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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, 2002                                
|  |  |                                                                                  
|o |  | 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.)

2880 Holcomb Bridge Road
Building B-9, Suite 588
Alpharetta, Georgia 30022
(Address of principal executive offices)

Issuers telephone number, including area code: (404) 580-8152

The number of shares outstanding of the issuers common stock, par value
$0.001, at November 7, 2002, was 16,564,908 shares.





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|                                                   |                                                                   |                                                      |  |  |  |  |  | 
|-------------------------------------------------- | ----------------------------------------------------------------- | ---------------------------------------------------- |  |  |  |  |  | 
|PART I. Financial Information                     
|                                                   | Item 1. Financial Statements:                                    
|                                                   |                                                                   | CONDENSED CONSOLIDATED BALANCE SHEET                
|                                                   |                                                                   | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS     
|                                                   |                                                                   | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS     
|                                                   |                                                                   | NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|                                                   | Item 2. Managements Discussion and Analysis or Plan of Operation
|                                                   | Item 4. Controls and Procedures                                  
|PART II. OTHER INFORMATION                        
|                                                   | Item 5. Other information.                                       
|                                                   | Item 6. Exhibits and Reports on Form 8-K.                        
|EXHIBIT INDEX                                     
|Signatures                                        
|CERTIFICATIONS                                    
|EX-99.1 SECTION 906 CERTIFICATION OF THE CEO & CFO



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TABLE OF CONTENTS

|                                             |                                                                   |                                                     
|-------------------------------------------- | ----------------------------------------------------------------- | ----------------------------------------------------
|PART I. Financial Information               
|                                             | Item 1. Financial Statements:                                    
|                                             |                                                                   | CONDENSED CONSOLIDATED BALANCE SHEET                
|                                             |                                                                   | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS     
|                                             |                                                                   | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS     
|                                             |                                                                   | NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|                                             | Item 2. Managements Discussion and Analysis or Plan of Operation
|                                             | Item 4. Controls and Procedures                                  
|PART II. OTHER INFORMATION                  
|                                             | Item 5. Other information                                        
|                                             | Item 6. Exhibits and Reports on Form 8-K                         
|                                             |                                                                   | EXHIBIT INDEX                                       
|Signatures                                  
|Section 302 Certification of the CEO and CFO
|Section 906 Certification of the CEO and CFO

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PART I. Financial Information
Item 1. Financial Statements:

SIMEX TECHNOLOGIES INC. AND SUBSIDIARIES




CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands, except per share data)


|                                     |                                                                                               |                            |                                            |        |                    |     | 
|------------------------------------ | --------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------ | ------ | ------------------ | --- | 
|                                     |                                                                                               |                            |                                            |        | September 30, 2002
|                                     |                                                                                               |                            |                                            |        |                   
|                                     |                                                                                               |                            |                                            |        | (Unaudited)       
|ASSETS                               |                                                                                               |                            |                                            |       
|Current assets:                      |                                                                                               |                            |                                            |       
|                                     | Cash and cash equivalents                                                                     |                            | $                                          | 726    |                   
|                                     | Assets  discontinued operations                                                              |                            |                                            | 130    |                   
|                                     |                                                                                               |                            |                                            |       
|                                     |                                                                                               | Total current assets       |                                            |        | 856                |    
|Furniture and fixtures  net         |                                                                                               |                            | 5                                          |       
|                                     |                                                                                               |                            |                                            |       
|                                     |                                                                                               | Total assets               |                                            | $      | 861                |    
|                                     |                                                                                               |                            |                                            |       
|LIABILITIES AND SHAREHOLDERS EQUITY |                                                                                               |                            |                                            |       
|Current liabilities:                 |                                                                                               |                            |                                            |       
|                                     | Accounts payable                                                                              |                            | $                                          | 38     |                   
|                                     | Liabilities  discontinued operations                                                         |                            |                                            | 259    |                   
|                                     |                                                                                               |                            |                                            |       
|                                     |                                                                                               | Total current liabilities  |                                            |        | 297                |    
|Shareholders equity:                |                                                                                               |                            |                                            |       
|                                     | Common stock, $.001 par value. Authorized 50,000 shares; 16,565
shares issued and outstanding |                            |                                            | 17     |                   
|                                     | Additional paid-in capital                                                                    |                            |                                            | 9,720  |                   
|                                     | Accumulated deficit                                                                           |                            |                                            | (9,143 | )                 
|                                     | Treasury stock, 10 shares at cost                                                             |                            |                                            | (30    | )                 
|                                     |                                                                                               |                            |                                            |       
|                                     |                                                                                               | Total shareholders equity |                                            |        | 564                |    
|                                     |                                                                                               |                            |                                            |       
|                                     |                                                                                               |                            | Total liabilities and shareholders equity |        | $                  | 861 | 
|                                     |                                                                                               |                            |                                            |       

