair value is  generally  based on a discounted
cash flow analysis.

Based  on the  Company's  review  of  present  operating  properties  and  other
long-lived  assets,  during the fiscal year ended December 31, 2005, the Company
wrote-down its investment in the CRW license ($101,276) and in certain autoclave
units acquired for use at the Beiseker facility ($400,000).

LOSS ON  INVESTMENTS.  The Company  operated the Beiseker  facility  during 2005
pursuant to the terms of the proposed acquisition of the facility. Subsequent to
year-end,  the Company  determined  that the seller of the  facility,  Cristallo
Holdings,  had not performed fully under the terms of the acquisition  agreement
regarding  the  Beiseker  facility  and  determined  to cease  operation  of the
Beiseker  facility  and to  return  control  of those  facilities  to  Cristallo
Holdings. As a result of the cessation of operation of the Beiseker facility and
return of control of the same to Cristallo Holdings due to non-performance under
the  acquisition  agreement,  the Company has excluded all revenues and expenses
associated  with the operation of the Beiseker  facility  from its  consolidated
Statement of Operations.  Moreover, the Company recorded all amounts invested in
connection with the proposed acquisition,  upgrade and operation of the Beiseker
facility as an  investment  that was written  off as an  investment  loss during
2005.

The Company had previously  recorded  revenues and expenses  associated with the
operation  of the  Beiseker  facility in its  Statement  of  Operations  for the
quarter and  year-to-date  periods  ended June 30 and  September  30, 2005. As a
result of the subsequent  termination of operation of the Beiseker  facility and
return of control of the facility to Cristallo Holdings,  the Company intends to
amend its Form 10-QSBs for the quarters  ended June 30, 2005 and  September  30,
2005 to restate its financial statements and eliminate the revenues and expenses
associated with the Beiseker  facility from the Statement of Operations with all
amounts relating to the Beiseker  facility to be capitalized as an investment in
the facility.

RESULTS OF OPERATIONS

REVENUES. The Company recorded no operating revenues during either 2005 or 2004.
As noted,  revenues  attributable to the operation of the Beiseker facility were
excluded from  consolidated  revenues for 2005 as a result of the termination of
operation  of the  Beiseker  facility  and return of control of the  facility to
Cristallo  Holdings based on the failure of Cristallo  Holdings to fully perform
under the terms of the proposed acquisition of the facility.

OPERATING EXPENSES.  Operating expenses totaled $428,901 during 2005 as compared
to $238,688 during 2004. Operating expenses consisted  principally of salary and
consulting  fees and general  corporate  overhead.  The  increase  in  operating
expenses  during  2005  was  principally   attributable  to  increased  overhead
associated with efforts  undertaken in 2005 to acquire an operating business and
the  proposed  acquisition  and  support  of the  Beiseker  facility.  Operating
expenses exclude all direct expenses of operation of the Beiseker facility.

OTHER INCOME (EXPENSE). The Company reported other expense, net of other income,
of $2,013,240  during 2005 as compared to a net expense of $253 during 2004. Net
other expense during 2005 consisted  principally of (1) a loss on investments of
$1,558,485  relating to the  termination  of operations and return of control of
the Beiseker facility,  including all amounts invested,  both cash and stock, in
the acquisition of the facility and upgrade of the facility, (2) a $101,276 loss
associated  with  the  write-down  of  the  CRW  license,  (3) a  $400,000  loss
associated  with the  write-down  of the book  value  of three  autoclave  units
acquired  for use at the  Beiseker  facility,  (4)  deemed  interest  expense of
$247,588  attributable to the beneficial conversion feature of convertible notes
issued in settlement of debt during 2005,  and (5) a gain on the  forgiveness of
debt of $294,664.




                                       18
<PAGE>




LIQUIDITY AND CAPITAL RESOURCES

CASH AND WORKING CAPITAL POSITION

The  Company  had nominal  resources  at December  31, 2005 and 2004 with a cash
balance of $1,219 at December 31, 2005 and $0 at December 31, 2004 and a deficit
in working capital of $813,529 at December 31, 2005 and $267,104 at December 31,
2004.

The  Company  has  been  dependent  upon  financing  provided  in  the  form  of
shareholder  loans from its principal  officers,  directors and  shareholders to
support its ongoing operations.  The Company expects to continue to be dependent
upon financing  provided by its principal  officers,  directors and shareholders
and from the sale of  securities  to, or financing  provided by, third  parties.
Except as noted  herein,  the  Company  has no  commitments  from its  principal
officers, directors and shareholders or third parties to provided financing.

CASH FLOWS

The Company  used  $307,787 in cash from  operations  during 2005 as compared to
$10,457 used in operations  in 2004.  The increase in cash used in operations in
2005 was  principally  attributable  to the increased loss incurred  during 2005
associated  with the increased  level of activities  during the year relating to
efforts to acquire operating businesses and costs of supporting operations.

Financing  activities  provided  $309,006 of cash to the Company  during 2005 as
compared to $10,457 provided in 2004. All cash provided by financing  activities
for both years was attributable to shareholder loans.

During  2005,  the  Company  settled  $468,746 of debt  through the  issuance of
convertible  notes  payable in the amount of  $247,588.  The  convertible  notes
payable were converted into 26,969,568 shares of common stock during 2005.

LONG-TERM DEBT

Long-term debt,  consisting of shareholder  loans,  totaled $733,903 at December
31, 2005 as compared to $12,994 at December 31, 2004. The shareholder loans have
no fixed  repayment  terms.  Substantially  all of the  shareholder  loans  were
converted to equity subsequent to December 31, 2005.

FINANCIAL COMMITMENTS AND REQUIREMENTS

The Company's principal financial commitments and requirements relate to funding
operational deficits, overhead and purchase and operational payments relating to
the March 2006 acquisition of Logmed Technologie GmhB.

At December  31,  2005,  the Company had no  contractual  obligations  requiring
determinable future payments.

LOGMED TECHNOLOGIE ACQUISITION.

In March 2006, the Company entered into an agreement with Hans-Eberhardt Frenzel
("Frenzel"),  Helmut Goldner  ("Goldner"),  Goldner Umwelt & Hygienetechnik GmbH
("GUH"),  and Logmed Technologie GmbH ("Logmed  Technologie")  pursuant to which
the Company agreed to purchase:

o        for a purchase  price of 406,000 Euro  (approximately  $486,000),  from
         Frenzel and Goldner, 100% of the stock of Logmed Technologie;

o        for a  purchase  price of 34,000  Euro  (approximately  $40,000),  from
         Frenzel and  Goldner,  an operating  Logmed  hospital  waste  treatment
         machine (a "Logmed") and existing contract rights pursuant to which the
         Logmed unit is currently  operated at the Halle clinic medical facility
         in Wittenberg, Germany; and

o        for a purchase  price of 660,000 Euro  (approximately  $790,000),  from
         Goldner,  a portfolio of patents  constituting  the  underlying  Logmed
         technology.



                                       19
<PAGE>

The  agreement  also  provides  that the Company  will pay to GUH  400,000  Euro
(approximately  $478,000) for annulment of an existing  license  agreement  with
Logmed  Technologie  and  assignment to Logmed  Technologie of the rights of GUH
with respect to operating rights at the Halle clinic medical facility.

The aggregate  sums payable by the Company under the  agreement,  1,500,000 Euro
(approximately $1,795,000), are payable in instalments as follows:

o        50,000 Euro  credited for payments  previously  made through  Cristallo
         Holdings Inc on the request of the Company;

o        150,000 Euro due March 23, 2006;

o        500,002 Euro due December 31, 2006;

o        434,000 Euro due December 31, 2007; and

o        365,998 Euro due December 31, 2008.

In addition to the instalments  payable under the agreement,  the Company agreed
to pay to Goldner an ongoing  fee with  respect to each  Logmed unit sold by the
Company in the amount of 10,000  Euro,  and 25,000  Euro with  respect to Logoil
units sold by the Company, with the fee terminating on the earlier of payment of
an aggregate of 2,500,000 Euro or March 31, 2011;  provided,  however,  that the
term of the fee payment  will be extended  until March 31, 2014 with  respect to
units  subject to  purchase  contracts  or options in place at March 31, 2011 if
delivery of units occurs on or before  March 31,  2014.  Where units are sold in
instalments,  the fee  payable to Goldner is payable  upon  receipt of the first
instalment.  With  respect to units  operated  or licensed by the Company or its
affiliates,  the Company will pay a fee per kilo or liter of material  processed
in lieu of the per unit fee.

On March 24, 2006, the Company paid the initial  installment of 150,000 Euro and
the Company completed the acquisition of 100% of the stock of Logmed Technologie
GmbH  along  with  the  patent  portfolio  underlying  the  Logmed  unit and the
operating Logmed unit and contract relating to operation of the unit.

ISSUANCE OF SHARES IN SETTLEMENT OF DEBT

In April  2006,  the Company  adopted the  Globetech  Environmental,  Inc.  2006
Consultant  and  Employee  Stock Plan  pursuant to which  5,000,000  shares were
reserved  for  issuance as payment for  services to the  Company.  Also in April
2006, the Company issued an aggregate of 3,789,688  shares of common stock under
the 2006 Plan in  settlement  of $303,175  of salary,  fees and  expenses  owed,
including  2,964,688  shares  issued  to the  Company's  principal  officers  in
settlement  of $237,175  of accrued but unpaid  salary,  fees and  expenses.  An
additional 4,984,740 shares were issued in April 2006, outside of the 2006 Plan,
to settle $498,474 of debt to various shareholders.

