SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10K

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

                 For  the  fiscal  year  ended  December  31,  1999

                                       OR

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

                 For  the  transition  period  from  ________  to  ________

     Commission  File  No.  33-5524-01
                            ----------

                                W-WAVES USA, INC.
                                -----------------
                        (formerly Arrow Management, Inc.)
             (Exact name of Registrant as specified in its charter)

    NEVADA                                                      87-04637339
-------------------                                            ------------
(State  or  other  jurisdiction  of                         (I.R.S.  Employer
incorporation  or  organization)                         Identification  Number)

Les  Tours  Triomphe
2500,  Boulevard  Daniel-Johnson  Blvd.
Suite  1108
Laval  (Quebec)
CANADA                                                              H7T  2P6
-----------------------------------------                           --------
(Address  of  principal  executive  offices)                    (Postal  Code)

Registrant's  telephone  number,  including  area  code  (450)  686-6993
                                                         ---------------

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

Securities  registered  pursuant  to  Section  12(g)  of  the  Act:  NONE

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

Indicate  by  check mark if disclosure of delinquent filers pursuant to Item 405
of  Regulation  S-K  is  not contained herein, and will not be contained, to the
best  of  registrant's  knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form  10-K.    [X]

As  of  March  31,  2000, the aggregate market value of the voting stock held by
non-affiliates  of  the  registrant  was  $14,611,  287.

Indicate the number of shares outstanding of each of the registrant's classes of
common  stock,  as  of  the  latest  practicable  date.

             Class                  ___          Outstanding as of March 31,2000
    --------------------------  -------------    -------------------------------
    $.001 PAR VALUE CLASS A     COMMON STOCK             11,030,700 SHARES
                                                            ----------

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

                                     PART I
                                     ------


ITEM  1.  BUSINESS.

Arrow  Management,  Inc.,  (now  renamed  W-WAVES  USA, Inc.) the "Company") was
incorporated  under  the  laws  of  Nevada on January 14, 1988.  The Company was
formed  to  look  for  investments,  business  opportunities  and  assets in any
industry.  Initially  the Company determined to acquire assets and properties in
real  estate  development,  specifically  the  area  of  Idaho  Falls,  Idaho.

     In  furtherance  of  its  determination  to  acquire  real  properties  for
development,  on  September 30, 1993, the Company entered into an agreement with
the  principals  of  Panorama  Industries,  Inc. ("Panorama") to issue 5,250,700
shares  of  its  common  stock  to  acquire  99.45%  of the outstanding stock of
Panorama,  an  affiliated  Nevada  corporation, which owned real properties near
Idaho  Falls,  Idaho  and  other areas in Idaho.  In December, 1996, the Company
determined  that  it was unable to complete the acquisition of 460,000 shares of
Panorama  stock  due to the failure of certain Panorama shareholders to complete
the  terms of the acquisition.  This reduced the shares of the Company issued to
acquire  Panorama to 4,790,700 shares and the Company's ownership of Panorama to
90.73%.

     An  Agreement  and  Plan  of  Reorganization (the "Agreement") was made and
entered  into  by  and  among  Arrow Management, Inc., a Nevada corporation (the
"Company"),  Capital General Corporation, a Utah Corporation ("CGC") and W-Waves
USA Inc., a Delaware corporation ("Waves") and the shareholders of Waves ("Waves
Shareholders").  Pursuant  to  the  Agreement,  on November 19, 1999 the Company
transferred  its  entire  interest,  4,790,700  shares  of  common stock, in its
subsidiary,  Panorama  Industries, Inc., a Nevada corporation to CGC in exchange
for  3,094,700  shares  of  common  stock  of  the  Company.  The  Company  then
distributed the 3,094,700 shares together with 5,450,00 additional shares issued
by  the Company from its authorized shares, a total of 8,544,700 shares of $.001
par  value  common  stock  of the Company, to Waves Shareholders in exchange for
100%  of  the  issued  and  outstanding  common  stock  of  Waves.

     The  transaction  effected  pursuant  to  the Agreement was exempt from the
registration requirements of the Securities Act of 1933 by virtue of the Section
4(2)  thereof.

     Following  this  transaction,  the former Waves Shareholders owned 77.5% of
Arrow  Management,  Inc.  and  Arrow  Management  was re-named W-WAVES USA, Inc.

     As  a  result  of  this  transaction  the Company became the owner of audio
technology  developed  by  Waves.  This  technology  consists of a circuit which
allows  the  post-amplification conversion of a conventional stereophonic signal
directed  to  two-speaker  enclosures  into  an  ambisonic  signal  directed  to
five-speaker  enclosures.  This  technology  can  be  directly  installed  into
manufacturers'  radios,  televisions,  video  cassette recorders, computers, and
other devices employing stereophonic sound signals, and is currently the subject
of  a  pending  patent  application.

