<PAGE>





                                   FORM 10-QSB/A

                       SECURITIES AND EXCHANGE COMMISSION 

                             WASHINGTON, D.C.  20549




                   Quarterly Report under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                      For the Quarter Ended June 30, 1996


                Commission File Number               000-20175   

                                NYER MEDICAL GROUP, INC           
             (Exact name of registrant as specified in its charter)


                   Florida                                01-0469607  
        (State or other jurisdiction of                (I.R.S. Employer 
        incorporation or organization)                 Identification No.)


           1292 Hammond Street, Bangor, Maine                04401    
        (Address of principal executive offices)          (Zip Code)


                                 (207) 942-5273         
              (Registrant's telephone number, including area code)





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

As of August 12, 1996, there were outstanding, 3,168,293 shares of common
stock, par value $.0001 per share.










<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996




                                     INDEX

                                     PART I

                             FINANCIAL INFORMATION


                                                                   

  Item 1.  Financial Statements:


           Consolidated Balance Sheets as of June 30, 1996 
                and December 31, 1995                                


           Consolidated Statements of Operations, Three Months
                Ended June 30, 1996 and June 30, 1995  


           Consolidated Statements of Operations, Six Months
                Ended June 30, 1996 and June 30, 1995     


           Consolidated Statements of Cash Flows, Six Months
                Ended June 30, 1996 and June 30, 1995      


           Notes to Consolidated Financial Statements    


  Item 2.  Management's Discussion and Analysis of 
                Second Quarter 1996 Results                       



                          PART II - OTHER INFORMATION

  Item 3.  Other Information                                         

 
           Signatures                                                















<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

                          CONSOLIDATED BALANCE SHEETS



<TABLE>
                                    ASSETS

<CAPTION>
                                                  (Unaudited)
                                                   June 30,        December 31,
                                                     1996              1995    
<S>
                                                  <C>              <C>
  Current assets:

      Cash                                        $4,687,392       $  262,099
      Accounts receivable, less allowance for
        doubtful accounts of $99,585 at 
        June 30, 1996, and at December 31,
        1995, respectively                         1,681,016        1,076,299
      Receivable from officer                          7,501
      Receivable from related company                 15,788           27,028
      Inventories, net                             1,450,945        1,250,434
      Prepaid expenses                                38,013           55,585

           Total current assets                    7,880,655        2,671,445


  Property, plant and equipment, net                 741,743          764,031
   

  Other assets:

      Goodwill, net of accumulated 
       amortization of $88,847 at June 30,
       1996, and $71,460 at December 31, 1995        573,533          220,921
      Advances due from related companies             37,363           41,825
      Other                                          106,765          106,765
    
            Total other assets                       717,661          369,511

              Total assets                        $9,340,059       $3,804,987






  See accompanying notes to consolidated financial statements.
</TABLE>



<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996


                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

                          CONSOLIDATED BALANCE SHEETS




                     LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                  (Unaudited)
                                                   June 30,        December 31,
                                                      1996             1995    
<S>
                                                  <C>              <C>
  
  Current liabilities:
      Notes payable due related parties           $  324,322       $  486,324
      Current portion of long-term debt               35,383          181,991
      Accounts payable                             1,175,347          926,597
      Accrued payroll and related taxes              190,546          185,681
      Accrued expenses and other liabilities          93,619          181,906
           Total current liabilities               1,819,217        1,962,499

  Long-term debt, net of current portion             435,271          451,401

  Minority interest                                  142,239           31,372
  

  Shareholders' equity:
      Class A Preferred stock, par value
        $.0001, Authorized, issued, and
        outstanding: 2000 shares                           1                1
      Class B Treasury stock, par value
        $.0001, Authorized, issued, and
        outstanding: 300,000 shares                       30               30
      Common Stock, par value $.0001
        Authorized: 10,000,000 shares;
        issued and outstanding; 3,128,293
        shares at June 30, 1996, and 
        2,183,000 at December 31, 1995                   349              218   
      Additional paid-in capital                   9,844,412        4,354,165
      Stock subscription receivable                                  (150,000)
      Accumulated deficit                         (2,901,460)      (2,844,699) 
           Total shareholders' equity              6,943,332        1,359,715

             Total liabilities and 
               shareholders' equity               $9,340,059       $3,804,987


  See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996


                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

               CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

<TABLE>
                                                           
<CAPTION>
                                                       Three Months Ended
                                                   June 30,         June 30,
                                                      1996             1995     
<S>
                                                   <C>               <C>   
       
  Net sales and other revenues                    $3,824,279        $2,177,235  
    

  

