UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-KSB

       [x]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                EXCHANGE ACT OF 1934

                For the fiscal year ended December 31, 2000, or

       [ ]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                SECURITIES EXCHANGE ACT OF 1934

                For the transition period from _____ to _____.

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION
               (Name of the Small Business Issuer in its charter)

       Utah                       000-28169                75-2184926
(State of incorporation)  (Commission File Number) (Employer Identification No.)

            24165 IH 10 West, Suite 217125, San Antonio, TX    78257
                  (Address of principal offices)             (Zip Code)

Issuer's telephone number:   (210) 697-8550

Securities registered pursuant to Section 12(b) of the Act:   None

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


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 Act of 1934 during the past
12 months and (2) has been  subject to such filing  requirement  for the past 90
days.

                               X    YES                        NO
                           ---------                 ---------

Aggregate  market  value  of the  voting  stock  held by  non-affiliates  of the
registrant as of December 31, 1999: $ -.00-

Shares of common stock outstanding at December 31, 2000: 12,089,670


<PAGE>


PART I

Item 1.     Description of Business

General
         Electrical  Generation Technology  Corporation (the "Company"),  a Utah
corporation,  was incorporated under the name of Park Avenue,  Inc. on August 3,
1983.  The  Company  changed  the  name  to  Electrical   Generation  Technology
Corporation on June 6, 1994. The company engaged in operations as an engineering
company for electrical instrumentation and utility construction projects.  EGT's
past customers have been federal, state and municipal governments.  The scope of
projects completed has ranged from wastewater  treatment plants,  sludge plants,
and power  generation  plants to various  military  applications  of  electrical
installations.  The company has had no new contracts in the last four years.

         EGT has designed and patented  the  Hydrogen  Ignition  Power Plant,  a
solar powered system,  which produces large quantities of electrical power while
reducing the CO 2,  emissions  normally found in coal-fired  electrical  plants,
resulting in a cleaner environment.  EGT's work in electronics and logic control
systems led to new developments in  the technology now known as optoelectronics-
the marriage of light and electricity.  The marketing of this technology has not
begun.

         On November 17, 1999 the Company filed form 10SB12G with the Securities
and Exchange  Commission.  The  application was approved in December of 1999. In
order to resume trading on the OTC Bulletin  Board, on March 5, 2000 the Company
filed form 15c2-11 with NASD Regulation. The application is pending approval.

         The Company started operations of a health personnel placement service,
which  targeted  customers for these  services.  As of September  30, 2000,  the
Company  employed  three  paid  employees  in  its  health  personnel  placement
division,  with other  employees  paid as they perform work for the customers of
the Company.  The Company  believed that the foundation,  which was laid,  would
provide  the  framework  for  profitable  operations  from its health  personnel
placement  service.  The Company  suspended  operations of its health  personnel
placement division in 2000 when it became apparent that the capital requirements
to operate  the  division  would  outpace the  Company's  ability to acquire the
capital. Although the Company had established sources of capital, the advance of
funds for the capital sources where  predicated on the Company  resuming trading
on the OTC Bulletin Board.

         Today the Company has a clear  growth  strategy to acquire high quality
lodging assets, at attractive prices in prime urban and resort locations,  which
have the  potential  for  significant  capital  appreciation.  While the Company
directs its focus towards  mergers and  acquisitions  of suitable  companies and
lodging  properties,  The Company will continue  development of an Environmental
System,  a  comprehensive  waste-to-energy  program,  accomplished  by  applying
new-patented  technology  and  systems  design  to solid  waste  management  and
wastewater treatment. The Environmental System could produce large quantities of
usable electric power,  produce pure water, and could  significantly  reduce the
need  for  landfill.  The  Company  will  accomplish  this by  spinning  off the
Environmental   System  into  a  separate  company  involved  in  the  field  of
Enviromental  Services.  At the time of the spin off the Company will contribute
its name to the new company and take on a  hospitality  name.  The main focus of
the  Enviromental  Services  Company will be the  acquistion of water rights and
distributions  systems while  continuing  work on additional  designs and patens
related to the  Hydrogen  Ignition  Power  Plant and the  Environmental  System.
Through  consolidation  and  expansion of companies and  properties  the Company
intends  to  maximize  net  profits  providing  for a higher  rate of  return to
stockholders.

