<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                   FORM 10-QSB

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

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

                For the quarterly period ended September 30, 2001


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


                         Commission file number: 0-26599


                            SIMEX Technologies, Inc.
        (Exact name of small business issuer as specified in its charter)


    State of Delaware                                           58-2465647
(State of Incorporation)                                    (I. R. S. Employer
                                                            Identification No.)

                                 602 Abbey Court
                            Alpharetta, Georgia 30004
                    (Address of principal executive offices)


Issuer's telephone number, including area code: (678) 802-2041


The number of shares outstanding of the Registrant's common stock, par value
$0.001, at October 31, 2001, was 16,564,908 shares.
<PAGE>

PART I.           FINANCIAL INFORMATION
ITEM 1.           FINANCIAL STATEMENTS:



                                                                               2
<PAGE>

                    SIMEX TECHNOLOGIES INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET
                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                       September 30, 2001
                                                                       ------------------
                                                                           (Unaudited)
<S>                                                                    <C>
ASSETS
Current assets:
    Cash and cash equivalents                                                 $      66
    Trade accounts receivable, less allowance for
      doubtful accounts of $56                                                    4,974
    Costs and estimated earnings in excess of billings
      on uncompleted contracts                                                    1,977
    Inventories                                                                   1,081
    Other current assets                                                            181
                                                                              ---------
       Total current assets                                                       8,279

Investments in affiliated companies                                                  12
Property, plant and equipment, net                                                3,512
Goodwill, net                                                                     6,366
Deferred income taxes                                                               717
Other assets                                                                         99
                                                                              ---------
       Total assets                                                           $  18,985
                                                                              =========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
    Note payable - bank                                                       $   3,975
    Current portion of long-term debt                                               302
    Accounts payable                                                              3,149
    Accrued salaries and wages                                                    1,022
    Accrued taxes other than income                                               1,424
    Accrued income taxes                                                             20
    Other current liabilities                                                     1,095
                                                                              ---------
       Total current liabilities                                                 10,987

Long-term debt, less current portion                                              4,452
Other liabilities                                                                   154
                                                                              ---------
       Total liabilities                                                         15,593
                                                                              ---------

Shareholders' equity:
  Common stock, $.001 par value. Authorized 50,000
        shares; 16,565 shares issued and outstanding                                 17
  Additional paid-in capital                                                      9,720
  Deferred compensation                                                            (239)
  Accumulated deficit                                                            (4,987)
  Treasury stock, 10 shares at cost                                                 (30)
  Accumulated other comprehensive loss - foreign currency
        translation adjustment                                                   (1,089)
                                                                              ---------
       Total shareholders' equity                                                 3,392
                                                                              ---------
         Total liabilities and shareholders' equity                           $  18,985
                                                                              =========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.


                                                                               3
<PAGE>

                    SIMEX TECHNOLOGIES INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                  Three months ended                Nine months ended
                                                                     September 30,                    September 30,
                                                               -------------------------         -------------------------
                                                                 2001             2000             2001             2000
                                                               --------         --------         --------         --------
<S>                                                            <C>              <C>              <C>              <C>
Revenues                                                       $  5,923         $  4,456         $ 17,594         $ 14,120
Cost of revenues                                                  5,012            3,514           13,446           11,956
                                                               --------         --------         --------         --------
    Gross profit                                                    911              942            4,148            2,164

Selling, general and administrative expenses                      2,200            1,235            5,308            4,377
                                                               --------         --------         --------         --------

    Operating loss                                               (1,289)            (293)          (1,160)          (2,213)

Other income (expense):
    Interest income                                                  17               15               96               92
    Interest expense                                               (127)            (136)            (355)            (432)
    Other                                                            --              (18)               2              (27)
                                                               --------         --------         --------         --------
      Total other expense                                          (110)            (139)            (257)            (367)