PLAN OF OPERATION

Following  the  termination  of  operations  of the  Beiseker  facility  and the
acquisition of Logmed  Technologie GmbH, the Company's planned operations during
2006 and beyond are expected to focus on marketing  and sale of Logmed units for
treatment of medical waste and other hazardous material.

In connection  with the  acquisition  of Logmed  Technologie  GmbH,  the Company
acquired  certain rights to operate a Logmed unit at the Halle medical clinic in
Wittenberg,  Germany.  The Company  plans to continue to provide  medical  waste
treatment  services  at the  Halle  clinic  as  both a  profit  center  and as a
demonstration facility to support sales and marketing of Logmed units.

The Company intends to market its Logmed units as a viable on-site medical waste
treatment  alternative in the principal  developed markets of the world.  Logmed
units are initially expected to be marketed in Europe and Australia based on the
previous marketing efforts and relationships of Logmed Technologie GmbH in those
markets and with the assistance of the principal  officers of Logmed Technologie
GmbH.  Marketing  representatives  are expected to be retained to facilitate the
sale of Logmed units in additional markets including the Americas.



                                       20
<PAGE>

The Company expects to contract out all manufacturing  operations to experienced
manufacturers  with initial  manufacturing  to be  undertaken by a firm that has
previously manufactured for Logmed Technologie GmbH.

In order to carry  out the  Company's  planned  operations  going  forward,  the
Company will require continued  financial  support from its principal  officers,
directors and shareholders,  or from outside investors,  to meet its operational
overhead  requirements  pending the  generation of  sufficient  sales to support
those operations.  The Company has no commitments in that regard and there is no
assurance that financing will be available as needed to support operations.

INFLATION

Inflation  has   historically  not  had  a  material  effect  on  the  Company's
operations.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements.








                                       21
<PAGE>




ITEM 7.           FINANCIAL STATEMENTS

The Company's financial  statements,  together with the independent  accountants
report thereon, are included herewith  immediately  following the signature page
of this report

ITEM 8. CHANGES AND  DISAGREEMENTS  WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE

Not applicable.

ITEM 8A. CONTROLS AND PROCEDURES

As of the end of the  period  covered  by this  report,  we have  evaluated  the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures  under  the  supervision  and with  the  participation  of our  chief
executive  officer ("CEO") and chief  financial  officer  ("CFO").  Based on the
material  weaknesses  discussed  below,  our  CEO  and CFO  concluded  that  the
disclosure controls and procedures were not effective as of December 31, 2005.

The  weaknesses in disclosure  controls  identified as of December 31, 2005 were
(1) the lack of manpower in the financial  reporting and accounting  function to
assure that  transactions  are properly  documented,  recorded and reported on a
timely  basis,  and  (2)  the  application  of  improper  accounting  principles
regarding consolidation of financial statements.  The weaknesses were identified
by the CFO during the fourth quarter of 2005 and the first quarter of 2006.

The specific  circumstances  giving rise to the weaknesses  identified relate to
the limited accounting personnel of the Company and, prior to the appointment of
the CFO in September  2005,  the  existence of limited  documentation  regarding
various  transactions and the application of improper  accounting  principles in
consolidating  the operations of the Beiseker  medical waste facility during the
periods  ended June 30, 2005 and  September  30, 2005.  In  connection  with the
preparation  of the December 31, 2005 financial  statements,  the CFO determined
that  certain   transactions,   pre-dating   his   appointment,   lacked  proper
documentation,  including  documentation  regarding  amounts  owing  to  certain
related  persons.  As a result of such  inadequate  documentation,  the  company
entered into  agreements with certain related persons to settle amounts owed for
amounts less than claimed by those persons but more than the amount reflected on
the company's  books and records.  The CFO also determined in preparation of the
December  31,  2005  financial   statements  that  the  determination  of  prior
accounting personnel to consolidate the operations of the Beiseker medical waste
treatment  facility was contrary to applicable  accounting  principles.  The CFO
determined that,  notwithstanding  the company's taking control of the operation
of the Beiseker facility,  unsatisfied, and unwaived,  conditions to the closing
of the  acquisition  of the Beiseker  facility  existed  throughout  2005 and at
December 31, 2005. In March 2006,  the Company  formally  notified the seller of
the Beiseker  facility that it was  terminating  the  acquisition  and returning
control of the facility  due to failure to satisfy  material  conditions  of the
acquisition. As a result of such determination,  the company determined that the
operation of the Beiseker  facility  should not be included in the  consolidated
financial  statements  of the company and that the  financial  statements of the
Company  should be restated,  and amended Form  10-QSBs  filed,  for the periods
ended June 30, 2005 and September 30, 2005 to eliminate the consolidated assets,
liabilities and results relating to the Beiseker facility during,  and as of the
end of, those periods.

During the quarter  ended  December 31, 2005,  we began  implementation  of more
strict  documentation  procedures  to  support  transactions  and  began  a more
thorough review of accounting principles applied under our newly appointed CFO.

Because we lack the financial  resources to support accounting  personnel beyond
our CFO, we may  continue  to identify  and  address  weaknesses  in  disclosure
controls that can only be adequately addressed through the addition of personnel
and related  segregation of duties. We are placing an ongoing emphasis on proper
documentation  of  transactions,  with the assistance of our legal  counsel,  on
identification   of  proper   accounting   principles  and  on  development  and
implementation of additional  controls and procedures to assure that information
required  to be  disclosed  in our  reports  to the  SEC is  properly  recorded,
processed, summarized and reported, within the time periods required.

ITEM 8B. OTHER INFORMATION

Not applicable.



                                       22
<PAGE>

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS; PROMOTERS AND CONTROL PERSONS; COMPLIANCE
WITH SECTION 16A OF THE SECURITIES EXCHANGE ACT

EXECUTIVE OFFICERS AND DIRECTORS

The Company's executive officers and directors,  and their ages and positions as
of April 1, 2006 are as follows:

 NAME                           AGE         POSITION

 Donald Sampson                 55          CEO/President and Director
 Theodor Hennig                 50          Chief Financial Officer and Director
 Donald Getty                   72          Chairman and Director
 Hans-Eberhardt Frenzel         59          Director

There are no family  relationships among any of the directors or officers of the
Company.

DONALD SAMPSON has served as President of the Company since March 1, 2005 and as
a director of the Company since February,  2005. From 1999 until his appointment
as President of the Company,  Mr.  Sampson was President of Process  Engineers &
Equipment Corporation of Spokane, Washington.  Previously, Mr. Sampson served as
Vice  President  -  International   Business  Development  and  Engineering  for
Stericycle,  Inc., the largest  international  medical waste treatment operator,
from February,  2000 until February 2005. From 1992 until its sale to Stericycle
in 2000, Mr. Sampson served as a partner of Medical Resource  Recycling Systems,
a medical waste  treatment  company.  Mr.  Sampson holds a degree in engineering
from the University of Michigan and is a senior member of the Instrument Society
of America and the Plastics Society of America.

THEODOR  HENNIG  has served as Chief  Financial  Officer  and a director  of the
Company since September 2005. Prior to his appointment by the Company,  from May
2004 to September 2005, Mr. Hennig served as Chief  Financial  Officer of Alpine
Environmental  Inc, a environmental  consulting and service company.  Mr. Hennig
holds an Honours  Economics  degree from the University of Waterloo and obtained
his Chartered Accountant designation in Alberta in 1984.

DONALD GETTY has served as a director and Chairman of the Company since December
2004. Mr. Getty is an investor and retired businessman,  politician and athlete.
Over a more than 20-year career in politics, ending in 1992, Mr. Getty served in
numerous elective and appointed local, provincial and federal offices in Canada,
including serving two terms as Premier of Alberta as well as service as a member
of the legislative assembly of Alberta,  Energy Minister and Minister of Federal
and  Intergovernmental  Affairs. Mr. Getty founded and served as President of D.
Getty  Investments,  Limited,  served as Chairman and Chief Executive Officer of
Nortek  Energy  Corporation  from 1981 to 1985 and has served as a  director  of
numerous companies,  including Alberta Gas and Ethylene Company Limited,  Brinco
Corporation, the Nova Corporation of Alberta, Northern Life Assurance Company of
Canada,  Novacor  Chemicals  Limited,   Pacific  Copper  Mines  Limited,  Placer
Development Limited,  Pacific Trans-Ocean  Resources Limited, and the Royal Bank
of  Canada.  Mr.  Getty  received  his  BA  degree  (with  honors)  in  Business
Administration  from the  University of Western  Ontario and played ten years as
quarterback of the Edmonton Eskimos of the Canadian Football League.

HANS-EBERHARDT FRENZEL has served as a director of the Company since April 2006.
Mr.  Frenzel served as a principal and managing  director of Logmed  Technologie
GmbH from March 2004 until the  Company's  acquisition  of Logmed  Technology in
March  2006 and  continues  to  provide  services  to  Logmed  Technologie  as a
consultant  on an as needed  basis.  Prior to joining  Logmed  Technologie,  Mr.
Frenzel served in various management  capacities for Lufthansa Airlines for more
than 15 years.