         The  Company's  strategy  will be to acquire  full-service,  luxury and
business,  lodging  properties where attention to quality should  contributes to
high levels of guest satisfaction and superior returns. The Company will attempt
to establish a significant presence in the luxury lodging market.



                                       1
<PAGE>


         The Company  believes our high-end  strategy  will enhance  performance
increasing occupancy and average daily room rates. By focusing on urban, resort/
convention  and airport  properties in top markets we believe we can help ensure
above   average  room  demand,   limit   competition   and,  have  the  greatest
opportunities for asset appreciation.

         The Company  believes that nothing is more  important  than branding in
attracting  customers.  The  Company  intends to acquire  the best brands in the
industry. Our multi-brand strategy will help capture brand-loyal travelers while
expanding our acquisition possibilities.

         Management  of our  properties  will  contribute  significantly  in our
strategy of operating  luxury  properties  where attention to detail and quality
services  contributes to high levels of guest satisfaction and superior returns.
The Company  will seek out the best in  management  companies  to assist in this
regard.

         Mergers and  acquisitions  will be the financial portal for the Company
and will  serve as the  primary  basis for the  Company's  initial  revenue  and
profits.  Through the  acquisition  of suitable  properties  and companies  with
long-term seasoned  management and a profitable  operating history,  the Company
believes it could build a base to increase stockholders equity.

         The  Company  intends  to  finance  its  initial  acquisitions  through
conventional  mortgage debt. The  properties  could be initially  financed on an
interim  loan basis.  Initial  terms may be interest  only for 2 years at market
spreads over Libor.  With the continued  downturn pressure on rates, the Company
believes  initial rates will be favorable.  As rates are expected to continue to
drop the Company will then negotiate  long-term fixed rate permanent  financing,
which  should  allow the  Company to lock in low fixed rates for up to 10 years,
allowing the Company to maximize return on investment.

         The Company has no paid  employees  at present  although  the  officers
serve without remuneration.

Item 2.     Description of Property.

         The Company presently maintains its executive offices at the offices of
the  Chief  Executive  Offer,  located  at 24165 IH 10 West,  Suite  217125  San
Antonio,  Texas 78257 Mr. Cain is donating  office space to the Company  without
charge. The Company plans to lease its own office space in the near future.

Item 3.     Legal Proceedings.

         At the  time of this  filing,  the  company  is  involved  in no  legal
proceedings.

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

         None.




                                       2

<PAGE>


PART II



Item 5.     Market for Common Equity and Related Stockholders Matters.

         The Company is organized  under the laws of Utah,  and its common stock
has been traded on the OTC Bulletin Board under the symbol of EGTC. No dividends
on the  Company's  common stock have been  declared or paid since the  Company's
inception and none are anticipated in the near future,  since retained  earnings
in the foreseeable  future are expected to be reinvested by the Company into the
expansion of its marketing programs and the development of new products.

         The Company had approximately 200 shareholders as of December 31, 2000

          Calendar Quarter Ending            High              Low
          ---------------------------------------------------------
          March 31, 1998                     0.15              0.01
          June 30, 1998                      0.15              0.01
          September 30, 1998                 0.15              0.01
          December 31, 1998                  0.15              0.01
          March 31, 1999                     0.15              0.01
          June 30, 1999                      0.15              0.01
          September 30, 1999                 0.15              0.01
          December 31, 1999                  0.15              0.01

The above chart  reflects  the trading  range during each  quarter.  Trading was
suspended in November  1999.  Application is pending with NASD to resume trading
on the OTC Bulletin Board.