    Loss from continuing operations
    before income taxes                                          (1,399)            (432)          (1,417)          (2,580)
Income tax benefit                                                 (332)             (41)            (297)            (545)
                                                               --------         --------         --------         --------
    Loss from continuing operations                              (1,067)            (391)          (1,120)          (2,035)
Discontinued operations (note 5):
    Earnings from discontinued operations, net
    of income taxes of $4 and $7 during the three and
     nine months ended September 30, 2000, respectively              --                4               --               21
                                                               --------         --------         --------         --------

                           Net loss                            $ (1,067)        $   (387)        $ (1,120)        $ (2,014)
                                                               ========         ========         ========         ========
Loss per share (note 2):
  Basic loss per share:
         From continuing operations                            $  (0.07)        $  (0.03)        $  (0.08)        $  (0.16)
         Discontinued operations                                     --               --               --               --
                                                               --------         --------         --------         --------
               Basic loss per share                            $  (0.07)        $  (0.03)        $  (0.08)        $  (0.16)
                                                               ========         ========         ========         ========
  Diluted loss per share:
         From continuing operations                            $  (0.07)        $  (0.03)        $  (0.08)        $  (0.16)
         Discontinued operations                                     --               --               --               --
                                                               --------         --------         --------         --------
               Diluted loss per share                          $  (0.07)        $  (0.03)        $  (0.08)        $  (0.16)
                                                               ========         ========         ========         ========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.


                                                                               4
<PAGE>

                    SIMEX TECHNOLOGIES INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                           Nine months ended September 30,
                                                                                           -------------------------------
                                                                                              2001                 2000
                                                                                           -----------          ----------
<S>                                                                                        <C>                  <C>
Cash flows from operating activities:
  Net loss                                                                                    $ (1,120)         $ (2,014)
    Adjustments to reconcile net loss
      to net cash used in operating activities:
        Depreciation and amortization                                                              594               585
        Deferred compensation                                                                       80                --
        Deferred income taxes                                                                     (297)             (611)
        Gain on sale of subsidiary                                                                  --               (12)
        Gain on sale of machinery and equipment                                                     (2)               --
     Changes in operating assets and liabilities, net of
          effects of acquisitions:
             Trade accounts receivable                                                          (1,001)            1,349
             Inventories and uncompleted contracts                                              (2,088)            1,196
             Prepaid expense and other current assets                                              235                93
             Other assets                                                                           10               591
             Accounts payable                                                                    1,072            (1,560)
             Accrued salaries and wages                                                            314              (169)
             Accrued taxes other than income                                                       409              (756)
             Accrued income taxes                                                                    1               (78)
             Other liabilities                                                                     124                66
                                                                                              --------          --------
             Net cash used in operating activities                                              (1,669)           (1,320)
                                                                                              --------          --------
Cash flows from investing activities:
    Proceeds from the sale of machinery and equipment                                                9                 1
    Acquisitions of machinery and equipment                                                       (930)             (747)
    Proceeds from the sale of subsidiary                                                            --               410
    Proceeds from lease                                                                          1,973                --
    Acquisition of businesses                                                                     (636)               --
                                                                                              --------          --------
             Net cash provided by (used in) investing activities                                   416              (336)
                                                                                              --------          --------
Cash flows from financing activities:
    Proceeds from note payable - bank, net                                                       1,389               604
    Proceeds from long-term debt                                                                 1,098             4,369
    Payments on long-term debt                                                                  (1,036)           (2,772)
                                                                                              --------          --------
             Net cash provided by financing activities                                           1,451             2,201
                                                                                              --------          --------
Effect of exchange rate changes on cash and cash equivalents                                      (142)             (745)
                                                                                              --------          --------
    Net change in cash and cash equivalents                                                         56              (200)
Cash and cash equivalents beginning of period                                                       10               284
                                                                                              --------          --------
Cash and cash equivalents at end of period                                                    $     66          $     84
                                                                                              ========          ========
</TABLE>


                                                                               5
<PAGE>

                    SIMEX TECHNOLOGIES INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                 Nine months ended September 30,
                                                                 -------------------------------
                                                                     2001                2000
                                                                 ----------          -----------
<S>                                                              <C>                 <C>
Supplemental disclosure of cash flows information:
                  Cash paid during the periods for:
         Interest                                                  $     335         $     383
                                                                   =========         =========

        Income taxes                                               $      --         $     115
                                                                   =========         =========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.