TERM OF OFFICE

The  directors  named  above will  serve  until the next  annual  meeting of the
Company's  shareholders.  Officers will hold their  positions at the pleasure of
the Board of Directors, absent any employment agreement.



                                       23
<PAGE>



COMMITTEES OF THE BOARD

The Company  presently  maintains a standing  audit  committee and  compensation
committee.  Committee  assignments are re-evaluated annually and approved by the
Board of Directors.

AUDIT COMMITTEE. The Audit Committee operates pursuant to a written charter that
was  adopted  and is filed as an exhibit to the  Company's  Proxy  Statement  on
Schedule 14A filed with the SEC on July 12, 2005.  Under its charter,  the Audit
Committee is given the sole authority and  responsibility  for the  appointment,
retention,  compensation  and oversight of our independent  auditors,  including
pre-approval  of  all  audit  and  non-audit  services  to be  performed  by our
independent auditors.

Donald Getty  (Chairman),  Don Sampson and Theodor  Hennig are the members,  and
during 2005 were the members, of the Audit Committee. The Board of Directors has
determined that each of the members of the Audit Committee is qualified to serve
on the Audit Committee based on their financial and accounting acumen. The Board
of  Directors  has  determined  that none of the members of the Audit  Committee
meets the SEC criteria of an "audit  committee  financial  expert" and that only
Mr. Getty  satisfies  the  independence  standards for audit  committee  members
(applying  the  standards  adopted  by  Nasdaq).  At such  time as the  Board of
Directors determines that the size and scope of the Company's operations and its
available  financial  resources warrant such, the Company expects to seek to add
independent  directors for appointment to the Audit Committee,  including one or
more directors satisfying the criteria of an "audit committee financial expert."

COMPENSATION COMMITTEE.  The Compensation Committee is responsible for reviewing
and  approving,  on behalf of the Board of  Directors,  the amounts and types of
compensation to be paid to the Company's executive officers and the non-employee
directors;  provides  oversight and guidance in the  development of compensation
and  benefit  plans for all  Company  employees;  and  administers  all  Company
stock-based compensation plans.

Donald Getty (Chairman) and Donald Sampson are the members, and during 2005 were
the  members,  of  the  Compensation  Committee.  The  Board  of  Directors  has
determined that only Mr. Getty satisfies the independence  standards established
by Nasdaq.

BOARD MEETINGS

During 2005, the Board of Directors held 5 formal meetings,  the Audit Committee
held 1 meeting and the  Compensation  Committee  held 1 meeting.  Each  director
attended at least 75% of the  aggregate  of (1) the total  number of meetings of
the  Board of  Directors,  plus (ii) the total  number of  meetings  held by all
committees of the Board of Directors on which the director served.

NOMINATION OF DIRECTORS

The Board of  Directors  does not  maintain  a  standing  Nominating  Committee.
Because of the small size of the Board,  the lack of  independent  directors and
the current demands on the directors,  the Board  determined that the nomination
process  would best be carried out by drawing  upon the  resources  of all Board
members  with the  requirement  that  nominees  be selected by a majority of the
directors.

In assessing  potential  director  nominees,  the Board looks for candidates who
possess a wide range of experience,  skills,  areas of expertise,  knowledge and
business  judgment,  high  integrity and  demonstrated  superior  performance or
accomplishments in his or her professional undertakings.

The Board may utilize the services of a search firm to help identify  candidates
for director who meet the qualifications outlined above.

The Board will also  consider for  nomination as director  qualified  candidates
suggested by stockholders  of the Company.  Stockholders  can suggest  qualified
candidates for  nomination as director by writing to our corporate  secretary at
#700-300  South Fourth Street,  Las Vegas,  Nevada 89101.  Submissions  that are
received that meet the criteria  outlined  above are forwarded to the full Board
of Directors for further review and consideration.



                                       24
<PAGE>

CODE OF ETHICS

The Board of Directors has adopted a Code of Business Ethics covering all of its
officers,  directors and employees. The Company requires all employees to adhere
to  the  Code  of  Business  Ethics  in  addressing  legal  and  ethical  issues
encountered in conducting  their work. The Code of Business Ethics requires that
the Company's  employees avoid  conflicts of interest,  comply with all laws and
other legal  requirements,  conduct business in an honest and ethical manner and
otherwise act with integrity and in the Company's best interest.

The Board of Directors has also adopted a separate  Code of Business  Ethics for
the CEO and  Senior  Financial  Officers.  This Code of Ethics  supplements  its
general  Code of Business  Ethics and is intended to promote  honest and ethical
conduct, full and accurate reporting,  and compliance with laws as well as other
matters.

The Code of Business Ethics for the CEO and Senior  Financial  Officers is filed
as an exhibit to this Annual  Report on Form 10-KSB for the year ended  December
31, 2005 and is available for review at the SEC's web site at www.sec.gov.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Under  the  securities  laws of the  United  States,  our  directors,  executive
officers,  and any person  holding more than ten percent of our common stock are
required  to  report  their  initial  ownership  of our  common  stock  and  any
subsequent changes in that ownership to the Securities and Exchange  Commission.
Specific due dates for these reports have been  established  and we are required
to disclose any failure to file by these dates during  fiscal year 2005.  To our
knowledge,  all of the filing  requirements  were satisfied on a timely basis in
fiscal year 2005,  except for the initial Form 3 filing of Theodor  Hennig which
was  late.  In making  these  disclosures,  we have  relied  solely  on  written
statements of our directors,  executive  officers and shareholders and copies of
the reports that they filed with the Commission.

ITEM 10.  EXECUTIVE COMPENSATION

The following table provides information about the compensation  received during
the last three fiscal years to the Company's "named executive officers". None of
the Company's other employees received greater than $100,000 in salary and bonus
during the last three fiscal years.

<TABLE>
<CAPTION>

                           SUMMARY COMPENSATION TABLE

                                                                                            LONG-TERM
                                      ANNUAL COMPENSATION                                   COMPENSATION
                                      ----------------------------------------------------- -----------------
NAME AND                              SALARY            BONUS             OTHER             STOCK
PRINCIPAL POSITION          YEAR      ($)               ($)               ($)               OPTIONS
--------------------------- --------- ----------------- ----------------- ----------------- -----------------
<S>                         <C>       <C>               <C>               <C>               <C>
Donald Sampson,
    President (1)(2)        2005      $100,000          --                --                1,400,000
                            2004      --                --                --                --
                            2003      --                --                --                --

James Baker,
    President (3)           2005      --                --                --                --
                            2004      --                --                --                --
                            2003      --                --                --                --
</TABLE>

         (1)      Mr.  Sampson's  service  as  President  and CEO began in March
                  2005.
         (2)      During  2005,  $100,000  of  compensation  to Mr.  Sampson was
                  accrued but was not paid and was owing at December 31, 2005.
         (3)      Mr. Baker's service as President and CEO ended in March 2005.




                                       25
<PAGE>




STOCK OPTION GRANTS

The following table sets forth information concerning the grant of stock options
made during 2005 to each of the Named Officers:

<TABLE>
<CAPTION>
                                                 PERCENT OF                                POTENTIAL REALIZABLE VALUE
                                                TOTAL OPTIONS                              AT ASSUMED ANNUAL RATES
                                                 GRANTED TO                                OF STOCK PRICE APPRECIATION
                                    OPTIONS     EMPLOYEES IN       PRICE      EXPIRATION        FOR OPTION TERM
         NAME                       GRANTED     FISCAL YEAR      PER SHARE      DATE            5%           10%
<S>                               <C>               <C>             <C>        <C>               <C>         <C>
Donald Sampson..................  1,400,000         100.0%          $.50       5/2007            0           0
James Baker (1).................         --             --            --           --           --          --
</TABLE>

-----------------
(1)      No options were  granted to Mr. Baker during the period of Mr.  Baker's
         service as  President  and CEO during 2005.  Subsequent  to his term as
         President  and CEO, Mr. Baker was granted  800,000 stock options in his
         capacity as a director.  The options granted to Mr. Baker as a director
         expired  on the  subsequent  termination  of Mr.  Baker's  service as a
         director.

STOCK OPTION EXERCISES AND YEAR-END OPTION VALUES

The  following  table sets forth  information  concerning  the exercise of stock
options  during 2005 by each of the Named  Officers  and the number and value of
unexercised options held by the Named Officers at the end of 2005:

<TABLE>
<CAPTION>
                                                         NUMBER OF UNEXERCISED  VALUE OF UNEXERCISED
                             SHARES                                   OPTIONS AT                 IN-THE MONEY
OPTIONS
                         ACQUIRED ON       VALUE                    AT FY-END (#)                      AT FY-END
                                                                    -- ------ ---                      -- ------
($)(1)
NAME                     EXERCISE (#)   REALIZED ($)     EXERCISABLE  UNEXERCISABLE    EXERCISABLE UNEXERCISABLE
----                     -------- ---   -------- ---     -----------  -------------    ----------- -------------
<S>                                <C>            <C>    <C>          <C>              <C>         <C>
Donald Sampson........             0              0      1,400,000              --              0             --
James Baker...........             0              0              0              --              0             --
</TABLE>

----------------------
(1)      Based  on the fair  market  value  per  share  of the  Common  Stock at
         year-end,  minus the  exercise  price of  "in-the-money"  options.  The
         closing  price for the  Company's  Common Stock on December 31, 2005 on
         the OTC Bulletin Board was $.13.