Since  January  of 2000  the  Company  has  engaged  in the  following  sales of
unregistered securities.

         a. On March 31,2000,  3,200,000 common shares were issued to Lyn Family
Holdings,  at a  valuation  of  $64,000,  in  reliance  on  the  exemption  from
registration provided by Section 4(2) of the Securities Act of 1933 (the "Act").
Gary L. Cain has the power to vote shares held by Lyn Family Holdings.  On March
31,  2000,  200,000  shares were issued to Elbert Gene  Tindell in exchange  for
settlement of debt in the amount of $238,785,  in reliance on the exemption from
registration provided by Section 4(2) of the Securities Act of 1933 (the "Act").
From  January 1, 2000 to  December  31, 2000 the  Company  issued an  additional
52,000 common shares to 14 investors for a  total of  $57,000.00, in reliance on
the exemption from  registration  provided by Section 4(2) of the Securities Act
of 1933 (the "Act").  No  underwriter  was involved in the  transactions  and no
commissions or selling commissions were paid.

Item 6.  Management's Discussion and Analysis or Plan of Operation

         The  Company  believes  its plan to  acquire  full-service,  luxury and
business lodging properties which demonstrate profitability, managed by seasoned
management  companies will satisfy its cash  requirements.  Acquisitions will be
effected  through  mortgage  debt,  equity  credit  lines and  stock  exchanges.
Although the company may raise  capital  through the sale of stock in the future
it is not believed to be necessary to sustain operations.

         The Company,  will employee key management  and accounting  personal in
the future.  Employee growth will occur as mergers and  acquisitions  occur. The
company intends to maintain a zero net effect to employee cost by  consolidating
duplicate functions with merged or acquired properties.

Item 7.   Financial Statements.

         The financial  statements  dated December 31, 2000 are  incorporated by
reference and attached as an exhibit to this document.

Item  8.  Changes  in and  Disagreements  with  Accountants  on  Accounting  and
Financial Disclosure.

         The  Company  has  not  had  any  disagreements  with  its  accountants
regarding accounting and financial disclosure.


                                        3

<PAGE>


PART  III

Item 9.     Directors and Executive Officers, Promoters and Control Persons.

         The following table lists the names and ages of the executive officers,
directors and key  consultants  of the Company.  The directors  will continue to
serve until the next annual  shareholders  meeting,  scheduled for May, 2001, or
until there  successors  are elected and  qualified.  All officers  serve at the
discretion of the Board of Directors.

      Name                             Age  Position                  Held Since


      Elbert G. Tindell                53   Chairman of the Board     May 1999
      801 S. St Paul Street                 Director
      Dallas, Texas 75206

      Gary L. Cain                     44   Chief Executive Officer   March 2000
      24165 IH 10 West, Suite 217125        Director
      Dallas, Texas 78257

      Charles Smith                    43   Secretary / Treasure      March 2000
      709-B West Rusk, Suite 550            Director
      Rockwall, Texas 78087

         Elbert Gene Tindell. Mr. Tindell, now Chairman,  has been President and
Director of the Company since 1994. He is responsible for the design of the HIPP
and the  patent  the  Company  holds.  Mr.  Tindell  has  been  involved  in the
acquisition,  reorganization  and development of public companies since 1989. He
currently sits on the Board of directors and serves as Chief  Executive  Officer
or Chairman of the Board of 4 public companies. In the last 15 years Mr. Tindell
has traveled the world developing  relationships  with some of the world largest
International  Banks as well as heads of  countries.  These  relationships  have
proven a valuable resource to the Company. Mr. Tindell a known as one of today's
leading  technologists.  He has pioneered  technologies  in the fields of power,
water, waste and digital services Jeffrey B. Tindell:  President,  Secretary and
Treasurer.  Mr.  Tindell  is head of the  corporate  offices  in Dallas  and has
maintained the stability of the company while  reorganizing the corporation.  He
has some experience in reorganizing companies on a consulting basis.

Gary L. Cain. Mr. Cain is CEO of the Company and a Director since April 1, 2000.
He is responsible for the reorganization  efforts and the vision of the Company.
He is an Executive  Officer with over 20 years of  management,  leadership,  and
business experience  including business startups,  reorganizations,  mergers and
acquisitions.  Mr.  Cain  has  been  involved  in the  design,  development  and
management of over one hundred  thousand  acres of  residential  and  commercial
property,  over one million  square feet of commercial  developments  including,
office buildings, shopping centers, apartments, condominiums, hotels and motels.
His responsibilities have included executive responsibility of a public company;
business and marketing plan development, strategic planning, finance, budgeting,
sales  development  and  growth,  selection  and  placement  of  key  management
personnel.

