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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
COMMISSION FILE NO.: 0-20101
-----------------------------
URECOATS INDUSTRIES INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3545304
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4100 North Powerline Road, Suite F-1, Pompano Beach, Florida 33073
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(Address of principal executive offices)
(954) 977-5428
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(registrant's telephone number, including area code)
Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
The number of shares of common stock, par value $.01 per share, outstanding
as of November 14, 2000 was 97,941,469 shares.
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URECOATS INDUSTRIES INC.
FORM 10-QSB
SEPTEMBER 30, 2000
INDEX
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PAGE
----
PART I - FINANCIAL INFORMATION
------------------------------
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of September 30, 2000 and
December 31, 1999 ................................................... 3-4
Condensed Consolidated Statements of Operations for the three months
and nine months ended September 30, 2000 and 1999 ................... 5-6
Condensed Consolidated Statements of Cash Flows for the nine months
ended September 30, 2000 and 1999 ................................... 7-8
Notes to Condensed Consolidated Financial Statements................. 9
ITEM 2. MANAGEMENT'S PLAN OF OPERATION ............................. 12
PART II - OTHER INFORMATION
---------------------------
ITEM 1. LEGAL PROCEEDINGS ......................................... 13
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS ................. 13
ITEM 3. DEFAULTS UPON SENIOR SECURITIES ........................... 13
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ....... 13
ITEM 5. OTHER INFORMATION ......................................... 14
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K .......................... 14
SIGNATURES ......................................................... 15
EXHIBIT INDEX ...................................................... 16
PART I - FINANCIAL INFORMATION
------------------------------
ITEM 1. FINANCIAL STATEMENTS
-----------------------------
URECOATS INDUSTRIES INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
------
SEPTEMBER 30, 2000 DECEMBER 31, 1999
------------------ -----------------
(UNAUDITED)
Current Assets:
Cash $ 55,272 $ 15,026
Loans Receivable 30,217 21,283
Prepaid Expenses 21,237 6,143
------------------ -----------------
Total Current Assets 106,726 42,452
------------------ -----------------
Property and Equipment, Net 1,020,847 526,102
------------------ -----------------
Other Assets:
Intangibles, Net 1,038,592 1,012,844
Deposits 54,916 8,341
------------------ -----------------
Total Other Assets 1,093,508 1,021,185
------------------ -----------------
Total Assets $ 2,221,081 1,589,739
================== =================
See Accompanying Notes to Condensed Consolidated Financial Statements.
Page 3
URECOATS INDUSTRIES INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
---------------------------------------
SEPTEMBER 30, 2000 DECEMBER 31, 1999
------------------ -----------------
(UNAUDITED)
Current Liabilities:
Current Maturities of
Long Term Debt $ 102,476 $ 59,387
Accounts Payable and
Accrued Expense 483,409 571,131
Loans Payable 40,624 65,124
Due to Related Parties 2,575,000 250,000
------------------ -----------------
Total Current Liabilities 3,201,509 945,642
------------------ -----------------
Long Term Debt 164,018 34,327
------------------ -----------------
Total Liabilities 3,365,527 979,969
------------------ -----------------
Commitments and Contingencies 705,778 669,421
------------------ -----------------
Stockholders' (Deficit):
Preferred Stock, $1.00 Par
Value, 2,000,000 Shares
Authorized; Series A
Convertible, 750,000 Shares
Authorized; Issued &
Outstanding, 62,500 Shares
Unconverted (Less Offering
Costs of $7,465) 55,035 55,035
Common Stock $.01 Par Value,
140,000,000 shares Authorized;
97,914,969 Shares Issued &
Outstanding, September 30, 2000;
92,748,219 Shares Issued &
Outstanding, December 31, 1999. 979,150 927,482
Additional Paid-In-Capital 20,593,551 19,203,292
Accumulated (Deficit) -
Discontinued Operations (13,543,806) (13,530,532)
Accumulated (Deficit) -
Development Stage Operations (9,934,154) (6,714,928)
------------------ -----------------
Total Stockholders' (Deficit) (1,850,224) (59,651)
------------------ -----------------
Total Liabilities and
Stockholders' (Deficit) $ 2,221,081 $ 1,589,739
================== =================
See Accompanying Notes To Condensed Consolidated Financial Statements.
