| **UNITED STATES SECURITIES AND      EXCHANGE COMMISSION**Washington, D.C. 20549**FORM 10-QSB**(Mark One)      [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE              SECURITIES EXCHANGE ACT OF      1934
       For the Quarterly Period      Ended May 31, 2004**OR**[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE           SECURITIES EXCHANGE ACT OF 1934
      For the period                             to                                       **Commission File Number: 000-32847**VENTURES-NATIONAL INCORPORATED*(Exact Name of Registrant as Specified in its      Charter)***                   Utah                                                                                                  87-0433444*(State or Other Jurisdiction      of                                                                  (I.R.S.      Employer       Incorporation or      Organization)                                                               Identification      Number)***44358 Old Warm Springs Blvd.      Fremont, California  94538-6148*(Address of Principal Executive Offices,      Including Zip Code)***Registrant's Telephone Number (including area code):      (510) 824-1200
     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 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 [  ]
     Indicate by a check mark whether the      registrant is an accelerated filer (as defined in Rule 12b-2 of the      Exchange Act)  Yes [ ] No [x]
Number of shares of common stock, $0.001 par value, outstanding at June      23, 2004: 24,306,723      
       
--------------------------------------------------------------------------------------------------------------------**VENTURES-NATIONAL INCORPORATED      (dba TITAN GENERAL HOLDINGS, INC.)      TABLE OF CONTENTS
 
 
 
Page**PART I.   FINANCIAL INFORMATIONItem 1.  Condensed Consolidated Financial Statements****Item 2.  Management's Discussion and Analysis of      Financial Condition and Results of Operations      Item 3.  Controls and Procedures
 3   15        26  **PART II.  OTHER INFORMATIONItem 1.  Legal Proceedings****Item 6.  Exhibits and Reports on Form 8-K**28        28  
Signatures      Certifications
29        30               
 

 

 

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--------------------------------------------------------------------------------------------------------------------****** ****VENTURES-NATIONAL INCORPORATED                           (dba      TITAN GENERAL HOLDINGS, INC.)      FORM 10-QSB      FOR THE QUARTER ENDED**MAY 31, 2004****FORWARD-LOOKING INFORMATION**
     Statements in this report      concerning the future sales, expenses, profitability, financial resources,      product mix, market demand, product development and other statements in      this report concerning the future results of operations, financial      condition and business of Ventures-National Incorporated are      "forward-looking" statements as defined in the Securities Act of      1933 and Securities Exchange Act of 1934. Investors are cautioned that the      Company's actual results in the future may differ materially from those      projected in the forward-looking statements due to risks and uncertainties      that exist in the Company's operations and business environment, including      competition, need for increased acceptance of products, ability to      continue to develop and extend our brand identity, ability to anticipate      and adapt to a competitive market, ability to effectively manage rapidly      expanding operations, amount and timing of operating costs and capital      expenditures relating to expansion of our business, operations and      infrastructure, ability to provide superior customer service, dependence      upon key personnel and the like. The Company's most recent filings with      the Securities and Exchange Commission, including Form 10-KSB, contain      additional information concerning many of these risk factors, and copies      of these filings are available from the Company upon request and without      charge.      
       
       
       
       
       
       
       
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 **VENTURES-NATIONAL INCORPORATED        (dba TITAN GENERAL HOLDINGS, INC.)        CONDENSED CONSOLIDATED BALANCE SHEET
MAY 31, 2004

(In thousands)        (Unaudited)**ASSETS 
Current assets:          Cash and cash equivalents          Accounts receivable, net          Inventory          Prepaid expenses and other current assets            Total current assets        Equipment and improvements, net        Intangible assets, net        Capitalized loan fees        Other assets            Total assets
        $    154         3,325         560      175         4,214           2,519         27         401      176 $7,337 **LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:          Current portion of long term debt          Line of credit          Short term debt          Accounts payable - trade          Accrued liabilities          Warrant liability            Total current liabilities        Long-term debt, net of current portion        Total liabilities        Stockholders' equity:          Common stock, $0.001 par value, 950,000,000 shares            authorized, 23,751,043 shares issued and        outstanding          Additional paid-in capital          Deferred compensation          Accumulated deficit            Total stockholders' equity             Total liabilities and stockholders' equity
        $    336         564         233         1,242             672             133                 3,180     424         3,604         24         18,104         (636) (13,759)    3,733         $   7,337          
The accompanying notes form an integral part of the condensed        consolidated financial statements.

 

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 **VENTURES-NATIONAL INCORPORATED        (dba TITAN GENERAL HOLDINGS, INC.)        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)        (Unaudited)        
 **Three Months Ended     **Nine Months Ended    
 **05/31/04  **05/31/03   **05/31/04  **05/31/03  
Net sales        Cost of sales        Gross profit        Sales and marketing        General and administrative        Loss from operations        Interest expense        Miscellaneous        Loss before income taxes        Provision for income taxes        Net loss
$  4,727     3,832         895         361        364         170         (1,721)             1         (1,550)              -$  (1,550)
$  3,271      2,937         334         369        1,168         (1,203)        (185)           2         (1,386)            - $ (1,386) 
$  11,976     10,451         1,525         1,057     3,579         (3,111)        (2,642)         203         (5,550)                    -$ (5,550)
$  7,615      7,037         578         922    3,011         (3,355)        (299)        87         (3,567)            - $ (3,567)
 
 
 
Net loss per share:           Basic and Diluted
$  (0.08)
$  (0.10) 
$  (0.32)
$  (0.30)
Weighted average number of shares outstanding:           Basic and Diluted
        18,481,067
        14,187,708 
        17,042,738
        11,707,797         
The accompanying notes form an integral part of the condensedconsolidated financial statements.

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 **VENTURES-NATIONAL INCORPORATED      (dba TITAN GENERAL HOLDINGS, INC.)      CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS      (In thousands)      (Unaudited) **Nine Months Ended     **05/31/04  **05/31/03  
Cash flows from operating activities:        Net loss        Adjustments to reconcile net loss to net cash            used in operating activities:          Non cash compensation              Amortization of beneficial conversion feature and            warrants and change in warrant valuation          Accrued expenses to be converted to notes payable          Depreciation          Amortization         Gain on debt extinguishment          Changes in operating assets and liabilities:            Accounts receivable            Inventory            Prepaid expenses and other current      assets            Capitalized loan fees            Other assets            Accounts payable            Accrued liabilities              Net cash used in operating      activities
      $(5,550)      2,369       1,641       418       460       10       (349)      (1,682)      (152)      (125)      73       (21)      (485)       (270)      (3,663)
      $  (3,567)      1,080       -       -       297       11       (695)      2       8       -       (78)      756       153       (2,033)
Cash flows from investing activities:        Capital expenditures        Investments in Coesin, Inc.        Acquisition, net of cash acquired              Net cash used in investing      activities
      (228)      -          -       (228)
      (427)      (5)    (500)      (932)
Cash flows from financing activities:        Borrowings on line of credit, net of loan cost        Borrowings on long-term debt, net of loan cost        Proceeds from issuance of note payable to related parties        Proceeds from issuance of common stock        Proceeds from related parties        Proceeds from issuance of short term debt        Payments of long-term debt        Payments of short-term debt        Payments of capital lease obligations        Payments to related parties        Payments on former lines of credit              Net cash provided by      financing activities
      2,516       2,690       -       667       751       135       (599)      (32)      (85)      (743)      (1,352)      3,948 
      282       400       768       1,752       -       -       (24)      -       (18)      (50)         -       3,110 
Net (decrease) increase in cash      Cash and cash equivalents at beginning of period      Cash and cash equivalents at end of period
57         97 $    154 
145     77 $ 222 
Supplemental disclosure of cash flow information:        Interest paid        Income tax paid
$      442       $          - 
      $    219       $         - 
Non cash activities:        Issuance of common stock for consulting fees        Issuance of common stock to related party          as prepaid financing cost        Issuance of common stock for debt conversion
$ 3,520       $         -       $ 1,874 
      $ 1,001       $      80       $ 2,144        
The accompanying notes form an integral part of the condensedconsolidated financial statements.

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**VENTURES-NATIONAL INCORPORATED(dba TITAN GENERAL HOLDINGS, INC.)NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)**** *Note 1.**Basis ofPresentation and Nature of Business Operations:*Basis of Presentation**          The      accompanying unaudited condensed consolidated financial statements have      been prepared by Ventures-National Incorporated, doing business as Titan      General Holdings, Inc. ("Titan" or the "Company"),      without audit, pursuant to the rules and regulations of the Securities and      Exchange Commission. Certain information and disclosures normally included      in the consolidated financial statements prepared in accordance with      accounting principles generally accepted in the United States have been      condensed or omitted pursuant to such rules and regulations. These      unaudited condensed consolidated financial statements reflect all      adjustments, consisting only of normal recurring adjustments, which in the      opinion of management, are necessary to present fairly the financial      position, the results of operations and cash flows of Titan for the period      presented.
          These      unaudited condensed consolidated financial statements should be read in      conjunction with the consolidated financial statements and the notes      thereto included in the Company's Annual Report to Shareholders on Form      10-KSB for the fiscal year ended August 31, 2003 as filed with the      Securities and Exchange Commission on December 10, 2003. All significant      intercompany accounts and transactions have been eliminated in preparation      of the condensed consolidated financial statements.

