SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                  For the quarterly period ended June 30, 1999
                        Commission file number 000-24623

                          New Generation Plastic, Inc.
           -----------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

                   Delaware                         13-4056896
      ---------------------------------    ----------------------------
        (State or other jurisdiction       (IRS Employer Identification
      of incorporation or organization)               Number)

                           245 Park Avenue, 39th Floor
                            New York, New York 10167
                ------------------------------------------------
                    (Address of principal executive offices)

                                 (212) 792-4104
                ------------------------------------------------
                (Issuer's telephone number, including area code)

                               SW Ventures, Inc.
                          455 East 400 South, Suite 100
                           Salt Lake City, Utah 84111
                   ------------------------------------------
                    (Former name, former address and former
                   fiscal year, if changed since last report)


     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports) Yes [x] No [ ], and (2) has been subject to such filing requirements
for the past 90 days.    Yes [X]  No [ ]

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

     State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

     As of June 30, 1999 the issuer had 11,842,768 shares of its
Common Stock, $0.001 par value, outstanding.

<PAGE>

                          New Generation Plastic, Inc.

PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements.

The unaudited condensed financial statements of New Generation Plastic, Inc., a
Delaware corporation (the "Company"), as of June 30, 1999 and for the three
month period beginning April 1, 1999 and ending June 30, 1999 were prepared by
Management and commence on the following page. In the opinion of Management, the
condensed financial statements include all adjustments which are necessary in
order to make the financial statements not misleading and fairly present the
financial condition of the Company.



<PAGE>

                          New Generation Plastic, Inc.
                     Index to Condensed Financial Statements

                                                                        Page No.
                                                                        --------

Condensed Balance Sheets at June 30, 1999 and
December 31, 1998.....................................................

Condensed Statement of Operations for the six
months ended June 30, 1999 and June 30, 1998..........................

Condensed Statement of Operations for the three
months beginning April 1, 1999 and ended June 30,
1999 and the three months beginning April 1, 1998
and ended June 30, 1998...............................................

Condensed Statement of Cash Flows for the six
months ended June 30, 1999 and the six months
ended June 30, 1998...................................................




<PAGE>

                          New Generation Plastic, Inc.

                            Condensed Balance Sheets
                     For the Six Months Ended June 30, 1999
                      and the Year Ended December 31, 1998

<TABLE>
<CAPTION>
                                                                       For the six months                    For the year
                                                                             ended                               Ended
                                                                         June 30, 1999                     December 31, 1998
                                                                         -------------                     -----------------
                                                                          (unaudited)
<S>                                                                       <C>                                <C>
Assets:

     Cash                                                                        43,227                              8,900

     Accounts Receivable                                                              0                              3,748

     Inventory                                                                        0                                292

     Fixed Assets                                                                     0                            128,258

     Prepaid Expenses                                                            86,455                                  0

     Other Assets                                                             1,934,376                                  0
                                                                          -------------                      -------------

Total Assets                                                                  2,064,058                            141,198
                                                                          =============                      =============
Liabilities & Stockholders' Equity:

     Accounts Payable                                                           415,000                              4,125

     Due to Shareholder (Note 3)                                              1,426,192                              8,889
                                                                          -------------                       ------------
Total Liabilities                                                             1,841,192                             13,014

Stockholders' Equity:

         Common Stock, $0.001 par value; 50,000,000                              11,843                              3,416
         authorized, 11,842,768 and  3,416,066 issued and
         outstanding on June 30, 1999 and on December 31,
         1998, respectively.

         Preferred Stock; 1,000,000 authorized, 0 issued and                          0                                N/A
         outstanding on June 30, 1999.

         Add'l Paid in Capital                                                  847,190                            167,268

         Retained Earnings(Deficit)                                            (636,167)                           (42,500)
                                                                           -------------                      -------------
     Total Stockholders' Equity                                                 222,866                            128,184

Total Liabilities &
 Stockholders' Equity                                                         2,064,058                            141,198
                                                                           =============                      =============
</TABLE>

<PAGE>

                          New Generation Plastic, Inc.

