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

                                  FORM 10-QSB


[X]                QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                             SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended                September 30, 1995
                              -------------------------------------------------

                                      OR

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

For the Transition period from________to_______________________________________


Commission File Number        1-8912 
                      ---------------------------------------------------------

                             SBM INDUSTRIES, INC.
-------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


              Delaware                                  36-1805030
--------------------------------------------------------------------------------
     (State or other jurisdiction of                    (I.R.S. Employer
      incorporation or organization)                    Identification No.)
 
      Two Madison Avenue
      Larchmont, NY                                     10538
--------------------------------------------------------------------------------
      (Address of principal executive offices)          (Zip Code)
 
Issuer's telephone number                    (914) 833-0649
                         -------------------------------------------------------

 
                      
                                     SAME
--------------------------------------------------------------------------------
     Former name, former address and former fiscal year, if changed since last
     report.

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:  Check whether the registrant filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act
after the distribution of securities under a plan confirmed by  court.  Yes __
No __

APPLICABLE ONLY TO CORPORATE ISSUERS:  State the number of shares outstanding of
each of the issuer's classes of common equity, as of the latest practicable
date:  $1.00 par value - 2,027,616 shares at November 10, 1995.
       --------------------------------------------------------
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------
                                        
                                     INDEX
                                     -----
                                        
                              SEPTEMBER 30, 1995
                              ------------------
<TABLE>
<CAPTION>
PART I.       FINANCIAL INFORMATION                                               Page No.
<S>           <C>                                                                 <C>   
                                                                                        
              ITEM 1.                                                                   
                                                                                        
                     Condensed Consolidated Balance Sheet                               
                     September 30, 1995                                           1 & 2 
                                                                                        
                     Condensed Consolidated Statements of Income-                       
                     Nine Months Ended September 30, 1995 and 1994                3     
                                                                                        
                     Condensed Consolidated Statements of Income-                       
                     Three Months Ended September 30, 1995 and 1994               4     
                                                                                        
                     Condensed Consolidated Statements of Cash Flows -                  
                     Nine Months Ended September 30, 1995 and 1994                5     
                                                                                        
                     Notes to Condensed Consolidated Financial Statements -             
                     September 30, 1995                                           6     
                                                                                        
              ITEM 2.                                                                   
                                                                                        
                     Management's Discussion and Analysis of Financial                  
                     Condition and Results of Operations -                              
                     September 30, 1995                                           7 & 8 
                                                                                        
PART II.      OTHER INFORMATION                                                   9      
</TABLE> 
<PAGE>
 
                        PART I - FINANCIAL INFORMATION
                        ------------------------------
                             SBM INDUSTRIES, INC.
                             --------------------
               CONDENSED CONSOLIDATED BALANCE SHEET - UNAUDITED
               ------------------------------------------------
                              SEPTEMBER 30, 1995
                              ------------------
                                  A S S E T S
                                  -----------
                                        
<TABLE>
<S>                                                                <C>
CURRENT ASSETS:
---------------

  Cash and Cash Equivalents                                        $    201,000
  Marketable Securities                                                 125,000
  Accounts Receivable, Less Allowance for Doubtful
     Accounts of $120,000                                             2,370,000
  Inventories                                                         2,960,000
  Prepaid Expenses and Other Current Assets                             333,000
                                                                     ----------
 
     TOTAL CURRENT ASSETS                                             5,989,000
     --------------------                                            ----------


PROPERTY, PLANT AND EQUIPMENT, AT COST:
-------------------------------------- 

  Land, Building and Improvements                                     1,229,000
  Machinery and Equipment                                               991,000
                                                                     ----------
                                                                      2,220,000
  Less:  Accumulated Depreciation                                       458,000
                                                                     ---------- 
 

     PROPERTY, PLANT AND EQUIPMENT, NET                               1,762,000
     ----------------------------------                              ----------


INTANGIBLE ASSETS AND GOODWILL, NET                                   3,459,000
-----------------------------------                                  ----------


OTHER ASSETS:
------------ 

  Note Receivable                                                       250,000
                                                                     ----------



     TOTAL ASSETS                                                  $ 11,460,000
     ------------                                                    ==========
</TABLE> 

                                      -1-
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------

               CONDENSED CONSOLIDATED BALANCE SHEET - UNAUDITED
               ------------------------------------------------

                              SEPTEMBER 30, 1995
                              ------------------

                   LIABILITIES AND SHAREHOLDERS' INVESTMENT
                   ----------------------------------------

<TABLE>
<S>                                                                <C>
CURRENT LIABILITIES:
--------------------
 
  Borrowings Under Line of Credit                                  $    575,000
  Accounts Payable and Accrued Expenses                               1,639,000
  Deferred Income                                                       848,000
  Current Portion of Notes Payable                                      223,000
                                                                     ----------
 