          As      of May 31, 2004, Titan had working capital of $1,034,000 and an      accumulated deficit of $13,759,000.

          The      results of operations for the interim periods are not necessarily      indicative of the results to be expected for the full year.**Nature of Business**          We      are a manufacturer of time sensitive, high tech, prototype and      pre-production rigid and rigid flex printed circuit boards      ("PCBs") providing time-critical printed circuit board      manufacturing services to original equipment manufacturers and electronic      manufacturing services providers through our wholly-owned subsidiaries      Titan EMS, Inc. and Titan PCB East, Inc. Our prototype printed circuit      boards serve as the foundation in many electronic products used in      telecommunications, medical devices, automotive, military applications,      aviation components, networking and computer equipment.
          Our      time sensitive and high quality manufacturing services enable our      customers to shorten the time it takes them to get their products from the      research and development phase to the production phase, thus increasing      their competitive position. Our focus is on high quality niche printed      circuit boards consisting of complex, multi-layered, fine-lines and      high-performance materials with delivery cycles between 24 hours and      standard 10 day lead times at a competitive price.

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------------------------------------------------------------------------------------------------------------------                Beginning      in the year 2001, Titan began acquiring cutting edge technology equipment      and processes from competitors unable to remain in business due to a      severe market downturn and overwhelming debt.

          Titan      has also obtained customer lists and orders from several of these firms,      resulting in new business opportunities.

 **Recent Accounting Pronouncements**
                    In      December 2003, the Securities and Exchange Commission ("SEC")      issued Staff Accounting Bulletin ("SAB") No. 104, "Revenue      Recognition." SAB No. 104 supersedes SAB No. 101, "Revenue      Recognition in Financial Statements." SAB No. 104's primary purpose      is to rescind accounting guidance contained in SAB No. 101 related to      multiple element revenue arrangements, superseded as a result of the      issuance of Emerging Issues Task Force ("EITF") No. 00-21,      "Accounting for Revenue Arrangements with Multiple      Deliverables." Additionally, SAB No. 104 rescinds the SEC's Revenue      Recognition in Financial Statements Frequently Asked Questions and Answers      ("FAQ") issued with SAB No. 101 that had been codified in SEC      Topic No. 13, "Revenue Recognition." Selected portions of the      FAQ have been incorporated into SAB No. 104. While the wording of SAB No.      104 has changed to reflect the issuance of EITF No. 00-21, the revenue      recognition principles of SAB No. 101 remain largely unchanged by the      issuance of SAB No. 104, which was effective upon issuance. The adoption      of SAB No. 104 did not impact the condensed consolidated financial      statements.

 ***Note 2.**Loss Per Common Share:***
          In      accordance with SFAS No. 128, "Earnings Per Share," the basic      loss per common share is calculated by dividing net loss available to      common stockholders less preferred dividends by the weighted average      number of common shares outstanding. Diluted loss per common share is      computed similarly to basic loss per common share, except that the      denominator is increased to include the number of additional common shares      that would have been outstanding if the potential common shares had been      issued and if the additional common shares were not antidilutive. Titan      has excluded all outstanding options and convertible debt from the      calculation of diluted net loss per share because these securities are      anti-dilutive. The number of outstanding shares and weighted average      shares reflect a stock split of 3,866.667 to 1 effected February 22, 2002.      As of May 31, 2004, Titan had common stock equivalents of approximately      3,320,000 shares related to the options and warrants and approximately      13,372,200 shares related to shares to be issued upon conversion on the      convertible debt.
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***Note 3.**Inventory:***
     Inventory (in thousands) consisted of thefollowing:
**05/31/04**Raw materials and finished subassemblies      Work in process      Finished goods      Total
$168      343    49$560
 
***Note 4.**Loans and Notes Payable:***
          NOTES      PAID OFF DURING NINE MONTHS ENDED MAY 31, 2004

          On      June 28, 2002, the Company entered into a loan and security agreement (the      "Alco Agreement") with Alco Financial Services      ("Alco"), an entity owned by an individual who subsequently      became a member of its Board of Directors at the time, and paid a loan fee      of $24,000 which is being amortized to interest expense at $2,000 per      month. Under the terms of the Alco Agreement, the Company can borrow up to      the sum of (1) 80% of the net face value of the Titan PCB West Inc.'s      eligible accounts receivable, plus (2) the lesser of (i) $100,000 or (ii)      50% of eligible inventory. The Alco Agreement carries an interest rate of      the greater of (a) 3.5% over the prime rate, which is defined as the prime      rate stated on the Wall Street Journal, (b) interest rate at the date of      the loan agreement, 8.25% or (c) a minimum monthly interest charge of      $7,500. The Agreement originally matured on June 28, 2003 and extended to      December 2003, and is secured by all accounts receivable and inventory of      the Titan PCB West, Inc. The Company is subject to certain restrictions      and covenants under the Alco Agreement. During the nine months ended May      31, 2004, this loan was retired and no balance remains.

           On      May 9, 2003, the Company entered into a loan and security agreement (the      "Equinox Agreement") with Equinox Business Credit Corp.      ("Equinox"), and paid a loan fee of $19,000 which was expensed      during the year. Under the terms of the Equinox Agreement, the Company can      borrow up to the sum of (1) 70% of the net face value of the Titan PCB      East Inc.'s eligible accounts receivable, plus (2) $400,000 against the      eligible property and equipment. The Equinox Agreement carries an interest      rate of the greater of (a) 3.5% over the prime rate, which is defined as      the prime rate stated on the Wall Street Journal, (b) interest rate at the      date of the loan agreement, 8.25% or (c) a minimum monthly interest charge      of $7,500. The Agreement matures on June 28, 2005 and is secured by all      accounts receivable and inventory of the Titan PCB East, Inc. This loan      was retired during the nine months ended May 31, 2004 and there is no      remaining balance.

          The      company received $400,000 advances from a related party during the quarter      ended November 30, 2003. As part of the agreement, the Company agreed to      issue 600,000 shares to this related party. The Company expensed $414,000      as interest expense related to this issuance. The Company paid off the      advances during the nine months ended May 31, 2004.

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--------------------------------------------------------------------------------------------------------------------          REVOLVING      LINE OF CREDIT

          On      November 20, 2003, we entered into a Security Agreement ("Security      Agreement") with Laurus Master Fund, Ltd. ("Laurus"),      pursuant to which we may borrow from Laurus such amount as shall equal to      85% of our eligible accounts receivable as prescribed by the terms of the      Security Agreement up to a maximum of $4,000,000. Pursuant to the Security      Agreement, we issued to Laurus a (i) Secured Revolving Convertible Note      (the "Revolving Note") in the principal amount of up to      $2,500,000 and (ii) Secured Convertible Minimum Borrowing Note (the      "Initial Minimum Borrowing Note" and together with any other      Minimum Borrowing Notes issued under the Security Agreement, the      "Minimum Borrowing Notes") in the original principal amount of      $1,500,000. Additional Minimum Borrowing Notes shall be issued as and when      the Company is eligible and elects to make additional borrowings under the      Revolving Note.

          In      connection with the issuance of the Revolving Note and the Initial Minimum      Borrowing Note pursuant to the Security Agreement, we issued to Laurus a      warrant (the "First Warrant") to purchase up to 600,000 shares      of our common stock, par value $0.001 per share ("Common      Stock"), having an exercise price of $0.83 per share for the first      250,000 shares of Common Stock acquired under such warrant, $0.90 per      share for the next 200,000 shares of Common Stock acquired thereunder, and      a price of $0.97 per share for any additional shares of Common Stock      acquired thereunder. The First Warrant expires on November 20, 2010 and      has a cashless exercise provision. The fair value of the these warrants      totaling $190,300 was computed using the Black-Scholes model under the      following assumptions: (1) expected life of 3 years; (2) volatility of 85%      and (3) risk free interest of 4.17% and (4) dividend of 0%. The revolving      lines mature on November 20, 2006. The Company can elect to pay the      outstanding balance in shares of common stock at a fixed conversion price      of $0.77 which was later amended to $0.60 per share retroactively to the      date of the agreement. The conversion price was subsequently changed to      $0.40 per share effective February 25, 2004. If the closing price of the      Company's stock for any of the 10 trading days preceding the repayment      date is less than 110% of the fixed conversion price, the Company shall      pay cash instead. In addition, since this debt is convertible into equity      at the option of the note holder at beneficial conversion rates, an      embedded beneficial conversion feature was recorded as a debt discount and      will be amortized utilizing the effective interest rate method over the      life of the debt in accordance with Emerging Issues Task Force No. 00-27,      "Application of Issue No. 98-5 to Certain Convertible      Instruments.". During the quarter ended November 30, 2003, total cost      of beneficial conversion feature of $475,000 and the relative fair value      of the warrants of $190,000 were recorded as discounts of the lines of      credit. During the quarter ended February 29, 2004, the conversion price      was reduced to $0.40 and accordingly, a discount for the additional      beneficial conversion feature of $1,092,800 was recorded. In addition,      during the quarter ended February 29, 2004, the Company increased its net      borrowings by $640,200 and recorded a discount for the additional      beneficial conversion feature of approximately $416,100. During the      quarter ended May 31, 2004, the Company increased its net borrowings by      $179,700 and recorded a discount for the additional beneficial conversion      feature of approximately $49,400. The Company recorded an interest expense      for the amortization of discounts in the amount $46,400 during the three      months ended May 31, 2004. As of May 31, 2004, outstanding loan balance      approximated $2,720,000 and unamortized discounts for beneficial      conversion feature and warrants totaled $2,156,000.