              Condensed Statement of Operations for the six months
                      ended June 30, 1999 and June 30, 1998

<TABLE>
<CAPTION>
                                                                                Six months                    Six months
                                                                                   Ended                        Ended
                                                                               June 30, 1999                June 30, 1998
                                                                               -------------                -------------
<S>                                                                             <C>                          <C>
Operating Expenses

     General and Administrative                                                     580,016                          6,750

     Depreciation, Depletion and Amort.                                                 286                            313
                                                                                -----------                    -----------

                                                                                    580,302                          7,063
                                                                                -----------                    -----------
Income(Loss) from Continuing
 Operations                                                                        (580,302)                        (7,063)
Income(Loss) from Discontinued
 Operations (Note 5)                                                                  9,114                         18,588
Income(Loss) on Sale of Discontinued
Operations                                                                          (22,479)                             0
                                                                                ------------                   -----------

Income(Loss) before Taxes
 Operations                                                                        (593,667)                        11,525
                                                                                ------------                   -----------
Taxes                                                                                     0                              0
                                                                                ------------                   -----------

Net Income(Loss) After Taxes                                                       (593,667)                        11,525
                                                                                ============                   ===========

Earning per Share from Continuing
 Operations                                                                         (0.0490)                       (0.0021)
Earnings per Share from Discontinued
 Operations                                                                         (0.0011)                        0.0054
</TABLE>

<PAGE>

                          New Generation Plastic, Inc.

        Condensed Statement of Operations for the three months beginning
               April 1, 1999 and ended June 30, 1999 and the three
             months beginning April 1, 1998 and ended June 30, 1998

<TABLE>
<CAPTION>
                                                                              Three months                  Three months
                                                                                beginning                     beginning
                                                                              April 1, 1999                 April 1, 1998
                                                                                  Ended                         Ended
                                                                              June 30, 1999                 June 30, 1998
                                                                              -------------                 -------------
<S>                                                                             <C>                           <C>
Operating Expenses

     General and Administrative                                                     573,679                         4,761

     Depreciation, Depletion and Amort.                                                  72                           313
                                                                                -----------                   -----------

     Total                                                                          573,751                         5,074

Income(Loss) from Continuing
 Operations                                                                        (573,751)                       (5,074)
Income(Loss) from Discontinued
 Operations (Note 5)                                                                  5,673                         7,075
(Loss) on sale of Discontinued
 Operations                                                                         (22,479)                            0
                                                                                ------------                  -----------

Net Income(Loss) before Taxes                                                      (590,557)                        2,001
                                                                                ------------                  -----------

Taxes                                                                                     0                             0
                                                                                ------------                  -----------

Net Income After Taxes                                                             (590,557)                        2,001
                                                                                ============                  ===========

Earnings per Share from Continuing                                                  (0.0484)                      (0.0015)
Operations
Earning per Share from Discontinued                                                 (0.0014)                       0.0021
Operations
</TABLE>

<PAGE>

                          New Generation Plastic, Inc.

           Condensed Statement of Cash Flows for the six months ended
              June 30, 1999 and the six months ended June 30, 1998

<TABLE>
<CAPTION>
                                                                        Period Ended                     Period Ended
                                                                       June 30, 1999                    June 30, 1998
                                                                       -------------                    -------------
<S>                                                                      <C>                             <C>
Cash flows from operating
activities:
      Net Income (Loss)                                                    (593,667)                         11,525

      Adjustments to reconcile net income
      to net cash provided by operating
      activities:
         Deprec., deplet. and amort.                                            286                           8,528

      Changes in assets and
      liabilities:
          Accounts receivable                                                 3,748                          (4,267)

          Inventories                                                           292

          Other current assets                                              (86,455)

          Other assets                                                   (1,934,376)

          Accounts payable and accrued                                      410,875                          (4,161)
          expenses                                                       -----------                     -----------

          Net cash provided by
          operating activities                                           (2,199,296)                         11,355

Cash Flows from Investing
Activities (Purchase) of Mineral
Interests and Fixed Assets                                                        0                          72,213)
                                                                         -----------                     -----------

Cash flows from financing
activities:

      Shareholder Loans                                                   1,417,303                               0

      Purchase of Common Stock                                              688,349                          52,540

      Sale of Fixed Assets                                                  127,971                               0
                                                                         -----------                     -----------

         Net cash provided by                                             2,223,623                          52,540
         financing activities

Net increase in cash and cash                                                34,327                          (8,318)
equivalents

Cash and cash equivalents,                                                    8,900                           8,424
beginning of period

Cash                                                                         43,227                             106
                                                                        ============                     ===========
</TABLE>

<PAGE>

                          New Generation Plastic, Inc.
                     Notes to Condensed Financial Statements

1.  ORGANIZATION

         New Generation Plastic, Inc. (the "Company") was organized on April 14,
1999 under the laws of the State of Delaware. On June 10, 1999, SW Ventures Inc.
("SWV") was merged into the Company.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICES

         The interim statements are unaudited, but include all adjustments,
which consist of only normal recurring accruals, that management considers
necessary to fairly present the results for the interim periods. Results for
interim periods are not necessarily indicative of results for a full year. The
year end balance sheet data was derived from audited financial statements, but,
as presented here, does not include all disclosures required by generally
accepted accounting principles.

        a.  USE OF ESTIMATES

                  The preparation of financial statements in conformity with
         generally accepted accounting principles requires management to make
         estimates and assumptions that affect the reported amounts of assets
         and liabilities, the disclosure of contingent assets and liabilities at
         end of the period and the reported amounts of revenues and expenses
         during the reporting period. Actual results could differ from those
         estimates.

         b. CASH AND CASH EQUIVALENTS

                  The Company considers all highly liquid investments with
         maturities of less than three months to be cash equivalents.

         c. INVENTORIES

                  Inventories are stated at the lower of cost (first-in,
         first-out) or market.

<PAGE>

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         d.  RESEARCH AND DEVELOPMENT COSTS

                  The Company is currently expensing all costs incurred in
         connection with the development and creation of a 150kg/hour pilot
         plant.

         e.  INTANGIBLE ASSETS

                  Intangible assets consist of the cost associated with the
         purchase of the patents, which patents and related tangible and
         intangible assets and liabilities were contributed to the Company in
         exchange for stock. No amortization deductions have been claimed.

         f.  PROPERTY AND EQUIPMENT

                  Property and equipment are stated at cost. Costs of major
         additions and improvements are capitalized and replacements,
         maintenance and repairs, which do not improve or extend the life of the
         respective assets, are charged to operations as incurred.

                  When an asset is sold, retired or otherwise disposed of, the
         cost of the property and equipment and the related accumulated
         depreciation are removed from the respective accounts, and any
         resulting gains or losses are reflected in operations.

                  Depreciation is computed using the straight-line method over
         the estimated useful lives of the assets, which range from five to
         seven years. Leasehold improvements are amortized over the term of the
         lease.

         g.  INCOME TAXES

                  As there can be no reasonable assurance that the Company will
         generate sufficient income to utilize the net operating loss, no
         benefit has been claimed.

3.  LIABILITIES

         The Accounts Payable consists of $225,000 for consulting fees due to
BAMI (as defined below) and $190,000 for unbilled legal fees.

         Bachkine & Meyer Industries, S.A. ("BMI"), the majority shareholder of
the Company, has been advancing monies to the Company pursuant to a Line of
Credit Agreement. The balance of such advances as of June 30,

<PAGE>

1999 is $1,426,192. Presently, no interest has been charged on these amounts.
BMI has indicated that these amounts will not be due for at least 12 months,
unless the Company wishes to prepay. Effective July 1, 1999, BMI will begin
charging interest on the advances to the Company at commercially reasonable
interest rates.

4. RELATED PARTY TRANSACTIONS

         In addition to the Line of Credit Agreement discussed above, B.A.M.I.
Consulting, S.A. ("BAMI"), a British Virgin Islands corporation, and an
affiliate of BMI is entitled to receive a monthly management consulting fee of
$75,000. For the period ended June 30, 1999, $225,000 (three months' fees) of
such fee has been accrued as general and administrative expense, but has not yet
been paid. B.A.M.I. Consulting, S.A. has agreed that it will not seek payment
until the Company has sufficient cash to meet its needs.

         In the event that the Company raises in excess of $10,000,000 in
capital, BMI may seek reimbursement of certain costs incurred by BMI prior to
1999 associated with the NGP Assets, which amount may exceed $750,000.

5.  DISCONTINUED OPERATIONS

         On June 10, 1999, SWV contributed all of its assets and liabilities
relating to its oil and gas activities to a then wholly owned subsidiary, SW Oil
& Gas Company, a Nevada corporation ("SWV Oil"). Mr. Guido Cloetens, the then
majority shareholder of SWV purchased all of the outstanding shares of SWV Oil
from the Company in exchange for a promissory note in the total principal amount
of $90,000, plus assuming certain debt of the Company in the amount of $15,880,
for a total purchase price of $105,880.

<PAGE>

                          New Generation Plastic, Inc.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
of Operations.