Page 4
URECOATS INDUSTRIES INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30,
------------------------------------
2000 1999
----------------- -----------------
Revenues $ -0- $ -0-
----------------- -----------------
Costs and Expenses:
Selling, General and
Administrative 381,533 168,347
Professional Fees 27,456 ---
Depreciation and Amortization 69,048 31,959
Research and Development 378,933 218,137
Consulting Fees 43,040 ---
----------------- -----------------
Total Costs and Expenses 900,010 418,443
----------------- -----------------
Net (Loss) from Development Stage
Operations (900,010) (418,443)
----------------- -----------------
(Loss) from Discontinued Operations $ (9,273) $ (201)
----------------- -----------------
Net (Loss) $ (909,283) $ (418,644)
----------------- -----------------
Net (Loss) Per Common Share
Basic
Development Stage Operations $ (0.009) $ (0.060)
Discontinued Operations (0.000) (0.000)
----------------- -----------------
Total $ (0.009) $ (0.060)
----------------- -----------------
Weighted Average Shares Outstanding 97,308,214 72,317,719
Dilutive
Development Stage Operations $ (0.009) $ (0.056)
Discontinued Operations (0.000) (0.000)
----------------- -----------------
Total $ (0.009) $ (0.056)
----------------- -----------------
Weighted Average Shares Outstanding 99,307,969 74,666,969
----------------- -----------------
See Accompanying Notes to Condensed Consolidated Financial Statements.
Page 5
URECOATS INDUSTRIES INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30,
-----------------------------------
2000 1999
----------------- ----------------
Revenues $ -0- $ -0-
----------------- ----------------
Costs and Expenses:
Selling, General and
Administrative 1,122,798 1,225,742
Professional Fees 121,315 ---
Depreciation and Amortization 190,809 74,373
Research and Development 815,739 670,281
Consulting Fees 968,565 ---
----------------- ----------------
Total Costs and Expenses 3,219,226 1,970,396
----------------- ----------------
Net (Loss) from Development Stage
Operations (3,219,226) (1,970,396)
----------------- ----------------
(Loss) from Discontinued Operations $ (13,274) $ (769)
----------------- ----------------
Net (Loss) $ (3,232,500) $ (1,971,165)
----------------- ----------------
Net (Loss) Per Common Share
Basic
Development Stage Operations $ (0.034) $ (0.030)
Discontinued Operations (0.000) (0.000)
----------------- ----------------
Total $ (0.034) $ (0.030)
----------------- ----------------
Weighted Average Shares Outstanding 95,304,589 65,764,502
Dilutive
Development Stage Operations $ (0.033) $ (0.030)
Discontinued Operations (0.000) (0.000)
----------------- ----------------
Total $ (0.033) $ (0.030)
----------------- ----------------
Weighted Average Shares Outstanding 97,190,844 66,565,002
----------------- ----------------
See Accompanying Notes to Condensed Consolidated Financial Statements.
Page 6
URECOATS INDUSTRIES INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30,
-----------------------------------
2000 1999
----------------- ----------------
Cash Flows from Operating Activities:
Net (Loss)
Development Stage Operations $ (3,219,226) $ (1,970,396)
Discontinued Operations (13,274) (769)
Adjustments to Reconcile Net (Loss)
to Net Cash (Required) by
Operating Activities:
Depreciation and Amortization
Development Stage Operations 190,713 74,373
Discontinued Operations 96 4,270
Non Cash Development Stage Expenses 1,026,977 ---
Changes in Assets and Liabilities:
Prepaid Expenses (8,934) 10,288
Loans Receivable (15,094) (4,823)
Deposits (46,575) (3,114)
Accounts Payable and Accrued
Expenses 89,784 (753,122)
Increase (Decrease) in
Commitments and Contingencies 36,357 (127,473)
----------------- ----------------
Net Cash (Required) by
Operating Activities (1,959,176) (2,770,766)
----------------- ----------------
Cash Flows from Investing Activities:
Acquisition of Property & Equipment
Development Stage Operations (685,428) (360,793)
Acquisition of Intangibles
Development Stage Operations (25,874) (15,245)
----------------- ----------------
Net Cash (Required) by Investing
Activities $ (711,302) $ (376,038)
----------------- ----------------
See Accompanying Notes to Condensed Consolidated Financial Statements.