DIRECTOR COMPENSATION

The Company  currently does not pay any compensation to its directors other than
reimbursing  costs  related to performing  their  duties.  Directors are granted
stock options  pursuant to the Company's  stock option plan. In connection  with
the adoption of the Company's 2005 Long Term Performance Plan, during 2005, each
of the non-employee directors was granted, on a one-time basis, stock options to
purchase 1,000,000 shares of common stock at $0.50 and expiring in May 2007.

EMPLOYMENT CONTRACTS AND CHANGE OF CONTROL AGREEMENTS

The Company entered into an employment agreement with Donald Sampson,  effective
as of March 1, 2005 for a period ending February 28, 2007, pursuant to which Mr.
Sampson is employed as the  Company's  President  and Chief  Executive  Officer.
Under his  employment  agreement,  Mr.  Sampson is  entitled to a base salary of
$120,000, a bonus equal to 2% of the EBITDA when it becomes positive, which will
be paid quarterly,  and a stock option grant covering 1,400,000 shares of common
stock.  The  employment  agreement  provides that Mr. Sampson may earn up to one
year's salary if terminated without cause.

The  Company  entered  into  a  consulting   agreement  with  Theodor   Hennig's
professional  corporation  pursuant to which Mr.  Hennig serves as the Company's
Chief Financial Officer.  The consulting  agreement was effective  September 27,
2005 and runs through  September 27, 2007. Under the consulting  agreement,  Mr.
Hennig is entitled to a monthly fee of $8,333 plus  expenses and an annual bonus
should certain EDITDA thresholds be met..

Except  for Mr.  Sampson's  employment  agreement  and Mr.  Hennig's  consulting
agreement,  the  Company  does not  presently  have  employment  agreements,  or
agreements  relating  to  changes in  control  of the  company,  with any of its
officers or employees.



                                       26
<PAGE>

The Company expects to enter into employment  agreements with key employees,  to
implement comprehensive compensation arrangements with its officers and to adopt
benefit  plans in the  future at the  discretion  of the Board of  Directors  to
attract and retain officers and key employees.

ITEM 11.  SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS AND  MANAGEMENT AND
RELATED STOCKHOLDER MATTERS

As of April 15, 2006,  56,847,458 shares of common stock were  outstanding.  The
following table sets forth, as of such date,  information with respect to shares
beneficially owned by:

*      each person who is known by the Company to be the  beneficial  owner of
       more than 5% of its outstanding shares of common stock;
*      each of the Company's directors;
*      each of the Company's named executive officers; and
*      all of the Company's directors and executive officers as a group.

Beneficial  ownership has been  determined in accordance  with Rule 13d-3 of the
Exchange Act. Under this rule, shares may be deemed to be beneficially  owned by
more than one person (if,  for example,  persons  share the power to vote or the
power  to  dispose  of  the  shares).  In  addition,  shares  are  deemed  to be
beneficially  owned by a person if the person  has the right to  acquire  shares
(for  example,  upon  exercise of an option)  within 60 days of the date of this
table. In computing the percentage ownership of any person, the amount of shares
includes  the  amount of shares  beneficially  owned by the  person by reason of
these acquisition  rights. As a result,  the percentage of outstanding shares of
any person does not necessarily reflect the person's actual voting power.

To the Company's  knowledge,  except as indicated in the footnotes to this table
and pursuant to applicable  community  property  laws,  the persons named in the
table have sole voting and investment power with respect to all shares of common
stock shown as beneficially owned by them.

<TABLE>
<CAPTION>
                                       Amount and Nature of Beneficial Ownership
                                                          (1)
                                                            Shares Underlying
-------------------------------------  ---------------    Options, Warrants and    ---------------  -----------------
                                                            Other Convertible
          Name and Address                                   Securities (2)                            Percent of
         of Beneficial Owner               Shares                                     Total (2)         Class (2)

<S>                                       <C>                        <C>              <C>                    <C>
Donald Sampson (3)                           5,879,500                  2,900,000        8,779,500              14.7%
Theodor Hennig                                 964,688                  1,500,000        2,464,688               4.2%
Donald Getty (4)                               975,000                  1,750,000        2,725,000               4.7%
Hans-Eberhardt Frenzel                               0                    250,000          250,000                  *
Bert Lavellee (5)                            3,481,495                          0        3,481,495               6.1%
All executive officers and directors
as a group (4 persons)                 ---------------                  6,400,000       14,219,188              22.5%
                                             7,819,188
</TABLE>

*     Less than 1%.
(1)      The persons  named in the table have sole voting and  investment  power
         with respect to all shares of Common Stock shown as beneficially  owned
         by them, subject to community property laws, where applicable,  and the
         information contained in the footnotes to the table.
(2)      Includes shares of Common Stock not outstanding,  but which are subject
         to options,  warrants and other convertible  securities  exercisable or
         convertible  within 60 days of the date of the information set forth in
         this  table,  which are  deemed to be  outstanding  for the  purpose of
         computing the shares held and  percentage of  outstanding  Common Stock
         with respect to the holder of such options.
(3)      Address is 7716 W. Rutter Pkwy,  Seattle,  Washington.  Includes 39,500
         shares held by members of Mr. Sampson's family.
(4)      Shares  indicated as owned by Mr. Getty are held of record by Sunnybank
         Investments Ltd. (5) Shares indicated as owned by Mr. Lavellee are held
         of record by Lavellee Financial Corp.



                                       27
<PAGE>


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

The Company  has,  from time to time,  entered  into  transactions  with various
entities  controlled by the Company's current or former principal  shareholders,
officers and directors.

During 2005, the Company acquired three autoclave units,  with a market value of
$400,000, from Mr. Sampson in exchange for the issuance of 800,000 shares of our
common stock with a market value of $400,000.  The autoclave units were acquired
for use in connection  with the planned upgrade of the Beiseker  facility.  As a
result of the  termination  of operations  and return of control of the Beiseker
facility,  the Company  wrote-down the full book value of the autoclave units at
December 31, 2005.

During 2005,  Mr.  Sampson  advanced to the Company a total of $8,896 to support
operations.  The amounts due to Mr.  Sampson by the Company at December 31, 2005
$120,809.21 are repayable on demand.

Amounts owed to  shareholders  totaled  $773,903 at December 31, 2005.  All such
amounts were  repayable  on demand with no specific  repayment  terms.  In April
2006,  substantially  all amounts owed to  shareholders,  including  accrued but
unpaid salary and expenses,  totaling  $735,649 were converted into an aggregate
of 7,949,428 shares of common stock. The conversion price of such debt was at or
above the market price of the stock on the dates of conversion.

ITEM 13. EXHIBITS

      Exhibit Number        Description of Exhibit

         2.1*     Purchase Agreement by and between Canglobe International, Inc.
                  and Cristallo Engineering
        2.2      Agreement,  dated  as of March  17,  2006,  between  Globetech
                  Environmental,  Inc.,  Hans-Eberhardt Frenzel, Helmut Goldner,
                  Goldner Umwelt & Hygienetechnik  GmbH, and Logmed  Technologie
                  GmbH  (incorporated  by reference to the  respective  exhibits
                  filed with the  Registrants  Current Report on Form 8-K, dated
                  March 17, 2006 and filed with the SEC on April 3, 2006)
         3.1      Articles of  Incorporation  (incorporated  by reference to the
                  respective  exhibits  filed  with  Registrant's   Registration
                  Statement on Form 10-SB filed October 20, 1999)
         3.2      Amended Articles of  Incorporation  (incorporated by reference
                  to   the   respective   exhibits   filed   with   Registrant's
                  Registration Statement on Form 10-SB filed October 20, 1999)
         3.3      Bylaws  (incorporated by reference to the respective  exhibits
                  filed with Registrant's  Registration  Statement on Form 10-SB
                  filed October 20, 1999)
         10.1*    Employment Agreement, between Canglobe International, Inc. and
                  Donald Sampson
         10.2     Canglobe  International,  Inc. 2005  Long-Term  Incentive Plan
                  (incorporated  by reference to the  respective  exhibits filed
                  with  Registrant's  Definitive Proxy Statement on Schedule 14A
                  filed July 11, 2005)
         10.3*    Consulting Agreement between Globetech Environmental, Inc.
         10.4     Globetech  Environmental,  Inc. 2006  Consultant  and Employee
                  Stock  Plan  (incorporated  by  reference  to  the  respective
                  exhibits  filed with the  Registrant's  Current Report on Form
                  8-K,  dated  April 1, 2006 and filed  with the SEC on April 6,
                  2006)
         14.1*    Code of Ethics for CEO and Senior Financial Officers
         21.1*    List of subsidiaries
         31.1*    Section 302 Certification - CEO
         31.2*    Section 302 Certification - CFO
         32.1*    Section 906 Certification - CEO
         32.2*    Section 906 Certification - CFO

*        Filed herewith



                                       28
<PAGE>


ITEM 14.          PRINCIPAL ACCOUNTANT FEES AND SERVICES

FEES PAID TO INDEPENDENT PUBLIC ACCOUNTANTS


The  following is a summary of the fees billed to us by Robison,  Hill & Company
for  professional  services  rendered for the years ended  December 31, 2005 and
2004:


                                   Fiscal 2005           Fiscal 2004
                                   -----------           -----------
   Audit fees                              $     10,000         $      5,498
   Audit related fees                                --                   --
   Tax fees                                         193                  143
   All other fees                                    --                   --
                                   --------------------- --------------------
       Total                               $     10,193          $     5,641
                                   ===================== ====================

AUDIT FEES - Consists of fees billed for professional  services rendered for the
audits of our financial statements,  reviews of our interim financial statements
included in quarterly  reports,  services  performed in connection  with filings
with the Securities & Exchange  Commission and related comfort letters and other
services  that are normally  provided by Robison,  Hill & Company in  connection
with statutory and regulatory filings or engagements.

