<PAGE>   1
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended March 31, 1999

                                       OR

              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
              For the transition period from ________ to ________


                     SUMMIT ENVIRONMENTAL CORPORATION, INC.
             (Exact name of registrant as specified in its charter)


   Texas                           333-48659                         73-1537206
--------------              ------------------------               -------------
 (state of                  (Commission File Number)               (IRS Employer
incorporation)                                                     I.D. Number)


                           414 East Loop 281, Suite 7
                               Longview, TX 75605
                                  800-522-7841
             -------------------------------------------------------
             (Address and telephone number of registrant's principal
               executive offices and principal place of business)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve 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 [ ]

         As of March 31, 1999, there were 7,439,694 shares of the Registrant's
Common Stock, par value $0.001 per share, outstanding.

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

<PAGE>   2



                         PART I - FINANCIAL INFORMATION


ITEM 1.           FINANCIAL STATEMENTS

                     SUMMIT ENVIRONMENTAL CORPORATION, INC.
                                  BALANCE SHEET

        For the three months ended March 31, 1999 and March 31, 1998 and
                   the twelve months ended December 31, 1998

<TABLE>
<CAPTION>
                                                         March 31, 1999     March 31, 1998     December 31, 1998
                         ASSETS                             Unaudited          Unaudited           Audited
                                                         ---------------    ---------------    ---------------
<S>                                                      <C>                <C>                <C>      
CURRENT ASSETS
   Cash                                                  $       327,840    $       168,626    $       744,704
   Accounts Receivable                                           126,305             93,162            173,456
   Less Allowance                                                (30,000)              --              (30,000)
   Inventory                                                     669,616             52,712            399,060
   Accrued income tax refund                                       7,252               --                7,252
                                                         ---------------    ---------------    ---------------

      Total Current Assets                                     1,101,013            314,500          1,294,472
                                                         ---------------    ---------------    ---------------

PROPERTY AND EQUIPMENT AT COST
   Equipment                                                      22,360              6,554             21,203
   Accumulated depreciation                                       (2,914)              --               (1,942)
                                                         ---------------    ---------------    ---------------
      Net property and equipment                                  19,446              6,554             19,261
                                                         ---------------    ---------------    ---------------

OTHER ASSETS
   Prepaid royalties                                             400,000               --              250,000
   Organization Cost                                             129,291             40,789            129,291
   Less accumulated amortization                                 (16,160)              --               (9,697)

   Patents and Licenses                                        2,435,000             45,000          2,435,000
   Less: Accumulated amortization                                (64,375)              (500)           (23,792)
                                                         ---------------    ---------------    ---------------

   Total Other Assets                                          2,883,756             85,289          2,780,802
                                                         ---------------    ---------------    ---------------

   Total Assets                                          $     4,004,215    $       406,343    $     4,094,535
                                                         ===============    ===============    ===============

          LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Accounts Payable                                      $        61,438    $        10,549    $        19,201
   Accrued Liabilities                                            18,777             11,844             17,283
   Notes Payable - related party                                 500,000               --              500,000
   Notes Payable - other                                             441              5,218              1,738
                                                         ---------------    ---------------    ---------------

      Total Current Liabilities                                  580,656             27,611            538,222
                                                         ---------------    ---------------    ---------------

STOCKHOLDERS' EQUITY
   Preferred stock, par value $.001; 10,000,000 shares
      authorized, no shares issued
   Common stock, par value $.001; 40,000,000 shares
      authorized, 7,439,694 & 4,630,000 & 7,406,694
      shares issued and outstanding respectively                   7,439              4,630              7,406
   Additional paid in capital                                  4,237,289            372,370          4,154,823
   Deficit accumulated                                          (821,169)             1,732           (605,916)
                                                         ---------------    ---------------    ---------------
      Total stockholders' equity                               3,423,559            378,732          3,556,313
                                                         ---------------    ---------------    ---------------

      Total liabilities and stockholders' equity         $     4,004,215    $       406,343    $     4,094,535
                                                         ===============    ===============    ===============
</TABLE>



        The accompanying notes are an integral part of these statements.