     TOTAL CURRENT LIABILITES                                         3,285,000
     ------------------------               


OTHER LIABILITIES:
----------------- 

  Notes Payable                                                       1,404,000
                                                                     ----------


     TOTAL LIABILITIES                                                4,689,000
     -----------------                                               ----------


MINORITY INTEREST                                                       117,000
-----------------                                                    ----------


SHAREHOLDERS' INVESTMENT:
------------------------ 

  Preferred Shares, $1 Par Value - 500,000 Shares
     Authorized; Issued and Outstanding - 0 Shares                        -----
  Common Shares, $1 Par Value - 5,000,000 Shares
     Authorized; Issued and Outstanding -
     2,028,000 Shares                                                 2,028,000
  Paid-in Surplus                                                     4,349,000
  Retained Earnings                                                     277,000
                                                                     ----------


     TOTAL SHAREHOLDERS' INVESTMENT                                   6,654,000
     ------------------------------                                  ----------



     TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT                $ 11,460,000
     ----------------------------------------------                  ==========
</TABLE> 

                                      -2-
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------

            CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
            -------------------------------------------------------

             FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
             -----------------------------------------------------

<TABLE>
<CAPTION>  
                                                                        1995               1994
                                                                        ----               ----
<S>                                                             <C>                 <C> 
NET SALES                                                       $ 12,409,000        $ 9,103,000
---------
 
Cost of Sales                                                      6,998,000          4,604,000
                                                                   ---------          ---------
 
     GROSS PROFIT ON SALES                                      $  5,411,000        $ 4,499,000
     ---------------------                                         ---------          ---------
 
 
COSTS AND EXPENSES:
------------------
  Selling, General and Administrative Expenses                  $  5,141,000        $ 3,861,000
  Depreciation and Amortization                                      376,000            205,000
                                                                   ---------          ---------
 
     TOTAL COSTS AND EXPENSES                                   $  5,517,000        $ 4,066,000
     ------------------------                                      ---------          ---------
 
 
  OPERATING PROFIT (LOSS)                                       $   (106,000)       $   433,000
  -----------------------
 
OTHER INCOME (EXPENSE):
----------------------
  Interest Income and (Expense), Net                                (101,000)            (8,000)
  Gain (Loss) on Marketable Securities (Note 1)                       43,000            (12,000)
  Minority Interest in Subsidiary                                    110,000             14,000
                                                                   ---------          ---------
 
Income (Loss) Before Income Taxes from Continuing Operations    $    (54,000)       $   427,000
 
Provision For Income Taxes (Note 3)                                      ---           (55,000)
                                                                   ---------          ---------
 
  Income (Loss) from Continuing Operations                      $    (54,000)       $   372,000
  Income and Gain on Sale from Discontinued Operations                   ---            605,000
                                                                   ---------          ---------
 
     NET INCOME (LOSS)                                          $    (54,000)       $   977,000
     -----------------                                             ---------          ---------
 
 
PER SHARE (Note 1)   
---------
Income (Loss) from Continuing Operations                        $       (.02)       $       .18
Income and Gain on Sale from Discontinued Operations                    -----               .30
                                                                   ---------          ---------
 
     NET INCOME (LOSS)                                          $       (.02)       $       .48
     -----------------                                             ---------          ---------
</TABLE> 

                                      -3-
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------

            CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
            -------------------------------------------------------

            FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
            ------------------------------------------------------

<TABLE>
<CAPTION>
                                                                               1995                1994  
                                                                               ----                ----  
<S>                                                                     <C>                 <C>          
NET SALES                                                               $ 4,252,000         $ 3,449,000  
---------                                                                                                
                                                                                                         
Cost of Sales                                                             2,495,000           1,693,000  
                                                                          ---------           ---------  
                                                                                                         
     GROSS PROFIT ON SALES                                              $ 1,757,000         $ 1,756,000  
     ---------------------                                                ---------           ---------  
                                                                                                         
                                                                                                         
COSTS AND EXPENSES:                                                                                      
------------------                                                                                       
  Selling, General and Administrative Expenses                          $ 1,765,000         $ 1,388,000  
  Depreciation and Amortization                                             128,000              71,000  
                                                                          ---------           ---------  
                                                                                                         