          TERM      NOTE

          Also      on November 20, 2003, we entered into a Securities Purchase Agreement (      "SPA") pursuant to which we issued and sold to Laurus (i) a      Convertible Term Note ( "Convertible Term Note", together with      the Revolving Note and the Minimum Borrowing Notes, the "Notes")      in the principal amount of $2,100,000 and (ii) a warrant ("Second      Warrant" together with the First Warrant, the "Warrants")      to purchase up to 350,000 shares of Common Stock having an exercise price      of $0.83 per share for the first 200,000 shares of Common Stock acquired      thereunder, $0.90 per share for the next 100,000 shares of Common Stock      acquired thereunder, and $0.97 per share for any additional shares of      Common Stock acquired thereunder. The Second Warrant expires on November      20, 2010 and has a cashless exercise provision. The first payment on the      Notes is due 90 days from the issue date thereof. The term note has a      maturity date of November 20, 2006.

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--------------------------------------------------------------------------------------------------------------------                The      fair value of the these warrants totaling $117,548 was computed using the      Black-Scholes model under the following assumptions: (1) expected life of      3 years; (2) volatility of 85%, (3) risk free interest of 4.17% and      dividend rate of $0%. The term loan is payable in monthly payments. The      Company can elect to pay all or a portion of the monthly amount in shares      of common stock at a fixed conversion price of $0.77 which was amended to      $0.60 per share retroactively to the date of the agreement. The conversion      was subsequently reduced to $0.40 per share effective February 25, 2004.      If the closing price of the Company's stock for any of the 10 trading      days preceding the payment is less than 110% of the fixed conversion      price, the Company shall pay cash instead. In addition, since this debt is      convertible into equity at the option of the note holder at beneficial      conversion rates, an embedded beneficial conversion feature was recorded      as a debt discount and will be amortized using the effective interest rate      method over the life of the debt in accordance with Emerging Issues Task      Force No. 00-27, "Application of Issue No. 98-5 to Certain      Convertible Instruments." During the quarter ended November 30, 2003,      total cost of beneficial conversion feature of $433,000 and the relative      fair value of the warrants of $118,000 were recorded as discounts of the      term loan. During the quarter ended February 29, 2004, the conversion      price was reduced to $0.40 and accordingly, a discount for the additional      beneficial conversion feature of $1,207,000 was recorded. The      Company paid off $63,600 and reduced the unamortized discount of $52,000      as interest expense during the quarter ended February 29, 2004. In      addition, the Company recorded an interest expense for the amortization of      discounts in the amount of $37,000 during the quarter ended February 29,      2004. During the quarter ended May 31, 2004, the Company paid off an      additional $360,000 and reduced the unamortized discount of $265,000 as      interest expense. In addition, the Company recorded an interest expense      for the amortization of discounts in the amount of $73,000 during the      quarter ended May 31, 2004. As of May 31, 2004, outstanding loan balance      approximated $1,676,000 and unamortized discounts for beneficial      conversion feature and warrants totaled $1,330,000.

          ADDITIONAL      TERM NOTE

          On      March 30, 2004, we entered into an additional $750,000 Convertible Term      Note pursuant to which we issued and sold to Laurus (i) a Convertible Term      Note ( "Convertible Term Note #2",) in the principal amount of      $750,000 and (ii) a warrant ("Term Note #2 Warrant") to purchase      up to 750,000 shares of Common Stock having an exercise price of $0.50 per      share. The Term Note #2 Warrant expires on March 30, 2011 and has a      cashless exercise provision. The first payment on the Notes is due July 1,      2004. This term note has a maturity date of March 30, 2007.

          The      fair value of the these warrants totaling $133,100 was computed using the      Black-Scholes model under the following assumptions: (1) expected life of      3 years; (2) volatility of 85%, (3) risk free interest of 4.17% and      dividend rate of $0%. The term loan is payable in monthly payments. The      Company can elect to pay all or a portion of the monthly amount in shares      of common stock at a fixed conversion price of $0.40. If the closing price      of the Company's stock for any of the 10 trading days preceding the      payment is less than 110% of the fixed conversion price, the Company shall      pay cash instead. In addition, since this debt is convertible into equity      at the option of the note holder at beneficial conversion rates, an      embedded beneficial conversion feature was recorded as a debt

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---------------------------------------------------------------------------------------------------------------------discount and      will be amortized using the effective interest rate method over the life      of the debt in accordance with Emerging Issues Task Force No. 00-27,      "Application of Issue No. 98-5 to Certain Convertible      Instruments.". During the quarter ended May 31, 2004, total cost of      beneficial conversion feature of $245,600 and the relative fair value of      the warrants of $133,100 were recorded as discounts of the term loan.      During the quarter ended May 31, 2004, the Company recorded an interest      expense for the amortization of discounts in the amount of $6,800. As of      May 31, 2004, outstanding loan balance approximated $750,000 and      unamortized discounts for beneficial conversion feature and warrants      totaled $371,800.

          The      Company is obligated, pursuant to a Registration Rights Agreement between      the Company and Laurus dated March 30, 2004 to file a registration      statement with the Securities and Exchange Commission to register the      shares of Common Stock issuable upon conversion of the additional term      loan of $750,000 and the 750,000 warrants on or before April 30, 2004 or,      within 30 days following the issuance thereof, and to use our best efforts      to cause such registration statement to become effective within 90 days      following the relevant filing date. To the extent, subject to certain      conditions set forth in the Registration Rights Agreements, either (i) we      fail to make such initial filing, (ii) the relevant registration statement      is not declared effective by the Commission within 90 days of such filing,      (iii) such registration statement ceases to be effective as to the      securities to have been covered thereby for a period of 20 consecutive      trading days or 30 days total in any 365 day period commencing on the      effective date of such registration statement, or (iv) our Common Stock      ceases to be traded on any trading market for a period of three      consecutive trading days which has not been cured within 30 days of notice      thereof, then we shall be liable to pay to Laurus, as liquidated damages,      for each 30-day period during which the relevant default remains uncured      1.0% of the original amount of the additional term loan. Pursuant to EITF      00-19, "Accounting for Derivative Financial Instruments Indexed to,      and Potentially Settled in, a Company's Own Stock", the relative fair      values of the warrants of approximately $133,100 have been recorded as a      short-term liability as of March 30, 2004 as the Company has not yet filed      the registration statement. In addition, the Company is required to report      a value of the warrant as a fair value and record the fluctuation to the      fair value of the warrant liability to current operations. During the      period from March 30, 2004 to May 31, 2004, the change of the relative      fair value of the warrants is immaterial to the accompanying condensed      consolidated financial statements.

GENERAL TERMS TO LAURUS NOTES

          Each      Note may be prepaid by us in cash by paying to the holder 115% of the      principal and related accrued and unpaid interest thereon being prepaid.      In addition, the Convertible Term Note may be prepaid at our option in      shares of Common Stock if and to the extent the average closing price of      the Common Stock is greater than 110% of the Fixed Conversion Price for at      least 5 consecutive trading days, subject to certain limitations.

          Our      obligations under the Security Agreement, SPA and the Notes are secured by      a pledge by us of shares representing 100% of the share capital of our      wholly-owned subsidiaries Titan PCB East, Inc. and Titan PCB West, Inc.      (collectively, the "Subsidiaries"), a guaranty of such      obligations by each of the Subsidiaries, and the grant of a security      interest by each of the Subsidiaries in their respective assets.

          Laurus      shall not be entitled to be issued shares of Common Stock in repayment of      any portion of the Notes or upon exercise of either of the Warrants if and      to the extent such issuance would result in Laurus and its affiliates      beneficially owning more than 4.99% of the issued and outstanding Common      Stock upon such issuance, unless Laurus shall have provided at least 75      days' prior written notice to us of its revocation of such restriction.

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***Note 5.**Going Concern:***

          The      accompanying condensed consolidated financial statements have been      prepared on a going concern basis, which contemplates the realization of      assets and the satisfaction of liabilities in the normal course of      business. Through May 31, 2004, the Company has not been able to generate      sufficient sales from its operations to cover its costs and operating      expenses. Although the Company has been able to issue its common stock      through private placements to raise capital in order to fund its      operations, it is not known whether the Company will be able to continue      this practice, or be able to obtain other types of financing or if its      sales will increase significantly to be able to meet its cash operating      expenses. This, in turn, raises substantial doubt about the Company's      ability to continue as a going concern. Management anticipates sales to      grow as a result of additional products offered to its customers after the      move to its new facility. Management believes that the private equity      financing and new product offerings will enable the Company to generate      positive operating cash flows and continue its operations. However, no      assurances can be given as to the success of these plans. The financial      statements do not include any adjustments that might result from the      outcome of these uncertainties.