     W-WAVES  USA,  Inc. operates primarily through two subsidiaries, White Wolf
Canada,  Inc. and Radison Aconstique Inc., a subsidiary of White Wolf.  Both are
engaged  in  complementary  aspects of audio and video research and engineering.
Each company has its own administrative and laboratory facilities.  Together the
office  facilities  total  approximately  2,000  sq.  ft.  The  laboratory  and
manufacturing facilities total approximately 20,000 sq. ft.  W-WAVES, White Wolf
(Canada),  Inc.  and  Radison  employ a total of 9 persons with an additional 20
persons  under  contract.


ITEM  2.  PROPERTIES.

     See  "Item  1" above.  The Company also utilizes space on a rent-free basis
in the office of one of its principal shareholders, Bear Bay Holding Canada, Inc
which  is  the  sole  owner of two of the principal shareholders of the Company.
This  arrangement is expected to continue until such time as the Company becomes
sufficiently  developed  to  necessitate  its  relocation.  The  Company  has no
agreements  with  respect  to  the  maintenance  or future acquisition of office
facilities.


ITEM  3.  LEGAL  PROCEEDINGS.

     There  are  no  pending  legal  proceedings  involving  the  Company or its
subsidiaries.


ITEM  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS.

     The  only  matter  submitted  to  the Company's security holders for a vote
during  the  fiscal year ended December 31, 1999 was the change of the Company's
name  from  Arrow  Management  Inc.  to  W-WAVES  USA,  Inc.
 .

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERS MATTERS.


     A  trading market for the  Company's $.001 par value common stock commenced
on  December  8,  1999  on  NASD  Bulletin  Board  under  the  symbol  AWMG.

The  high  and low sales prices of such common stock since trading commenced and
through  March  31,  2000  are  set  forth  below.

<TABLE>
<CAPTION>

FISCAL YEAR                      HIGH SALES PRICE     LOW SALES PRICE
<S>          <C>               <C>                   <C>
1999. . . .  Fourth Quarter             2.8124             2.0625
2000. . . .  First Quarter                4.00              2.687

</TABLE>
     As of March 31, 2000, there were 471 record holders of the Company's common
stock  and  there  were  11,030,700  shares  outstanding.  The  Company  has not
previously  declared  or  paid  any  dividends  on its common stock and does not
anticipate  declaring  any  dividends  in the foreseeable future.  The aggregate
market  value  held  by  non-affiliates  on  March 31, 2000 was $14,611,287 USD.


ITEM  6.  SELECTED  FINANCIAL  DATA.


                          THE COMPANY AND SUBSIDIARIES*
                          -----------------------------
                              SUMMARY OF OPERATIONS
                              ---------------------
                                   DECEMBER 31
                                   -----------

<TABLE>
<CAPTION>
                                   1999    1998       1997       1996        1995
                                 -------  ---------  ---------  ---------  -----------
<S>                             <C>      <C>        <C>        <C>        <C>
Total Assets . . . . . . . . .            2,124,851  2,060,428    617,513     630,357
Revenues . . . . . . . . . . .                2,335    424,561          0           0
Operating Expenses . . . . . .                7,118     23,290      8,983   1,975,111
Net Earnings (Loss). . . . . .              065,620  1,492,918     11,826  (1,960,141)
Per Share Data Earnings (Loss)                  .01        .27        .00        (.33)
Average Shares Outstanding . .            5,580,700  5,580,700  5,580,700   5,930,700
<FN>


 *  Includes  Panorama  Industries,  Inc.  through  12/31/98
 *  Includes  W-WAVES  USA  and  Subsidiaries  but  not  Panorama  as  of 12/31/99
</TABLE>




ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF  OPERATION.

     Prior to the acquisition of the shares of W-WAVES USA, INC. on November 19,
1999  the  Company had not engaged in any regular business operations other than
owning  real  estate  and the collection of notes receivable from third parties.

     The  plan  of  reorganization implemented in November 1999 removed from the
Company  all  of  the assets of its former Panorama Industries, Inc., subsidiary
and  substituted  the assets of W-WAVES USA, Inc.  As of December 31, 1999 these
assets  totalled  $  __________  and  consisted  mainly  of
_________________________________________.  During the last two fiscal years the
Company  through  its  recently acquired W-WAVES assets was primarily engaged in
research  and development for three basic audio technology products on which the
Company  expended  approximately  $800,000  in  1999  and $500,000 in 1998.  The
Company  expects  to  continue  this  emphasis  on  research  and  development.


     Since White Wolf and Radisson, the two subsidiaries of W-WAVES USA are both
early  stage  research  and  development  companies  which  have been engaged in
operations  for only a limited period of time, and since the principal assets of
the  Company  prior  to November 1999 were primarily real property and financial
instruments,  any  comparison  of  year to year operations would be meaningless.

LIQUIDITY  AND  CAPITAL  REVENUES

     Prior  to  November 1999, the Company had no need for additional capital as
it  had  more  than  ample  capital  available  for  its  limited  operations.