  Expenses:
      Cost of goods sold                           3,021,679         1,679,854
      Selling, general and administrative            843,390           599,068
      Research and development                                                
      Interest                                        18,199            15,065

         Total expenses                            3,883,268         2,293,987 
      
         Income (loss) before 
           minority interest                         (58,989)         (116,752)
              
           Minority interest                          (1,389)            3,765

             Net income (loss)                    $  (60,378)       $ (112,987)
 

      Net (loss) income per common share          $     (.02)       $     (.06)





  Weighted average number of common shares
    outstanding                                    2,744,887         1,830,363








  See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>
 FORM 10-QSB/A        NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996


                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

               CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

                                                           
<TABLE>
<CAPTION>
                                                       Six Months Ended
                                                   June 30,         June 30,
                                                      1996             1995     
<S>
                                                   <C>              <C>

 Net sales and other revenues                     $7,160,362        $4,001,395  

    
 Expenses:
      Cost of goods sold                           5,698,920         3,040,324
      Selling, general and administrative          1,478,998         1,261,373
      Research and development                                          21,000
      Interest                                        33,376            26,451
                                                   7,211,294         4,349,148 
      
      Loss before 
         minority interest                           (50,932)         (347,753)
              
         Minority interest                           ( 5,830)           16,280

           Net loss                               $  (56,762)       $ (331,474)
 

      Net loss per common share                   $     (.02)       $     (.18)

  Weighted average number of common shares
    outstanding                                    2,364,932         1,893,000














  See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>
 FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996
 
                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
               CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
<TABLE>
<CAPTION>
                                                    
                                                        Six Months Ended
                                                   June 30,         June 30,
                                                      1996              1995   
<S>
                                                  <C>               <C>
  Cash flows from operating activities:
     Net (loss) income                            $  (56,762)       $ (331,473)
     Adjustments to reconcile net loss
     to net cash (used) provided by
     operating activities:
         Depreciation and amortization                78,974            61,303
         Minority interest                             5,830           (16,280)
         (Increase) decrease in inventories          (76,879)           82,330 
         (Increase) decrease in receivables
           and prepayments                          (583,407)           (4,247)
         Increase in accounts payable    
           and accrued expenses                      165,328           146,281  
         Net cash (used) provided by operating
             activities                             (466,916)          (62,086)
  Cash flows from investing activities:
         Acquisition of property, plant and
           equipment                                  (7,616)           (5,123)
         Acquisition of subsidiary                  (420,145)
         Net repayments from (advances to)
           related companies                           4,461             2,425  
  
            Net cash used in investing activities   (423,300)           (2,698)
 
  Cash flows from financing activities:
         Issuance of notes payable to an
              affiliate                                               138,124
         Repayments of notes payable to an
              affiliate                                                (8,783)
         Repayment of notes payable, including
           shareholder                              (162,000)
         Repayments of long-term debt               (162,739)         (42,657)
         Repayment of demand note payable                             (75,000)
         Proceeds from issuance of common stock    5,640,248
              Net cash provided by 
             financing activities                  5,315,509            11,684


  Net increase (decrease) in cash                  4,425,293           (53,100)

  Cash at beginning of period                        262,099            98,021

  Cash at end of period                           $4,687,392       $    44,921

  See accompanying notes in consolidated financial statements.
</TABLE>



<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30,1996
 

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

               CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)



  Supplemental disclosures of cash flow information

                                                         
<TABLE>
<CAPTION>                                                       
                                                        Six Months Ended

                                                    June 30,        June 30,
  Cash paid during the first six months:              1996             1995   
<S> 
                                                   <C>              <C>
       Interest                                    $   33,376       $   26,451



  

 


























</TABLE>


<PAGE>

  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

     1.  The consolidated financial statements included herein have been
         prepared by the Company, 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
         principals have been condensed or omitted pursuant to such rules and
         regulations, although the Company believes that the disclosures are
         adequate to make the information presented not to be misleading.  In
         the opinion of management, the amounts shown reflect all adjustments
         necessary to present fairly the financial position and results of
         operations for the periods presented.  All such adjustments are of a
         normal recurring nature.

         Earnings per share of common stock have been determined by dividing
         net earnings by the weighted average number of shares of common stock
         outstanding.  The assumed conversions of existing Common Stock Warrants
         and Class B Treasury Stock have been excluded since they are anti-
         dilutive.
        
         It is suggested that the financial statements be read in conjunction
         with the financial statements and notes thereto included in the
         Company's 10-KSB.