                                        2
<PAGE>   3

                     SUMMIT ENVIRONMENTAL CORPORATION, INC.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                              Three months ended  Three months ended
                                                                March 31, 1999      March 31, 1998
                                                                ---------------    ---------------
<S>                                                             <C>                <C>             
CASH FLOWS FROM OPERATING ACTIVITIES
    Net earnings (loss)                                         $      (215,254)   $       (39,030)
    Adjustments to reconcile net earnings (loss) to cash
      used in operating activities
      Amortization                                                       47,046               --
      Depreciation                                                          972               --
      Change in assets and liabilities:
         Accounts receivable                                             47,151            (20,351)
         Inventory                                                     (270,556)           (38,136)
         Prepaid royalties                                             (150,000)              --
         Accounts payable                                                42,237              2,675
         Accrued liabilities                                              1,494              4,592
                                                                ---------------    ---------------
                    Net cash used in operating activities              (496,910)           (90,250)
                                                                ---------------    ---------------

CASH FLOWS FROM INVESTING ACTIVITIES
    Acquisition of property and equipment                                (1,156)            (6,554)
    Organization costs                                                     --              (40,789)
    Acquisition of licenses                                                --              (35,000)
                                                                ---------------    ---------------
                    Net cash used in investing activities                (1,156)           (82,343)
                                                                ===============    ===============

CASH FLOWS FROM FINANCING ACTIVITIES
    Loan proceeds                                                          --                5,218
    Loan principal repayments                                            (1,297)              --
    Proceeds from sale of stock                                          82,499            331,000
                                                                ---------------    ---------------
                    Net cash provided by financing activities            81,202            336,218
                                                                ---------------    ---------------

NET INCREASE (DECREASE) IN CASH                                        (416,864)           163,625

Cash - Beginning of period                                              744,704              5,001
                                                                ---------------    ---------------

Cash - End of period                                            $       327,840    $       168,626
                                                                ---------------    ---------------
</TABLE>


        The accompanying notes are an integral part of these statements.



                                       3
<PAGE>   4

                     SUMMIT ENVIRONMENTAL CORPORATION, INC.
                             STATEMENT OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                    Three months ended  Three months ended
                                      March 31, 1999      March 31, 1998
                                      ---------------    ---------------
<S>                                   <C>                <C>
SALES                                 $        18,548    $          --

COST OF SALES                                   4,772               --
                                      ---------------    ---------------

     Gross Profit                              13,776               --
                                      ---------------    ---------------

OPERATION EXPENSES
     General and administrative               186,161             39,029
     Depreciation and amortization             48,018               --
     Interest expense                              54               --
                                      ---------------    ---------------
         Total operating expense              234,233             39,029
                                      ---------------    ---------------

Net Earnings (Loss) from operations          (220,457)           (39,029)

OTHER INCOME
     Interest income                            5,203               --
                                      ---------------    ---------------

NET EARNINGS (LOSS)                   $      (215,254)   $       (39,029)
                                      ---------------    ---------------

NET EARNINGS (LOSS) PER SHARE         $         (0.03)   $         (0.01)
                                      ---------------    ---------------

WEIGHTED AVERAGE SHARES                     7,415,861          3,958,333
                                      ---------------    ---------------
</TABLE>



        The accompanying notes are an integral part of these statements.


                                       4
<PAGE>   5

                     SUMMIT ENVIRONMENTAL CORPORATION, INC.
                        NOTES TO THE FINANCIAL STATEMENTS
                                   (Unaudited)

The balance sheet of Summit Environmental Corporation, Inc., the "Company," at
December 31, 1998 has been taken from the Company's audited financial statements
at that date. The balance sheets at March 31, 1999 and 1998, the statements of
operation for the three months ended March 31, 1999 and 1998, and the statements
of cash flows for the three months ended March 31, 1999 and 1998 have been
prepared by the Company without audit. The financial statements have been
prepared in conformity with generally accepted accounting principles and contain
such adjustments as management feels are necessary to present fairly, in all
material aspects, the financial position and results of operation of the
Company.