     The  businesses  acquired by the Company through the acquisition of W-WAVES
USA  will  require substantial capital for their future growth.  For example, in
1998 and 1999 the subsidiaries of W-WAVES USA required infusions of $800,000 and
$500,000  respectively  for  expenditures  on  research  and  development.


     Management  anticipates  that substantial additional funds will be required
to  bring  the  Company's products to market but that the needed capital will be
available  on  reasonable  terms.


ITEM  7A.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK.

     The  Company  has  no  market  risk  sensitive  instruments  or market risk
exposures.


ITEM  8.   FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY  DATA.

          See  Item  14.


ITEM  9.   CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON ACCOUNTING AND
           FINANCIAL  DISCLOSURE.

          On  May 2, 2000 the Company retained the services of Andersen Andersen
& Strong, L.C., certified public accountants of Salt Lake City, Utah to serve as
its  independent  auditor.  There were no disagreements with the former auditor,
Smith & Co.; the decision to change auditors was a business decision made by the
board  of  directors  of  the  Company.


                                    PART III


ITEM  10.  DIRECTORS  AND  EXECUTIVE  OFFICERS  OF  THE  REGISTRANT.

          The following table shows the positions held by the Company's officers
and  directors  prior  to  November 19, 1999.  Directors are appointed and serve
until  the  next  annual  meeting of the Company's stockholders, and until their
successors have been elected and have qualified.  The officers were appointed to
their  positions,  and  continue  in  such  positions,  at the discretion of the
directors.

NAME                AGE      POSITION

Krista  Nielson     37     President,  Director

Sasha  Belliston     27     Secretary/Treasurer,  Director


          KRISTA  NIELSON,  has  been a director of the Company since inception.
In addition to her management position with the Company, she has been since 1986
an  officer  and director of Capital General Corporation, a Utah-based financial
consulting  firm,  and  has  been  involved in the organization and promotion of
various  shell companies.  Ms. Nielson received a Business degree from Salt Lake
Community  College  in  1987.  She  serves  as an officer and/or director in the
following  private  corporations:  Yeaman  Enterprises,  Inc.  and  Universal
Associates,  Inc.,  family  holding companies, Four Star Ranch, Inc., a farmland
development  company,  and  Visual  Impact  Corporation,  a financial consulting
company.  Ms.  Nielson  devotes  her  time primarily to her role as President of
Capital  General  and  to  the  financial consulting activities in which Capital
General  engages.

          SASHA  BELLISTON,  has  been  a  director  of the Company since April,
1997,  and in addition to her management position with the Company, she has been
Vice  President  of Capital General since April, 1997.  For the past five years,
Ms.  Belliston  had devoted her time primarily as a cosmetologist and homemaker.
Ms.  Belliston  serves  as  an officer and/or director in the  following private
corporations:  Yeaman  Enterprises,  Inc.  and Universal Associates, Inc, family
holding  companies, Four Star Ranch, Inc., a farmland development company, Argon
Financial  Corporation  and  Public Financial Corporation, investment companies.
Ms. Belliston dedicates her time primarily to her role as President of Four Star
Ranch  and  the  farming  activities  in  which  Four  Star  engages.

          The management of Capital General was in the past essentially the same
as  that  of  the Company and, as the Company's largest shareholder in the past,
Capital  General exerted considerable influence in the election of the Company's
officers  and  directors.  Capital  General  is  a  private  venture capital and
financial  consulting  firm, incorporated in Utah in 1971.  Capital General is a
closely  held  corporation  with  eight  shareholders  and  is not an investment
company  under the Investment Companies Act of 1940.  A majority of the stock of
Capital  General  is  owned  by  Yeaman Enterprises, Inc., a private corporation
which is, in turn, owned by the adult children of the family of David R.  Yeaman
(formerly  an  officer  and director of the Company, Capital General  and Yeaman
Enterprises,  Inc.)  Sasha  Belliston,  Mr.  Yeaman's daughter, is the principal
shareholder  of  Yeaman  Enterprises;  Krista  Nielson  is  also  an officer and
director  of Yeaman Enterprises, Inc. Capital General ceased being a controlling
shareholder  of  the  Company  on  November  19,  1999.

          Each  of  the  above  directors  of the Company is a director of Saber
Capital,  Inc.,  Longhorn,  Inc.,  and Micro-Economics, Inc. which are companies
subject  to  the requirements of Section 15(d) of the Exchange Act.  None of the
directors  are  directors  or  officers  of  any  other  company with a class of
securities  registered  pursuant  to  Section  12  of  the  Exchange  Act or the
requirements  of  Section  15(d)  of  such  Act  or any company registered as an
investment  company  under  the  Investment  Company  Act  of  1940.

          In  1993  Krista  Nielson  was ordered to permanently cease and desist
from committing or causing further violations of Section 17(a) of the Securities
Act and Section 10(b) of the Exchange Act and Rules 10b-5 and 12b-20 thereunder.