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

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

|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |        |       |       |       |  
|----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------- | ----------------------------- | ------------------------------- | ---- | ------------------ | ---- | ----------------- | ----- | ----- | ----- | ------ | ----- | ----- | ----- | ------ | ----- | ----- | ----- | -
|                                                |                                                                                                                                                              |                                        |                               |                                 |      | Three months ended |      | Nine months ended
|                                                |                                                                                                                                                              |                                        |                               |                                 |      | September 30,      |      | September 30,    
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                  
|                                                |                                                                                                                                                              |                                        |                               |                                 |      | 2002               |      | 2001              |       | 2002  |       | 2001  
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |       
|Selling, general and administrative expenses    |                                                                                                                                                              | $                                      | 93                            |                                 |      | $                  | 76   |                   |       | $     | 225   |        |       | $     | 159   |       
|Interest expense, net                           |                                                                                                                                                              |                                        | 1                             |                                 |      |                    |     |                   |       |       | 6     |        |       |       |      |       
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                | Loss from continuing operations
before income taxes and
cumulative effect of accounting change                                                               |                                        |                               | (94                             | )    |                    |      | (76               | )     |       |       | (231   | )     |       |       | (159   | )    
|Income taxes                                    |                                                                                                                                                              |                                        |                              |                                 |      |                    |     |                   |       |       |      |        |       |       |      |       
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                | Loss from continuing operations
before cumulative effect of
accounting change                                                                                |                                        |                               | (94                             | )    |                    |      | (76               | )     |       |       | (231   | )     |       |       | (159   | )    
|Discontinued operations (notes 1 and 5):        |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                | Earnings (loss) from discontinued
operations, net of income taxes
of $(332) and $297 during the
three and nine months ended
September 30, 2001, respectively |                                        |                               | 209                             |      |                    |      | (991              | )     |       |       | (3,391 | )     |       |       | (961   | )    
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                | Income (loss) before cumulative
effect of accounting change                                                                                                  |                                        |                               | 115                             |      |                    |      | (1,067            | )     |       |       | (3,622 | )     |       |       | (1,120 | )    
|Cumulative effect of accounting change (note 6) |                                                                                                                                                              |                                        |                              |                                 |      |                    |     |                   |       |       | (628  | )      |       |       |      |       
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                | Net income (loss)                                                                                                                                            |                                        | $                             | 115                             |      |                    | $    | (1,067            | )     |       | $     | (4,250 | )     |       | $     | (1,120 | )    
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|Income (loss) per share (note 2):               |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                | Basic income (loss) per share:                                                                                                                               |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |        |      
|                                                |                                                                                                                                                              | Continuing operations                  |                               | $                               |     |                    |      | $                 |      |       |       | $      | (0.01 | )     |       | $      | (0.01 | )    
|                                                |                                                                                                                                                              | Discontinued operations                |                               |                                 | 0.01 |                    |      |                   | (0.07 | )     |       |        | (0.21 | )     |       |        | (0.06 | )    
|                                                |                                                                                                                                                              | Cumulative effect of accounting change |                               |                                 |     |                    |      |                   |      |       |       |        | (0.04 | )     |       |        |      |      
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                |                                                                                                                                                              |                                        | Basic income (loss) per share |                                 | $    | 0.01               |      |                   | $     | (0.07 | )     |        | $     | (0.26 | )     |        | $     | (0.07 | )    
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                | Diluted income (loss) per share:                                                                                                                             |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |        |      
|                                                |                                                                                                                                                              | Continuing operations                  |                               | $                               |     |                    |      | $                 |      |       |       | $      | (0.01 | )     |       | $      | (0.01 | )    
|                                                |                                                                                                                                                              | Discontinued operations                |                               |                                 | 0.01 |                    |      |                   | (0.07 | )     |       |        | (0.21 | )     |       |        | (0.06 | )    
|                                                |                                                                                                                                                              | Cumulative effect of accounting change |                               |                                 |     |                    |      |                   |      |       |       |        | (0.04 | )     |       |        |      |      
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       
|                                                |                                                                                                                                                              |                                        |                               | Diluted income (loss) per share |      | $                  | 0.01 |                   |       | $     | (0.07 | )      |       | $     | (0.26 | )      |       | $     | (0.07 | )
|                                                |                                                                                                                                                              |                                        |                               |                                 |      |                    |      |                   |       |       |       |        |       |       |       |       