Page 7
URECOATS INDUSTRIES INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30,
-----------------------------------
2000 1999
----------------- ----------------
Cash Flows from Financing Activities:
Proceeds from Issuance of
Common Stock 22,444 1,768,539
Proceeds from Issuance of Notes 264,992 ---
(Payment) of Notes (52,212) (43,138)
(Decrease)Increase from Loans (24,500) 47,248
Due to Related Parties 2,500,000 1,309,002
----------------- ----------------
Net Cash Provided by Financing
Activities 2,710,724 3,081,651
----------------- ----------------
Net (Decrease)Increase in Cash
Development Stage Operations 40,242 (72,544)
Discontinued Operations 4 7,391
----------------- ----------------
Net (Decrease)Increase in
Cash $ 40,246 $ (65,153)
================= ================
Supplemental Disclosure of
Cash Flow Information:
Non-Cash Financing Activities:
Board of Director Fees $ 67,852 $ -0-
Legal Fees -0- 73,160
Consultant Fees 817,521 496,462
Repayment of Debts 392,506 955,652
Employee Compensation 141,604 212,375
----------------- ----------------
Totals $ 1,419,483 $ 1,737,649
================= ================
See Accompanying Condensed Consolidated Financial Statements.
Page 8
URECOATS INDUSTRIES INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
------------------------------
The accompanying unaudited condensed consolidated financial statements for the
three and nine month periods ended September 30, 2000 and 1999, have been
prepared in conformity with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Regulation
S-B. The financial information as of December 31, 1999, is derived from the
Company's Form 10-KSB for the year ended December 31, 1999. Certain information
or footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted pursuant to the rules and regulations of the Securities and Exchange
Commission.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. In the
opinion of management, the accompanying financial statements include all
adjustments necessary (which are of a normal and recurring nature) for the fair
presentation of the results of the interim periods presented. While the
registrant believes that the disclosures presented are adequate to keep the
information from being misleading, it is suggested that these accompanying
financial statements be read in conjunction with the registrant's audited
consolidated financial statements and notes for the year ended December 31,
1999, included in the registrant's Form 10-KSB for the year ended December 31,
1999.
Operating results for the three and nine month periods ended September 30, 2000,
are not necessarily indicative of the results that may be expected for the
remainder of the fiscal year ending December 31, 2000. The accompanying
unaudited condensed consolidated financial statements: include the accounts of
the registrant and its wholly owned subsidiaries. All significant inter-company
accounts and transactions have been eliminated in consolidation.
NOTE 2 - INTANGIBLES
--------------------
The registrant evaluates the amortization period of intangibles on an ongoing
basis in light of changes in any business conditions, events or circumstances
that may indicate the potential impairment of intangible assets. The adoption of
Statement of Accounting Standards 121, "Accounting for the Impairment of Long-
Lived Assets to be Disposed Of", and the evaluation by the registrant, did not
have a significant effect on the consolidated financial position or results of
operations of the registrant for the three months ended September 30, 2000.
Page 9
ITEM 2. MANAGEMENT'S PLAN OF OPERATION
---------------------------------------
FORWARD LOOKING STATEMENTS
This Form 10-QSB contains certain forward-looking statements. For this purpose,
any statements contained in this Form 10-QSB that are not statements of
historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or the negative or other variations
thereof or comparable terminology are intended to identify forward-looking
statements. These statements by their nature involve substantial risks and
uncertainties, and actual results may differ materially depending on a variety
of factors.
PLAN OF OPERATION
The Company's plan of operation for the next twelve (12) months, through its
wholly owned subsidiaries, Urecoats International, Inc. and Urecoats
Technologies, Inc. is as follows:
PRODUCTS
The Company completed research and development of its flagship RUBBER SEALANT
MEMBRANE(RSM)(tm) product, URECOATS 100(tm), which has been successfully spray
applied on over 100,000 square feet of roofs in New Jersey and Pennsylvania. The
Company is presently developing a colored topcoat for use with the URECOATS
100(tm) product, which will include recycled material in its composition.
PRIMARY SPRAY APPLICATION SYSTEM
The Company completed manufacturing of three primary spray application systems
required for application of its URECOATS 100(tm) product and two more are
expected to be completed by the end of this year.
SALES AND MARKETING
The Company commenced sales and marketing of its URECOATS 100(tm) product under
a pilot licensee program ("Licensee Program"). As part of this Licensee
Program, Urecoats entered into two separate license agreements on September 19,
2000, with Cooper Roofing, Inc. ("Cooper License") and Eastern Construction,
Inc. ("Eastern License"). Under the terms of the Cooper License, Urecoats
granted a nonexclusive, nonassignable, right and license to use its URECOATS
100(tm) RUBBER SEALANT MEMBRANE(RSM)(tm) composition, proprietary delivery
method and system, and technology, for sealant and coating applications in the
roofing and waterproofing industries in a five county area in Pennsylvania.
Under the terms of the Eastern License, Urecoats granted a nonexclusive,
nonassignable, right and license to use its URECOATS 100(tm) RUBBER SEALANT
MEMBRANE(RSM)(tm) composition, proprietary delivery method and system, and
technology, for sealant and coating applications in the general construction
industry in various counties in New Jersey.