Charles  Smith.  Mr.  Smith  graduated  from  Boston  University,   Boston,  and
Massachusetts in 1979 and since that time has been a Certified Public Accountant
involved  in all phases of  business  including  audit and tax  matters.  He has
served as a consultant to various  companies ranging from large public companies
to an  art  distribution  company  and  a  junior  resource  company,  which  is
developing  a gold  property in Somalia  State,  Mexico.  Mr.  Smith's  business
affiliations during the last five years follow: Chairman - Dynacap Group, Ltd. -
a consulting and  management  firm - 1992 to the present;  Sole  proprietor as a
Certified Public  Accountant - 1983 to the present;  Sole officer and Director -
MC Cambridge, Inc. - a financial consulting firm - 1997 to present; Sole officer
and  director  - Asset  Servicing  Corporation  - a  leasing  company  - 1998 to
present.


                                       4
<PAGE>


         To the  knowledge  of the  Company,  no  present  or  former  director,
executive  officer or person  nominated to become a director or executive of the
Company has ever:

         1) Filed a bankruptcy petition by or against any business of which such
person was a general  partner or  executive  officer  whether at the time of the
bankruptcy or with two years prior to that time;

         2) Had any  conviction  in a criminal  proceeding or being subject to a
pending  criminal  proceeding  (excluding  traffic  violations  and other  minor
offenses);

         3) Been subject to any order,  judgment,  or decree,  not  subsequently
reversed,  suspended  or  vacated,  of  any  court  of  competent  jurisdiction,
permanently or temporarily enjoining,  barring, suspending or otherwise limiting
his involvement in any type of business, securities or banking activities; and

         4) Been found by a court of competent jurisdiction (in a civil action),
the Commission or the Commodity  Futures  Trading  Commission to have violated a
federal or state  securities or  commodities  law, and the judgment has not been
reversed suspended or vacated.

Item 10.    Executive Compensation

         The Company  currently  is not now paying,  and has not during the past
three years, paid any compensation to officers, directors or executives. It does
not have any pension,  profit sharing, stock bonus, or other benefit plans. Such
plans may be adopted in the future at the discretion of the Board of Directors.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

         The  following  table sets  forth the  amount and nature of  beneficial
ownership of each of the  executive  officers  and  directors of the Company and
each  person  known to be a  beneficial  owner of more than five  percent of the
issued and outstanding  shares of the Company as of December 31, 2000. The table
sets  forth  the  information  based on  12,089,670  common  shares  issued  and
outstanding as of December 31, 2000.

                                                     Amount and
                   Name of                           Nature of           Percent
                   Beneficial                        Beneficial            of
Title of Class     Owner                             Ownership            Class
--------------     -------------------------         ----------          -------

Common             Elbert Tindell                    1,619,727           13.39%
                   1930 Slumber Pass
                   San Antonio, Texas 78258

Common             Elbert & Nancy Tindell            1,576,659           13.04%
                   1930 Slumber Pass
                   San Antonio, Texas 78258


Common             Elbert Tindell                      200,000            .016%
                   1930 Slumber Pass
                   San Antonio, Texas 78258


Common             Lyn Family Holdings (1)           3,200,000           26.46%
                   214165 IH 10 West,
                   Suite 217125
                   San Antonio, Texas 78257

Common             All Directors and
                   Officers as a Group               6,596,386           54.56%

(1) Gary L. Cain has the power to vote the shares owned by Lyn Family Holdings.


         None of the  foregoing  has any right to  acquire  other or  additional
shares of the Company.  There is no existing arrangement,  which may result in a
change in control of the Company.

Item 12.     Certain Relationships and Related Transactions

         The only transactions  between the Company and any officers,  directors
or holders of more than five percent of any class of  outstanding  securities of
the issuer involve the issuance of common shares as compensation for services.