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

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

|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |       |     |        |  
|----------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------- | ----------------------------------------- | ----- | ------------------------------- | ------ | ---- | ----- | --- | ------ | -
|                                                                              |                                                                                                    |                                              |                                           |       | Nine months ended September 30,
|                                                                              |                                                                                                    |                                              |                                           |       |                                
|                                                                              |                                                                                                    |                                              |                                           |       | 2002                            |        | 2001
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |     
|Cash flows from operating activities:                                         |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|Loss from continuing operations before
cumulative effect of accounting change |                                                                                                    | $                                            | (231                                      | )     |                                 | $      | (159 | )    
|                                                                              | Adjustments to reconcile loss from continuing operations
to net cash used in operating activities: |                                              |                                           |       |                                 |        |      |       |    
|                                                                              |                                                                                                    | Depreciation and amortization                |                                           |       | 8                               |        |      |       | 7   |       
|                                                                              |                                                                                                    | Loss on sale of machinery and equipment      |                                           |       | 1                               |        |      |       | 1   |       
|                                                                              |                                                                                                    | Changes in operating assets and liabilities: |                                           |       |                                 |        |      |       |     |       
|                                                                              |                                                                                                    |                                              | Accounts payable                          |       |                                 | (28    | )    |       |     | 24     |  
|                                                                              |                                                                                                    |                                              | Other current liabilities                 |       |                                 | (130   | )    |       |     | 94     |  
|                                                                              |                                                                                                    |                                              | Net activity from discontinued operations |       |                                 | (2,155 | )    |       |     | (1,636 | )
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              |                                                                                                    |                                              | Net cash used in operating activities     |       |                                 | (2,535 | )    |       |     | (1,669 | )
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|Cash flows from investing activities:                                         |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              | Equipment purchases                                                                                |                                              |                                           |      |                                 |        |      | (3    | )  
|                                                                              | Net activity provided by discontinued operations                                                   |                                              |                                           | 1,107 |                                 |        |      | 419   |    
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              |                                                                                                    |                                              | Net cash provided by investing activities |       |                                 | 1,107  |      |       |     | 416    |  
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|Cash flows from financing activities:                                         |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              | Payments of notes payable  banks, net                                                             |                                              |                                           | (200  | )                               |        |      |      |    
|                                                                              | Net activity provided by discontinued operations                                                   |                                              |                                           | 2,328 |                                 |        |      | 1,451 |    
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              |                                                                                                    |                                              | Net cash provided by financing activities |       |                                 | 2,128  |      |       |     | 1,451  |  
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|Effect of exchange rate changes in cash and cash equivalents                  |                                                                                                    |                                              | 25                                        |       |                                 |        | (142 | )    
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              | Net change in cash and cash equivalents                                                            |                                              |                                           | 725   |                                 |        |      | 56    |    
|Cash and cash equivalents beginning of period                                 |                                                                                                    |                                              | 1                                         |       |                                 |        | 10   |      
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|Cash and cash equivalents at end of period                                    |                                                                                                    | $                                            | 726                                       |       |                                 | $      | 66   |      
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|Supplemental disclosure of cash flows information:                            |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              | Cash paid during the periods for:                                                                  |                                              |                                           |       |                                 |        |      |       |    
|                                                                              |                                                                                                    | Interest  continuing operations             |                                           | $     | 6                               |        |      | $     |    |       
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              |                                                                                                    | Interest  discontinued operations           |                                           | $     | 190                             |        |      | $     | 383 |       
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      
|                                                                              |                                                                                                    | Income taxes  discontinued operations       |                                           | $     |                                |        |      | $     | 115 |       
|                                                                              |                                                                                                    |                                              |                                           |       |                                 |        |      |      