     On  November  19,  1999  Krista  Nielson and Sasha Belliston resigned their
positions  as  directors and officers of the Company and appointed the following
persons  in  their  place  to  serve  until  the  next  annual  meeting  of  the
shareholders  and/or  directors  as  the  case  may  be.

Name                    Age          Position
----                    ---          --------

Victor  Lacroix          38          President  and  Director

Gilles  Charest          46          Secretary  and  Director

     VICTOR  LACROIX  has  for  the last five years been the principal executive
     ---------------
officer  of Bear Bay Holding Canada, Inc.  Bear Bay is a private investment firm
that concentrates primarily on early stage (venture capital) investments in high
technology.  Mr.  Lacroix  is  a  graduate  of  the  University  of  Montreal.

          GILLES  CHAREST,  is also a graduate of the University of Montreal and
          ---------------
is  a  member  of  the Canadian Institute of Chartered Accountants, the Order of
Chartered  Accountants of the Province of Quebec, and the Canadian Comprehensive
Auditing  Foundation.  For the last five years he has been the managing director
of  the  Company's  principal subsidiaries and currently serves as Secretary and
Director  of  W-WAVES  USA,  Inc.


ITEM  11.  EXECUTIVE  COMPENSATION.

          The  Company  has  made  no  arrangements  for the remuneration of its
officers  and  directors,  except  that  they  will  be  entitle  to  receive
reimbursement  for actual, demonstrable out-of-pocket expenses, including travel
expenses if any, made on the Company's behalf.  No remuneration has been paid to
the  Company's  officers  or  directors  prior  to the filing of this Form 10-K.
There  are  no  agreements  or  understandings  with  respect  to  the amount or
remuneration that officers and directors listed above are expected to receive in
the  future.




ITEM  12.  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS.

          The  following  table  sets  forth,  as of March 31, 2000, information
regarding the beneficial ownership of shares by each person known by the Company
to  own five percent or more of the outstanding shares, by each of the directors
and  by  the  officers  and  directors  as  a  group.

<TABLE>
<CAPTION>
                                                  Name and address                      Amount of
                                        ------------------------------------  -----------------------------
Title of class                                  of beneficial owner           beneficial ownership of class  Percent
--------------------------------------  ------------------------------------  -----------------------------  --------
<S>                                     <C>                                   <C>                            <C>
Common Stock . . . . . . . . . . . . .  Bear Bay Management (Caribbean) Inc.                      3,000,000    27.20%
                                        3 Lowland Heights
                                        Christ Church
                                        Barbados, W.I

Common Stock . . . . . . . . . . . . .  Bear Bay Europe (Luxembourg) S.A.                           800,000     7.25%
                                        12 Rue Leon Thyes
                                        L-2636, Luxembourg

Common Stock . . . . . . . . . . . . .  Capital CVS Lt e                                          1,600,000    14.50%
                                        17, Rue Des Camelias
                                        Blainville, Quebec
                                        CANADA J7C-4T2

Common Stock . . . . . . . . . . . . .  9082-8369 Quebec, Inc.                                    1,600,000    14.50%
                                        3730 Blvd. Cremazie Est
                                        Suite 501
                                        Montreal, Quebec
                                        CANADA

Common Stock . . . . . . . . . . . . .  Corinne Lewin                                               900,000     8.16%
                                        Chateau Perigord
                                        6, Lacets St-Leon
                                        MC 98000, Monaco

Common Stock . . . . . . . . . . . . .  Chippawa Trade Limited                                      700,000     6.34%
                                        P.O. Box 107
                                        Oceanic House
                                        Duke Street
                                        Grand Turk
                                        Turks and Caicos Islands, B.W.I.

Common Stock . . . . . . . . . . . . .  Hallsbury Enterprises Ltd.                                  650,000     5.89%
                                        R.G. Solomon Arcade
                                        Suite 11
                                        Charlestown, Nexis
                                        West Indies


</TABLE>



                        SECURITY OWNERSHIP OF MANAGEMENT
<TABLE>
<CAPTION>



                                               Name                              Amount of
                              ---------------------------------------  -----------------------------
Title of class                          of beneficial owner            beneficial ownership of class  Percent
----------------------------  ---------------------------------------  -----------------------------  --------
<S>                           <C>                                      <C>                            <C>
Common Stock . . . . . . . .           Victor Lacroix                                     3,800,000*    34.45%
                                       President and Director

Common Stock . . . . . . . .           Gilles Charest                                     1,600,000**   14.50%
                                       Secretary and Director

Common Stock . . . . . . . .           (All Officers and                                  5,400,000     48.95%
                                             Directors as a Group)
<FN>


     *Since  Mr.  Lacroix  is  the  Chief Executive Officer of Bear Bay Holding Canada which controls Bear Bay
      Management  and  Bear  Bay  Europe,  Mr.  Lacroix  beneficially  owns  a  total  of  3,800,000  shares.