 
***Note 6. Proforma Loss under FASB 148:***
                The      Company uses the intrinsic value method (APB Opinion 25) to account for      its stock options granted to officers, directors, and employees. Under      this method, compensation expense is recorded over the vesting period      based on the difference between the exercise price and quoted market price      on the date the options are granted. Since, the Company has granted all      its stock options at or above the quoted market on the date of measurement      date, no compensation expense related to grants of stock option to      employees has been recorded.

                Had the Company chosen the fair value method of      accounting for transactions involving stock option issuance to employees      pursuant to SFAS No. 123, the Company would have recorded $33 and $9 in      compensation costs for the three months ended May 31, 2004 and 2003,      respectively, and $100 and $39 for nine months ended May 31, 2004 and      2003, respectively, as presented by the proforma loss statement, as      follows:

 
      Three Months Ended May 31,
2004
2003      Net loss:           As reported            Compensation recognized under APB 25           Compensation recognized under SFAS 123           Proforma net loss      Net loss per common share - basic and diluted:           As reported           Proforma
        $  (1,550)            12             (33)  $  (1,571)  $    (0.08)  $    (0.08)  
        $  (1,386)            -               (9)  $  (1,395)  $    (0.10)  $    (0.10)         
 
 Nine      Months Ended May 31,
2004
2003      Net loss:           As reported            Compensation recognized under APB 25           Compensation recognized under SFAS 123           Proforma net loss      Net loss per common share - basic and diluted:           As reported           Proforma
        $  (5,550)            40           (100)  $  (5,610)  $    (0.32)  $    (0.33)  
        $  (3,567)            35             (39)  $  (3,571)  $    (0.30)  $    (0.31)         
12

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***Note 7. Gain on Extinguishment of Debt:

          During      the nine months ended May 31, 2004, the Company settled an unpaid capital      lease obligation with a gain of approximately $349,000 which is included      in miscellaneous income in the accompanying condensed consolidated      statements of operations. ***Note 8. Litigation:
     From time to time, we may      become involved in various lawsuits and legal proceedings which arise in      the ordinary course of business. In September 2002, a former employee      filed a complaint against the Company alleging wrongful termination.      During the quarter ended November 30, 2003, we settled this case for      $85,000 and during the quarter ended February 29, 2004, we have completely      paid this amount. However, litigation is subject to inherent      uncertainties, and an adverse result in this or other matters could arise      from time to time that may harm Titan's business, financial condition      and results of operations. 
***Note 9. Settlement Agreements:***
          During      the quarter ended February 29, 2004, the Company reached informal      agreements with both our immediate past President and Chief Executive      Officer to cancel their existing warrants, each consisting of the right to      purchase from our largest shareholder 1,000,000 shares at $0.50 each in      exchange for 350,000 shares of common stock each to be issued by our      largest shareholder. This has further been amended and they were both paid      $60,000 each in lieu of common stock from our largest shareholder. The      value of this new agreement is measured based on the sum of (1) the      remaining unamortized fair value of the warrants; (2) the amount by which      (a) the fair value of the new equity instrument measured at the      modification date is greater than (b) the fair value of the old equity      instrument immediately before its terms were modified. Since the $120,000      payment and an additional amount to be paid by the Company which has yet      to be determined (which at most will be $100,000) is far less than the      fair value of the warrants of $1,537,600, the Company expensed the      remaining unamortized value of the warrants in the amount of $933,000      during the quarter ended February 29, 2004. As of June 22, 2004, the      Company is in negotiations with these two individuals for a final      settlement.
13 

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***Note 10. Other Convertible Notes Payable:
          In      the three months ended May 31, 2004, the Company issued convertible notes      to our major stockholder and other parties to settle certain outstanding      obligations of the Company and for future cash infusions into the      Company. These notes totaling $1.6 million were issued as convertible      notes with a conversion price of $0.32 per share and carry an interest      rate of 10% per annum. The Company received a waiver from its lender of      the lines of credit and term loans for such issuance. The Company's      largest shareholder converted the outstanding notes balance of $1,450,000      into 4,531,250 shares effectiveMay 31, 2004. The Company has      recorded a beneficial conversion feature on these notes of $1,182,000 and      have expensed the full amount upon the conversion during the quarter ended      May 31, 2004.
*** 

Note 11. Stock Option Repricing:

 ***
          During the nine month period ended May 31, 2004, the      Company re-priced approximately 520,000 stock options from $1.50 to $0.79      under the Company's 1992 Stock Option Plan. In accordance with FASB      Interpretation, FIN 44, Accounting for Certain Transactions Involving      Stock Transactions, these options have subsequently been accounted for as      variable from May 3, 2004 through the nine month period ended May 31,      2004. Since the stock price has been much less than the re-priced option      price, the Company has not recorded any compensation expense in its      financial statements for the nine month period ended May 31, 2004.
******Note 12. Subsequent Event:***
          On June 29, 2004, Laurus Master Fund Ltd. advanced the Company an      additional $1,500,000. This advance was in the form of an amendment to the      $750,000 term note advanced on March 30, 2004. This note is convertible at      $0.40 per share, with detached warrants to purchase up to 1,800,000 shares      of the Company's common stock at a price of $0.50 per share. The Company      is obligated to make monthly repayments or settle with issuance of common      stock beginning on September 1, 2004. This note matures on March 30, 2007,      and is mainly to be used for future capital expenditures. As part of this      advance the Company must file a registration statement by August 15, 2004.

14
------------------------------------------------------------------------------------------------------------------** ****Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND      RESULTS OF OPERATIONS***          This      Management's Discussion and Analysis of Financial Condition and Results      of Operations and Plan of Operations and other portions of this report      contain forward-looking information that involve risks and uncertainties.      Our actual results could differ materially from those anticipated by the      forward-looking information. This Management's Discussion and Analysis      of Financial Condition and Results of Operations and Plan of Operations      should be read in conjunction with our consolidated financial statements      and the related notes included elsewhere in this report. **Overview

          A      detailed overview of our business and history is set forth in our Annual      Report on Form 10-KSB for the year ended August 31, 2003, to which      overview we make reference. **Summary Corporate Background

          We      are a manufacturer of time sensitive, high tech, prototype and      pre-production PCBs. We provide time-critical, PCB manufacturing services      to original equipment manufacturers and electronic manufacturing services      providers. The Company's prototype PCBs serve as the foundation in many      electronic products used in telecommunications, medical devices,      automotive, military applications, aviation components, networking and      computer equipment. The Company's focus is on niche PCBs consisting of      complex, high layer count, fine-lines and high-performance materials with      capabilities to deliver in 24 hours, at premium pricing, as compared to      standard 10 day lead time.

          The      Company's wholly-owned subsidiary, Titan PCB West ("Titan"),      was incorporated on March 27, 2001. On August 30, 2002, Titan was acquired      by us through the merger of Titan EMS Acquisition Corp. with and into      Titan. In connection with the Merger, the stockholders of Titan received      shares of our common stock. For financial reporting purposes, the Merger      has been treated as a reverse-merger, where Titan was the acquirer.      Because the Merger is treated as a purchase of Ventures-National      Incorporated, the historical financial statements of Titan became our      historical financial statements after the Merger.

          On      August 6, 2002, Titan acquired all of the non-real estate assets and      assumed all of the non-term loan liabilities of SVPC in exchange for the      issuance to SVPC of 800,000 shares of Titan common stock, pursuant to the      terms and conditions of a Contribution Agreement and Assignment and      Assumption of Liabilities dated August 6, 2002.

          Beginning      in 2001, SVPC began acquiring cutting edge technology equipment,      processes, customer lists and orders from competitors unable to remain in      business principally due to a severe market downturn and excessive levels      of indebtedness. On July 16, 2001, SVPC acquired all of the assets of SVPC      Circuit Systems, Inc. and certain assets of CSI pursuant to a combined      approved bankruptcy court sale. After these acquisitions, Titan acquired      certain system integration division assets out of bankruptcy from      creditors of Paragon Electronic Systems, Inc.

15      
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          On      August 6, 2002, Titan acquired certain intangible assets contributed by      Louis George, a former executive officer and director, in exchange for      50,000 shares of Titan common stock valued at $1.50 per share, pursuant to      the terms and conditions of a Contribution Agreement and Assignment and      Assumption of Liabilities dated August 6, 2002.

          Effective      August 30, 2002, through the Company's wholly-owned subsidiary Titan EMS      Acquisition Corp. ("Acquisition Co"), a Delaware corporation, we      acquired all of the capital stock of Titan through an exchange of the      Company's common stock pursuant to an Agreement and Plan of Merger. In      connection with the Merger, the Company's fiscal year was also changed      from June 30 in each year to August 31 in each year.
 