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

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SIMEX TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2002 and 2001
(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 the SIMEX Technologies,
Inc.s Form 10-KSB for the year ended December 31, 2001.

On May 15, 2002, the Company entered into a binding agreement to sell its
Norwegian subsidiary to Jostein Tjelta, a Norwegian businessman. The agreement
was approved by a unanimous vote of the Companys Board of Directors. Under the
terms of the agreement, the Company received $1,500 in cash for all the common
shares of its Norwegian subsidiary and agreed to cancel certain inter-company
indebtedness due to the Company from its Norwegian subsidiary. The $1,500 was
received by the Company and escrowed on May 16, 2002. On July 12, 2002, the
Company mailed to shareholders and filed with the SEC a definitive Form 14C
which acknowledged that holders of a majority of the Companys outstanding
common stock had already agreed to vote in favor of the sale. The sale closed
on August 2, 2002 and the funds were released to the Company from the escrow
account.

During the quarter ended September 30, 2002, the Company made a decision to
sell its wholly owned subsidiary, Simex Capital, Inc., which included the
Companys equipment leasing operation. The proposed sale was approved by a
unanimous vote of the Companys Board of Directors. Under the terms of the
proposed sale, the Company would receive 150 shares of the Companys common
stock, a nominal cash amount and agree to cancel certain intercompany
indebtedness for all the common shares of Simex Capital, Inc. The sale closed
on November 13, 2002. Due to these circumstances, operating results of the
Companys equipment leasing operation are reported in this Form 10-Q as
discontinued operations.

Certain reclassifications have been made to the 2001 financial information to
conform to the presentation in 2002.

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

2. INCOME (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 income (loss) per common share is based on the
weighted average number of common shares outstanding during the period. Diluted
income (loss) per share include the dilutive effect of potentially dilutive
securities. For the three and nine months ended September 30, 2002 and 2001,
the effects on diluted income (loss) per share from stock options have not been
included since such effects would have been anti-dilutive.

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|                                                                                                    |                                        |   |                                 |     |                               |   |        |      |      |   |        |        |   |   |        |      |  
|--------------------------------------------------------------------------------------------------- | -------------------------------------- | - | ------------------------------- | --- | ----------------------------- | - | ------ | ---- | ---- | - | ------ | ------ | - | - | ------ | ---- | -
|                                                                                                    |                                        |   | Three Months Ended September 30 |     | Six Months Ended September 30
|                                                                                                    |                                        |   |                                 |     |                              
|                                                                                                    |                                        |   | 2002                            |     | 2001                          |   | 2002   |      | 2001
|                                                                                                    |                                        |   |                                 |     |                               |   |        |      |     
|Numerator:                                                                                          |                                        |   |                                 |     |                               |   |        |      |      |   |        |        |   |   |        |     
|                                                                                                    | Loss from continuing operations        |   | $                               | (94 | )                             |   | $      | (76  | )    |   | $      | (231   | ) |   | $      | (159 | )
|                                                                                                    | Discontinued operations                |   |                                 | 209 |                               |   |        | (991 | )    |   |        | (3,391 | ) |   |        | (961 | )
|                                                                                                    | Cumulative effect of accounting change |   |                                 |    |                               |   |        |     |      |   |        | (628   | ) |   |        |     |  
|                                                                                                    |                                        |   |                                 |     |                               |   |        |      |      |   |        |        |   |   |        |     
|Numerator for basic and diluted net income (loss) per
share                                         |                                        | $ | 115                             |     |                               | $ | (1,067 | )    |      | $ | (4,250 | )      |   | $ | (1,120 | )   
|                                                                                                    |                                        |   |                                 |     |                               |   |        |      |      |   |        |        |   |   |        |     
|Denominator for basic and diluted net income (loss)
per share  weighted average shares outstanding |                                        |   | 16,565                          |     |                               |   | 16,323 |      |      |   | 16,565 |        |   |   | 16,323 |     
|                                                                                                    |                                        |   |                                 |     |                               |   |        |      |      |   |        |        |   |   |        |     