1.       SIGNIFICANT ACCOUNTING POLICIES

         Business Activity

         Summit Environmental Corporation, Inc. (the "Company") was organized in
         accordance with the Business Corporation Act of the State of Texas on
         February 2, 1998, for the purpose of merging (the "Merger") with Summit
         Technologies, Inc., a Texas corporation. The Company continued to exist
         as the surviving corporation under its present name pursuant to the
         provisions of the Texas Business Corporation Act. The Merger was
         effected on December 2, 1998 as a tax-free reorganization accounted for
         as a pooling of interests.

         The Company manufactures and markets environmentally friendly non-toxic
         chemicals, cleaners and fire suppression materials along with herbal
         and cosmetic health products. The products are proprietary or are under
         exclusive license. Marketing efforts include "infomercials" and other
         television and radio promotion, videotapes, and personal
         demonstrations. Products are marketed domestically and internationally.

         Revenue Recognition

         Revenues from sales of materials and products are recorded at the time
         the goods are shipped or when title passes.

         Cash

         The Company maintains cash balances at a financial institution located
         in Longview, Texas, which at times may exceed federally insured limits.
         The Company has not experienced any losses in such accounts and
         believes it is not exposed to any significant credit risk on cash and
         cash equivalents.

         For purposes of the statement of cash flows, the Company considers all
         highly liquid investments with a maturity of three months or less when
         purchased to be cash equivalents.

         Inventory

         Inventory is recorded at the lower of cost or market, with the cost
         being determined by the first-in, first-out method.

         Intangible Assets

         Patents, licenses and organization costs are recorded at cost.
         Amortization is computed on the straight-line method over fifteen years
         for patents and licenses and over five years for organization costs.

         Income Taxes

         Deferred income taxes are determined using the liability method under
         which deferred tax assets and liabilities are determined based upon
         differences between financial accounting and tax bases of assets and
         liabilities.



                                       5
<PAGE>   6


                          NOTES TO FINANCIAL STATEMENTS

1.       SIGNIFICANT ACCOUNTING POLICIES (Continued)

         Property and Equipment

         Depreciation and amortization are provided in amounts sufficient to
         relate the cost of depreciable assets to operations over their
         estimated service lives by the straight-line method.

         Leasehold improvements are amortized over the lives of the respective
         leases or the service lives of the improvements, whichever is shorter.

         Major repairs or replacements of property and equipment are
         capitalized. Maintenance, repairs and minor replacements are charged to
         operations as incurred.

         When units of property are retired or otherwise disposed of, their cost
         and related accumulated depreciation are removed from the accounts and
         any resulting gain or loss is included in operations.

         The estimated service lives used in determining depreciation and
         amortization are:

<TABLE>
<CAPTION>
                  Description                            Estimated Service Life
                  -----------                            ----------------------
<S>                                                      <C>      
                  Office furniture and equipment              5-7 years
                  Leasehold improvements                       4 years
</TABLE>

         Use of Estimates

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect certain reported amounts and disclosures.
         Accordingly, actual results could differ from those estimates.

         Per Share Information

         Per share information is based on the weighted average number of common
         stock and common stock equivalent shares outstanding. Only basic
         earnings per share are shown, as there are no dilutive items. During
         1998 a 33.6-for-one stock split of the Company's common stock was
         authorized. Net earnings (loss) per share has been adjusted to reflect
         the split on a retroactive basis.

2.       PATENTS

         On November 2, 1998, the Company purchased via issuance of common stock
         and a note payable, patent rights and intellectual property to various
         fire suppression products for a purchase price of $2,375,000. This
         purchase requires cash payments of $500,000 to be paid on or before
         August 1, 1999 and 750,000 shares of common stock of the Company to be
         issued and delivered to BioGenesis Enterprises, Inc., which were issued
         on February 1, 1999.

3.       LICENSES

         Licenses for limited exclusive marketing rights to various herbal
         health products have been acquired for fees totaling $60,000 from a
         related party. Under the agreements, the Company must meet annual
         production quotas. The grantor of the licenses is the
         manufacturer/supplier of the products.