     **Mr.  Charest's  beneficial  ownership  derives  from  his  ownership  of  50%  of  Capital  CVS  Lt  e.

</TABLE>


ITEM  13.  CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS.
          No officer, director, nominee for election as a director, or associate
of  such  officer,  director  or  nominee  is or has been in debt to the Company
during  the  last  fiscal  year.

                                     PART IV
                                     -------

ITEM  14.  EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES,  AND REPORTS ON FORM 8-K.
     Financial  Statements  and  Financial  Statement  Schedules.

     Financial  Statements  -  December  31,  1999  and  1998.


<PAGE>


                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                              FINANCIAL STATEMENTS
                                DECEMBER 31, 1999



                                      INDEX
                                      -----


A.     FINANCIAL  STATEMENTS
       ---------------------


                                AUDITOR'S REPORT



TO  THE  SHAREHOLDERS  OF  ARROW  MANAGEMENT,  INC.  AND  SUBSIDIARY




<PAGE>
                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                           CONSOLIDATED BALANCE SHEET


<TABLE>
<CAPTION>


                                                     ASSETS


                                                        DECEMBER 31     DECEMBER 31
                                                            1999           1998
<S>                                                     <C>           <C>
CURRENT
  Cash in bank . . . . . . . . . . . . . . . . . . . .  $     27,197  $       682,740
  Current portion of note receivable - related company           ---           40,901
  Accounts receivable                                         19,752              ---
  Accrued interest receivable                                    ---           32,110
  Inventory                                                   37,686              ---
  Prepaid expenses                                             1,346              ---
  Loan receivable - other                                      1,744              ---
                                                        ------------  ---------------
                                                              87,725          755,751
                                                      ---------------  ---------------

CAPITAL ASSETS                                                82,407              ---
                                                        ------------  ---------------

OTHER
  Real estate                                                    ---           30,000
  Note receivable - related party                                ---        1,000,000
  Long-term portion of contracts receivable                      ---          329,500
  Deferred income taxes                                          ---            9,000
  Goodwill                                                   165,928              ---
  Deferred opening costs                                     574,983              ---
  Deferred research costs                                    210,887              ---
  Trade, marks, patents                                        2,154              ---
  Advances on royalties                                        9,373              ---
  Incorporation fees                                           1,215              ---
                                                        ------------  ---------------
                                                             964,540        1,368,500
                                                     ---------------  ---------------
                                                     $     1,134,672  $     2,124,251
                                                     ===============  ===============

</TABLE>



<PAGE>



                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                           CONSOLIDATED BALANCE SHEET


                                   LIABILITIES
<TABLE>
<CAPTION>



                                        DECEMBER 31   DECEMBER 31
                                           1999         1998
<S>                                     <C>           <C>
CURRENT
Accrued expenses payable . . . . . . .  $    102,564  $      (582)
Income taxes payable                           1,561          ---
Balance of sale payable                      131,242          ---
Loan payable - related corporations          776,619          ---
                                        ------------  ------------
                                           1,011,986         (582)
                                         -----------  ------------

LONG TERM
  Loan payable - other                        21,760          ---
  Loan payable - building loan                30,755          ---
                                        ------------  ------------
                                              52,515          ---
                                         -----------  ------------

OTHER
  Minority interest in subsidiary                ---      196,000
Preferred shares of subsidiary company       157,850          ---
                                        ------------  ------------
                                             157,850      196,000
                                         -----------  ------------

                              STOCKHOLDERS' EQUITY


  Common stock $.001 par value:
    Authorized - 50,000,000 shares
    Issued - 11,030,700 shares
         Outstanding  11,030,700 shares       11,031         5,581
  Additional paid-in capital. . . . . . .        631     2,375,667
  Deficit accumulated during
             development stage. .  . .       (99,341)     (452,415)
                                        -------------  -----------
                                             (87,679)    1,928,833
                                      ----------------  -----------
                                     $     1,134,672   $  2,124,251
                                    ================    ============
</TABLE>





                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>



                                                                          1/14/88
                                    YEAR  ENDED     YEARS  ENDED     (DATE  OF  INCEPTION)
                                    DECEMBER  31    DECEMBER  31             TO
                                        1999        1998      1997        12/31/99
                                     ---------      -----    -------     ---------
<S>                                <C>           <C>        <C>        <C>

NET SALES                          $    14,422         ---        ---     14,422
COST OF SALES                           10,880         ---        ---     10,880
                                   ------------  ---------  ---------  ----------
GROSS PROFIT                             3,542         ---        ---      3,542
                                   ------------  ---------  ---------  ----------

EXPENSES                                99,187         ---        ---     99,187
                                   ------------  ---------  ---------  ----------

INCOME (LOSS) BEFORE
OTHER INCOME                           (95,645)        ---        ---    (95,645)
                                   ------------  ---------  ---------  ----------