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.

Based on the discontinuance of its operations, the Company has determined that
it has no reportable segments.

4. COMPREHENSIVE LOSS

The Company had other comprehensive income (loss) for the three months ended
September 30, 2002 and 2001 of $115 and $(925), respectively, and for the nine
months ended September 30, 2002 and 2001 of $(3,575) and $(890), respectively.
Adjustments to net income (loss) to determine other comprehensive income (loss)
are due to foreign currency translation.

5. CONTINGENT LIABILITIES

On August 2, 2001, the Company purchased all of the assets and assumed
substantially all the liabilities 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 purchase
price of $600 included $100 cash paid at closing and 500 shares of the
Companys common stock. The number of shares given to the seller was 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. However, under the terms of the November 13, 2002 sale
of Vendor Leasing, this agreement to maintain a set value for the Companys
shares has terminated.

6. IMPAIRMENT OF GOODWILL

The Company adopted Statement of Financial Accounting Standards (SFAS) No.
142, Goodwill and Other Intangible Assets,effective with its fiscal year
beginning January 1, 2002. SFAS No. 142 requires that an intangible asset with
a finite life be amortized over its useful life and that intangibles with an
infinite life and goodwill not be amortized but evaluated for impairment. SFAS
No. 142 also provides for mandatory transitional impairment testing of the
Companys recorded goodwill balances as they existed on January 1, 2002, using
a prescribed and complex testing methodology. To accomplish this transitional
impairment analysis the Company must identify its SFAS No. 142 reporting units
and determine the carrying value of each reporting unit by assigning the assets
and liabilities, including the existing goodwill

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and intangible assets, to those reporting units as of the date of adoption. The
Company had until June 2002 to determine the fair value of each reporting unit
and compare it to the reporting units carrying amount. To the extent a
reporting units carrying amount exceeded its fair value, an indication exists
that the reporting units goodwill may be impaired and the Company must perform
the second step of the transitional impairment test. In the second step, the
Company must compare the implied fair value of the reporting units goodwill,
determined by allocating the reporting units fair value to all its assets
(recognized and unrecognized) and liabilities in a manner similar to a purchase
price allocation in accordance with SFAS No. 141, Business Combinations, to its
carrying amount, both of which would be measured as January 1, 2002, the date
of adoption. This second step is required to be completed as soon as possible,
but no later than December 31, 2002 and any transitional impairment loss will
be recognized as the cumulative effect of a change in accounting principle in
the Companys Consolidated Statement of Operations, thereby reducing net
income. As of January 1, 2002, the Company had a goodwill asset for continuing
operations of $628 relating to the 2001 acquisition of Vendor Leasing in the
United States.

The Company has completed all required transitional testing (including both
step one and, where required, step two) in the second quarter of 2002. The
Companys Condensed Consolidated Statement of Operations (unaudited) for the
nine months ended September 30, 2002 includes the provision of $628 for the
impairment of goodwill relating to the Companys Vendor Leasing subsidiary.