4.       LEASES

         The Company is obligated under various operating leases for equipment,
         vehicles, and office and warehouse space. Management expects that, in
         the normal course of business, leases that expire will be renewed by
         other leases; thus it is anticipated that future minimum lease
         commitments will not be less than the amount shown for the period
         ending December 31, 1998.




                                       6
<PAGE>   7



                        NOTES TO THE FINANCIAL STATEMENTS

5.       COMMON STOCK

         Common Stock Options

         The 1998 Stock Option Plan (the "Plan") of the Company whereby, at the
         discretion of the directors or of a Stock Option Committee appointed by
         the board of directors, invited employees of the Company or directors
         of the Company or consultants to the Company will have the option of
         subscribing to common shares of the Company based on a price determined
         by the directors or Stock Option Committee. The number of shares
         subject to the Plan is 500,000. No options have been granted in
         accordance with this plan.

         Contingency Concerning Some Shares

         See Company's 10-KSB at December 31, 1998

6.       RELATED PARTY TRANSACTIONS

         The following transaction occurred between the Company and related
         parties:

         The Company acquired a patent from BioGenesis Enterprises, Inc.
         (BioGenesis) on November 2, 1998 (see footnote number 2). The purchase
         agreement requires the Company to pay BioGenesis a periodic royalty of
         $.50 per 16-oz. Can and an equivalent (approximately 7%) on all other
         product categories using the fire suppressant technology. One-half of
         all periodic royalty fees due to BioGenesis will be credited against
         the advance royalty fee (until fully recovered) and one-half will be
         paid to BioGenesis in cash on the 30th of each month based upon
         invoiced sales through the close of the preceding month. The Company
         has prepaid royalties to BioGenesis totaling $250,000 as of December
         31, 1998, and $400,000 as of March 31, 1999.

7.       INCOME TAXES

         Deferred tax assets and liabilities are determined based on the
         differences between the financial statement and tax bases of assets and
         liabilities as measured by the currently enacted tax rates. Deferred
         tax expense or benefit is the result of the changes in deferred tax
         assets and liabilities.

         Deferred income taxes arise principally from the temporary differences
         between financial statement and income tax recognition of depreciation,
         bad debts and net operating losses.



                                       7
<PAGE>   8

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

         The following discussion and analysis should be read in conjunction
with the financial statements and the accompanying notes thereto and is
qualified in its entirety by the foregoing and by more detailed financial
information appearing elsewhere. See "Item 1. Financial Statements."

         SALES

         The Company had no sales in the first fiscal quarter of 1998 and only
$18,548 of sales in the first quarter of 1999. The Company's efforts in the
first quarter of 1998 were directed primarily to raising capital for the
Company. Its efforts in the first quarter of 1999 were directed primarily to
negotiating distribution agreements and licenses with third parties. The Company
executed agreements during this quarter with the following persons:

        o         International Aero, Inc.'s subsidiary, Firepak, Inc., was 
                  given an exclusive license to sell the Company's FlameOut(TM)
                  and   FirePower 911(TM) fire suppressant products to the
                  aerospace industry and the military establishments worldwide
                  and an exclusive license to sell these products to the
                  petrochemical industry in the U.S. Gulf Coast area. 
                  International Aero reconfigures the interiors of commercial
                  aircraft during their periodic overhauls.  It is believed to
                  be the largest company of its kind in the world. 
                  International Aero proposes to replace, with the Company's
                  fire suppressants, the Halon-filled extinguishers now found
                  in aircraft in the cockpits, the bathrooms and the galleys. 
                  International Aero is developing a Class B foam, made with
                  the Company's fire suppressants, to replace the presently
                  used, highly toxic foam called AFFF that is used to fight jet
                  fuel fires.

         o        Performance Marketing, LLC of Middlebury, Connecticut, was
                  given an exclusive license to distribute in the U.S. and
                  Canada the Company's Firepower 911(TM) fire suppressant to the
                  plumbing, heating, ventilation, air-conditioning and roofing
                  industries. The fire suppressant has unique capabilities as a
                  cooling agent, to prevent fires in welding situations, as well
                  as a fire extinguisher.