OTHER INCOME
  Gain (loss) from operations of
    former subsidiary . . . . . .       24,938      65,620  1,492,918   (427,477)
  Gain on disposition of
subsidiary (Note 4)                    423,781         ---        ---    423,781
                                   ------------  ---------  ---------  ----------
  TOTAL OTHER INCOME. . . . . . .      448,719      65,620  1,492,918     (3,696)
                                   ------------  ---------  ---------  ----------
NET INCOME (LOSS) . . . . . . . .  $   353,074     65,620  1,492,918     (99,341)
                                     =========  =========  ==========   =========

  Net income (loss) per weighted
  average common shares
  outstanding . . . . . . . . . .          .03         .01        .27
                                   ============  =========  =========

  Weighted average number of
  Common shares outstanding used
to compute net income (loss). . .   11,030,700   5,580,700  5,580,700
                                   ============  =========  =========
</TABLE>

                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>


                                                                                            DEFICIT
                                                                                           ACCUMULATED
                                        COMMON STOCK             ADDITIONAL                 DURING
                                       PAR  VALUE  $.001          PAID-IN     TREASURY
                                                                                           DEVELOPMENT
                                           SHARES      AMOUNT     CAPITAL      STOCK         STAGE
                                         -----------  --------  -----------  --------  -----------
<S>                                      <C>          <C>       <C>          <C>       <C>

Balances at 1/14/88 (Date of inception)           0   $     0   $        0   $      0  $        0
Issuance of common stock (restricted)
at $.002 per share, 1/14/88 . . . . . .   1,000,000     1,000        1,000
Acquisition of subsidiary (1) . . . . .   5,250,700     5,251       (3,251)                (1,960)
Net loss for period . . . . . . . . . .                                                    (1,960)
                                         -----------  --------  -----------  --------  -----------

Balances at 12/31/88. . . . . . . . . .   6,250,700     6,251       (2,251)        0       (3,920)
Net loss for year . . . . . . . . . . .                                                       (20)
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/89. . . . . . . . . .   6,250,700     6,251       (2,251)        0       (3,940)
Net loss for year . . . . . . . . . . .                                                       (20)
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/90. . . . . . . . . .   6,250,700     6,251       (2,251)        0       (3,960)
Assets acquired by subsidiary . . . . .                          4,420,000
Minority interest adjustment. . . . . .                            (12,000)
Net loss for year . . . . . . . . . . .                                                       (20)
                                          -----------  --------  -----------  --------  -----------
Balances at 12/31/91. . . . . . . . . .   6,250,700     6,251    4,405,749         0       (3,980)
Debentures canceled . . . . . . . . . .                         (2,000,000)
Assets acquired by subsidiary . . . . .                          1,600,000
Minority interest adjustment. . . . . .                             (8,000)
Net loss for period . . . . . . . . . .                                                      (891)
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/92. . . . . . . . . .   6,250,700     6,251    3,997,749         0       (4,871)
Minority interest adjustment. . . . . .                            (2,000)
Net loss for period . . . . . . . . . .                                                   (16,763)
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/93. . . . . . . . . .   6,250,700     6,251    3,995,749         0      (21,634)
Net loss for period . . . . . . . . . .                                                   (41,004)
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/94. . . . . . . . . .   6,250,700     6,251    3,995,749         0      (62,638)
Trade and media credits canceled
(Note 7). . . . . . . . . . . . . . . .    (320,000)     (320)  (1,446,432)
Minority interest adjustment. . . . . .                             19,000
Net loss for period . . . . . . . . . .                                                (1,960,141)
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/95. . . . . . . . . .   5,930,700     5,931    2,568,317         0   (2,022,779)
Reissuance of erroneously canceled
shares during 1995 (Note 7) . . . . . .     110,000       110         (110)
Cancellation of previously issued
shares related to acquisition of
subsidiary (Note 4) . . . . . . . . . .    (460,000)     (460)         460
Minority interest adjustment. . . . . .                            (54,000)
Net income for year . . . . . . . . . .                                                    11,826
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/96. . . . . . . . . .   5,580,700     5,581    2,514,667         0   (2,010,953)
Minority interest adjustment. . . . . .                           (134,000)
Net income for year . . . . . . . . . .                                                 1,492,918
                                           -----------  --------  -----------  --------  -----------
Balances at 12/31/97. . . . . . . . . .   5,580,700     5,581    2,380,667         0     (518,035)
Minority interest adjustment. . . . . .                             (5,000)
Net income for year . . . . . . . . . .                                                    65,620
                                         -----------  --------  -----------  --------  -----------
Balances at 12/31/98. . . . . . . . . .   5,580,700     5,581    2,375,667         0     (452,415)
Disposition of subsidiary . . . . . . .                         (2,374,667)   (2,885)
Issuance of treasury stock
as a result of reorganization . . . . .                              2,885
Issuance of 5,450,000 shares as a
a result of reorganization. . . . . . .   5,450,000     5,450         (339)
Net income for year . . . . . . . . . .                                                    353,074
                                         -----------  --------  -----------  --------  -----------
Balances at 31/12/99. . . . . . . . . .  11,030,700   $ 11,031   $     661   $      0  $   (99,341)
                                         ===========  ========  ===========  ========  ===========


<FN>
(1)     Acquisition  actually  occurred  on September 30, 1993, but is reflected
earlier  under  the  pooling  of  interests  method  of  accounting


</TABLE>



<PAGE>
                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  PRINICPLES
The  company's  accounting  policies  reflect  current  accounting practices and
conform to generally accepted accounting principles.  The following policies are
considered  to  be  significant.