                                                                               6
<PAGE>

                    SIMEX TECHNOLOGIES INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                           September 30, 2001 and 2000
                                   (Unaudited)
                      (In thousands, except per share data)


1.       CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with the instructions to Form 10-QSB and do not include
all of the information and footnotes required by accounting principles generally
accepted in the United States of America for complete financial statements. In
the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included. These
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in SIMEX Technologies, Inc.'s Form 10-KSB
for the year ended December 31, 2000.

Certain reclassifications have been made to the 2000 financial information to
conform to the presentation in 2001.

The results of operations for the periods presented are not necessarily
indicative of the operating results for the full year.

2.       LOSS PER SHARE

SIMEX Technologies, Inc. and subsidiaries (the "Company") applies the provisions
of Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per
Share". Basic earnings per common share is based on the weighted average number
of common shares outstanding during the period. Diluted earnings per share
include the dilutive effect of potentially dilutive securities. For the three
months and nine months ended September 30, 2001 and 2000, the effects on diluted
loss per share from stock options and other potentially dilutive contingently
issuable shares (see note 6) have not been included since such effects would
have been anti-dilutive.

<TABLE>
<CAPTION>
                                                                   Three Months Ended                   Nine Months Ended
                                                                       September 30                       September 30
                                                               ---------------------------         ---------------------------
                                                                 2001              2000               2001             2000
                                                               ---------         ---------         ---------         ---------
<S>                                                            <C>               <C>               <C>               <C>
Numerator:
   Loss from continuing operations                             $  (1,067)        $    (391)        $  (1,120)        $  (2,035)
    Discontinued operations                                           --                 4                --                21
                                                               ---------         ---------         ---------         ---------
   Numerator for basic and diluted
    loss per share                                             $  (1,067)        $    (387)        $  (1,120)        $  (2,014)
                                                               =========         =========         =========         =========

Denominator for basic and diluted
    loss per share - weighted average shares
    outstanding                                                   16,323            12,814            14,248            12,814
                                                               =========         =========         =========         =========
</TABLE>

3.      SEGMENT INFORMATION

The Company applies the provisions of SFAS No. 131, Disclosures about Segments
of an Enterprise and Related Information. SFAS 131 establishes standards for the
way that public business enterprises report information about operating segments
in their financial statements. The standard defines operating segments as
components of an enterprise about which separate financial information is
available that is evaluated regularly by the chief operating decision makers in
deciding how to allocate resources and in assessing the performance.


                                                                               7
<PAGE>

During the year ended December 31, 2000, the Company sold its interests in
Telefrost A/S and Gjenvinning Midt Norge A/S. These interests had been acquired
during the May 1998 purchase of Norwegian Cooling Industries. (See Note 5)

Based on the quantitative thresholds specified in SFAS 131, the Company has
determined that it has three reportable segments. The three reportable segments
are construction, production and post-tensioning.

Construction consists of all of the Company's operations involved in the design,
engineering and installation of HVAC, plumbing and electrical products and
services, both onshore and offshore.

Production consists of design, engineering and production of various technical
and nontechnical products, such as SIMDUCTS.

Post-tensioning consists of construction reinforcing techniques for concrete oil
and gas production platforms, bridges, tunnels and other post and bolt
tensioning operations.