         On March  31,2000,  3,200,000  common  shares were issued to Lyn Family
Holdings,  at a  valuation  of  $64,000,  in  reliance  on  the  exemption  from
registration provided by Section 4(2) of the Securities Act of 1933 (the "Act").
Gary L. Cain has the power to vote shares held by Lyn Family Holdings.  On March
31,  2000,  200,000  shares were issued to Elbert Gene  Tindell in exchange  for
settlement of debt in the amount of $238,785,  in reliance on the exemption from
registration provided by Section 4(2) of the Securities Act of 1933 (the "Act").


                                       5
<PAGE>


Part  III

Index to Exhibits:

Financial Statements
--------------------

Balance Sheets dated December 31, 2000 and 1999............................. F-4

Statement of Operations for Years Ended December 31, 2000 and 1999.......... F-5

Statement of Stockholders' Equity and accumulated Deficit for the
Years 2000 and 1999......................................................... F-6

Statement of Cash Flows for the Years Ended December 31, 2000 and 1999...... F-7


SIGNATURES

         Pursuant  to the  requirements  of  Section  12(g)  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 on April 14, 2001.

                           ELECTRICAL GENERATION TECHNOLOGY CORPORATION


                           By:  /s/  Charles Smith
                           --------------------------------------------
                                 Mr. Charles Smith, Secretary/Treasurer

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities indicated on April 14, 2001.





                                       6

<PAGE>


                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION


                                TABLE OF CONTENTS



                                                                      Page

Report of Independent Certified Public Accountants
   Killman, Murrell & Co., P.C.                                       F-2

   Charles E. Smith                                                   F-3

Financial Statements

   Balance Sheets                                                     F-4

   Statements of Operations                                           F-5

   Statements of Stockholders' Deficit                                F-6

   Statements of Cash Flows                                           F-7

   Notes to Financial Statements                                      F-8
















                                       F-1



<PAGE>


                        Killman, Murrell & Company, P.C.
                          Certified Public Accountants

505 N. Big Spring, Suite 603     1931 E. 37th, Suite 7     14810 Le Grande Drive
   Midland, Texas  79701         Odessa, Texas 79762       Addison, Texas 75001
      (915) 686-9381           (915) 363-0067/550-4910        (972) 991-9324
    Fax (915) 684-6722            Fax (915) 363-0376        Fax (972) 991-9323



               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


To the Board of Directors and Shareholders
of Electrical Generation Technology Corporation
San Antonio, Texas

We  have  audited  the  accompanying  balance  sheet  of  Electrical  Generation
Technology  Corporation as of December 31, 2000,  and the related  statements of
operations, stockholders' deficit, and cash flows for the year then ended. These
financial  statements are the  responsibility of the Company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,   the  financial  position  of  Electrical   Generation
Technology  Corporation  as of  December  31,  2000,  and  the  results  of  its
operations  and its cash  flows  for the year  then  ended  in  conformity  with
accounting principles generally accepted in the United States of America.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a  going  concern.  As  described  in  Note 4 to the
financial  statements  conditions exist which raise  substantial doubt about the
Company's  ability to  continue  as a going  concern  unless it is able to raise
sufficient  capital to sustain its operations.  The financial  statements do not
include any adjustment that might arise from the outcome of this uncertainty.




/s/  Killman, Murrell & Company, P.C.
-------------------------------------
     Killman, Murrell & company, P.C.


Odessa, Texas
April 9, 2001




                                       F-2


<PAGE>


                                Charles E. Smith

                           Certified Public Accountant
                                 709-B West Rusk
                                    Suite 580
                              Rockwall, Texas 75087

                            Telephone (214) 212-2307



                          INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Shareholders
of Electrical Generation Technology Corporation


     I have audited the  accompanying  balance  sheets of Electrical  Generation
Technology  Corporation  as of  December  31,  1999 and  1998,  and the  related
statements of operations, stockholders' equity and accumulated deficit, and cash
flows for the years ended December 31, 1999 and 1998. These financial statements
are the  responsibility  of the Company's  management.  My  responsibility is to
express an opinion on these financial statements based on my audit.

     I  conducted  our audit in  accordance  with  generally  accepted  auditing
standards.  Those standards  require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my opinion.

     In my opinion,  the financial  statements referred to above present fairly,
in all  material  respects,  the  financial  position of  Electrical  Generation
Technology  Corporation as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years ended December 31, 1999 and 1998, in
conformity with generally accepted accounting principles.