          On      February 27, 2003, through the Company's wholly-owned subsidiary Titan      PCB East, we acquired certain assets of Eastern Manufacturing Corporation,      for approximately $500,000 in a foreclosure sale from Eastern      Manufacturing Corporation's secured lender Eastern Bank. The results      from Eastern Manufacturing Corporation's operations were reflected in      our financial statements from the date of acquisition. No goodwill      resulted from this acquisition.

          Effective      March 5, 2003, we purchased shares of common stock of Coesen representing      33.3% of its issued and outstanding shares of common stock from Mr. Howard      Doane, the principal stockholder and an officer and director of Eastern      Manufacturing Corporation, in exchange for 30,000 shares of common stock      and $5,000 in cash.

          Management      has devoted substantial time since the Merger to the integration and      reorganization of the Company's various business units. The Company      anticipates that this integration and reorganization of our business will      continue to require substantial management resources for much of the      fiscal year ending August 31, 2004 and that, as a result, we may not      realize the anticipated economies of scale and scope, as well as the      attendant improvements in our operating results, until possibly the next      fiscal year. **Plan of Operations**
The Company's business strategy is:
to target potential customers and industries needing prototype          boards with required turnaround times of between 24 hours and the          industry standard 10-days as well as preproduction needs requiring          numerous types of materials;
- to aggressively market specialty manufacturing services for time          sensitive, high-tech prototype and pre-production PCBs to the high          technology industry and cater to customers who need time sensitive          delivery of low to medium production runs with high quality and          superior design and customer service interface whether for production          or research and development;     - to expand our services to include flexible circuits and rigid-flex          combinations in order to diversify sources of sales;     - to expand our sales through the marketing and manufacture of          rigid-flex PCBs using the patented HVR Flex process available;     - to acquire and integrate strategic assets of companies producing          time sensitive, high tech prototype and pre-production PCBs with other          unique customers, technology or processes in order to accelerate entry          into our target market; and     - to acquire manufacturing facilities that have military certification          and achieve military certification for our current facilities.

16

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          The      Company plans to add and is in the process of adding additional      independent sales representatives to extend our selling capacity.      Commission costs therefore will fluctuate depending on the origin of sales      orders with our internal sales team or our independent sales      representative organization. We also plan to increase our marketing      expenditures. There are no assurances that additional independent sales      representatives or increased marketing expenditures will increase our      sales. **Accounting Principles; Anticipated Effect of Growth

          Below      we describe a number of basic accounting principles, which we employ in      determining our recognition of sales and expenses, as well as a brief      description of the effects that we believe that our anticipated growth      will have on our sales and expenses in the future.* 

Sales*

          We      recognize sales upon shipment to our customers. We record net sales as our      gross sales less an allowance for returns. At May 31, 2004, we had      approximately 360 customers. We provide our customers a limited right of      returns for defective PCBs and record an allowance against gross sales for      estimated returns at the time of sale based on our historical results.      Because our customers quickly test the PCBs we manufacture for them, the      majority of returns for defects occur within the first 15 days following      shipment. At May 31, 2004, we provided an allowance against gross sales      for returns of $10,000. Actual returns may differ materially from our      estimates, and revisions to the allowances may be required from time to      time.
 

          We      expect the number and complexity of PCBs we sell to fluctuate with the      changes in demand from our customers and, the prices we charge our      customers to fluctuate as a result of intense competition in the PCB      industry and the current economic situation and its impact on the high      technology market. Until industry conditions improve and demand increases,      we expect that decreased average pricing will continue to negatively      affect our sales.
 

          Future      demand and product pricing will depend on many factors including product      mix, levels of advanced technology, capacity utilization, competitive      pressure in the PCB industry, and economic conditions affecting the      markets we serve and the electronics industry in general. The current      uncertainty regarding the level and timing of an economic recovery in our      product markets and volatility in our customer forecasts continue to make      our forecasting less reliable than in prior periods.
 

          In      each case, our plan of operations anticipates that our internal growth, as      well as acquisitions of competitors, shall materially contribute to our      ability to increase our sales as described above.
 

          Through      the time of our acquisition of EMC, the Company's primary source of      sales were from rigid bare-board manufacturing that provides time      sensitive, high technology, and superior quality PCB's to the      electronics industry at a competitive price. In the future, Titan expects      to receive sales from customers who need rigid-flex and flex bare-board      manufacturing that provides time sensitive, high technology, and superior      quality PCBs. In addition, after an initial inspection and certification      period, Titan intends to expand its sales focus to the military market      place, which includes those vendors supplying the U.S. military with      products in our target market.
17 

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*Cost of Sales

          Cost      of sales consists of materials, labor, outside services and overhead      expenses incurred in the manufacture and testing of our products. Many      factors affect our gross margin, including, but not limited to, capacity      utilization, production volume and yield. We do not participate in any      long-term supply contracts and we believe there are a number of high      quality suppliers for the raw materials we use. Our cost of goods, as a      percentage of sales, varies depending on the complexity of the PCBs we      manufacture in any given period.
 

          Based      upon our plan of operations, we anticipate that our cost of sales will      increase as our sales increase, but that cost of sales as a percentage of      net sales shall generally decrease as our sales increase. We believe that      the amount of the decrease of this percentage over the next several fiscal      periods will be dependent in large part upon the source of the increase in      sales. For example, an increase in our penetration in the existing market      for our goods and services will permit us to increase sales at a low cost      in part by causing us to utilize a greater portion of our existing      manufacturing capacity, an expense which we already incur. On the other      hand, an increase in our sales attributable to our offering a greater      portfolio of products and services may result in less of a decrease in      such percentage as such activities may initially be less efficient than      our existing operations.
 

          Included      in cost of sales is overhead which is relatively fixed. Materials and      labor are semi-variable and are influenced by the complexity of orders as      well as the quantity of orders. As our business is continually changing      with regard to the type of product produced, we plan to implement broader      use of production systems to control the overtime in production as well as      the use of materials in production. We anticipate that these systems will      assist in the pricing of its products with the objective to be more      competitive and profitable in our target market.
 

          We      intend to continue to expand and upgrade our production capability as well      as our production systems and the financial systems interface in order to      better manage material, labor and overhead costs. *Operating Expenses

          Our      operating expenses for the three and nine month periods ended May 31, 2004      and 2003 are comprised of costs for sales and marketing, general and      administrative, non-recurring costs and costs related to mergers and      acquisitions, as well as the cost of developing operating facilities.

          Sales      and marketing expenses consist primarily of salaries and commissions paid      to our internal sales team, commissions paid to independent sales      representatives and costs associated with advertising and marketing      activities. We expect our selling and marketing expenses to fluctuate as a      percentage of sales as we add new personnel, develop new independent sales      representative channels and advertise our products.
 

          We      intend to expand our direct, indirect and distributed sales plan in order      to best utilize our newly acquired rigid-flex manufacturing capability as      a result of its acquisition of the assets from Eastern Manufacturing      Corporation as well as our geographic expansion.
 

          General      and administrative expenses include all corporate and administrative      functions that serve to support our current and future operations and      provide an infrastructure to support future growth. Major items in this      category include management and staff salaries and benefits, travel,      network administration and systems/data processing, training, rent/leases      and professional services. We intend to slightly expand our customer and      sales support operation in order to support the increased complexity and      volume of our PCB business and our anticipated use of indirect sales. We      do not expect a material increase in sales and marketing expense that is      not consistent with an increase in sales.      
18      
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          Interest      expense, including finance charges, relates primarily to an accounts      receivable and inventory lines of credit with two lending institutions,      Alco and Equinox, convertible lines of credit and term loans with Laurus,      and amortization of discounts on convertible debt. We expect interest      expense to fluctuate as a percentage of sales based on the timing of      borrowings under our lines of credit. **Results of Operations**
          The      following table sets forth income statement data for the three and nine      month periods ended May 31, 2004 and 2003 and should be read in      conjunction with our consolidated financial statements and the related notes appearing      elsewhere in this report.
 