     TOTAL COSTS AND EXPENSES                                           $ 1,893,000         $ 1,459,000  
     ------------------------                                             ---------           ---------  
                                                                                                         
                                                                                                         
  OPERATING PROFIT (LOSS)                                               $  (136,000)        $   297,000  
  -----------------------                                                                                
                                                                                                         
OTHER INCOME (EXPENSE):                                                                                  
----------------------                                                                                   
  Interest Income and (Expense), Net                                        (33,000)             (2,000) 
  Gain on Marketable Securities (Note 1)                                       ----              46,000  
  Minority Interest in Subsidiary                                            43,000             (10,000) 
                                                                          ---------           ---------  
                                                                                                         
Income (Loss) Before Income Taxes from Continuing Operations            $  (126,000)        $   331,000  
                                                                                                         
Benefit (Provision) For Income Taxes (Note 3)                                  ----             (25,000) 
                                                                          ---------           ---------  
                                                                                                         
  Income (Loss) from Continuing Operations                              $  (126,000)        $   306,000  
  Income (Loss) and Gain on Sale from Discontinued  Operations                 ----              (1,000) 
                                                                          ---------           ---------  
                                                                                                         
     NET INCOME (LOSS)                                                  $  (126,000)        $   305,000  
     -----------------                                                    ---------           ---------  
                                                                                                         
                                                                                                         
PER SHARE (Note 1)                                                                                       
---------                                                                                                
Income (Loss) from Continuing Operations                                $      (.06)        $       .15  
Income and Gain on Sale from Discontinued Operations                           -----               ----  
                                                                          ---------           ---------  
                                                                                                         
     NET INCOME (LOSS)                                                  $      (.06)        $       .15  
     -----------------                                                    ---------           ---------   
</TABLE> 

                                      -4-
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------

          CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
          -----------------------------------------------------------

             FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
             -----------------------------------------------------

<TABLE>
<CAPTION>
                                                                               1995                1994  
                                                                               ----                ----  
<S>                                                                     <C>                <C>          
CASH FLOWS FROM OPERATING ACTIVITIES:
 
Net income (loss) from continuing operations                            $   (54,000)        $   372,000
                                                                          ---------           ---------
 
Adjustments to reconcile net income to net cash
  used by operating activities:
     Depreciation and amortization                                      $   376,000         $   217,000
     (Gain) loss related to marketable securities                           (43,000)             12,000
     Income-discontinued operations                                           -----               8,000
     Minority Interest                                                     (110,000)            (14,000)
     Change in assets and liabilities:
        Accounts and notes receivable                                      (202,000)           (716,000)
        Inventory                                                           (34,000)           (157,000)
        Prepaid expenses and other current assets                          (207,000)            (16,000)
        Accounts payable and accrued expenses                              (447,000)           (407,000)
        Deferred Income                                                     119,000             (25,000)
        Other                                                                 4,000                ----
                                                                          ---------           ---------
 
           Total Adjustments                                            $  (544,000)       $ (1,098,000)
                                                                          ---------          ----------
 
NET CASH USED BY OPERATING ACTIVITIES                                   $  (598,000)        $  (726,000)
                                                                          ---------           --------- 


CASH FLOWS FROM INVESTING ACTIVITIES:

  Purchase of fixed assets                                              $  (163,000)        $  (416,000)
  Sale of marketable securities                                             563,000                ----
  Purchase of marketable securities                                        (125,000)               ----
  Proceeds from sale of subsidiary's assets                                   -----           1,734,000
                                                                          ---------           ---------
 
NET CASH PROVIDED BY INVESTING ACTIVITIES                               $   275,000         $ 1,318,000
                                                                          ---------           ---------
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:

  Net borrowings under line of credit                                   $   250,000         $       ---
  Payments on notes                                                         (13,000)           (228,000)
                                                                          ---------           ---------
 
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                        $   237,000         $  (228,000)
                                                                          ---------           ---------
 
 
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS                         $   (86,000)        $   364,000
 
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD                                 287,000           1,693,000
                                                                          ---------           ---------
 
CASH AND EQUIVALENTS AT END OF PERIOD                                   $   201,000         $ 2,057,000
                                                                          ---------           ---------
</TABLE> 

                                      -5-
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------
                                        
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
             ----------------------------------------------------
                                        
                              SEPTEMBER 30, 1995
                              ------------------



(1)  Summary of Major Accounting Policies
     ------------------------------------

The consolidated financial statements heretofore presented have been prepared by
SBM Industries, Inc. ("the Company" or "SBM"), without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
omitted pursuant to such rules and regulations, although the Company believes
that the disclosures are adequate to make the information presented not
misleading. It is suggested that these consolidated financial statements be read
in conjunction with the financial statements and the notes thereto included in
the Company's latest annual report on Form 10-KSB. The interim figures presented
are unaudited and are subject to any adjustments which may result from the year-
end examination of the Company's financial statements. However, in the opinion
of management, the information furnished reflects all adjustments (which
included only normal recurring adjustments) necessary to fairly state the
consolidated financial statements for the interim periods presented.