     2. Property, Plant, and Equipment

        Property, plant, and equipment consists of the following:
<TABLE>
<CAPTION>
                                                  (Unaudited)         
                                                   June 30,        December 31,
                                                     1996              1995    
<S>
                                                  <C>              <C> 
        Land                                      $   92,800       $   92,800
        Building                                     623,274          623,274
        Leasehold improvements                         2,703            2,703
        Machinery and equipment                       56,389           51,576 
        Transportation equipment                     174,360          159,360
        Office furniture, fixtures, and equipment    415,829          397,745
                                                   1,365,355        1,327,458

        Less accumulated depreciation and
          amortization                              (623,612)        (563,427)
                                                  $  741,743       $  764,031
</TABLE>





<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.  000-20175        JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

  Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE SECOND QUARTER RESULTS
  
Results of Operations

     Total revenues for the first six months of 1996 increased 79% over the 
first six months of 1995 to approximately $7,160,362, representing an 
increase of $3,158,967.  The main reason for the increase was the purchase
of Conway Associates ("Conway") in February of 1996.  Conway is a distributor
of fire and rescue equipment and supplies.  Conway contributed net sales of
$2,781,041 for the first six months of 1996.  Anton Investments ("Anton") had
an increase of approximately $227,184 or 18% of net sales over the first six
months of 1995 to $1,474,280.  Anton is a distributor of fire police and rescue
equipment and supplies.  Anton's reasons for the increase were:  the sale of
two fire trucks in the first two quarters of 1996 as compared to the sale of
one fire truck over the same comparable period in 1995, and a division of
Anton's in Massachusetts had increased sales of $122,000 over the first six
months of 1995.  The medical distribution company, ADCO Surgical Supply,
("ADCO"), located in Maine, had increased sales of approximately $93,000 over
the first six months of 1995.  ADCO's increase in sales is mainly due to
increasing business in the long-term care market.  The medical distribution
company, ADCO South Medical Supplies, ("ADCO South"), located in South Florida,
had a decrease of approximately $20,000 in net sales for the first six months
of 1996 as compared to the same period in 1995.  The decrease was the result of
decreased equipment sales as compared to the first six months of 1995.

     Net sales and other revenues for the second quarter were $3,824,279
as compared to $2,177,235 for the same period of 1995.  The primary reason
for this increase is due to the purchase of Conway's in February of 1996.
This division contributed approximately $1,564,000 in net sales for the
second quarter of 1996 as compared to $0 in 1995.

     The Company's overall gross profit margin was 20.4% for the first six
months of 1996, as compared to gross margin of 24.0% for the comparable period
in 1995.  One of the main reasons for the decline in the gross profit margin
was the margin of the newly purchased company, Conway.  Conway's had a gross
profit margin of 13.9%.  Fire trucks and equipment are sold at lower gross
margins.  Approximately 53% of Conway's sales were fire trucks and equipment.
Anton's gross margin remained about the same as compared to the same period of
1995.  ADCO's gross margin was 26.1% for the first six months of 1996 and 1995.
ADCO South had an increase in their gross margin to approximately 30% as
compared to 24.5% for the first six months of 1995.  This is the result of a
continuing effort to raise gross profit margins.

     Net sales and other revenues for the second quarter were $3,824,279 as
compared to $2,177,235.  The primary reason for the increase in the second
quarter's revenues was the additional sales derived from Conways.  








<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.   000-20175       JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

   MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE SECOND QUARTER RESULTS

Results of Operations: continued,

     Gross profit margins on sales were 21.0% for the second quarter of 1996
versus 22.8% for the same period of 1995.  The reason for the decrease in the
gross profit margin is stated above.

     During the first six months of 1996, selling, general, and administrative
expenses increased 15.6% for the first six months of 1996 to $1,512,374.  The
Company had an overall increase of approximately $218,000 in expenses over the
comparable period of 1995.  Conway added new overhead expenses of approximately
$279,000.  Genetic Vectors ("Vectors") had a decrease in overhead expenses of
$58,000.  The reason for this was due to lack of capital to operate (see
Liquidity and Capital Resources).  The other companies combined for a net
reduction of $17,000.  These reductions are the result of continuing efforts of
lowering overhead and the continued use of subsidiary personnel as much as
possible.

     During the second quarter of 1996, selling, general and administration
expenses were approximately $843,000 as compared to approximately $599,000 for
the same period in 1995.  The reasons for this increase are as stated above.

     Net interest expense as a percentage of sales was .01% in the first six
months of 1996 and 1995, respectively. 
 