Three Months Ended
Nine Months Ended
05/31/04
05/31/03
05/31/04
05/31/03      Net sales      Cost of sales      Gross profit      Operating expenses:        Sales and marketing        General and administrative          Total operating expenses      Operating income/(loss)      Interest expense      Miscellaneous      Net loss
100.0%    81.1        18.9       7.6       7.7       15.3       3.6       (36.4)      0.0       (32.8)      
100.0%    89.8       10.2       11.3        35.7       47.0        (36.8)       (5.6)       0.0       (42.4)      
100.0%    87.3       12.7       8.8        29.9       38.7       (26.0)      (22.0)      1.7       (46.3)      
100.0%     92.4       7.6       12.1        39.5       51.6       (44.0)      (3.9)      1.1       (46.8)      
 
**Three Months Ended May 31, 2004 Compared to the Three Months Ended May      31, 2003. *Net Sales

          Net      sales increased by $1,456,000 or 44.5% from $3,271,000 in the three months      ended May 31, 2003 to $4,727,000 in the three months ended May 31, 2004.      This increase resulted primarily from the additional sales achieved from      our ability to produce quick turn circuit boards in our West operation.      The West operations increased their sales by $1,111,000 or 60.7% while the      East operations increased their sales $345,000 or 23.9% while increasing      customer base. The Company expects to continue this year over year trend      as we increase our customer satisfaction index and become one of the few      shops qualified under the new military P31032 specification. The Company      was notified on June 17, 2004 that it has received this qualification.      
19      
-----------------------------------------------------------------------------------------------------------------*Cost of Sales

          Cost      of sales increased $895,000, or 30.5%, from $2,937,000 in the three months      ended May 31, 2003 to $3,832,000 in the three months ended May 31, 2004.      As a percentage of sales, these costs decreased from 89.8% in the three      months ended May 31, 2003 to 81.1% in the three months ended May 31, 2004.      The decrease in cost of sales % resulted from a 1.6% greater direct margin      received from products sold as well as the 44.5% increase in volume. This      decrease as a percent of sales is expected to favorably increase as there      are a number of fixed costs that will not adjust at the same rate as the      projected increase in sales. *Gross Profit

          Gross      profit increased by $561,000 or 168.0%, from $334,000 in the three months      ended May 31, 2003 to $895,000 in the three months ended May 31, 2004. The      increase in gross profit resulted primarily from the higher margin      products being shipped from the West. In the West, most of our products      are quick turn (3 - 5 business day turnaround) and as such normally      carry higher margins. The material costs in these products decreased from      27.2% in the three months ended May 31, 2003 to 22.7% in the three months      ended May 31, 2004 and the direct labor costs also decreased from 23.3% in      the three months ended May 31, 2003 to 22.9% in the three months ended May      31, 2004. The Company also experienced a disproportional increase in fixed      overhead costs, although they increased $258,000, as a percentage of sales      these costs decreased from 40.5% of sales in the quarter ended May 31,      2003 to 33.5% of sales in the quarter ended May 31, 2004. *Operating Expenses

          Sales      and marketing expenses remained in line with the prior year slightly      decreasing from $369,000 in the three months ended May 31, 2003 to      $361,000 in the three months ended May 31, 2004. As a percentage of sales,      however, the Company experienced a dramatic decrease from 11.3% of sales      in the quarter ended May 31, 2003 to 7.6% of sales in the quarter ended      May 31, 2004.
 

          General      and administrative expenses decreased by $804,000 or 68.8%, from      $1,168,000 in the three months ended May 31, 2003 to $364,000 in the three      months ended May 31, 2004. . The decrease was due in part to the lower      amortization of professional fees issued as stock in the prior fiscal      year. Additional cost also incurred during the three months ended May 31,      2003 due to high turnover of the senior management team, which became      stabilized during the three months ended May 31, 2004. *Interest Expense

          Interest      expense increased by $1,536,000, or 830.3%, from interest expense of      $185,000 in the three months ended May 31, 2003 to $1,721,000 in the three      months ended May 31, 2004. As a percentage of sales, interest expense      increased from 5.6% in the three months ended May 31, 2003 to 36.4% in the      three months ended May 31, 2004. In the three months ended May 31, 2004,      interest expense relates primarily to interest expense on the convertible      notes the Company issued to our largest shareholder and others as well as      the Laurus transaction with the associated amortization of the related      warrants and beneficial conversion features of the Laurus funding.      
20      
-----------------------------------------------------------------------------------------------------------------*Miscellaneous

          Miscellaneous      income remained relatively constant on a year over year basis with no      major change in the components. **Nine Months Ended May 31, 2004 Compared to the Nine Months Ended May      31, 2003. *Net Sales

          Net      sales increased by $4,361,000 or 57.3% from $7,615,000 in the nine months      ended May 31, 2003 to $11,976,000 in the nine months ended May 31, 2004.      This increase resulted primarily from the sales achieved from our      acquisition of Eastern Manufacturing Corporation ("EMC"), which      occurred in February 2003. Due to the timing of this acquisition the sales      during this time period is non-comparable. On a comparable basis the      Company's sales increased $1,505,000 or 24.4% during the nine month period      ended May 31, 2004 as compared to the nine month period ended May 31,      2003. This increase is mainly due to an increase in customers as we      aggressively seek an enhanced customer base. *Cost of Sales

          Cost      of sales increased $3,414,000, or 48.5%, from $7,037,000 in the nine      months ended May 31 2003 to $10,451,000 in the nine months ended May 31,      2004. As a percentage of sales, these costs decreased from 92.4% of sales      in the nine months ended May 31, 2003 to 87.3% of sales in the nine months      ended May 31, 2004. The decrease in cost of sales % resulted from a      greater direct margin received from products sold, partially offset from      higher overhead costs associated with the EMC acquisition mentioned above.      This decrease as a percent of sales is expected to favorably increase as      there are a number of fixed costs that will not adjust at the same rate as      the projected increase in sales.

*Gross Profit

          Gross      profit increased by $947,000 or 163.8%, from $578,000 in the nine months      ended May 31, 2003 to $1,525,000 in the nine months ended May 31, 2004.      The increase in gross profit resulted primarily from the higher margin      products being shipped from the West. In the West, most of our products      are quick turn (3 - 5 business day turnaround) and as such normally      carry higher margins. The direct margin increased from 53.2% in the nine      months ended May 31, 2003 to 54.8% in the nine months ended May 31, 2004.      This increase in direct margin coupled with the 57.3% sales increase      greatly contributed to the gross profit increase. *Operating Expenses

          Sales      and marketing expenses increased by $135,000, or 14.6%, from $922,000 in      the nine months ended May 31, 2003 to $1,057,000 in the nine months ended      May 31, 2004. As a percentage of sales, sales and marketing expense      decreased from 12.1% of sales in the nine months ended May 31, 2003 to      8.8% of sales in the nine months ended May 31, 2004. The dollar increase      was due to the addition of sales personnel in our West division as well as      additional sales personnel acquired with the purchase of EMC.
 

          General      and administrative expenses increased by $568,000 or 18.9%, from      $3,011,000 in the nine months ended May 31, 2003 to $3,579,000 in the nine      months ended May 31, 2004. . This increase was due to the amortization of      the unamortized portion of the fair value of warrants granted to the      former Chief Executive Officer and President in the amount of $1,373,000      who departed during the quarter ended February 29, 2004. This was offset      by the $541,000 lower amortization of stock issued for professional      services in the nine months ended May 31, 2003. This was also offset by      the $140,000 expense incurred in the nine months ended May 31, 2003      related to a lawsuit filed by a former employee. This lawsuit was settled      for $85,000 in the nine months ended May 31, 2004.
21

 ----------------------------------------------------------------------------------------------------------------
*Interest Expense

          Interest      expense increased by $2,343,000, or 783.6%, from interest expense of      $299,000 in the nine months ended May 31, 2003 to $2,642,000 in the nine      months ended May 31, 2004. As a percentage of sales, interest expense      increased from 3.9% of sales in the nine months ended May 31, 2003 to      22.1% of sales in the nine months ended May 31, 2004. In the nine months      ended May 31, 2004, interest expense related primarily to interest expense      of $540,000 associated with a loan from a shareholder on extremely high      interest and related financing cost which was retired as part of the      Laurus transaction, the expense of $1,759,000 related to the beneficial      conversion costs and warrant amortization of the convertible debt issued      during the nine months ended May 31, 2004. *Miscellaneous

          Miscellaneous      income increased by $116,000 from $87,000 in the nine months ended May 31,      2003 to $203,000 in the nine months ended May 31, 2004. In the nine months      ended May 31, 2004, the Company recorded a gain on settlement of an      existing capitalized lease obligation offset by penalties incurred in the      early retirement of existing debt when the Company entered into the      favorable Laurus transaction. **Liquidity and Capital Resources 
          Our      principal sources of liquidity have been cash provided by a private      placement, an infusion of capital from our largest shareholder, and      borrowings under our new agreement with Laurus Funds described below. Our      principal uses of cash have been for operations, to meet debt service      requirements, and to finance capital expenditures. We anticipate these      uses will continue to be our principal uses of cash in the future.

          We      will require additional financing in order to implement our business plan.      We currently anticipate capital expenditures of at least $1.3 million      during the next 12 months. If the anticipated cash generated by our      operations are insufficient to fund requirements and losses, we will need      to obtain additional funds through third party financing in the form of      equity, debt or bank financing. Particularly in light of our limited      operating history and losses incurred, there can be no assurance that we      will be able to obtain the necessary additional capital on a timely basis      or on acceptable terms, if at all. In any of such events, our business,      prospects, financial condition, and results of operations would be      materially and adversely affected. As a result of any such financing, the      holders of our common stock may experience substantial dilution. In      addition, as our results may be negatively impacted and thus delayed as a      result of political and economic factors beyond our control, including the      potential war in the Middle East and its impact on the high technology      market and the economy in general, our capital requirements may increase.
22

----------------------------------------------------------------------------------------------------------------                The      following factors, among others, could cause actual results to differ from      those indicated in the forward-looking statements included in this Form      10Q-SB: pricing pressures in the industry; the loss of any of our major      customers; a continued downturn in the economy in general or in the      technology sector; a further decrease in demand for electronic products or      continued weak demand for these products; our ability to attract new      customers; our ability to reduce costs, including those associated with      our restructuring plan; an increase in competition in the market for      electronic interconnect solutions; and the ability of some of our new      customers to obtain financing. These factors or additional risks and      uncertainties not known to us or that we currently deem immaterial may      impair business operations and may cause our actual results to differ      materially from any forward-looking statement.
 