The Company evaluates the performance of its operating segments based upon
revenues and gross profit. Inter-segment revenues can be significant and are
represented in the "Other and Eliminations" column. Summary information by
segment for the three months and nine months ended September 30, 2001 and 2000
follows (in thousands):

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                           CONSTRUCTION        PRODUCTION          POST-        OTHER AND            TOTAL
                                                                                TENSIONING     ELIMINATIONS
-------------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>                 <C>              <C>            <C>                  <C>
NINE MONTHS ENDED SEPTEMBER 30

2001
Revenues                                       $13,872            $3,406            $222            $ 94            $17,594
Gross profit                                     2,918             1,027             203              --              4,148

2000
Revenues                                       $ 9,801            $2,832            $613            $874            $14,120
Gross profit                                     1,403               416              96             249              2,164

THREE MONTHS ENDED SEPTEMBER 30

2001
Revenues                                       $ 4,199            $1,206            $ 74            $444            $ 5,923
Gross profit                                       534               176              73             128                911

2000
Revenues                                       $ 2,958            $  962            $155            $381            $ 4,456
Gross profit (loss)                                643               239             (30)             90                942
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

4.       COMPREHENSIVE LOSS

         The Company had other comprehensive loss for the three months ended
September 30, 2001 and 2000 of $(924) and $(677), respectively, and for the nine
months ended September 30, 2001 and 2000 of $(890) and $(2,744), respectively.
Adjustments to net loss to determine other comprehensive loss are due to foreign
currency translation.


                                                                               8
<PAGE>

5.      DISCONTINUED OPERATIONS

During the year ended December 31, 2000, the Company sold its interests in
Telefrost A/S and Gjenvinning Midt Norge A/S. These interests had been acquired
during the May 1998 purchase of Norwegian Cooling Industries. Telefrost A/S and
Gjenvinning Midt Norge A/S had revenues of approximately $0 and $2,176,
respectively, during the nine months ended September 30, 2001 and 2000 and $0
and $185, respectively, during the three months ended September 30, 2001 and
2000. These operations constituted the Company's maintenance and service
segment. The net after tax earnings of these operations for the three and nine
months ended September 30, 2000 were $4 and $21, respectively and are reported
as earnings from discontinued operations on the Company's Condensed Consolidated
Statements of Operations.

6.      ACQUISITIONS

On July 2, 2001, the Company purchased all of the assets of Bryne Elektriske, a
Norwegian corporation located in Stavanger, Norway that performs commercial and
industrial construction work. The primary purpose of the acquisition was to give
the Company additional work force and coverage needed to fulfill growth
projections in the North Sea gas and oil industry as well as in the commercial
and industrial sector. The purchase price of $3,231 was paid with $317 in cash
at closing, a note for $185, which matured and was paid on September 1, 2001 and
2,872 shares of the Company's common stock. Included in the purchase price is
$319 deemed to be compensation for certain key employees and will be amortized
ratably over the 12-month term of the employment agreements. Goodwill resulting
from the acquisition amounted to $2,751 was deemed appropriate to accomplish
growth projections in the North Sea gas and oil industry. None of the goodwill
is expected to be deductible for tax purposes and all will be assigned to the
Company's Construction segment.

On August 2, 2001, the Company purchased all of the assets of Vendor Leasing
Financial Services, Inc., ("Vendor Leasing") a U.S. corporation located in
Alpharetta, Georgia, that provides commercial equipment leasing and financing
services. The primary purpose of the acquisition was to offer financing of oil
and gas related equipment in both the American and International sectors. The
purchase price of $600 included $100 cash paid at closing, 500 shares of the
Company's common stock. A future cash payment of $110 may be paid provided
certain performance targets are achieved. The number of shares given to seller
is subject to change based on the number of shares of the Company's common stock
required to provide the seller with $500 of the Company's stock 18 months after
the closing date of the acquisition. Goodwill resulting from the acquisition
amounted to $628 and was deemed appropriate to provide the Company with the
ability to offer financing of oil and gas related equipment in both the American
and International sectors. None of the goodwill is expected to be deductible for
tax purposes and none will be assigned to a specific industry segment until such
time as the operations of Vendor Leasing become more significant to overall
operations of the Company.