Page 10
Urecoats is also planning local market penetration in Florida ("Local Plan").
As part of this Local Plan, Urecoats will establish two new wholly owned
subsidiaries to handle distribution of its URECOATS 100(tm) product, including
providing parts and service for its spray application systems, and performing
local applications of its product. The objective is to establish a local
controlled presence to support sales and marketing and create a well-trained
group of spray applicators. The experience and data obtained from this Local
Plan, integrated with such information obtained from the Licensee Program, will
be used as a footprint for the Company's mass marketing plans.
Urecoats continues its relationship with COSMOSEAL S.A. de C.V., a company in
Mexico formed by a core group of individuals from Mexico (formerly referred to
as "Team Mexico"), in establishing infrastructure guidelines for future
anticipated joint ventures, and sales, marketing and distribution of the
Company's products in Central and South America, the Caribbean and Mexico.
MANUFACTURING, PACKAGING AND DISTRIBUTION
The Company's production of sealants and coatings is a multi-stage process which
involves extensive formulation, mixing and in some cases, chemical synthesis.
Following one or more of these processes, the Company packages the product in
totes, drums, or other delivery forms for sale based upon the applicator's
requirements. The Company's principal manufacturing processes include blending
and polymerization.
The Company is presently handling manufacturing, packaging and distribution of
its URECOATS 100(tm) product and its associated primary spray application
systems, in part at its present facilities, and through cooperative
relationships with chemical and other suppliers, using controlled methods for
delivery of the product to the end user or spray applicator.
The Company now operates out of four separate facilities (20,800 total square
feet) in an industrial business park in Pompano Beach, Florida. The facilities
provide for corporate offices, testing, training, chemical blending,
warehousing, distribution, and product display areas. Management has identified
two facilities suitable for the relocation and consolidation of its overall
operations. The Company expects to finalize negotiations on one facility by the
end of this year. This facility will allow the Company to build its first
large-scale manufacturing plant and be leased on a long-term basis.
TESTING AND CERTIFICATION
The Company continues to focus on its testing plan for the URECOATS 100(tm)
product for roofing and other applications. The product has successfully passed
various tests required for its use as a roofing material and as part of roofing
systems. Because the product combines the characteristics of a sealant,
adhesive, and vapor barrier, and adheres to a multitude of surfaces, the Company
has had to design new procedures to properly measure its capabilities. During
the testing process, the Company has uncovered new potential cross-over industry
uses for the RUBBER SEALANT MEMBRANE(RSM)(tm), such as an anti-corrosive for
steel or structural integrity enhancement for concrete.
Page 11
The Company has submitted an application to Dade County Code Compliance for use
of the URECOATS 100(tm) on roofing, plaza deck and waterproofing applications,
approval of which is expected by the end of this year. Many areas accept Dade
County certification as sufficient, because their code is among the most
rigorous in the world. The Company will continue to work closely with world
renown testing and certification agencies for testing its formulations to their
ultimate limits.
STRATEGIC ACQUISITIONS
The Company intends to pursue strategic acquisitions that will allow it to
establish its market position in targeted markets. Management believes that the
high degree of fragmentation in the roofing, waterproofing and construction
industries will continue to provide suitable acquisition candidates. Potential
acquisition candidates will be evaluated based upon their capacity to enhance
the ability of the Company to: (i) expand its product line; (ii) enhance its
product development capabilities; (iii) market products through new or expanded
distribution channels; and (iv) increase its international presence. Management
believes it has significant opportunities to establish its products in
international markets, to enter developing markets and to establish new customer
relationships.
EMPLOYEES AND CONSULTANTS
The Company and its subsidiaries have nineteen full-time employees performing
various necessary corporate and operations functions.
Urecoats will retain additional qualified and respected professionals in the
various industries for advice, consultation and direction related to its
products and applications; development and building of different types of roof
systems for its products; working with testing labs, government agencies, and
other agencies for approval of its products; seeking other potential
applications and uses for its products other than construction, such as
waterproofing, marine, steel vapor barrier, etc.; assistance in writing
technical articles on its products and applications; establish guidelines for
application procedures for its products and applications in the various
industries; and design and engineering plans for its full-fledged manufacturing
operations.
The Company will hire more personnel, perform additional research and
development activities, and seek additional board of directors, executives, and
consultants for anticipated growth from increased awareness of the Urecoats
products in the marketplace.