Marketable securities, as a group, has been valued in accordance with Statement
of Financial Accounting Standards No. 115 "Accounting for Certain Investments in
Debt and Equity Securities." At September 30, 1995, the Company considered all
marketable securities to be trading securities.

Net income per share is computed based on the weighted average number of shares
outstanding during each period. The average number of shares used in the
computation of earnings per share was 2,028,000 for 1995 and 1994.

The profit and loss information for the interim periods presented are not
necessarily indicative of results to be expected for the year.


(2)  Stock Options
     -------------

On March 10, 1992, the Board of Directors of the Company adopted the 1992
Incentive Stock Option Plan providing for the issuance of 100,000 shares. The
shareholders of the Company approved the 1992 Plan at the Annual Meeting of
Shareholders held on August 25, 1992. Options on 35,800 shares have been granted
pursuant to the 1992 Plan.


(3)  Income Taxes
     ------------

The Company utilized available booked net operating losses to offset tax
liabilities associated with the income from continuing operations.


(4)  Contingencies
     -------------

In March 1995, four alleged class action complaints were filed in the United
States District Court for the Southern District of New York against the Company
and some of its directors. The complaints allege violations of the federal
securities laws in connection with the financial information contained in the
Company's quarterly financial reports issued in 1994. The alleged classes of
plaintiffs consist of persons who purchased the Company's stock between
specified dates in May 1994 and February 1995. As the matter is in the early
stages, it is too soon to assess the outcome. The Company intends to defend
itself vigorously.

                                      -6-
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------
                                        
                 ITEM 2, MANAGEMENT'S DISCUSSION AND ANALYSIS
                 --------------------------------------------
                                        
               OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
               ------------------------------------------------
                                        
                 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
                 --------------------------------------------



                     NINE MONTHS ENDED SEPTEMBER 30, 1995
                     ------------------------------------
                                  COMPARED TO
                                  -----------
                     NINE MONTHS ENDED SEPTEMBER 30, 1994
                     ------------------------------------


SALES. Sales from continuing operations increased $3,306,000, or 36%, to
$12,409,000 in the first nine months of 1995. These sales are primarily
attributable to Star Struck's increased volume of existing products and
additional sales derived from acquisitions made during the fourth quarter of
1994. Star Struck's sales for the period of $9,777,000 accounted for 79% of the
Company's total sales. This is an increase of $2,286,000, or 30.5%, over
$7,491,000 for the first nine months of 1994. Carlton Press Corp.'s sales of
$1,910,000 (15% of total sales) for the first nine months of 1995 were up 18.5%
over their sales of $1,612,000 for the same period of 1994. RC Manufacturing,
Inc. contributed $722,000, or 6%, to the Company's sales for this period.


GROSS PROFIT. Gross profit from continuing operations increased by $912,000, or
20%, in the first nine months of 1995. This increase is comprised of an
$872,000, or 28%, increase in gross proft from $3,116,000 to $3,988,000 for Star
Struck, and the addition of RC Manufacturing's gross profit of $266,000, which
were offset by a $226,000, or 16%, decrease in gross profit from $1,383,000 to
$1,157,000 for Carlton Press. Gross margin for the period decreased to 43.6%
compared to 49.4% for the same period in 1994.


SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses associated with continuing operations increased
$1,280,000, or 33%, in the first nine months of 1995. Star Struck's expenses
were 36% of their sales (28.7% of total sales), Carlton's expenses were 60% of
their sales (9.3% of total sales), RC Manufacturing's expenses were 50% of their
sales (2.9% of total sales), and SBM's selling, general and administrative
expenses were .5% of total sales for the Company. As a percentage of total
sales, selling, general and administrative expenses decreased to 41.4% in the
first nine months of 1995 compared to 42.4% for the same period of 1994.


OPERATING PROFIT. Operating profit decreased $539,000 to show a loss of $106,000
in the first nine months of 1995.