The following table sets forth the computations of basic and diluted income
(loss) per share for the three and nine months ended September 30, 2002 and
2001 as if there had been no goodwill amortization for the three and nine
months ended September 30, 2001 (in thousands):

|                                                                               |  |                    |      |                   |  |      |        |      |  |   |        |   |  |   |        |  
|------------------------------------------------------------------------------ |  | ------------------ | ---- | ----------------- |  | ---- | ------ | ---- |  | - | ------ | - |  | - | ------ | -
|                                                                               |  | Three Months Ended |      | Nine Months Ended
|                                                                               |  | September 30,      |      | September 30,    
|                                                                               |  |                    |      |                  
|                                                                               |  | 2002               |      | 2001              |  | 2002 |        | 2001
|                                                                               |  |                    |      |                   |  |      |        |     
|Reported income (loss) before cumulative effect of
accounting change           |  | $                  | 115  |                   |  | $    | (1,067 | )    |  | $ | (3,622 | ) |  | $ | (1,120 | )
|Add back: goodwill amortization, net of tax benefit                            |  |                    |     |                   |  |      | 29     |      |  |   |       |   |  |   | 59     |  
|                                                                               |  |                    |      |                   |  |      |        |      |  |   |        |   |  |   |        |  
|Adjusted income (loss) before cumulative effect of
accounting change           |  | $                  | 115  |                   |  | $    | (1,038 | )    |  | $ | (3,622 | ) |  | $ | (1,061 | )
|                                                                               |  |                    |      |                   |  |      |        |      |  |   |        |   |  |   |        |  
|Basic and diluted income (loss) per share:                                     |  |                    |      |                   |  |      |        |      |  |   |        |   |  |   |        |  
|Reported income (loss) before cumulative effect of
accounting change           |  | $                  | 0.01 |                   |  | $    | (0.07  | )    |  | $ | (0.22  | ) |  | $ | (0.07  | )
|Add back: Goodwill amortization, net of tax benefit                            |  |                    |     |                   |  |      |       |      |  |   |       |   |  |   |       |  
|                                                                               |  |                    |      |                   |  |      |        |      |  |   |        |   |  |   |        |  
|Adjusted income (loss) per share before cumulative
effect of accounting change |  | $                  | 0.01 |                   |  | $    | (0.07  | )    |  | $ | (0.22  | ) |  | $ | (0.07  | )
|                                                                               |  |                    |      |                   |  |      |        |      |  |   |        |   |  |   |        |  




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, 2001.

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General

SIMEX Technologies, Inc. and subsidiaries (the Company) has no principal
operations. Its office is located in Alpharetta, Georgia.

Results of Operations (In thousands)

The following analysis compares the results of operations for the three-month
and nine-month periods ended September 30, 2002 to the comparable periods ended
September 30, 2001.

Selling, general and administrative expenses during the three months ended
September 30, 2002 were $93. During the three months ended September 30, 2001,
selling, general and administrative expenses were $76. The increase in selling,
general and administrative was due to increases in travel, legal and accounting
costs related to the sale of the Companys Norwegian operations. Selling,
general and administrative expenses during the nine months ended September 30,
2002 were $225. During the nine months ended September 30, 2001, selling,
general and administrative expenses were $159. The increase in selling, general
and administrative was due to increases in travel, legal and accounting costs
related to the sale of the Companys Norwegian operations.

During the three months ended September 30, 2002, the Company recognized $209
in income from discontinued operations. This income was primarily due to
proceeds from the sale of the Companys Norwegian operations. During the nine
months ended September 30, 2002, the Company recognized $(3,391) in losses from
discontinued operations. These losses were primarily due to a re-valuation of
the goodwill associated with the original purchase of the Companys Norwegian
operations. Losses of $(991) and $(961), respectively, during the three and
nine months ended September 30, 2001 were due to operating losses from
discontinued operations.

During the nine month period ended September 30, 2002, the Company recorded a
$(628) loss due to the cumulative effect of an accounting change associated
with the Companys adoption of SFAS 142, Goodwill and Other Intangible Assets,
which was effective January 1, 2002.

During the three months ended September 30, 2002, the Company had net income of
$115 or $0.01 per diluted weighted-average share. During the three months ended
September 30, 2001, the Company reported net loss of $(1,067) or $(0.07) per
diluted weighted-average share. The $1,182 increase in net income for the three
months ended September 30, 2002, was primarily due to proceeds from the sale of
the Companys Norwegian operations and reduced operating losses from
discontinued operations.