     A net loss of ($56,762) occurred in the first six months of 1996, 1.0%
of net sales.  This compares to a net loss of ($331,474) for the first six
months of 1995, or 8.3% of net sales.  The losses in 1996 are a combination
of all of the companies.  The net loss for the first six months of 1996 is the
result of the following:  Conway had a net income of approximately $120,000;
Anton experienced a net loss of ($91,090) as compared to net loss of approx-
imately ($81,400) for the six months of 1995; ADCO had a net income for the
first six months of $3,200 as compared to a net loss ($30,700) for the first
six months of 1995; ADCO South had a net loss of ($1,200) for the first six
months of 1996 as compared to a net loss of ($33,274) for the first six months
of 1995; Vectors had a net loss of ($31,500) as compared to a net loss of
($89,500) for the first six months of 1995.  Corporate overhead was approxi-
mately $50,000 as compared to $114,700 for the first six months of 1995.

     The second quarter of 1996, showed a net loss of ($60,377) as compared to 
a net loss of ($112,987) for the same period of 1995.  During the second
quarter, the Company had interest income of approximately $49,000 as the result
of the cash balance on hand.  The reason for the increase in cash is described
below in the Liquidity and Capital Resources section of this report.





<PAGE>
 FORM 10-QSB/A        NYER MEDICAL GROUP, INC.   000-20175       JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

      MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE SECOND QUARTER RESULTS


Results of Operations: continued,

     The Company expects its gross margin to decrease during the balance of 
fiscal year 1996 as a result of anticipated increased high dollar but lower
margin fire truck sales.  

Liquidity and Capital Resources

     The Company's primary sources of working capital this year has been the
receipt of funds from the sales of stock pursuant to Regulation S under the
Securities Act of 1933.  In the first six months of 1996, the Company sold 
610,885 shares of common stock and received net proceeds of $3,318,733.  In
connection with the common stock issuance, 314,478 warrants were granted to
purchase common stock at $6.625 per share exercisable over a two-year period.
All of the warrants were exercised in the second quarter of 1996 and the
Company received net proceeds of $1,963,703. 

     The current ratio at June 30, 1996, was 4.3 as compared to 1.1 at
June 30, 1995.  Working capital for the first six months of 1996 was $6,061,438
or 64.9% of total assets.  Working capital for the first six months of 1995
was $278,225 or 8.0% of total assets.  At December 31, 1995, the current
ratio was 1.4, while working capital was $708,946 or 18.6% of total assets.
The Company values its inventories using the FIFO method.

     As of June 30, 1996, cash and cash items increased to $4,687,392, as
compared to $262,099 at December 31, 1995.  The main reason for this increase
in cash was the sale of 907,293 shares of the Company's common stock.  The
Company believes it has adequate cash and cash equivalents to meet its 
working capital needs.  Additionally, the cash balance and equivalents at 
June 30, 1996, included approximately $184,000 from Genetic Vectors, arising
from its bridge financing as described in Item 3 of this report.
     
     On August 5, 1996, the Company acquired 80% of the stock of a corporation,
D.A.W., Inc. ("D.A.W."), which owns nine pharmacies located in Massachusetts,
six of which are located in northeast Massachusetts, and the other three in the
suburbs of Boston.  The Company paid the selling shareholders of D.A.W. $325,000
in cash and 20,000 shares of its common stock.  Additionally, the Company 
contributed $200,000 in capital to D.A.W. and paid $800,000 to acquire 80% of
an affiliated corporation which owns the license rights and the intellectual 
property rights to the name of "Eaton Apothecary" under which name the pharmacy
transacts business.  The $800,000 was paid to the affiliated corporation and
will be used for working capital and to expand the pharmacy chain's business.



<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.   000-20175       JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

      MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE SECOND QUARTER RESULTS

  Liquidity and Capital Resources, continued 
 
The purchase price also provides that if D.A.W.'s net income for the initial
twelve months following the closing is not at least $300,000 before provision of
income taxes, the purchase price shall be reduced by an amount up to $100,000.
D.A.W. entered into long-term employment agreements with its five principal 
pharmacists who were four of the selling shareholders and the husband of the
fifth, and the D.A.W. shareholders, including the Company, entered into a 
shareholder's agreement providing for joint control of the board of directors
of D.A.W. and the affiliated company.
 
     Business in the first seven months of 1996 continues to be very competitive
but encouraging.  Anton and Conway are expecting to deliver six fire trucks for
the third quarter of 1996.  Anton has hired additional sales representatives to
cover Massachusetts, New York, Louisiana, and Florida.  Anton has enlarged its
Scarborough service center to better handle refurbishing of fire trucks.