TAX FEES - Consists of fees billed for professional services for tax compliance,
tax  advice  and tax  planning.  These  services  include  assistance  regarding
federal,  state and local tax compliance  and  consultation  in connection  with
various transactions and acquisitions.

AUDIT  COMMITTEE  PRE-APPROVAL OF AUDIT AND  PERMISSIBLE  NON-AUDIT  SERVICES OF
INDEPENDENT AUDITORS

The Audit Committee is to pre-approve all audit and non-audit  services provided
by the independent  auditors.  These services may include audit services,  audit
related  services,  tax  services  and  other  services  as  allowed  by  law or
regulation.  Pre-approval  is  generally  provided  for up to one  year  and any
pre-approval  is detailed as to the  particular  service or category of services
and is generally  subject to a specifically  approved  amount.  The  independent
auditors  and  management  are  required  to  periodically  report  to the Audit
Committee regarding the extent of services provided by the independent  auditors
in accordance  with this  pre-approval  and the fees incurred to date. The Audit
Committee may also pre-approve particular services on a case-by-case basis.




























                                       29
<PAGE>










                          GLOBETECH ENVIRONMENTAL, INC.
                     (FORMERLY CANGLOBE INTERNATIONAL, INC.)

                          (A DEVELOPMENT STAGE COMPANY)

                                       -:-

                          INDEPENDENT AUDITOR'S REPORT


                           DECEMBER 31, 2005 AND 2004







<PAGE>






                                    CONTENTS


                                                                           Page

Independent Auditor's Report...............................................F - 1

Balance Sheets
  December 31, 2005 and 2004...............................................F - 3

Statements of Operations for the years ended
  December 31, 2005 and 2004 and for the Cumulative Period from
  December 1, 2001 (inception of development stage) to December 31, 2005...F - 4

Statement of Stockholders' Equity
  Since April 7, 1997 (inception) to December 31, 2005.....................F - 5

Statements of Cash Flows for the years ended
  December 31, 2005 and 2004 and for the Cumulative Period from
  December 1, 2001 (inception of development stage) to December 31, 2005...F - 7

Notes to Financial Statements..............................................F - 8






















<PAGE>













                          INDEPENDENT AUDITOR'S REPORT


Globetech Environmental, Inc.
(Formerly Canglobe International, Inc.)
(A Development Stage Company)

         We  have  audited  the   accompanying   balance   sheets  of  Globetech
Environmental,  Inc. (a  development  stage company) as of December 31, 2005 and
2004 and the related  statements of operations  and cash flows for the two years
then ended and the  cumulative  since  December 1, 2001 to December 31, 2005 and
the statement of stockholders' equity from April 7, 1997 (inception) to December
31, 2005.  These financial  statements are the  responsibility  of the Company's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audit.

         We conducted our audits in accordance  with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain  reasonable  assurance about whether the
financial  statements  are free of  material  misstatement.  An  audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in  all  material   respects,   the  financial  position  of  Globetech
Environmental,  Inc. (a  development  stage company) as of December 31, 2005 and
2004 and the  results of its  operations  and its cash flows for the years ended
December 31, 2005 and 2004 and the cumulative since December 1, 2001 to December
31, 2005 in conformity  with  accounting  principles  generally  accepted in the
United States of America.






                                      F - 1

<PAGE>





         The accompanying  financial statements have been prepared assuming that
the Company  will  continue as a going  concern.  As  discussed in Note 1 to the
financial  statements,  the Company has suffered recurring losses from operation
and has a deficit in stockholders'  equity as of December 31, 2005 that together
raise  substantial  doubt  about its  ability to  continue  as a going  concern.
Management's  plans in regard to these matters also are described in Note 1. The
financial   statements   do  not  include  any   adjustments   relating  to  the
recoverability  and  classification  of asset carrying amounts or the amount and
classification  of  liabilities  that  might  result  from the  outcome  of this
uncertainty.

                                                    Respectfully submitted,


                                                    /s/ Robison, Hill & Co,
                                                    Certified Public Accountants

Salt Lake City, Utah
April 17, 2006

























                                      F - 2

<PAGE>





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


<TABLE>
<CAPTION>
                                                                        December 31,
                                                            -------------------------------------
                                                                  2005                2004
                                                            -----------------   -----------------
Assets
<S>                                                         <C>                 <C>
   Cash and cash equivalents                                $           1,219   $               -
                                                            -----------------   -----------------
      Total Current Assets                                              1,219                   -
                                                            -----------------   -----------------

      Total Assets                                          $           1,219   $               -
                                                            =================   =================

Liabilities and Shareholders' Equity
Liabilities
   Accounts payable and accrued liabilities                 $          80,845   $         254,110
   Due to shareholders                                                733,903              12,994
                                                            -----------------   -----------------
      Total Current Liabilities                                       814,748             267,104
                                                            -----------------   -----------------
      Total Liabilities                                               814,748             267,104
                                                            -----------------   -----------------

Stockholders' Equity
  Common Stock, Par value $.001, Authorized
    100,000,000 shares, Issued 48,073,030 at
    December 31, 2005 and 18,303,462 at
    December 31, 2004                                                  48,073              18,303
  Paid-In Capital                                                   2,374,342             508,396
  Retained Deficit                                                   (273,432)           (273,432)
  Deficit Accumulated During the
     Development Stage                                             (2,962,512)           (520,371)
                                                            -----------------   -----------------
     Total Stockholders' Equity                                      (813,529)           (267,104)
                                                            -----------------   -----------------
       Total Liabilities and Stockholders' Equity           $           1,219   $               -
                                                            =================   =================
</TABLE>



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

                                      F - 3

<PAGE>



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

<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                    For the Year Ended              Inception of
                                                                       December 31,                 Development
                                                          --------------------------------------
                                                                 2005               2004               Stage
                                                          ------------------ ------------------- ------------------
<S>                                                       <C>                <C>                 <C>
Revenues                                                  $                - $                 - $                -

Expenses
   Consulting                                                        236,637             223,376            460,013
   General and Administrative                                        192,264              15,312            489,006
                                                          ------------------ ------------------- ------------------
      Total Expenses                                                 428,901             238,688            949,019
                                                          ------------------ ------------------- ------------------

Other Income (Expense)
   Interest Expense                                                 (247,858)                  -           (247,858)
   Currency Exchange                                                    (285)                  -               (285)
   Write-Down of Assets                                             (400,000)                  -           (400,000)
   Write-Down of License Rights                                     (101,276)                  -           (101,276)
   Loss on Investments                                            (1,558,485)                  -         (1,558,485)
   Forgiveness of Debt                                               294,664                (253)           294,411
                                                          ------------------ ------------------- ------------------

Total Other Income (Expense)                                      (2,013,240)               (253)        (2,013,493)
                                                          ------------------ ------------------- ------------------

Net Loss                                                  $       (2,442,141)$          (238,941)$       (2,962,512)
                                                          ================== =================== ==================

Earnings per Share, Basic & Diluted
Loss Per Share                                            $           (0.06) $            (0.01)
                                                          ================== ===================

Weighted Average Shares Outstanding                               44,435,150          18,303,462
                                                          ================== ===================
</TABLE>





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

                                      F - 4

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
              SINCE APRIL 7, 1997 (INCEPTION) TO DECEMBER 31, 2005

<TABLE>
<CAPTION>
                                                                                                                     Cumulative
                                                                                                                        Since
                                                                                                                     December 1,
                                                                                                                        2001
                                                                                                                    Inception of
                                                            Common Stock              Paid-In       Retained         Development
                                                       Shares         Par Value       Capital        Deficit            Stage
                                                   ---------------  -------------- ------------- ---------------  -----------------
<S>                                                <C>              <C>            <C>           <C>              <C>
Balance at April 7, 1997(inception)                              -  $            - $           - $             -  $               -

April 18, 1997 Issuance of  Stock
  for payment of accounts payable                          675,000             675         8,537               -                  -
Net Loss                                                         -               -             -          (1,100)                 -
                                                   ---------------  -------------- ------------- ---------------  -----------------

Balance at December 31, 1997                               675,000             675         8,537          (1,100)                 -