During the nine months ended September 30, 2002, the Company had a net loss of
$(4,250) or $(0.26) per diluted weighted-average share. During the nine months
ended September 30, 2001, the Company reported a net loss of $(1,120) or
$(0.07) per diluted weighted-average share. The $3,130 increase in net loss for
the nine months ended September 30, 2002, was primarily due to losses of
$(3,391) from discontinued operations and a $628 cumulative effect of
accounting change recorded in the nine months ended September 30, 2002.

Liquidity and Capital Resources (In
thousands)

During the nine months ended September 30, 2002, the Company experienced
negative operating cash flows of $(2,535). Negative operating cash flows in the
nine months ended September 30, 2002 were primarily created by a net loss from
continuing operations before cumulative effect of accounting change of $(231)
and, additionally, the net effect of operating cash flows from discontinued
operations resulted in additional cash used of $(2,155). During the nine months
ended September 30, 2001, the Company experienced negative operating cash flows
of $(1,669). Negative operating cash flows in the six months ended June 30,
2001 were primarily the result of cash used in discontinued operations of
$(1,636).

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Net cash provided by investing activities of $1,107 during the nine months
ended September 30, 2002 resulted primarily from the sale of the Companys
Norwegian operations. Net cash provided by investing activities of $416 during the nine
months ended September 30, 2001 resulted from the investing activities of
discontinued operations.

Net cash provided by financing activities of $2,128 during nine months ended
September 30, 2002 was primarily due to the financing activities associated
with discontinued operations. Net cash provided by financing activities of
$1,451 during nine months ended September 30, 2001 was due to financing
activities associated with discontinued operations.

The Company believes that its available cash resources should be sufficient to
meet its anticipated working capital and capital expenditure requirements for
the next 12 months. The Company sold its Norwegian subsidiary to provide the
necessary cash resources to satisfy its debt obligations, fund its working
capital needs and provide sufficient resources to pursue other business
opportunities.

Inflation

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

New Accounting Pronouncements

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.

In June 2002, the FASB issued SFAS No. 145, Recision of FASB Statements Nos.
4,44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections.
SFAS No. 145 rescinds FSAS No. 4, Reporting Gains and Losses from
Extinguishment of Debt,and an amendment of that statement, SFAS No. 64,
Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements.This
statement rescinds SFAS No. 44, Accounting for Intangible Assets of Motor
Carriersand amends SFAS No. 13, Accounting for Leases, to eliminate an
inconsistency between the required accounting for sale-leaseback transactions
and the required accounting for certain lease modifications that have economic
effects that are similar to sale-leaseback transactions. The statement also
amends other existing authoritative pronouncements to make various technical
corrections, clarify meanings, or describe their applicability under changed
conditions. The provisions of SFAS No. 145 related to recision of SFAS No. 4
are required to be applied in fiscal years beginning after May 15, 2002. Any
gain or loss on extinguishment of debt that was classified as an extraordinary
item in prior periods presented that does not meet the criteria for
classification as an extraordinary item shall be reclassified. Early
application of the provisions of this statement related to the recision of SFAS
No. 145 is encouraged. The provisions of SFAS No. 145 related to SFAS No. 13
are effective for transactions occurring after May 15, 2002, with early
application encouraged. All other provisions of SFAS No. 145 are effective for
financial statements issued on or after May 15, 2002, with early application
encouraged. The Company does not believe that the adoption of this
pronouncement will materially affect its reported financial condition.

In July 2002, the Financial Accounting Standards Board (FASB) issue Statement
of Financial Accounting Standards (SFAS) No. 146, Accounting for Costs
Associated with Exit or Disposal Activities,which addresses the accounting and
reporting for costs associated with exit or disposal activities because
entities increasingly are engaging in exit and disposal activities and certain
costs associated with those

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##### Table of Contents



activities were recognized as liabilities at a plan (commitment) date under
Emerging Issues Task Force (EITF) 94-3 Liability Recognition for Certain
Employee Termination Benefits and Other Costs to Exit an Activity (including
Certain Costs Incurred in a Restructuring),that did not meet the definition of
a liability in FASB Concepts Statement No. 6, Elements of Financial Statements.
SFAS No. 146 requires that a liability for a cost associated with an exit or
disposal activity be recognized when the liability is incurred. Under EITF
94-3, a liability for an exit cost as defined in EITF 94-3 was recognized at
the date of an entitys commitment to an exit plan. SFAS No. 146 is effective
for exit or disposal activities initiated after December 31, 2002. Early
application is encouraged. The Company has chosen to adopt this pronouncement
effective with its fiscal year, which begins January 1, 2003 and does not
believe it will materially affect its reported results of operations, or
financial condition upon adoption.