        o         The Company's Western Region sales representatives have been
                  testing a turbine cleaner, developed by BioGenesis
                  Enterprises,  Inc., to be used on 15,000 rpm and slower jet
                  engines.  The tests appear to have been successful.  The
                  Company anticipates getting significant orders for the
                  turbine cleaner to be used to clean the turbines that
                  generate the power to run the engines of the power stations
                  for off-shore drilling and production rigs. These turbines
                  require monthly cleaning.  There are approximately 11,000
                  turbines in operation in this industry, and each turbine
                  requires approximately five gallons of cleaner each month.



                                       8
<PAGE>   9

         International Aero has applied for FAA certification for the Company's
fire suppressant products to be used in commercial aircraft. The other two
licensees began ordering product from the Company in April and May. The Company
believes sales will increase quickly during the next 90 days.

         The Company is in the final preparations for delivering its Firepower
911(TM) aerosol fire extinguishers to a major national retailer (4,000 stores).
The Company is building inventory before commencing this distribution of
product.

         The Company is preparing a television sales campaign for its fire
suppressant products. The campaign will be conducted primarily on regional talk
shows.

         OPERATING EXPENSES

         Operating expenses increased six-fold, from $39,029 to $234,233, during
the first quarter of 1999 as compared to the first quarter of 1998. The major
portion of the increase was in general and administrative expenses and
represented increased expenses for the staffing of the Company's administrative
offices.

         NET INCOME (LOSS)

         The Company had a net loss from operations of $220,457 during the first
quarter of 1999, as compared to a net loss of $39,029 during the first quarter
of 1998. Most of this increased loss is a reflection of the increased staff and
office expense in negotiating the three licenses described above under "Sales"
and in pursuing other, similar distribution licenses.

         LIQUIDITY AND CAPITAL RESOURCES

         The Company is rapidly approaching the point where its building of
inventory (from $55,712 in the first quarter of 1998 to $669,616 in the first
quarter of 1999) will deplete its cash reserves. Yet, the inventory buildup is
required if the Company is to meet its commitments under its license agreements.
The Company expects to rebuild its cash revenues and restore its liquidity
through the sale of stock to friends of management. It has no commitments at
this time from potential investors.

         We are approaching the immediate future with great optimism. Provided
needed capital can be obtained to build inventory, we believe the operating
losses of the Company will soon disappear and that the Company will operate with
a net profit.

         The Company's future results of operations and the other forward-
looking statements contained herein involve a number of risks and uncertainties.
Among the factors that could cause actual results to differ materially are the
following: inability of the Company to obtain needed additional capital, loss of
personnel - particularly chief executive officer B. Keith Parker - as a result
of accident or for health reasons, interruptions in the supply of inventory from
manufacturers of the inventory, the development of a competing fire suppressant
by a well-capitalized competitor that either is able to develop a new product
with




                                       9
<PAGE>   10
the same attributes as the Company's fire suppressant or is able to discover the
additives to the Company's fire suppressant that give it its unique and superior
qualities, and an accident involving life or serious bodily harm that fairly or
unfairly would bring into question the safety of using the Company's fire
suppressant products.


ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

(A)      EXHIBITS

         Exhibit 27       Financial Data Schedule

(B)      FORMS 8-K

         12-2-98          Item 2:  Acquisition or Disposition of Assets

         12-17-98         Item 4:  Change in Registrant's Certifying Accountant

         1-28-99          Item 7:  Unaudited Financial Statements 12-31-98 After
                                   Merger


                                   SIGNATURES

         Pursuant to the requirements of the Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:  May 13, 1999                       Summit Environmental Corporation, Inc.



                                          By /s/ B. Keith Parker              
                                            -----------------------------------
                                             B. Keith Parker, Chief Executive
                                             Officer



                                       10
<PAGE>   11

                                INDEX TO EXHIBITS


<TABLE>
<CAPTION>
EXHIBIT
   NO.         DESCRIPTION
-------        -----------
<S>           <C>
  27          Financial Data Schedule
</TABLE>