Retroactive Adjustment for 6:1
Stock Split February 24, 2005                            3,375,000           3,375        (3,375)              -
                                                   ---------------  -------------- ------------- ---------------  -----------------

Restated Balance at December 31, 1997                    4,050,000           4,050         5,162          (1,100)

Net Loss                                                         -               -             -            (100)                 -
                                                   ---------------  -------------- ------------- ---------------  -----------------

Balance at December 31, 1998                             4,050,000           4,050         5,162          (1,200)                 -

Net Loss                                                         -               -             -          (4,086)                 -
                                                   ---------------  -------------- ------------- ---------------  -----------------

Balance at December 31, 1999                             4,050,000           4,050         5,162          (5,286)                 -

March 31, 2000 Issuance of Stock
  for payment of accounts payable                        8,250,000           8,250         2,750               -                  -
Net Loss                                                         -               -             -        (252,026)
                                                   ---------------  -------------- ------------- ---------------  -----------------

Balance at December 31, 2000                            12,300,000          12,300         7,912        (257,312)                 -

Net Loss                                                         -               -             -         (16,120)            (4,313)
                                                   ---------------  -------------- ------------- ---------------  -----------------

Balance at December 31, 2001                            12,300,000          12,300         7,912        (273,432)            (4,313)

June 24, 2002, Shares Issued for
   Services                                              1,800,042           1,800       224,459               -                  -

Net Loss                                                         -               -             -               -           (228,459)
                                                   ---------------  -------------- ------------- ---------------  -----------------

Balance at December 31, 2002                            14,100,042          14,100       232,371        (273,432)          (232,772)
                                                   ---------------  -------------- ------------- ---------------  -----------------
</TABLE>

                                     F - 5


<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
              SINCE APRIL 7, 1997 (INCEPTION) TO DECEMBER 31, 2005
                                   (Continued)

<TABLE>
<CAPTION>
                                                                                                                     Cumulative
                                                                                                                        Since
                                                                                                                     December 1,
                                                                                                                        2001
                                                                                                                    Inception of
                                                             Common Stock              Paid-In       Retained        Development
                                                        Shares        Par Value        Capital        Deficit           Stage
                                                    --------------  -------------- --------------- -------------  -----------------
<S>                                                 <C>             <C>            <C>             <C>            <C>
October 31, 2003, Stock issued for                       4,203,420  $        4,203 $       276,025 $            - $                -
   Conversion of debt

Net Loss                                                         -               -               -                -         (48,658)
                                                    --------------  -------------- --------------- -------------  -----------------

Balance at December 31, 2003                            18,303,462          18,303         508,396      (273,432)          (281,430)
                                                    --------------  -------------- --------------- -------------  -----------------

Net Loss                                                         -               -               -             -           (238,941)
                                                    --------------  -------------- --------------- -------------  -----------------

Balance at December 31, 2004                            18,303,462          18,303         508,396      (273,432)          (520,371)

February 2, 2005, Stock Issued for Debt                 26,969,568          26,970         220,888             -                  -
February 2, 2005 Beneficial Conversion                           -               -         247,858             -                  -
June 6, 2005, Stock Issued for Equipment                   800,000             800         399,200             -                  -
June 20, 2005, Stock Issued for Acquisition              2,000,000           2,000         998,000             -                  -

Net Loss                                                         -               -               -             -         (2,442,141)
                                                    --------------  -------------- --------------- -------------  -----------------

Balance at December 31, 2005                            48,073,030  $       48,073 $     2,374,342 $    (273,432) $      (2,962,512)
                                                    ==============  ============== =============== =============  =================
</TABLE>






   The accompanying notes are an integral part of these financial statements

                                      F - 6

<PAGE>



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


<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                     For the Years Ended            Inception of
                                                                        December 31,                Development
                                                             -----------------------------------
                                                                   2005               2004             Stage
                                                             -----------------  ---------------- ------------------
<S>                                                          <C>                <C>              <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Loss for the period                                      $      (2,442,141) $       (238,941)$       (2,962,512)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
      Depreciation and Amortization                                          -                 -              3,088
      Common Stock Issued for Services                                       -                 -            226,259
      Write-Down of Assets                                             400,000                 -            400,000
      Write-Down of Licensing Rights                                   101,276                 -            101,276
      Interest Expense from Beneficial Conversion                      247,858                 -            247,858
      Loss on Investment                                             1,558,485                 -          1,558,485
Changes in Operating Assets and Liabilities
   Increase (Decrease) in Accounts Payable                            (173,265)          228,484             63,446
                                                             -----------------  ---------------- ------------------
  Net Cash Used in operating activities                               (307,787)          (10,457)          (362,100)
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
   Purchase of property and equipment                                        -                 -                  -
                                                             -----------------  ---------------- ------------------
Net cash provided by investing activities                                    -                 -                  -
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
   Proceeds from shareholder advances                                  309,006            10,457            362,578
                                                             -----------------  ---------------- ------------------
Net Cash Provided by Financing Activities                              309,006            10,457            362,578
                                                             -----------------  ---------------- ------------------
Net (Decrease) Increase in
  Cash and Cash Equivalents                                              1,219                 -                478
Cash and Cash Equivalents at Beginning of Period                             -                 -                741
                                                             -----------------  ---------------- ------------------
Cash and Cash Equivalents at End of Period                   $           1,219  $              - $            1,219
                                                             =================  ================ ==================

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


SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Note Payable Converted to Stock                              $        247,858  $        280,228 $           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.

                                      F - 7

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004

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  $3,235,944  for the  period  from  April 7, 1997  (inception)  to
December  31,  2005,  has no source of  revenue,  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.
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.

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


                                      F - 8

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

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

Organization and Basis of Presentation (continued)

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. to reflect the
new focus of the Company.  On January 16, 2003, the Company  changed its name to
Canglobe International, Inc. On August 12, 2005, the Company changed its name to
Globebtech 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.

         Subsequently,  the  Company  has  decided  not to  pursue  the  license
agreement with BREP and AWRD and has decided that in the absence of research and
development  efforts the value of the  technology  is $0. Thus,  the  intangible
assets were written-down $101,276.

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,  of which Beiseker  Envirotech,  Inc. and CW
Remediation are dormant.

         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.



                                      F - 9

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

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

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.

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 December 31, 2005 and 2004.

Foreign Currency Translation

         The Company's primary functional currency is the U.S. dollar.  Monetary
assets and liabilities  resulting from  transactions  with foreign suppliers and
customers  are  translated  at year end exchange  rates while income and expense
accounts are  translated at average  rates in effect during the year.  Gains and
losses on translations are included in income.

Reclassifications

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


                                     F - 10

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

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

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.

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 December  31,  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.





                                     F - 11

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

NOTE 3 - COMMITMENTS (Continued)

The Company entered into an employment agreement with Donald Sampson,  effective
as of March 1, 2005 for a period ending February 28, 2007, pursuant to which Mr.
Sampson is employed as the  Company's  President  and Chief  Executive  Officer.
Under his  employment  agreement,  Mr.  Sampson is  entitled to a base salary of
$120,000, a bonus equal to 2% of the EBITDA when it becomes positive, which will
be paid quarterly,  and a stock option grant covering 1,400,000 shares of common
stock.  The  employment  agreement  provides that Mr. Sampson may earn up to one
year's salary if terminated  without cause. As of December 31, 2005 and 2004, $0
and $0 in salary has been paid and $100,000 and $0 has been accrued.

            The  Company  entered  into  a  consulting  agreement  with  Theodor
Hennig's  professional  corporation  pursuant to which Mr.  Hennig serves as the
Company's  Chief  Financial  Officer.  The  consulting  agreement  was effective
September  27, 2005 and runs through  September 27, 2007.  Under the  consulting
agreement,  Mr.  Hennig is entitled to a monthly fee of $8,333 plus expenses and
an annual bonus should certain EBITDA thresholds be met. As of December 31, 2005
and 2004,  $0 and $0 in fees and expenses have been paid and $40,258 and $0 have
been accrued.

            Except  for Mr.  Sampson's  employment  agreement  and Mr.  Hennig's
consulting agreement, the Company does not presently have employment agreements,
or  agreements  relating to changes in control of the  company,  with any of its
officers or employees.

            The Company  expects to enter into  employment  agreements  with key
employees,  to  implement  comprehensive   compensation  arrangements  with  its
officers and to adopt benefit plans in the future at the discretion of the Board
of Directors to attract and retain officers and key employees.

NOTE 4 - SHAREHOLDER ADVANCES

            Shareholders of the Company have advanced the Company money in order
to pay general and  administrative  expenses.  As of December 31, 2005 and 2004,
the Company owed $733,903 and $12,994, respectively, relating to these notes.

NOTE 5 - 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 share


                                     F - 12

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

NOTE 5 - STOCK SPLIT (Continued)

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.  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.