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 2002 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.




Item 4. Controls and Procedures

In the quarter ended September 30, 2002, there were no significant changes in
the Companys internal controls or in other factors that could significantly
affect these controls, including any corrective actions with regard to
significant deficiencies and material weaknesses. Management reviewed
the Company's internal controls as of a date within 90 days of the
filing date of this report and concluded, as of such date, the
disclosure controls and procedures were adequate and effective.

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##### Table of Contents






PART II. OTHER INFORMATION

Item 1. through Item 4.Not applicable.




Item 5. Other information.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On November 13, 2002, the Company sold its wholly-owned subsidiary, Simex
Capital, Inc., which included the Companys equipment leasing operation. The
agreement was approved by a unanimous vote of the Companys Board of Directors.
Under the terms of the sale, the Company received 150,000 shares of the Companys
common stock, a nominal cash amount and agreed to cancel certain intercompany
indebtedness for all the common shares of Simex Capital, Inc.




Item 6. Exhibits and Reports on Form 8-K.

|    |  |                                                                                                                                                           
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Exhibits                                                                                                                                                  
|    |  |                                                                                                                                                           
|    |  | A list of exhibits included as part of this report is set forth in the
Exhibit Index appearing elsewhere in this report, and is incorporated
by reference.
|    |  |                                                                                                                                                           
|(b) |  | Reports on Form 8-K                                                                                                                                       
|    |  |                                                                                                                                                           
|    |  | On August 12, 2002, the Registrant filed a report on Form 8-K
announcing closing of the sale of the Companys Norwegian subsidiary.                       




EXHIBIT INDEX

|            |  |                                                                                                                                                                                                                                                    
|----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                                                                                                                        
|            |  |                                                                                                                                                                                                                                                    
|99.1        |  | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
executed by Kjell Jagelid, Chief Executive Officer, President
and Acting Chief Financial Officer of SIMEX Technologies, Inc.

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##### Table of Contents






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, 2002 |  | BY: |  | /s/ Kjell Jagelid                                                                  
|                        |  |     |  |                                                                                    
|                        |  |     |  | Kjell Jagelid
Chief Executive Officer, President and
Acting Chief Financial Officer

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##### Table of Contents






CERTIFICATIONS

I, Kjell Jagelid, certify that:

(1)  I have reviewed this quarterly report on Form 10-QSB of SIMEX
Technologies, Inc.;

(2)  Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report; and

(3)  Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in al material
respects the financial condition, results of operations and cash flows of
registrant as of, and for, the periods presented in this quarterly report; and

(4)  The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:



| |                                                                                                                                                                                                                                                                                                    
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;



| |                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) evaluated the effectiveness of the registrants disclosure
controls and procedures as of a date within 90 days prior to the filing
date of this quarterly report (the Evaluation Date); and



| |                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

(5)  The registrants other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrants auditors and the audit
committee of the registrants board of directors (or persons performing the
equivalent function):



| |                                                                                                                                                                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrants ability
to record, process, summarize and report financial data and have
identified for the registrants auditors any material weaknesses in
internal controls; and



| |                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants internal
controls; and

(6)  The registrants other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.

|                         |  |     |  |                                                                                  
|------------------------ |  | --- |  | ---------------------------------------------------------------------------------
|Dated: November 19, 2002 |  | By: |  | /s/   Kjell
Jagelid                                                              
|                         |  |     |  |                                                                                  
|                         |  |     |  | Kjell Jagelid
Chief Executive Officer, President & Acting Chief Financial Officer

14