          Although      we believe the expectations reflected in the forward-looking statements      are reasonable, we cannot guarantee future results, levels of activity,      performance or achievements. We are under no duty to update any of the      forward-looking statements after the date of this report to conform them      to actual results or to make changes in our expectations.
 

          In      the nine months ended May 31, 2004, net cash used by operations was      $3,663,000 while in the nine months ended May 31, 2003 cash used in      operating activities was $2,033,000, an increase of $1,630,000. This      increase was primarily the result of a pay down of accounts payable and      accrued liabilities of $755,000 for the nine months ended May 31, 2004 as      compared to an increase in similar items of $909,000 in the nine months      ended May 31, 2003. In addition, the Company's accounts receivable      increased by $1,682,000 during the nine months ended May 31, 2004      reflecting the increased sales volume the Company is experiencing compared      to increase of $695,000 during the nine months ended May 31, 2003.
 

          In      the nine months ended May 31, 2004, we utilized $228,000 for the purchase      of fixed assets compared to $427,000 used for the purchase of fixed assets      in the nine months ended May 31, 2003, a decrease of $199,000, or 46.6%.      As we achieve greater positive operating cash flow, we expect our spending      on capital expenditures to increase during the fourth quarter of this      fiscal year.
 

          As      of May 31, 2004, we raised a total of $742,000 from certain private      investors which we received $75,000 in the quarter ended August 31, 2003      and $667,000 in the nine months ended May 31, 2004. We have also received      $751,000 was our largest shareholder in the nine months ended May 31, 2004      which we have utilized to pay down our outstanding accounts payable and      accrued liabilities as well as to help finance the Company's expanded      operations.
 

          On      November 20, 2003, we entered into a Security Agreement (the      "Security Agreement") with Laurus Master Fund, Ltd.      ("Laurus"), pursuant to which we may borrow from Laurus such      amount as shall equal 85% of our eligible accounts receivable and      inventory as prescribed by the terms of the Security Agreement up to a      maximum of $4,000,000. Pursuant to the Security Agreement, we issued to      Laurus a (i) Secured Revolving Convertible Note (the "Revolving      Note") in the principal amount of up to $2,500,000 and (ii) Secured      Convertible Minimum Borrowing Note (the "Initial Minimum Borrowing      Note" and together with any other Minimum Borrowing Notes issued      under the Security Agreement, the "Minimum Borrowing Notes") in      the original principal amount of $1,500,000. Additional Minimum Borrowing      Notes shall be issued as and when the Company is eligible and elects to      make additional borrowings under the Revolving Note. As of May 31, 2004,      we had borrowed an aggregate of approximately $2.7 million under the      Security Agreement.
23

-----------------------------------------------------------------------------------------------------------------                In      connection with the issuance of the Revolving Note and the Initial Minimum      Borrowing Note pursuant to the Security Agreement, we issued to Laurus a      warrant (the "First Warrant") to purchase up to 600,000 shares      of our common stock, par value $0.001 per share ("Common      Stock"), having an exercise price of $0.83 per share for the first      250,000 shares of Common Stock acquired under such warrant, $0.90 per      share for the next 200,000 shares of Common Stock acquired thereunder, and      a price of $0.97 per share for any additional shares of Common Stock      acquired thereunder. The First Warrant expires on November 20, 2010 and      has a cashless exercise provision.
 

          Also      on November 20, 2003, we entered into a Securities Purchase Agreement (the      "SPA") pursuant to which we issued and sold to Laurus (i) a      Convertible Term Note (the "Convertible Term Note", together      with the Revolving Note, the Minimum Borrowing Notes, the      "Notes") in the principal amount of $2,100,000 and (ii) a      warrant (the "Second Warrant", and together with the First      Warrant, the "Warrants") to purchase up to 350,000 shares of      Common Stock having an exercise price of $0.83 per share for the first      200,000 shares of Common Stock acquired thereunder, $0.90 per share for      the next 100,000 shares of Common Stock acquired thereunder, and $0.97 per      share for any additional shares of Common Stock acquired thereunder. The      Second Warrant expires on November 20, 2010 and has a cashless exercise      provision.
 

          Also      on March 30, 2004, we entered into additional financing with Laurus      pursuant to which we issued and sold to Laurus (i) a Convertible Term Note      (the "Convertible Term Note #2", together with the Revolving      Note, the Minimum Borrowing Notes and Convertible Term Note, the      "Notes") in the principal amount of $750,000 and (ii) a warrant      (the "Third Warrant", and together with the First Warrant and      Second Warrant, the "Warrants") to purchase up to 750,000 shares      of Common Stock having an exercise price of $0.50 per share of Common      Stock acquired thereunder. The Third Warrant expires on March 30, 2011 and      has a cashless exercise provision. As of May 31, 2004, we had an      outstanding payable of approximately $2.4 million related to this      convertible term note.
 

          Each      of the Notes accrues interest at a rate per annum equal to the greater of      (i) the prime rate published in The Wall Street Journal plus three (3%)      percent and (ii) seven (7%) percent, subject to possible downward      adjustment if (x) we shall have registered the shares of our Common Stock      underlying the conversion of such Note and the related Warrant, and (y)      the volume weighted average price of the Common Stock as reported by      Bloomberg, L.P. on the principal market for any of the trading days      immediately preceding an interest payment date under such Note exceeds the      then applicable Fixed Conversion Price by twenty five (25%) percent, in      which event the interest rate for the succeeding calendar month shall      automatically be reduced by twenty five (25%) percent. The first payment      under the Notes is due 90 days from the issue date thereof. Each of the      Notes has a maturity date of November 20, 2006.
 

          The      outstanding principal and accrued interest under each Notes is      convertible, at the holder's option, into shares of our Common Stock at a      conversion price equal to $0.40 per share (the "Fixed Conversion      Price"), subject to certain adjustments upon reclassifications, stock      splits, combinations, stock dividends and similar events as well as      downward adjustment upon an issuance of shares of Common Stock by the      Company at a price per share below the then current Fixed Conversion      Price, upon which issuance the Fixed Conversion Price shall be adjusted to      equal such lower issue price.
 

          Each      Note may be prepaid by us in cash by paying to the holder 115% of the      principal and related accrued and unpaid interest thereon being prepaid.      In addition, the Convertible Term Note may be prepaid at our option in      shares of Common Stock if and to the extent the average closing price of      the Common Stock is greater than 110% of the Fixed Conversion Price for at      least 5 consecutive trading days, subject to certain limitations.
24

-----------------------------------------------------------------------------------------------------------------                Our      obligations under the Security Agreement, SPA and the Notes are secured by      a pledge by us of shares representing 100% of the share capital of our      wholly-owned subsidiaries Titan PCB East, Inc. and Titan PCB West, Inc.      (collectively, the "Subsidiaries"), a guaranty of such      obligations by each of the Subsidiaries, and the grant of a security      interest by each of the Subsidiaries in their respective assets.
 

          Laurus      shall not be entitled to be issued shares of Common Stock in repayment of      any portion of the Notes or upon exercise of either of the Warrants if and      to the extent such issuance would result in Laurus and its affiliates      beneficially owning more than 4.99% of the issued and outstanding Common      Stock upon such issuance, unless Laurus shall have provided at least 75      days' prior written notice to us of its revocation of such restriction.
 

          As      of May 31, 2004, we had borrowed a total of approximately $5.2 million      from Laurus, of which approximately $3.0 million was used to repay      outstanding indebtedness, $513,000 was used to pay transaction fees      relating to the borrowing facility, approximately $814,000 was used to      satisfy outstanding trade payables, $700,000 was utilized to finance the      sales growth and the remainder has been utilized for current working      capital purposes.
 

          Our      planned capacity expansions involve risks. We may encounter construction      delays, equipment delays, labor shortages or disputes and production      start-up problems that could prevent us from meeting our customers'      delivery schedules. We expect to incur new fixed operating expenses      associated with our expansion efforts, including increases in depreciation      expenses and lease expenses. The current unfavorable economic conditions      affecting major customers or the electronics industry in general may      affect our ability to successfully utilize our additional manufacturing      capacity in an effective manner. If our sales do not increase sufficiently      to offset increased expenses, our operating results may be adversely      affected. **Quantitative And Qualitative Disclosures About Market Risk 
          Our      exposure to market risk for changes in interest rates relates primarily to      the increase or decrease in the amount of interest income we can earn on      our available funds for investment. We ensure the safety and preservation      of our invested principal funds by limiting default risk, market risk and      reinvestment risk. We mitigate default risk by investing in high quality,      short-term securities. We do not believe that changes in interest rates      will have a material effect on our liquidity, financial condition or      results of operations.