PLAN OF OPERATION

         The Company is the successor to SW Ventures, Inc., a Nevada corporation
("SWV"). As a result of the Oil Asset Disposition (as defined below) and the
Reorganization (as defined below), the Company is no longer involved in the oil
and gas business and those operations are being accounted for as a discontinued
operation. The Company's business is now solely focused on the commercialization
of a patented process for processing two or more discrete plastic polymers (the
"NGP Process"). The NGP Process is believed to be capable of producing
commercially usable plastic polymers from a mixed stream of discrete virgin
polymers or waste plastic. To date the Company has not realized any revenue from
any business or operations relating to the NGP Process.

         Change of Control. In April, 1999, SWV and Mr. Guido Cloetens, its then
majority stockholder, entered into an agreement (the "Asset Contribution
Agreement") with Bachkine & Meyer Industries, S.A., a British Virgin Islands
corporation ("Bachkine" or "BMI") whereby SWV acquired from BMI all of the
assets and related liabilities (the "NGP Assets") pertaining to the NGP Process
in exchange for an approximately 98% equity interest in the resultant
reorganized and reincorporated company, renamed New Generation Plastic, Inc.
(the "Company" or "NGP")

         SWV also agreed, as a condition precedent to the Asset Contribution
Agreement that it would (a) effect a disposition and/or distribution of all of
its oil and gas assets and the satisfaction of all of its liabilities related
thereto (the "Oil Asset Disposition"); (b) effect (i) a one-for-fifteen reverse
stock split of the SWV common stock, (ii) the reincorporation of SWV as a
Delaware corporation, and (iii) a name change of SWV to New Generation Plastic,
Inc. (the "Reorganization"); and (c) solicit its shareholders' approval of the
foregoing as well as the issuance of shares of Common Stock to BMI representing
98% of the then issued and outstanding shares of Common Stock in exchange for
the NGP Assets.

         On June 10, 1999, the proposed transactions were consummated and (a)
the corporate existence of SWV as a

<PAGE>

Nevada corporation ceased and it merged into and became part of the Company, and
(b) the officers and directors of SWV resigned and the present officers and
directors of the Company were elected. In addition, for every 15 shares of SWV
Common Stock owned of record, each then existing holder of SWV Common Stock
became a holder of one share of Common Stock. On June 11, 1999, trading in the
common stock of the Company commenced on the OTCBB under the new symbol "NGPX."

         The Oil Asset Disposition was accomplished by the contribution by SWV
of all of its oil and gas related assets and liabilities to a wholly owned
subsidiary, SW Oil & Gas Company ("SW Oil"), a Nevada Corporation. Mr. Guido
Cloetens, the former President and majority shareholder of SWV purchased all of
the stock of SW Oil from the Company in exchange for a promissory note (the
"Note") of Mr. Cloetens in the principal amount of $90,000. The Note is due on
December 8, 1999 and the Company holds 15,000 shares of the common stock of the
Company as security for the payment of the Note.

         Currently, a 30 kg/hr NGP Process prototype unit (the "BT-30" unit) is
being tested by Pole Europeen de Plasturgie ("PEP"), an independent French
plastics research group. The scope of the research and testing activities
coordinated with PEP will include the testing of the relevant parameters of the
NGP Process, the BT-30 unit, and the resulting compounds from mixed plastic
waste, as well as mixed virgin plastic. The Company estimates that the research
program with the PEP will require the expenditure of approximately $175,000 in
the next twelve months.

         Assuming sufficient funding is available in the next twelve months, it
is anticipated that the Company will:

     (i)    Complete the initial testing of the NGP Process, BT-30 unit and the
            initial compounds at the PEP;

<PAGE>

     (ii)   Order, install and operate the 150 kg/hour pilot plant;

     (iii)  Fabricate a 1000 kg/hour full capacity integrated NGP Process unit;

     (iv)   Design and fabricate a North American based NGP Process prototype
            unit;

     (v)    Investigate alternative manufacturers for NGP Process units and
            plants;

     (vi)   Pursue joint venture and/or co-development programs with industrial
            companies or organizations; and

     (vii)  Develop additional research programs and investigate government
            subsidies both in Europe and the United States.

          The Company expects to hire additional employees in the next twelve
months. The Company is actively seeking executive management personnel and
expects to hire technical and engineering staff once sufficient capital is
available

         Financing. The Company is currently engaged in a private offering of no
less than 833,334 ($5 million) and up to 2,500,000 shares of Common Stock at
$6.00 per share ($15 million) (the "Private Offering"). The Private Offering is
offered in the United States only to "accredited investors" as that term is
defined in Regulation D under the Securities Act of 1933 and outside of the
United States pursuant to Regulation S under that Act only to investors meeting
certain eligibility criteria. The purpose of the Private Offering is to raise
the capital necessary to fund the Company's initial operations and to cover the
expenses of effectuating the commercialization of the NGP Process.