NOTE 6 - ACQUISITION PLANS

            On April 8, 2005,  the Company  signed a  conditional  agreement  to
acquire from  Cristallo  Holdings,  Inc. a medical waste  treatment  facility in
Beiseker,  Albert, Canada. The agreement on the Beiseker facility provided for a
purchase price of $2,000,000  (Canadian) plus 2,000,000  shares of common stock,
the cash  portion  of the price  payable in  installments  with a portion of the
price financed by the seller and a portion financed by mortgage financing, to be
provided by a third party lender. An integral term of the Beiseker  acquisition,
the  seller,  Cristallo  Holdings,  Inc.,  agreed  to  deliver  to  the  Company
technology and marketing rights related to a medical waste treatment  technology
developed by H. Goldner ( the "Logmed Technologies").  In June 2005, pending the
acquisition  by  Cristallo  Holdings,  Inc. of the Logmed  Technologies  and the
transfer  of the same to the  Company,  the  Company  took  control of and began
operating the Beiseker  facility.  In December 2005, with the acquisition of the
Logmed Technologies still pending,  the terms of the acquisition of the Beiseker
facility were further amended.

            In March 2006, the Company determined that Cristallo  Holdings,  Inc
had  defaulted  on its  obligations  to acquire and  transfer to the Company the
Logmed  Technologies.   Following  such  determination  and  failed  efforts  to
negotiate  revised  terms  with  Cristallo,  the  Company  acquired  the  Logmed
Technologies  directly from H. Goldner and affiliates in March 2006 and returned
the facility to Cristallo Holdings, Inc.

            With the  direct  acquisition  of the  Logmed  Technologies  and the
termination of operations of the Beiseker  facility,  the Company plans to focus
its  operations  during  2006 on the  marketing,  sales  and  leasing  of Logmed
machines.







                                     F - 13

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

NOTE 7 - 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 at $0.05 to $0.07 per share.  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 to $0.07, the Company has recognized interest
expense of $247,858 in connection with this beneficial conversion.

            Pursuant  to  the  conditional  purchase  agreement  with  Cristallo
Holdings  Inc.  (see Note 6  above),  the  Company  issued  2,000,000  shares to
Cristallo at fair market value of $.50 per share.

            In order to facilitate upgrade to the Beiseker facility, the Company
negotiated  from a company  affiliated 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.  The  Company
decided  because of the  uncertainty of use of the equipment in the future,  the
equipment was written down $400,000.

NOTE 8 - STOCK OPTIONS

            Pursuant to a year 2003 and 2005 Stock Option and Compensation Plan,
grants of shares can be made to employees, officers, directors,  consultants and
independent contractors of non- qualified stock options as well as for the grant
of stock  options to employees  that qualify as incentive  stock  options  under
Section  422 of the  Internal  Revenue  Code of 1986 or as  non-qualified  stock
options.  The Plan is  administered by the Board of Directors  ("Board"),  which
has, subject to specified  limitations,  the full authority to grant options and
establish the terms and conditions for vesting and exercise thereof.

            In order to exercise an option  granted under the Plan, the optionee
must pay the full exercise price of the shares being  purchased.  Payment may be
made either:  (i) in cash; or (ii) at the discretion of the Board, by delivering
shares of common stock  already  owned by the  optionee  that have a fair market
value equal to the applicable  exercise price; or (iii) with the approval of the
Board, with monies borrowed from the Company.


                                     F - 14

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

NOTE 8 - STOCK OPTIONS (Continued)

            Subject to the foregoing,  the Board has broad  discretion to decide
the terms and conditions applicable to options granted under the Plan. The Board
may at any  time  discontinue  granting  options  under  the  Plan or  otherwise
suspend,  amend or terminate  the Plan and may, with the consent of an optionee,
make such  modification of the terms and conditions of such optionee's option as
the Board shall deem advisable.

            During 2005, the Company granted its President an option to purchase
1,400,000  shares  of its  common  stock at an  exercise  price of $0.50  for an
exercise  period  expiring May 2007. The fair market price per share at the date
the options were granted was $0.13. No compensation expense was recorded.

            During  2005,  the Company  granted its  Officers  and  Directors an
option to purchase  6,600,00  shares of its common stock at an exercise price of
$0.50 for an exercise period  expiring  December 2005 through May 2007. The fair
market  price per share at the date the  options  were  granted  was  $0.13.  No
compensation expense was recorded.

            The  following  table  sets  forth  the  options  outstanding  as of
December 31, 2005 and 2004:

<TABLE>
<CAPTION>
                                                          December 31,        Weighted Average
                                                              2005             Exercise Price
                                                        -----------------     -----------------
<S>                                                     <C>                   <C>
Options Outstanding, Beginning of year                                  -     $               -
            Granted                                             8,000,000                  0.50
            Expired                                            (4,600,000)                 0.50
            Exercised                                                   -                     -
                                                        -----------------     -----------------
Options Outstanding, End of year                                3,400,000                  0.50
                                                        =================     =================
Exercise price for options outstanding, end of period   $            0.50     $               -
                                                        =================     =================
</TABLE>

         The following table summarizes  information  concerning outstanding and
exercisable common stock options under the 2005 Plan at December 31, 2005:

<TABLE>
<CAPTION>
                                         Remaining       Weighted       Number of        Weighted
                                        Contractual       Average        Options          Average
                         Options           Life          Exercise       Currently        Exercise
  Exercise Prices      Outstanding      (in years)         Price       Exercisable         Price
-------------------- ---------------- -------------   -------------  ---------------  -----------
<S>                  <C>              <C>             <C>            <C>              <C>
       $ 0.50               3,400,000      1.41           $ 0.50           3,400,000      $ 0.50
</TABLE>



                                     F - 15

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

NOTE 9 - LOSS ON INVESTMENTS

            The Company  operated the Beiseker  facility during 2005 pursuant to
the terms of the proposed  acquisition of the facility.  Subsequent to year-end,
the Company determined that the seller of the facility,  Cristallo Holdings, had
not performed fully under the terms of the acquisition  agreement  regarding the
Beiseker facility and determined to cease operation of the Beiseker facility and
to return control of those facilities to Cristallo Holdings.  As a result of the
cessation of  operation  of the  Beiseker  facility and return of control of the
same  to  Cristallo  Holdings  due to non-  performance  under  the  acquisition
agreement,  the Company has excluded all revenues and expenses  associated  with
the  operation  of the  Beiseker  facility  from its  consolidated  Statement of
Operations.  Moreover,  the Company  recorded all amounts invested in connection
with the proposed acquisition, upgrade and operation of the Beiseker facility as
an investment that was written off as an investment loss during 2005.

NOTE 10 - SUBSEQUENT EVENTS

            On March  17,  2006,  Globetech  Environmental,  Inc.  ("Globetech")
entered  into an  agreement  with  Hans-Eberhardt  Frenzel  ("Frenzel"),  Helmut
Goldner  ("Goldner"),  Goldner Umwelt & Hygienetechnik GmbH ("GUH"),  and Logmed
Technologie  GmbH ("Logmed  Technologie")  pursuant to which Globetech agreed to
purchase:

         o        for a purchase price of 406,000 Euro (approximately $486,000),
                  from  Frenzel  and  Goldner,  100%  of  the  stock  of  Logmed
                  Technologie;
         o        for a purchase price of 34,000 Euro  (approximately  $40,000),
                  from Frenzel and Goldner,  an operating  Logmed hospital waste
                  treatment  machine (a "Logmed") and existing  contract  rights
                  pursuant to which the Logmed unit is currently operated at the
                  Halle clinic medical facility in Wittenberg, Germany; and
         o        for a purchase price of 660,000 Euro (approximately $790,000),
                  from  Goldner,   a  portfolio  of  patents   constituting  the
                  underlying Logmed technology.

             The agreement  also provides that Globetech will pay to GUH 400,000
Euro  (approximately  $478,000) for annulment of an existing  license  agreement
with  Logmed  and  assignment  to Logmed of the  rights of GUH with  respect  to
operating rights at the Halle clinic medical facility.

        The aggregate sums payable by Globetech  under the agreement,  1,500,000
Euro  (approximately  $1,795,000),  are payable in  installments  as follows:

o        50,000 Euro is credited for payments  previously  made by a third party
         on the request of Globetech;
o        150,000 Euro is due March 23, 2006;

                                     F - 16

<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2005 AND 2004
                                   (Continued)

NOTE 10 - SUBSEQUENT EVENTS (Continued)

o        500,002  Euro is due  December 31, 2006;
o        434,000  Euro is due  December  31,  2007;  and
o        365,998 Euro is due December 31, 2008.

           In  addition  to  the  installments   payable  under  the  agreement,
Globetech  has  agreed to pay to Goldner  an  ongoing  fee with  respect to each
Logmed unit sold by Globetech in the amount of 10,000 Euro, and 25,000 Euro with
respect  to Logoil  units sold by  Globetech,  with the fee  terminating  on the
earlier  of  payment  of an  aggregate  of  2,500,000  Euro or March  31,  2011;
provided, however, that the term of the fee payment will be extended until March
31, 2014 with respect to units subject to purchase contracts or options in place
at March 31, 2011 if delivery of units occurs on or before March 31, 2014. Where
units are sold in  installments,  the fee  payable to  Goldner  is payable  upon
receipt of the first installment.  With respect to units operated or licensed by
Globetech  or its  affiliates,  Globetech  will  pay a fee per  kilo or liter of
material processed in lieu of the per unit fee.