NET INCOME. Net income for the first nine months of 1995 decreased $1,031,000 to
show a loss of $54,000. This decrease is due to a decrease in income from
continuing operations of $426,000 and a decrease in income and sale from
discontinued operations of $605,000.

                                      -7-
<PAGE>
 
                             SBM INDUSTRIES, INC.
                             --------------------
                                        
                 ITEM 2, MANAGEMENT'S DISCUSSION AND ANALYSIS
                 --------------------------------------------
                                        
               OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
               ------------------------------------------------
                                        
                 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
                 --------------------------------------------



                     THREE MONTHS ENDED SEPTEMBER 30, 1995
                     -------------------------------------
                                  COMPARED TO
                                  -----------
                     THREE MONTHS ENDED SEPTEMBER 30, 1994
                     -------------------------------------


SALES. Total sales for the Company in the third quarter of 1995 increased
$803,000, or 23%, to $4,252,000. Star Struck's sales for the period were
$3,344,000, up $547,000, or 20%, from $2,797,000 for the third quarter of 1994.
Carlton Press Corp.'s sales of $662,000 were up $10,000, or 1.5%, over 1994's
third quarter sales of $652,000. RC Manufacturing, Inc.'s sales of $246,000
contributed 6% to the Company's total gross revenues for the third quarter.

GROSS PROFIT. Gross profit from continuing operations increased by $1,000 to
$1,757,000 in the third quarter of 1995. Gross margin decreased to 41.3% in 1995
compared to 50.9% for the same period in 1994. For 1995, Star Struck had a gross
profit of $1,323,000 on its third quarter sales, while Carlton Press and RC
Manufacturing showed gross profits of $337,000 and $97,000, respectively. These
figures represent a $138,000, or 12%, increase in gross profit for Star Struck
and a $234,000, or 41%, decrease in gross profit for Carlton Press, compared to
the same period in 1994.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses associated with continuing operations increased $377,000
to $1,765,000 in the third quarter of 1995. As a percentage of sales, selling,
general and administrative expenses increased to 41.5% in the third quarter of
1995 compared to 40.2% for the same period in 1994. For the third quarter of
1995, Star Struck's selling, general and administrative expenses represented
29.6% of total sales. Carlton Press Corp.'s selling, general and administrative
expenses of $374,000 were 8.8% of total sales, while RC Manufacturing's and
SBM's expenses were 2.8% and .3% of total sales, respectively, in the third
quarter of 1995.

OPERATING PROFIT. Operating profit decreased $433,000 to show a loss of $136,000
for the third quarter of 1995.

NET INCOME. Net income for the third quarter of 1995 decreased $431,000 to show
a loss of $126,000.

LIQUIDITY AND CAPITAL RESOURCES. Cash proceeds received from the sale of assets
over the years, including the sale of a radio station and securites, have been
used for acquisitions, as well as working capital requirements needed for
expansion of existing operations.

At September 30, 1995 net working capital was $2,704,000.

                                      -8-
<PAGE>
 
                          PART II - OTHER INFORMATION
                          ---------------------------
                                        
                             SBM INDUSTRIES, INC.
                             --------------------
                                        
                              SEPTEMBER 30, 1995
                              ------------------


  Item 1.  Legal Proceedings

          In March 1995, four alleged class action complaints were filed in the
  United States District Court for the Southern District of New York against the
  Company and some of its directors. The complaints allege violations of the
  federal securities laws in connection with the financial information contained
  in the Company's quarterly financial reports issued in 1994. The alleged
  classes of plaintiffs consist of persons who purchased the Company's stock
  between specified dates in May 1994 and February 1995. As the matter is in the
  early stages, it is too soon to assess the outcome. The Company intends to
  defend itself vigorously.

  Item 2. Changes in Securities
                Not applicable

  Item 3. Defaults upon Senior Securities
                Not applicable

  Item 4. Submission of Matters to a Vote of Security Holders
                Not applicable

  Item 5. Other Information
                Not applicable

  Item 6. Exhibits and Reports on Form 8-K
                (a) Exhibit 27-Financial Data Schedule

                (b) Reports on Form 8-K
                    No reports on Form 8-K were filed during the quarter ended
                    September 30, 1995



                                  SIGNATURES
                                  ----------


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

                             SBM INDUSTRIES, INC.


  Date: November 9, 1995   By:/s/ Peter Nisselson
                              -------------------------------
                                  Peter Nisselson, President


  Date: November 9, 1995   By:/s/ Lawrence Goldstein
                              -------------------------------
                                  Lawrence Goldstein, Vice-President, Treasurer

                                      -9-