                                                                               9
<PAGE>

The acquisitions are summarized as follows:

<TABLE>
<CAPTION>
                                                      Bryne            Vendor
                                                    Elektriske         Leasing
<S>                                                 <C>                <C>
Fair value of tangible assets acquired:
   Cash                                               $    --          $    14
   Receivables                                             --               75
   Tools and equipment                                    127               29
   Inventory                                               37               --
                                                      -------          -------
Total fair value of tangible assets acquired              164              118

Goodwill                                                2,751              628
Deferred compensation                                     319               --

Fair value of liabilities assumed:
   Bank loans                                            (188)             (62)
   Unearned income                                         --              (84)
                                                      -------          -------

Total fair value of liabilities assumed                  (188)            (146)

Stock issued as part of purchase price                 (2,729)            (500)
                                                      -------          -------

         Cash paid                                    $   317          $   100
                                                      =======          =======
</TABLE>

The above purchase price allocations are preliminary until the resolution of
post-closing adjustments.

The above acquisitions were accounted for using the purchase method. The
operations of Bryne Elektriske have been included in the accompanying
Consolidated Statements of Operations since July 2, 2001. The operations of
Vendor Leasing have been included in the accompanying Consolidated Statements of
Operations since August 2, 2001. The unaudited results of operations, as if
Bryne Elektriske and Vendor Leasing had been acquired at the beginning of
periods ended December 31, 2000 and September 30, 2001, are as follows:

<TABLE>
<CAPTION>
                                                         December 31,    September 30
                                                            2000             2001
                                                         ----------------------------
                          <S>                            <C>             <C>
                          Net revenues                     $ 22,473        $ 19,451
                          Net loss                           (2,189)         (1,140)
                          Net loss per share                  (0.13)          (0.07)
</TABLE>

7.      DEBT

The $4,452 in long-term debt as of September 30, 2001, includes bank loans whose
principal is denominated in foreign currencies. An amount of $3,393 is
denominated in Japanese currency (YEN) while $1,059 is denominated in Norwegian
currency (NOK). The loans denominated in YEN carry an interest rate of 1.2% and
are automatically renewable, with the initial term expiring in December 2001.
The YEN based loans can be converted, at the Company's discretion, to NOK. The
NOK based loans carry an interest rate of Nibor + 0.6% or 7.99% as of September
30, 2001. These debt instruments have been converted to dollars at the
appropriate currency market rates effective as of September 30, 2001. Currency
fluctuations are reported as currency translation adjustments in accumulated
other comprehensive loss in the Company's shareholder's equity and any
transaction gains or losses are recorded in the consolidated statement of
operations.


                                                                              10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

         (B) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with the consolidated
financial statements of the Company (including the notes thereto) included in
the Company's Form 10-KSB for the year ended December 31, 2000.

General

SIMEX Technologies, Inc. and subsidiaries (the "Company") principally operates
through its wholly owned subsidiary, Simex AS, located in Norway. The Company is
engaged in construction and services, including design, engineering,
fabrication, production and installation for the offshore oil and gas industry
and onshore in commercial, industrial and government projects. In addition, the
Company is engaged in concrete and post-tensioning construction for offshore oil
and gas drilling platforms. The Company derives its revenues primarily from
customers in Norway.

Results of Operations (In thousands)

The following analysis compares the results of operations for the three-month
and nine-month periods ended September 30, 2001 to the comparable periods ended
September 30, 2000.

   Revenues during the three months ended September 30, 2001 were $5,923
   compared to $4,456 during the three months ended September 30, 2000. The
   increase in revenues in the amount of $1,467, was primarily due to increases
   in the Construction and Production segments of $1,241 and $244, respectively,
   due to the start of several new projects.

   Revenues during the nine months ended September 30, 2001 were $17,594
   compared to $14,120 during the nine months ended September 30, 2000. The
   increase in revenues in the amount of $3,474, was primarily due to increases
   in the Construction and Production segments of $4,071 and $574, respectively,
   due to the start of several new projects, offset primarily, by a decrease in
   Post-Tensioning revenues.

   In the three months ended September 30, 2001, cost of revenues was $5,012,
   which represented 85% of revenues. During the three months ended September
   30, 2000, cost of revenues was $3,514, which represented 79% of revenues. The
   increase in cost of revenues percentage was due to decreased profit margins
   for the Construction and Production segments due to cost overruns on certain
   projects resulting from delays in construction schedules.