            In April 2006, the Company adopted the Globetech Environmental, Inc.
2006 Consultant and Employee Stock Plan pursuant to which 5,000,000  shares were
reserved  for  issuance as payment for  services to the  Company.  Also in April
2006,  the Company  issued an aggregate  of 3,789,688  shares of common stock in
settlement of $303,175 of salary,  fees and expenses owed,  including  2,964,688
shares issued to the Company's  principal  officers in settlement of $237,175 of
accrued but unpaid salary, fees and expenses.

            In April  2006,  the  Company  agreed to issue  4,984,740  shares to
extinguish $498,474 due to several shareholders of the Company.

                                     F - 17



<PAGE>





                                   SIGNATURES


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized

                                           GLOBETECH ENVIRONMENTAL, INC.

                                           By: /s/ Donald Sampson*
                                           Donald Sampson, President

Date: May  17, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  Registrant and
in the capacities and on the dates indicated.

         Signature                 Title                         Date


/s/ Donald Sampson*       President and Director                 May  17, 2006
-------------------------
Donald Sampson            (Principal Executive Officer)


/s/Theodor Hennig________ Chief Financial Officer and Director   May  17, 2006
-----------
Theodor Hennig            (Principal Financial and Accounting
                          Officer)

/s/Donald Getty*          Director                               May  17, 2006
-------------------------
Donald Getty

/s/Hans-Eberhart Frenzel* Director                               May  17, 2006
-------------------------
Hans-Eberhardt Frenzel







* Signed  by  Theodor  Hennig on behalf  of  Donald  Sampson,  Donald  Getty and
Hans-Eberhart Frenzel, as approved by Board of Directors on April 27, 2006.


                                       30


EXHIBIT 31.1
                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I, Donald Sampson,  Chief Executive Officer of Globetech  Environmental
         Inc., certify that:

     1.  I have  reviewed  this  annual  report  on  Form  10-KSB  of  Globetech
         Environmental, Inc.;

     2.  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this  report,  fairly  present in all material
         respects the financial condition,  results of operations and cash flows
         of the small business  issuer as of, and for, the periods  presented in
         this report;

     4.  The  small  business  issuer's  other  certifying  officer  and  I  are
         responsible for  establishing and maintaining  disclosure  controls and
         procedures  (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e))
         and internal  control over financial  reporting (as defined in Exchange
         Act Rules  13a-15(f) and 15d-15(f))  for the small business  issuer and
         have:

         a.   Designed such disclosure  controls and procedures,  or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  to ensure that material  information relating to the
              small business issuer, including its consolidated subsidiaries, is
              made known to us by others  within  those  entities,  particularly
              during the period in which this report is being prepared;

         b.   Designed such internal control over financial reporting, or caused
              such  internal  control  over  financial  reporting to be designed
              under our supervision,  to provide reasonable  assurance regarding
              the  reliability  of financial  reporting and the  preparation  of
              financial  statements  for external  purposes in  accordance  with
              generally accepted accounting principles;

         c.   Evaluated  the   effectiveness  of  the  small  business  issuer's
              disclosure  controls and  procedures  and presented in this report
              our conclusions about the effectiveness of the disclosure controls
              and procedures, as of the end of the period covered by this report
              based on such evaluation; and

         d.   Disclosed in this report any change in the small business issuer's
              internal control over financial reporting that occurred during the
              small  business  issuer's  most recent  fiscal  quarter (the small
              business  issuer's  fourth fiscal quarter in the case of an annual
              report) that has materially  affected,  or is reasonably likely to
              materially  affect,  the small business  issuer's internal control
              over financial reporting; and

     5.  The  small  business  issuer's  other  certifying  officer  and I  have
         disclosed, based on our most recent evaluation of internal control over
         financial  reporting,  to the small business  issuer's auditors and the
         audit  committee of the small business  issuer's board of directors (or
         persons performing the equivalent functions):

         a.   All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are  reasonably  likely to  adversely  affect  the small  business
              issuer's  ability  to  record,   process,   summarize  and  report
              financial information; and

         b.   Any fraud,  whether or not material,  that involves  management or
              other employees who have a significant  role in the small business
              issuer's internal control over financial reporting.

Date:    May 17, 2006

/s/Donald Sampson*
DONALD SAMPSON
Chief Executive Officer
(Principal Executive Officer)





                                                                    EXHIBIT 31.2
                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I,  THEODOR   HENNIG,   Principal   Accounting   Officer  of  Globetech
         Environmental, Inc., certify that:

     1.  I have  reviewed  this  annual  report  on  Form  10-KSB  of  Globetech
         Environmental, Inc.;

     2.  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this  report,  fairly  present in all material
         respects the financial condition,  results of operations and cash flows
         of the small business  issuer as of, and for, the periods  presented in
         this report;

     4.  The  small  business  issuer's  other  certifying  officer  and  I  are
         responsible for  establishing and maintaining  disclosure  controls and
         procedures  (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e))
         and internal  control over financial  reporting (as defined in Exchange
         Act Rules  13a-15(f) and 15d-15(f))  for the small business  issuer and
         have:

         a.   Designed such disclosure  controls and procedures,  or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  to ensure that material  information relating to the
              small business issuer, including its consolidated subsidiaries, is
              made known to us by others  within  those  entities,  particularly
              during the period in which this report is being prepared;

         b.   Designed such internal control over financial reporting, or caused
              such  internal  control  over  financial  reporting to be designed
              under our supervision,  to provide reasonable  assurance regarding
              the  reliability  of financial  reporting and the  preparation  of
              financial  statements  for external  purposes in  accordance  with
              generally accepted accounting principles;

         c.   Evaluated  the   effectiveness  of  the  small  business  issuer's
              disclosure  controls and  procedures  and presented in this report
              our conclusions about the effectiveness of the disclosure controls
              and procedures, as of the end of the period covered by this report
              based on such evaluation; and

         d.   Disclosed in this report any change in the small business issuer's
              internal control over financial reporting that occurred during the
              small  business  issuer's  most recent  fiscal  quarter (the small
              business  issuer's  fourth fiscal quarter in the case of an annual
              report) that has materially  affected,  or is reasonably likely to
              materially  affect,  the small business  issuer's internal control
              over financial reporting; and

     5.  The  small  business  issuer's  other  certifying  officer  and I  have
         disclosed, based on our most recent evaluation of internal control over
         financial  reporting,  to the small business  issuer's auditors and the
         audit  committee of the small business  issuer's board of directors (or
         persons performing the equivalent functions):

         a.   All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are  reasonably  likely to  adversely  affect  the small  business
              issuer's  ability  to  record,   process,   summarize  and  report
              financial information; and

         b.   Any fraud,  whether or not material,  that involves  management or
              other employees who have a significant  role in the small business
              issuer's internal control over financial reporting.

Date:    May 17, 2006

/s/Theodor Hennig
THEODOR HENNIG
Chief Financial Officer and Director
(Principal Financial and Accounting Officer)



                                                                    EXHIBIT 32.1

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

         In connection with the Annual Report of Globetech  Environmental,  Inc.
(the "Company") on Form 10-KSB for the period ending December 31, 2005, as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I, Donald Sampson, Chief Executive Officer of the Company,  certify, pursuant to
18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the  Sarbanes-Oxley  Act
of 2002, that:

     (1) The Report fully  complies  with the  requirements  of Section 13(a) or
     15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
     material respects,  the financial condition and result of operations of the
     Company.


/s/Donald Sampson*
DONALD SAMPSON
Chief Executive Officer
(Principal Executive Officer)
May 17, 2006



     A signed  original of this  written  statement  required by Section 906, or
     other document  authenticating,  acknowledging,  or otherwise  adopting the
     signature that appears in typed form within the electronic  version of this
     written  statement has been provided to the Company and will be retained by
     the Company and furnished to the Securities and Exchange  Commission or its
     staff upon  request.  The foregoing  certifications  are  accompanying  the
     Company's Form 10-KSB solely pursuant to section 906 of the  Sarbanes-Oxley
     Act of 2002  (subsections (a) and (b) of section 1350,  chapter 63 of title
     18,  United  States Code) and is not being filed as part of the Form 10-KSB
     or as a separate disclosure document.





                                                                    EXHIBIT 32.2

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

         In connection with the Annual Report of Globetech Environmentall,  Inc.
(the "Company") on Form 10-KSB for the period ending December 31, 2005, as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I, Theodor Hennig, Chief Financial Officer of the Company,  certify, pursuant to
18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the  Sarbanes-Oxley  Act
of 2002, that:

     (1) The Report fully  complies  with the  requirements  of Section 13(a) or
     15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
     material respects,  the financial condition and result of operations of the
     Company.


/s/Theodor Hennig
THEODOR HENNIG
Chief Financial Officer and Director
(Principal Financial and Accounting Officer)
May 17, 2006



     A signed  original of this  written  statement  required by Section 906, or
     other document  authenticating,  acknowledging,  or otherwise  adopting the
     signature that appears in typed form within the electronic  version of this
     written  statement has been provided to the Company and will be retained by
     the Company and furnished to the Securities and Exchange  Commission or its
     staff upon  request.  The foregoing  certifications  are  accompanying  the
     Company's Form 10-KSB solely pursuant to section 906 of the  Sarbanes-Oxley
     Act of 2002  (subsections (a) and (b) of section 1350,  chapter 63 of title
     18,  United  States Code) and is not being filed as part of the Form 10-KSB
     or as a separate disclosure document.