     ACCOUNTING  METHOD:
     -------------------
     The  accompanying  financial  statements  have been prepared on the accrual
method     using  generally accepted accounting principles applicable to a going
concern  which  contemplates  the  realization  of assets and the liquidation of
liabilities  in  the  normal     course  of  business.  All assets are listed at
historical  cost  as  adjusted  for  asset  impairment.

     REVENUE  RECOGNITION:
     ---------------------
Revenue  is  recognized  upon  completion  of  sales, including adequate payment
arrangements  to  reasonably  assure  collection of related receivables, if any.

     DIVIDEND  POLICY:
     -----------------
     The  company has not yet adopted any policy regarding payment of dividends.

     INCOME  TAXES:
     --------------
The  Company utilizes the liability method of accounting for income taxes as set
forth  in  Statement  of Financial Accounting Standards No. 109, "Accounting for
Income  Taxes"  (SFAS  109).  Under  the  liability  method,  deferred taxes are
determined  based  on the difference     between the financial statement and tax
bases  of  assets and liabilities using enacted tax rates in effect in the years
in which the differences are expected to reverse.  An allowance against deferred
assets  is  recorded when it is more likely than not that such tax benefits will
not  be  realized.

     BASIS  OF  PRESENTATION:
     ------------------------
     The  consolidated  financial statements include the accounts of the Company
and  Panorama  Industries,  Inc.  ("Panorama"), a subsidiary owned 90.73% by the
Company  through  November  19, 1999.  All significant intercompany transactions
and  balances  have been eliminated.  On November 19, 1999, the Company divested
itself of the Panorama subsidiary. The consolidated financial statements include
the  accounts  of  the  Company and  W-Waves USA Inc. (Delaware company).  White
Wolf  Audio Video Electronics Systems Inc., Radison Acoustique Ltee, and X-D LAB
R&D  Inc.  all  these  corporations  are  subsidiaries  of Arrow Management Inc.

<PAGE>
                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  PRINICPLES  (CONT'D)
     EARNINGS  (LOSS)  PER  SHARE:
     -----------------------------
     Earnings (loss) per share are computed by dividing net income (loss) by the
weighted  average  common  shares  outstanding  during  each  period.

     FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS:
     ----------------------------------------
     The carrying amount of cash and accrued expenses approximate fair value due
to  the  short  maturity  periods  of  these  instruments.  The  fair  value  of
$1,370,401  in notes receivable at December 31, 1998, based on the present value
of  the  receivable  at  interest  rates  of  8%  and  9%,  is  $1,135,603.

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

     CASH  AND  CASH  EQUIVALENTS:
     -----------------------------
     For  financial  statement purposes, the Company considers all highly liquid
investments  with an original maturity of three months or less when purchased to
be  cash  equivalents.

     CONCENTRATION  OF  CREDIT  RISK:
     --------------------------------
     The  Company  maintains  deposits  in  excess  of federally insured limits.
Statement  of Financial Accounting Standards No. 105 identifies these items as a
concentration  of  credit risk requiring disclosure, regardless of the degree of
risk.  The risk is managed by maintaining all deposits in high quality financial
institutions.

The  Company  requires  collateral  to  support  notes and contracts receivable.
Management  considers  the  real  property pledged as security for its notes and
contracts  to  be  reasonable  in  the  circumstances.




<PAGE>
                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE  2  -  DEVELOPMENT  STAGE  COMPANY  AND  BUSINESS  ACTIVITY
The  Company  was  incorporated under the laws of the State of Nevada on January
14, 1988 and has been in the development stage since incorporation.  The company
acquired  a  substantial amount of land through its acquisition of Panorama (See
Notes 4 and 6).  The Company held real estate for investment and possible future
development and sales.  On November 19, 1999, the Company's assets were divested
and  all  operations ceased.  The Company may acquire interests in various other
business  opportunities  which,  in  the  opinion  of management, will provide a
profit  to  the  Company.  Additional external financing or other capital may be
required  to  proceed  with  any  business  plan  which  may be developed by the
Company.  At approximately the same time that the Company divested itself of its
Panorama  subsidiary,  it entered into a plan of reorganization with W-Wave USA,
Inc.  (A  Delaware corporation) (Wave) to issue the 3,094,700 shares of treasury
stock  and an additional 5,450,000 previously unissued shares to acquire 100% of
the  outstanding  stock  of  Wave.