         The Company has been financing its activities under a Line of Credit
Agreement with BMI, pursuant to which BMI has advanced approximately $1,426,192
to the Company through the second quarter of 1999. The Company estimates that it
will require approximately $5,000,000 over the next twelve months. The Company
anticipates that the cash necessary to meet these expenses will be provided by
the proceeds of the Private Offering, joint venture arrangements and/or from
continued advances from BMI. There can be no assurance, however, that sufficient
funds will be available from any or all of these anticipated sources or
otherwise. If insufficient funds are available to complete all of the
activities, Management will determine which of the activities the Company will
complete. In addition, the Company hopes to realize revenues in the next twelve
months, but does not expect that such revenues will be sufficient to meet the
Company's operating capital requirements.

<PAGE>

                          New Generation Plastic, Inc.

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

         None

Item 2.  Changes in Securities

         On June 10, 1999, the Company completed a series of transactions,
including, the one-for-fifteen reverse stock split of the then outstanding
common stock of SWV (the "Reverse Split"), the merger of SWV into NGP resulting
in the reincorporation of the Company in Delaware (the "Delaware Merger"), and
the issuance of 11,580,000 post split shares of the Company's common stock to
BMI in exchange for the contribution of the NGP Assets (the "NGP Contribution").
As a result of the Reverse Split, the number of then existing outstanding shares
of common stock of SWV was reduced from 3,416,066 to 227,768 held by 40
shareholders of record. The relative terms of shares of common stock were not
altered by the Delaware Merger, except that the rights of the shareholders are
now governed by Delaware law.

         As a result of the transactions contemplated by the NGP Contribution,
11,580,000 shares of the Company's common stock were issued to BMI, 20,000
shares were issued to ET International Ltd., a corporation controlled by Guido
Cloetens, and 15,000 shares were issued to Guido Cloetens. On June 11, 1999,
trading in the common stock of the Company commenced on the OTCBB under the new
symbol "NGPX." As of June 30, 1999, the Company had 11,842,768 shares of common
stock outstanding out of the 50,000,000 shares that are authorized. In addition,
the Company is authorized to issue 1,000,000 shares of preferred stock with such
terms as the Board of Directors may determine.

Item 3   Defaults Upon Senior Securities

         Not applicable.

Item 4.  Submission of Matters to a Vote of Security Holders

         On May 26, 1999, the Company distributed to its shareholders a Notice
of a Special Meeting of the Shareholders that was held on June 8, 1999

<PAGE>


in Salt Lake City, Utah. Each shareholder was provided with a Proxy Statement
that described the proposed transactions and asked the shareholder to vote in
favor of the following proposal:

                  To approve a reverse stock split, reincorporation of the
         Company from the State of Nevada to the State of Delaware and the
         recapitalization of the Company, including the sale of the Company's
         oil related assets to an affiliate and the acquisition of other assets
         comprising a new business operation for the Company in consideration of
         the issuance of shares of common stock on a post reverse split basis
         representing 98% of the then issued and outstanding shares of common
         stock.

         A quorum was present in person or by proxy and the foregoing proposal
was approved by a vote of 2,794,066 in favor and none against.

Item 5.  Other Information.

         None.

Item 6.  Exhibits and Reports on Form 8-K.

         (a)

         Exhibit No.     Exhibit
         -----------     -------------------------------------------------------
           99.1          Line of Credit Agreement, dated as of April 15, 1999,
                         by and between New Generation Plastic, Inc. and
                         Bachkine & Meyer Industries, S.A.

           99.2          Consulting Agreement, dated as of April 15, 1999, by
                         and between New Generation Plastic, Inc. and B.A.M.I.
                         Consulting, S.A.

         (b} Reports on Form 8-K - On July 22, 1999, the Company filed a report
on Form 8-K to report the completion of the reorganization and recapitalization
of the Company on June 10, 1999 and the initiation of trading on June 11, 1999
of the Company's common stock under the new symbol "NGPX" on the OTCBB.

SIGNATURES

         In accordance with the requirements of the Securities Exchange Act of
1934, the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                    New Generation Plastic, Inc.
                                    (Registrant)


Date: August 23, 1999               By: /s/ Jacques Mot
                                    ---------------------------
                                    Jacques Mot
                                    Chairman and Chief Executive
                                    Officer



                                    By: /s/ Elliot H. Levine
                                    --------------------------
                                    Elliot H. Levine
                                    Interim Chief Financial
                                    Officer