FINANCIAL CONDITIONS
The Company currently does not have the liquidity or capital resources to fund
Urecoats without raising capital either from borrowing or from the sale of
additional shares of stock. As of September 30, 2000, the Company had
outstanding an aggregate of $ 2,575,000 in short-term loans, bearing interest at
9% per annum, payable on demand, from Richard J. Kurtz, Chairman of the Board
and Chief Executive Officer of the Company, for operations. The Company
anticipates further financing through short-term and long-term loans and/or the
sale of additional restricted common stock to accredited sophisticated
investors.
Page 12
PART II - OTHER INFORMATION
---------------------------
ITEM 1. LEGAL PROCEEDINGS
--------------------------
Designer Wear et. al. vs. Smith & Wesson et. al.
This litigation is currently undergoing further discovery and motions for
request to produce documents and information are now pending between the
parties. The Company's litigation counsel is vigorously pursuing the case. To
date, no acceptable settlement offers have been made by Smith & Wesson to the
Company; however, although no assurance can be given, litigation counsel is of
the continuing opinion that the case will eventually be settled favorably to
Urecoats.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
--------------------------------------------------
During the quarterly period ended September 30, 2000, the Company issued
restricted common stock, for private transactions, in reliance on Section 4(2)
of the Act, as described below:
(a) The Company issued 20,000 shares of restricted common stock, as an
employee bonus, valued and recorded at $14,344.
(b) The Company issued an aggregate of 30,000 shares of restricted common
stock, for consulting services rendered by Gary M. Zeller, a Director of the
Company, valued and recorded at $21,656.
(c) The Company issued 4,000 shares of restricted common stock, for
consulting services rendered, valued and recorded at $2,888.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
----------------------------------------
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
------------------------------------------------------------
None
Page 13
ITEM 5. OTHER INFORMATION
--------------------------
The Company appointed Dr. Gary M. Zeller, inventor and well-known professor to
its Board of Directors on July 1, 2000. Dr. Zeller is utilizing his 35 years'
experience to assist Urecoats Industries in developing new business programs and
business pacts, promoting Urecoats within the industry, building an image for
the company and conveying key findings from his research and current projects.
He is co-founder of Zeller International, Ltd., a unique multidisciplinary
professional service firm with more than three decades of experience in the
design, engineering, chemistry and marketing of a wide range of progressive
materials, products, manufacturing systems and environmental technologies.
Zeller International, Ltd. is widely known for its expertise in achieving
innovative, state-of-the-art solutions for challenges in industries like
construction, government, defense, public utilities and architecture. As a
world renown professor, Dr. Zeller has lectured at Yale University, Pratt
Institute, The New School For Social Research, Syracuse University, Bryn Mawr,
Parsons School of Design, The State University of New York, and The School of
Visual Arts in New York. He has been honored as a featured guest speaker at the
National Science Teachers Association Convention, and has received an Academy
Award for Scientific Achievement.
The Company hired Paul B. Andreassen, Ph.D. as Executive Vice President of
Finance and Chief Financial Officer on October 10, 2000. Dr. Andreassen was the
Director of Treasury for Renaissance Cruises, Inc. His career has included
being the Director of Long-Term Product Development, Treasury Analyst and
Treasury Manager of JM Family Enterprises. He was a resident scholar at the
Jerome Levy Economics Institute, visiting scholar at the Sloan School of
Management, Massachusetts Institute of Technology, and Associate Professor at
Harvard University, Cambridge, Massachusetts. He holds both a Doctorate of
Philosophy and a Master's of Art from the Graduate School of Arts and Sciences,
Columbia, University, New York, New York. His undergraduate degree in economics
was awarded by the school of Arts and Sciences at Cornell University, Ithaca,
New York.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
-----------------------------------------
(a) EXHIBITS - 27.1 FINANCIAL DATA SCHEDULE - SEPTEMBER 30, 2000
(b) REPORTS ON FORM 8-K - None
Page 14
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, in the City of Pompano Beach, and State of Florida on November 14,
2000.
URECOATS INDUSTRIES INC.
(Registrant)
/s/ Larry T. Clemons November 14, 2000
------------------------ -----------------
Larry T. Clemons Date
President and Treasurer
/s/ Michael T. Adams November 14, 2000
------------------------ -----------------
Michael T. Adams Date
Executive Vice President
and Secretary
Page 15
EXHIBIT INDEX
-------------
EXHIBIT NO. EXHIBIT DESCRIPTION
----------- --------------------------------------------
27.1 FINANCIAL DATA SCHEDULE - SEPTEMBER 30, 2000
Page 16