NOTE  3  -  CAPITALIZATION
On  the  date  of incorporation, the Company sold 1,000,000 shares of its common
stock  to  Capital  General  Corporation  for  $2,000  cash  for  an  average
consideration  of  $.002  per  share.  The  Company's  authorized  common  stock
consists  of  50,000,000  shares  at  $.001  per  value.

NOTE  4  -  ACQUISITION  OF  SUBSIDIARY
On  September  30, 1993, the Company issued 5,250,700 shares of its common stock
to  acquire  99.45% of the outstanding stock of Panorama, an affiliated company.
Panorama became a subsidiary of the Company.  The transaction has been accounted
for  under  the  pooling-of-interests  method  of  accounting.  Therefore,  the
financial  statements  have  been  restated  as  if  the  Companies  had  been
consolidated for all periods presented.  In December, 1996, the Company canceled
350,000  shares  of  its  common  stock  held  for  issuance to a shareholder of
Panorama.  As  a  result  of this transaction, Arrow's ownership of Panorama was
reduced  from 99.45% to 90.73%.  On November 19, 1999, the Company exchanged its
interest in Panorama for 3,094,700 of its own shares returned to treasury stock.


                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE  5  -  RELATED  PARTY  TRANSACTIONS
The  Company  neither  owns  or  leases  any real property.  Office services are
provided,  without  charge,  by  Capital  General  Corporation.  Such  costs are
immaterial  to  the  financial  statements,  and,  accordingly,  have  not  been
reflected  therein.  The  officers  and directors of the Company are involved in
other  business  activities  and  may,  in  the future, become involved in other
business  opportunities.  If  a specific business opportunity becomes available,
such  persons  may  face  a  conflict in selecting between the Company and their
other  business  interests.  The  Company  has  not  formulated a policy for the
resolution  of  such  conflicts.


NOTE  6  -  NET  OPERATING  LOSS  CARRYOVER
The  Company  had a net operating loss carryover of $2,000 at December 31, 1999,
that  if  not  used  will  expire  as  follows:

                                                   Company's
Year  Ended                 Expiration  Date          Loss
-----------                 ----------------       ----------
December  31,  1988        December  31,  2003       $ 1,950
December  31,  1989        December  31,  2004            10
December  31,  1990        December  31,  2005            10
December  31,  1991        December  31,  2006            10
December  31,  1992        December  31,  2007            20
                                                        ----
                                                     $ 2,000
                                                    =========

Due  to  the Company's activities as a development stage company, there is not a
sufficient  basis  for  making  an  estimate  of  future  income.



<PAGE>
                      ARROW MANAGEMENT, INC. AND SUBSIDIARY
                          (A DEVELOPMENT STAGE COMPANY)
                              SCHEDULE OF EXPENSES


<TABLE>
<CAPTION>



                                                                           1/14/88
                               YEAR ENDED             YEARS ENDED     (DATE OF INCEPTION)
                               DECEMBER 31            DECEMBER 31            TO
                                  1999              1998        1997       12/31/99
-----------------------------  -----------      ---------      --------  ----------
<S>                            <C>          <C>             <C>        <C>

EXPENSES
  Secretarial service               14,449             ---       ---       14,449
  Consultations                      1,494             ---       ---        1,494
  Travel expenses                    7,804             ---       ---        7,804
  Telephone                          6,055             ---       ---        6,055
  Supplies                             301             ---       ---          301
  Rent                               6,899             ---       ---        6,899
  Office expenses                    1,320             ---       ---        1,320
  Professional fees                 33,038             ---       ---       33,038
  Insurance                            764             ---       ---          764
  Repairs and maintenance              768             ---       ---          768
  Interest and bank charges          1,354             ---       ---        1,354
  Interest and long term debt          429             ---       ---          429
  Amortization                       9,028             ---       ---        9,028
  Moving costs                       7,980             ---       ---        7,980
  Taxes and licenses                 6,456             ---       ---        6,456
  Foreign exchange                   1,048             ---       ---        1,048
                               -----------       ---------  --------       ------
                                    99,187            ---        ---       99,187
-----------------------------  -----------       ---------  --------       ------
</TABLE>









     REPORTS  ON  FORM  8-K.

     A)     A  report  on  Form 8-K was filed during the fourth quarter of 1999.
That  report  is incorporated by reference.  The financial statements called for
in  that  report  are  filed  as  part  of  this  annual  report  on  Form 10-K.


<PAGE>
                                     ------
                                   SIGNATURES
                                   ----------


          Pursuant  to the requirements of Section 13 or 15(d) 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.


                                W-WAVES USA, INC.
                          (formerly Arrow Management, Inc.)


Date:  May  _____,  2000   By:


                              _______________________________________

                              Victor  Lacroix,  President  and  Director


     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  and  on  the  dates  indicated.


Date:  May  ____,  2000          By:


                                  _______________________________________

                                  Victor  Lacroix, President  and  Director




Date:  May  ____,  2000          By:


                                   _______________________________________

                                   Gilles  Charest, Secretary  and  Director