   In the nine months ended September 30, 2001, cost of revenues was $13,446,
   which represented 76% of revenues. During the nine months ended September 30,
   2000, cost of revenues was $11,956, which represented 85% of revenues. The
   decrease in cost of revenues percentage was due to increased revenues for the
   Construction and Production segments without corresponding increases in fixed
   costs.

   Selling, general and administrative expenses during the three months ended
   September 30, 2001 were $2,200, which represented 37% of revenues. During the
   three months ended September 30, 2000, selling, general and administrative
   expenses were $1,235, which represented 28% of revenues. The increase in
   selling, general and administrative expenses, as a percentage of revenues, is
   primarily the result of additional costs incurred during a reorganization of
   construction and production operations which occurred during the quarter
   ended September 30, 2001.


                                                                              11
<PAGE>

   Selling, general and administrative expenses during the nine months ended
   September 30, 2001 were $5,308, which represented 30% of revenues. During the
   nine months ended September 30, 2000, selling, general and administrative
   expenses were $4,377, which represented 31% of revenues.

   During the three months ended September 30, 2001, the Company had net loss of
   $(1,067) or $(0.07) per diluted weighted-average share. During the three
   months ended September 30, 2000, the Company reported a net loss of $(387) or
   $(0.03) per diluted weighted-average share. The increase of $(680) in net
   loss for the three months ended September 30, 2001, was primarily due to
   decreased gross profit margins in the Construction and Production segments
   coupled with increased selling, general and administrative expenses,
   resulting from additional costs incurred during a reorganization of
   construction and production operations which occurred during the quarter
   ended September 30, 2001.

   During the nine months ended September 30, 2001, the Company had a net loss
   of $(1,120) or $(0.08) per diluted weighted-average share. During the nine
   months ended September 30, 2000, the Company reported a net loss of $(2,014)
   or $(0.16) per diluted weighted-average share. The reduction of $894 in net
   loss for the nine months ended September 30, 2001, was primarily due to
   increasing revenues and related gross profit in the construction and
   production segments, while decreasing the selling and general and
   administrative expenses on a percentage basis.

Liquidity and Capital Resources

During the nine months ended September 30, 2001, the Company experienced
negative operating cash flows of $(1,669). Negative operating cash flows in the
nine months ended September 30, 2001 were primarily created by the net loss of
$(1,120) coupled with increases in inventories and uncompleted contracts and
trade accounts receivable, of $(2,088) and $(1,001), respectively, due to
increased contract activities. These negative effects on operating cash flows
were partially offset by an increase in accounts payable of $1,072 and
depreciation and amortization of $674. During the nine months ended September
30, 2000, the Company experienced negative operating cash flows of $(1,320).
Negative operating cash flows in the nine months ended September 30, 2000
resulted principally from a reduction in accounts payable of $(1,560) and a net
loss of $(2,014). These negative effects on operating cash flows were partially
offset by decreases in trade accounts receivable and inventories and uncompleted
projects of $1,349 and $1,196, respectively.

Net cash provided by investing activities of $416 during the nine months ended
September 30, 2001 consisted primarily of $1,973 collected as a result of the
renegotiation of the real property lease on the building housing the Company's
operations located in Stavanger, Norway. This amount was partially offset by
$(930) used for the acquisition of machinery and equipment and by $(636) used
for the acquisition of businesses. Net cash used in investing activities of
$(336) during the nine months ended September 30, 2000, was primarily the result
of acquisition of machinery and equipment of $(747) offset by proceeds of $410
from the sale of a subsidiary.

Net cash provided by financing activities of $1,451 during nine months ended
September 30, 2001 was primarily due to net proceeds of $1,389 from note payable
- bank, while borrowings from and payments on long-term debt were approximately
equal. Net cash provided by financing activities of $2,201 during the nine
months ended September 30, 2000 was primarily due to increased borrowings under
the Company's long-term debt facilities of $4,369 less payments on long-term
debt of $(2,772).