     The accompanying  financial statements have been prepared assuming that the
Company  will  continue  as a  going  concern.  As  described  in  Note 4 to the
financial statements the Company is a start up enterprise and presently does not
have capital  resources,  which  raises  substantial  doubt about the  Company's
ability to continue as a going concern.  The financial statements do not include
any adjustment that might arise from the outcome of this uncertainty.



/s/  Charles E. Smith
----------------------
     Charles E. Smith
     Rockwall, Texas
     March 7, 2000



                                       F-3


<PAGE>

<TABLE>

<CAPTION>

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                                 BALANCE SHEETS

                           DECEMBER 31, 2000 AND 1999


                                     ASSETS

                                                                                  2000             1999
                                                                               ------------      ------------
<S>                                                                            <C>               <C>


CURRENT ASSETS
   Cash                                                                        $          -      $          -
                                                                               ------------      ------------

              TOTAL CURRENT ASSETS                                                        -                 -
                                                                               ------------      ------------

OTHER ASSETS                                                                              -                 -
                                                                               ------------      ------------

              TOTAL OTHER ASSETS                                                          -                 -
                                                                               ------------      ------------

              TOTAL ASSETS                                                     $          -      $          -
                                                                               ============      ============

                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
   Cash Overdraft                                                              $        170      $          -
   Accounts Payable                                                                  11,823             5,000
   Accounts Payable - Related Parties and Affiliates                                  7,648                 -
   Accrued Liabilities                                                               59,104                 -
   Advances from Shareholders                                                        81,452           238,785
                                                                               ------------      ------------

         TOTAL CURRENT LIABILITIES                                                  160,197           243,785
                                                                               ------------      ------------

STOCKHOLDERS' EQUITY
   Preferred Stock, $1 par value, 20,000,000 authorized, none issued                      -                 -
   Common Stock, $0.001 par value, 50,000,000 shares authorized,
     12,089,670 and 8,557,670 shares issued and outstanding at
     December 31, 2000 and 1999, respectively                                        12,090             8,558
   Additional Paid-In Capital                                                       517,969           150,516
   Accumulated Deficit                                                             (690,256)         (402,859)
                                                                               ------------      -------------

         TOTAL STOCKHOLDERS' DEFICIT                                               (160,197)         (243,785)
                                                                               ------------      ------------

         TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                           $          -      $          -
                                                                               ============      ============
</TABLE>




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


                                       F-4

<PAGE>

<TABLE>

<CAPTION>

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                            STATEMENTS OF OPERATIONS

                     YEARS ENDED DECEMBER 31, 2000 AND 1999


                                                                2000              1999
                                                            -------------     --------------
<S>                                                         <C>               <C>


SALES                                                       $       8,372     $            -
                                                            -------------     --------------

GENERAL AND ADMINISTRATIVE EXPENSES                               292,172              13,469

AMORTIZATION EXPENSE                                                    -                  57
                                                            -------------      --------------

         LOSS BEFORE INTEREST EXPENSE                            (283,800)            (13,526)

INTEREST EXPENSE                                                    3,597                   -
                                                            -------------      --------------

         NET LOSS                                           $    (287,397)     $      (13,526)
                                                            =============      ==============-


Weighted Average Shares Outstanding                            11,249,612           8,207,670
                                                            =============      ==============

Loss Per Share                                              $      (0.03)      $       (0.00)
                                                            ============       =============

</TABLE>














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

                                       F-5

<PAGE>

<TABLE>

<CAPTION>

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                       STATEMENT OF STOCKHOLDERS' DEFICIT

                     YEARS ENDED DECEMBER 31, 2000 AND 1999




                                            Common Stock
                                       --------------------------      Paid-In          Retained
                                         Shares         Amount          Capital          Deficit             Total
                                      ------------      ------         ----------    --------------       --------
<S>                                       <C>           <C>            <C>           <C>                  <C>

BALANCE,
   DECEMBER 31, 1998                      8,207,670     $   8,208      $  143,866     $  (389,333)       $  (237,259)