 **Impact of Inflation
          We      believe that our results of operations are not dependent upon moderate      changes in inflation rates as we expect we will be able to pass along      component price increases to our customers.
25 

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**Seasonality
          We      have experienced sales fluctuations due to customer business shut downs      over December holidays and the slow down of purchasing activities in the      summer during peak vacation months. **Contractual Obligations
          The      following table presents the Company's contractual obligations as of May      31, 2004 for the remaining of this fiscal year as well as over the next      five fiscal years. The Company does not have any contractual obligations      that extend beyond five fiscal years:** 

Payment by period         Contractual Obligations      Employment agreements      Short-term debt      Long-term debt      Revolving line of credit      Operating leases      Short-term agreements          Total Contractual Obligations
          Amount$   527,500     135,000      2,463,677      2,719,771  2,664,519               5,775      $8,516,242
During      current          fiscal year         $ 56,250             -            146,403         2,719,771            168,209         5,775$ 3,096,408
        1 - 3 years        $    435,000              135,000           2,317,274                         -        1,873,946                 -  $ 4,761,220  
         4 - 5 years           $     36,250                          -                          -                          -        622,364                           -          $    658,614  
**ITEM 3. CONTROLS AND PROCEDURES***Evaluation of Disclosure Controls and Procedures   An evaluation was      performed under the supervision and      with the participation of our management, including       the chief  executive officer and the chief financial officer,      of the effectiveness of the design and operation of our      disclosure procedures.  Based      on management's evaluation as of as of the end of the period covered by      this Annual Report, our principal executive officer and chief financial      officer have concluded that our disclosure controls and procedures (as      defined in Rules 13a-14(c)      and 15d-14(c) under the      Securities  Exchange       Act  of 1934,  as amended (the  "Exchange      Act"))   were sufficiently  effective      to ensure that the information  required to be disclosed by us in the  reports        that we file  under the       Exchange  Act is       gathered, analyzed and disclosed with adequate timeliness, accuracy      and completeness.* 

Change in Internal Controls  There      were no significant changes in the Company's internal controls or in other      factors that could significantly affect those controls since the most      recent evaluation of such controls.* 

Critical Accounting Policies  The      U.S. Securities and Exchange Commission ("SEC") recently issued      Financial Reporting Release No. 60, "CAUTIONARY ADVICE REGARDING      DISCLOSURE ABOUT CRITICAL ACCOUNTING POLICIES" ("FRR 60"),      suggesting companies provide additional disclosure and commentary on their      most critical accounting policies. In FRR 60, the SEC defined the most      critical accounting policies as the ones that are most important to the      portrayal of a company's financial condition and operating results, and      require management to make its most difficult and subjective judgments,      often as a result of the need to make estimates of matters that are      inherently uncertain. Based on this definition, our most critical      accounting policies include: inventory valuation, which affects our cost      of sales and gross margin; and allowance for doubtful accounts, which      affects the general and administrative expenses. The methods, estimates      and judgments we use in applying these most critical accounting policies      have a significant impact on the results we report in our consolidated      financial statements.*26

----------------------------------------------------------------------------------------------------------------------------------------      Inventory Valuation Our      policy is to value inventories at the lower of cost or market on a      part-by-part basis. This policy requires us to make estimates regarding      the market value of our inventories, including an assessment of excess or      obsolete inventories. We determine excess and obsolete inventories based      on an estimate of the future demand for our products within a specified      time horizon, generally 12 months. The estimates we use for demand are      also used for near-term capacity planning and inventory purchasing and are      consistent with our sales forecasts. If our demand forecast is greater      than our actual demand we may be required to take additional excess      inventory charges, which will decrease gross margin and net operating      results in the future. In addition, as a result of the downturn in demand      for our products, we have excess capacity in our manufacturing facilities.      Currently, we are not capitalizing any inventory costs related to this      excess capacity as the recoverability of such costs is not certain. The      application of this policy adversely affects our gross margin.* 

Allowance for doubtful accounts We      maintain an allowance for doubtful accounts for estimated losses resulting      from the inability of our customers to make required payments. Our      allowance for doubtful accounts is based on our assessment of the      collectibility of specific customer accounts, the aging of accounts      receivable, our history of bad debts, and the general condition of the      industry. If a major customer's credit worthiness deteriorates, or our      customers' actual defaults exceed our historical experience, our estimates      could change and impact our reported results.
       
       
       
27      
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**PART II      OTHER INFORMATION**ITEM 1. LEGAL PROCEEDINGS**
               See      Note 8 to the Company's Condensed Consolidated Financial Statements      (above).**ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS**

**                **On      March 30, 2004, we entered into a $750,000 Convertible Term Note pursuant      to which we issued and sold to Laurus Master Fund LTD. (i) a Convertible      Term Note ("Convertible Term Note #2"), in the principal amount      of $750,000 and (ii) a warrant ("Term Note #2 Warrant") to      purchase up to 750,000 shares of Common Stock having an exercise price of      $0.50 per share.  On June 29, 2004, this Convertible Term Note was      restated and an additional $1,500,000 was sold to Laurus Master Fund,      LTD.  In connection with this amendment, we issued an additional      warrant ("Term Note #2 Warrant #2") to purchase up to 1,800,000      shares of Common Stock having an exercise price of $0.50.  The first      payment of this amended Note is due September 1, 2004.  This amended      note has a maturity date of March 30, 2007.   **ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K**
               (a)      Exhibits

               10.1 - Amendment      No. 1 to Robert Ciri Separation Agreement

               10.2      - Amendment No. 2 to Andrew Glashow Separation Agreement

               10.3      - Form of 10% Convertible Notes issued

               10.4      - Lease between HD Realty Trust and Titan PCB East, Inc. dated March 1, 2004

               10.5      - Disbursement Letter regarding the disbursements of the $750,000      Convertible                                Term      Note advanced by Laurus Master Fund, Ltd. dated March 30, 2004

               10.6      - Funds Escrow Agreement between Laurus Master Fund, LTD and the company                                    dated March 30, 2004                                                     10.7      - Ventures National Incorporated parent Security Agreement dated March 30,      2004

               10.8      - Registration Rights Agreement dated March 30, 2004

               10.9      - Common Stock Purchase for 750,000 shares dated March 30, 2004

               10.10      - Securities Purchase Agreement dated March 30, 2004

               10.11      - Subsidiary Guaranty dated March 30, 2004

               10.12      - Subsidiary Security Agreement dated March 30, 2004

               10.13      - Convertible Term Note dated March 30, 2004

               10.14      - Disbursement Letter regarding the disbursements of the $1,500,000      Convertible                                  Term      Note advanced by Laurus Master Fund, LTD.

               10.15      - Funds Escrow Agreement dated June 29, 2004

               10.16      - Amendment No. 1 to Registration Rights Agreement dated June 29, 2004

               10.17      - Amended and Restated Convertible Term Note dated June 29, 2004

               10.18      - Common Stock Purchase for 1,800,000 shares dated June 29, 2004

               31.1      - Certification of Principal Executive Officer pursuant to Rule 13a-14 and      Rule                     15d-14(a),      promulgated under the Securities and Exchange Act of 1934, as amended

               31.2      - Certification of Principal Financial Officer pursuant to Rule 13a-14 and      Rule 15d                     14(a),      promulgated under the Securities and Exchange Act of 1934, as amended

               32.1      - Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to      Section                     906      of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer)

               32.2      - Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to      Section                     906      of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer)

               (b)      Reports on Form 8-K

               NONE      
28      
-----------------------------------------------------------------------------------------------------------------**S I G N A T U R E S**
Pursuant to the requirements of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned thereunto duly authorized

 ** 
      Dated: July 7, 2004
 

       VENTURES-NATIONAL INCORPORATED      (Registrant)
/s/ Kenneth ShirleyPresident, CEO, and Director(Principal Executive Officer)

 

/s/ Daniel GuimondDaniel Guimond      Chief Financial Officer      (Principal Financial Officer)
        
 

 

 

 

 

29

-----------------------------------------------------------------------------------------------------------------
CERTIFICATIONS

I, Kenneth Shirley, certify that:

    1.  I have reviewed this quarterly      report******on Form 10-QSB of VENTURES-NATIONAL INCORPORATED

    2.  Based on my      knowledge, this quarterly 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 quarterly report;

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

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

             b)  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

             c)  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 officers 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 or 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: July 7,      2004

                                                                    /s/      Kenneth Shirley      .                                                                                        Kenneth      Shirley                                                                          Chairman      of the Board, Chief                                                                    Executive      Officer, and Director                                                                          (Principal      Executive Officer)

30

------------------------------------------------------------------------------------------------------------------

CERTIFICATIONS

I, Daniel Guimond, certify that:

    1.  I have reviewed this quarterly      report******on Form 10-QSB of VENTURES-NATIONAL INCORPORATED

    2.  Based on my      knowledge, this quarterly 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 quarterly report;

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

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

             b)  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

             c)  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 officers 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 or 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: July 7,      2004

                                                                    /s/      Daniel Guimond      .                                                                                        Daniel      Guimond                                                                          Chief      Financial Officer                                                                          (Principal      Financial Officer)

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