The Company's note payable - bank is secured by certain accounts receivable and
equipment of the Company. The Company had drawn $3,765 under the Norwegian bank
facility as of September 30, 2001. The borrowing limit under the Norwegian bank
line of credit is $4,166, making borrowing availability $401 as of September 30,
2001. Borrowings under the Company's line of credit are highest at the end of a
month due to the billing cycle terms in the construction industry by which
construction projects are billed on the twentieth day of the month with payment
required on the tenth day of the following month. The note bears interest at


                                                                              12
<PAGE>


NIBOR (Norwegian) plus .60% (7.99% at September 30, 2001) and is payable upon
demand. Additionally during the quarter ended September 30, 2001, the Company
obtained a $200 line of credit from a U.S. bank. The U.S. bank line was used
primarily to fund the purchase of Vendor Leasing and provide working capital to
fund U.S. operations. The note bears interest at the prime interest rate plus
1.00% (7.00% at September 30, 2001) and the term of the line of credit expires
September 20, 2002. As of September 30, 2001, there was no availability under
the U.S. bank line. The Company has $4,452 in long-term debt, as of September
30, 2001, whose principal is denominated in foreign currencies (see note 7).


The Company believes that its available cash resources and credit facilities,
combined with its cash flows from operations will be sufficient to meet its
anticipated working capital and capital expenditure requirements for at least
the next 12 months.

Inflation

Inflation has not had a material impact on the Company's operations.

New Accounting Pronouncements

In June 2001, the Financial Accounting Standards Board finalized FASB Statements
No. 141, Business Combinations (SFAS 141), and No. 142, Goodwill and Other
Intangible Assets (SFAS 142). SFAS 141 requires the use of the purchase method
of accounting and prohibits the use of the pooling-of-interests method of
accounting for business combinations initiated after June 30, 2001. SFAS 141
also requires that the Company recognize acquired intangible assets apart from
goodwill if the acquired intangible assets meet certain criteria.

SFAS 141 applies to all business combinations initiated after June 30, 2001 and
for purchase business combinations completed on or after July 1, 2001. The
Company applied the provisions of SFAS 141 to its acquisitions in the third
quarter ended September 30, 2001. It also requires, upon adoption of SFAS 142,
that the Company reclassify the carrying amounts of intangible assets and
goodwill based on the criteria in SFAS 141.

SFAS 142 requires, among other things, that companies no longer amortize
goodwill, but instead test goodwill for impairment at least annually. In
addition, SFAS 142 requires that the Company identify reporting units for the
purposes of assessing potential future impairments of goodwill, reassess the
useful lives of other existing recognized intangible assets, and cease
amortization of intangible assets with an indefinite useful life. An intangible
asset with an indefinite useful life should be tested for impairment in
accordance with the guidance in SFAS 142. SFAS 142 is required to be applied in
fiscal years beginning after December 15, 2001 to all goodwill and other
intangible assets recognized at that date, regardless of when those assets were
initially recognized. SFAS 142 requires the Company to complete a transitional
goodwill impairment test six months from the date of adoption. The Company is
also required to reassess the useful lives of other intangible assets within the
first interim quarter after adoption of SFAS 142. The Company is currently
evaluating the potential financial impact of the adoption of SFAS No. 142.

In July 2001, the Financial Accounting Standards Board issued SFAS No. 143,
"Accounting for Asset Retirement Obligations." That standard requires entities
to record the fair value of a liability for an asset retirement obligation in
the period in which it is incurred. When the liability is initially recorded,
the entity capitalizes a cost by increasing the carrying amount of the related
long-lived asset. Over time, the liability is accreted to its present value each
period, and the capitalized cost is depreciated over the useful life of the
related asset. Upon settlement of the liability, an entity either settles the
obligation for its recorded amount or incurs a gain or loss upon settlement. The
standard is effective for fiscal years beginning after June 15, 2002, with
earlier application encouraged. The Company is currently evaluating the effect
of adopting this pronouncement.