   Shares Issued for Service                350,000           350           6,650               -              7,000

   Net Loss                                       -             -               -         (13,526)           (13,526)
                                       ------------     ---------      ----------     -----------        -----------

BALANCE,
   DECEMBER 31, 1999                      8,557,670         8,558         150,516        (402,859)          (243,785)

   Shares Issued for Services             3,275,000         3,275          76,925               -             80,200

   Shares Issued in Exchange
     for Debt                               200,000           200         238,585               -            238,785

   Shares Sold                               57,000            57          51,943               -             52,000

   Net Loss                                       -             -               -        (287,397)          (287,397)
                                       ------------     ---------      ----------     -----------        -----------

BALANCE,
   DECEMBER 31, 2000                     12,089,670     $  12,090      $  517,969     $  (690,256)       $  (160,197)
                                       ============     =========      ==========     ===========        ===========



</TABLE>












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

                                       F-6

<PAGE>

<TABLE>

<CAPTION>

                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                            STATEMENTS OF CASH FLOWS

                     YEARS ENDED DECEMBER 31, 2000 AND 1999

                                                                     2000               1999
                                                                -----------        -------------
<S>                                                             <C>                <C>

CASH FLOWS FROM OPERATING ACTIVITIES
   Net (Loss)                                                   $(  287,397)       $     (13,527)
   Adjustments to Reconcile Net (Loss) to Net Cash
     From Operating Activities
        Amortization                                                      -                   57
        Stock Issued for Services                                    80,200                7,000
     Changes in Assets and Liabilities                                                         -
        Cash Overdraft                                                  170                    -
        Accounts Payable                                             14,471                5,000
        Accrued Liabilities                                          59,104                    -
                                                                -----------        -------------

           NET CASH FLOW (USED) BY
              OPERATING ACTIVITIES                                 (133,452)              (1,470)
                                                                -----------        -------------

CASH FLOWS FROM FINANCING ACTIVITIES
   Proceeds from Sale of Stock                                       52,000                    -
   Advances from Stockholders                                        81,452                1,470
                                                                -----------        -------------

         NET CASH FLOW PROVIDED BY
           FINANCING ACTIVITIES                                     133,452                1,470
                                                                -----------        -------------

NET CHANGE IN CASH                                                        -                    -

CASH AT BEGINNING OF YEAR                                                 -                    -
                                                                -----------        -------------

CASH AT END OF YEAR                                             $         -        $           -
                                                                ===========        =============

SUPPLEMENTAL SCHEDULE OF CASH
   FLOW INFORMATION
     Cash Paid During the Year For
       Interest                                                 $       720        $          -
                                                                ===========        ============
       Income Taxes                                             $         -        $          -
                                                                ===========        ============

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING
   AND FINANCING ACTIVITIES
      Reduction in Stockholder Advances                         $  (238,785)       $          -
      Issuance of Shares                                            238,785                   -
                                                                -----------        ------------

                                                                $         -        $          -
                                                                ===========        ============
</TABLE>


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

                                       F-7

<PAGE>


                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                          NOTES TO FINANCIAL STATEMENTS

                           DECEMBER 31, 2000 AND 1999

NOTE 1:    NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

History
-------

   The  Company was  organized  under the laws of the State of Utah on August 3,
   1983 under the name of Park Avenue,  Inc.  and, on June 6, 1994,  changed its
   name  to  Electrical  Generation  Technology  Corporation.   The  Company  is
   currently  focusing on mergers and acquisitions in the lodging industry while
   continuing to develop a comprehensive  environmental services program related
   to its patent on the Hydrogen Ignition Power Plant.

Basis of Accounting
-------------------

    It is the  Company's  policy to  prepare  its  financial  statements  on the
    accrual basis of accounting in conformity with generally accepted accounting
    principles.  Sales are  recorded  as income in the  period in which they are
    earned  and  expenses  are  recognized  in the  period in which the  related
    liability is incurred.

Revenue Recognition
-------------------

    Revenue is recognized when work is performed and amount invoiced.

Cash and Cash Equivalents
-------------------------

    For  purposes of the  statement  of cash flows,  the Company  considers  all
    highly liquid debt  instruments  with maturity of three months or less to be
    cash equivalents.