     ADCO continues to focus on its long-term care market and is pursuing
more business with physician groups.  ADCO's sales of its accessibility
equipment continue to increase as ADA compliance is being acted on throughout
the State of Maine.  ADCO South continues to explore entering the high volume
incontinence and glove markets in long-term care facilities in South Florida.

Forward-Looking Statements

    The statements made above in the last under "Result of Operations" are
forward-looking statements within the meaning of Sections 27A of the Securities
Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange
Act of 1934 (the "Exchange Act").  Similarly, the statements made under
"Liquidity and Capital Resources" (i) relating to the spin-off of Vectors and
initial public offering of Vectors, and (ii) in the last two paragraphs relating
to the future business of the Company's business segments, are also forward-
looking statements within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act.  The results anticipated by any or all
of these forward-looking statements may not occur.  Important factors that
may cause actual results to differ materially from the forward-looking
statements include the following:

     (1)   The Company may not sell as many high dollar fire trucks as 
           it anticipates;

     (2)   The selling prices of any of the fire trucks may be lower
           than anticipated;

     (3)   The failure of anticipated orders for fire trucks to materialize
           due to budgetary and other factors;
<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.   000-20175       JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

      MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE SECOND QUARTER RESULTS

Forward-Looking Statements, continued

     (4)   Unforeseen political factors in the local communities in New
           England where Conway and Anton do business;

     (5)   The general state of the economy in New England and South Florida
           may reduce purchases of the Company's medical distribution
           products and/or fire trucks;

     (6)   The gross margins at the medical distribution companies could be
           affected by increased usage of buying groups and increased 
           competition;

     (7)   Shamrock Partners, Ltd. may be unable to sell the common stock of
           Vectors in either the private placement or the initial public
           offering for reasons internal to it or relating to the past
           operations and future prospects of Vectors;

     (8)   The future condition of the securities markets in general or the
           market for initial public offerings;

     (9)   The future condition of the securities markets for biotechnology
           companies such as Vectors;

     (10)  The inability of Vectors to finalize its registration statement
           with the Securities and Exchange Commission;

     (11)  Unanticipated problems with the Securities and Exchange Commission
           declaring effective a registration statement for Vectors;

     (12)  The failure of suppliers to timely deliver products. 


                                    PART II

  Item 3:  Other information

     In 1995, the Company decided to spin-off Vectors.  This is expected to 
occur in conjunction with Vector's proposed initial public offering as 
described below.  Following this decision, lengthy periodic discussions ensued
with Vectors' management which culminated in a March 1996 agreement whereby the
president of Vectors and his wife conveyed back to the Company all of its Class
B Preferred Stock in exchange for 20% of Vectors.  The Company paid $7,000 to
Vectors and agreed to continue paying Vectors $1,000 per week thereafter until
earlier of (i) receipt by Vectors of in bridge financing, or (ii) completion of
the spin-off.  In July 1996, Vectors sold 110,000 shares of common stock at
$5.00 per share and the Company terminated its support of Vectors.  From the
proceeds of its bridge offering, Vectors repaid $50,000 to the Company and

<PAGE>
  FORM 10-QSB/A      NYER MEDICAL GROUP, INC.   000-20175       JUNE 30, 1996

                   NYER MEDICAL GROUP, INC. AND SUBSIDIARIES

  Item 3:  Other information, continued

agreed to discuss, with the Company, the remaining indebtedness.  Currently,
the Company owns 1,279,920 shares Vectors' common stock, the bridge investors
own 110,000 shares, and the founders of Vectors own 319,980 shares.  The Company
has been advised by Vectors' counsel, in August 1996, that they intend to file
a registration statement with the Securities and Exchange Commission for the
sale to the public of 400,000 shares of common stock at an estimated public
offering price of $10.00 per share subject to the underwriter's option to
purchase an additional 60,000 shares solely to cover over-allotments.  Shamrock
Partners, Ltd. has signed a letter of intent with Vectors to act as managing
underwriter of the initial public offering.  The Company anticipates that the
registration process will take six to eight weeks at which time the Company
intends to effect the spin-off in conjunction with the initial public offering
of Vectors.


The Company is still actively seeking to acquire medical related companies.     





   
                                  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.

                                                  NYER MEDICAL GROUP, INC.


     Date:  October 04, 1996                       // Samuel Nyer     
                                                  Samuel Nyer,
                                                  President




     Date:  October 04, 1996                       // Karen L. Wright 
                                                  Karen L. Wright,
                                                  Treasurer
                                                  (Chief Accounting Officer)