                                                                              13
<PAGE>

In August 2001, the Financial Accounting Standards Board issued SFAS No. 144,
Accounting for the Impairment or Disposal of Long-Lived Assets (Statement 144),
which supersedes both SFAS No. 121, Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to Be Disposed Of (SFAS No. 121) and the
accounting and reporting provisions of APB Opinion No. 30, Reporting the Results
of Operations--Reporting the Effects of Disposal of a Segment of a Business, and
Extraordinary, Unusual and Infrequently Occurring Events and Transactions
(Opinion 30), for the disposal of a segment of a business (as previously defined
in that Opinion). SFAS No. 144 retains the fundamental provisions in SFAS No.
121 for recognizing and measuring impairment losses on long-lived assets held
for use and long-lived assets to be disposed of by sale, while also resolving
significant implementation issues associated with SFAS No. 121. For example,
SFAS No. 144 provides guidance on how a long-lived asset that is used as part of
a group should be evaluated for impairment, establishes criteria for when a
long-lived asset is held for sale, and prescribes the accounting for a
long-lived asset that will be disposed of other than by sale. Statement 144
retains the basic provisions of Opinion 30 on how to present discontinued
operations in the income statement but broadens that presentation to include a
component of an entity (rather than a segment of a business). Unlike SFAS No.
121, an impairment assessment under Statement 144 will never result in a
write-down of goodwill. Rather, goodwill is evaluated for impairment under SFAS
No. 142, Goodwill and Other Intangible Assets.

The Company is required to adopt SFAS No. 144 no later than the year beginning
after December 15, 2001, and plans to adopt its provisions for the quarter
ending March 31, 2002. Management does not expect the adoption of SFAS No. 144
for long-lived assets held for use to have a material impact on the Company's
financial statements because the impairment assessment under SFAS No. 144 is
largely unchanged from SFAS No. 121. The provisions of the Statement for assets
held for sale or other disposal generally are required to be applied
prospectively after the adoption date to newly initiated disposal activities.
Therefore, management cannot determine the potential effects that adoption of
SFAS No. 144 will have on the Company's financial statements.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain statements in this quarterly report on Form 10-QSB contain
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, which statements can generally be identified by
use of forward-looking terminology, such as "may," "will," "expect," "estimate,"
"anticipate," "believe," "target," "plan," "project," or "continue" or the
negatives thereof or other variations thereon or similar terminology, and are
made on the basis of management's plans and current analyses of the Company, its
business and the industry as a whole. These forward-looking statements are
subject to risks and uncertainties, including, but not limited to, economic
conditions, competition, interest rate sensitivity and exposure to regulatory
and legislative changes. The above factors, in some cases, have affected, and in
the future could affect, the Company's financial performance and could cause
actual results for 2001 and beyond to differ materially from those expressed or
implied in such forward-looking statements, even if experience or future changes
make it clear that any projected results expressed or implied therein will not
be realized.


                                                                              14
<PAGE>

PART II. OTHER INFORMATION

ITEM 1. THROUGH ITEM 4.    Not applicable.

ITEM 5. OTHER INFORMATION.

At the November 5, 2001 meeting of the Company's board of directors, Mickle Moye
was elected as the Company's Chairman of the Board, replacing Elmer Lunde. Mr.
Lunde will continue to serve as a director and the Treasurer of the Company.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

                  (a)      Exhibits

                  None.

                  (b)      Reports on Form 8-K

                  During the quarter for which this report is filed, Registrant
                  filed a Current Report on Form 8-K dated July 16, 2001,
                  describing the acquisition Bryne Elektriske A/S, which
                  occurred on July 2, 2001.



                                                                              15
<PAGE>

                                   Signatures


In accordance with the requirements of the Exchange Act, the registrant caused
this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                         SIMEX TECHNOLOGIES, INC.



DATE: November 19, 2001           BY: /s/ Kjell Jagelid
                                      -----------------------------------------
                                      Kjell Jagelid
                                      Chief Executive Officer and President



DATE: November 19, 2001           BY: /s/ Elmer Lunde
                                      -----------------------------------------
                                      Elmer Lunde
                                      Treasurer



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