Loss Per Common Share
---------------------

   Loss  applicable to common share is based on the weighted  average  number of
   shares of common stock outstanding during the year.

Accounting Estimates
--------------------

   The preparation of financial statements in conformity with generally accepted
   accounting  principles  requires  management  to make certain  estimates  and
   assumptions that affect the reported amounts of assets and liabilities at the
   date of the  financial  statements  and  reported  amounts  of  revenues  and
   expenses during the reporting period and disclosures of contingent assets and
   liabilities.

Reclassification
----------------

   Certain  reclassifications  have been made to the  previously  reported  1999
   financial  statements so that those  financial  statements will be consistent
   with the presentation in the 2000 financial statements.

                                       F-8

<PAGE>


                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                          NOTES TO FINANCIAL STATEMENTS

                           DECEMBER 31, 2000 AND 1999


NOTE 1:    NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING
           POLICIES (CONTINUED)

Advertising
-----------

   Advertising and promotion  costs are charged to expense as incurred.  For the
   year ended December 31, 2000,  advertising  costs amounted to $908. There was
   no advertising cost during the year ended December 31, 1999.

Income Tax
----------

   The  Company  records  income  tax  expense  using  the  liability  method of
   accounting for deferred income taxes.  Under the liability  method,  deferred
   tax  assets  and  liabilities  are  recognized  for the  expected  future tax
   consequences  of temporary  differences  between the financial  statement and
   income tax basis of the  Company's  assets and  liabilities.  An allowance is
   recorded  when it is more likely  than not that any or all of a deferred  tax
   asset will not be realized.  The  provision for income taxes  includes  taxes
   currently  payable  plus the net  change  during  the  accounting  period  in
   deferred tax assets and liabilities recorded by the Company.

NOTE 2:    ACCRUED LIABILITIES

Accrued liabilities consisted of the following at December 31, 2000:

   Accrued Payroll and Related Taxes                                $   49,853
   Interest                                                              2,877
   Other                                                                 6,374
                                                                    ----------

                                                                    $   59,104
                                                                    ==========

NOTE 3:    INCOME TAXES

   The  Company  had net  operating  losses  totaling  $372,384  for the periods
   presented.  No deferred tax asset has been  recognized for the operating loss
   as any valuation allowance would reduce the benefit to zero.

NOTE 4:    GOING CONCERN

   The Company has  minimal  capital  resources  available  to meet  obligations
   expected to be incurred.  Accordingly,  the Company's  continued existence is
   dependent upon the successful  operation of the Company's plan of operations,
   selling  common stock in the Company,  or obtaining  financing.  Unless these
   conditions  among  others are met, the Company may be unable to continue as a
   going concern.


                                       F-9

<PAGE>


                  ELECTRICAL GENERATION TECHNOLOGY CORPORATION

                          NOTES TO FINANCIAL STATEMENTS

                           DECEMBER 31, 2000 AND 1999


NOTE 5:    LEASE OBLIGATION

The Company  leases a vehicle  under an  operating  lease that  expires in April
2005.  The  following is a schedule by year of future  minimum  rental  payments
required under the operating leases as of December 31, 2000:

           Year Ending December 31,                        Amount
           -------------------------                       ---------
                      2001                                 $   7,428
                      2002                                     7,428
                      2003                                     7,428
                      2004                                     7,428
                      2005                                     1,857
                                                           ---------

                                                           $  31,569
                                                           =========

Operating  lease and rental  expense was $12,026 for the year ended December 31,
2000.  There were no operating  leases or charges to operating  lease and rental
expense for the year ended December 31, 1999.

NOTE 6:    RELATED PARTY TRANSACTIONS

During the year ended December 31, 2000:

     a)   The  Company  issued  200,000  shares of its  common  stock to a major
          stockholder  in settlement of loans to the Company.  These shares were
          valued at $238,785.

     b)   The Company  issued  3,200,000  shares of its common  stock to another
          major stockholder for consulting fees valued at $64,000.

     c)   The  Company  also  paid  an  affiliate  $30,000  in  consulting  fees
          including expenses.














                                      F-10