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Gold/Mining/Energy : FASC (First American Scientific Corp) -- Ignore unavailable to you. Want to Upgrade?

To: Lee Bush who wrote (777)	5/10/1999 4:39:00 PM
From: John R Resseger	Respond to of 972

Raw from SEC EDGAR 10q 05 04 99 for FASC During the six months ending December 31, 1998, the Company incurred an operating loss of $34,842. This compares favorably with operating results for the previous fiscal wherein the loss for the year amounted to in excess of $1,000,000. The company continues to expend funds on research, $25,575 for the year to date, primarily in the sludge process that affects every municipality in North America. The Company is optimistic that the processing of sludge can be done significantly cheaper as well as creating a marketable by-product. It will continue to seek financing to complete this aspect of the technology. The Company has reconfigured the machine for biowaste and completed an onsite-testing program for biowaste. Test results from the biowaste test site are very positive and the Company was very pleased with the Pathogen count and the moisture reduction in the test site. It is expected that a more extensive test will be conducted in the next three to six months prior to proceeding to its first commercial application. The Bakersfield plant suspended operations on July 1, 1998 as the company lacked sufficient working capital to operate the plant effectively. The company is currently seeking a joint venture partner capable of operating the plant facilities. Discussions are in progress with a prospective partner. INFLATION Inflation has not been a factor in the six months ending December 31, 1998. This is consistent with the fiscal year ending June 30, 1998. There are no capital projects underway and the only expenditures are operational, which are not adversely affected by inflation. QUARTER ENDED DECEMBER 31, 1998 In the fall of 1998, the Company reached agreement with Greenleaf Fibre Company Ltd of Northern Ireland to conduct research and development on the commercial viability of the KDS as it relates to the disintegration of rubber and rubber related products. A KDS system was shipped to Northern Ireland and installed on their premises. After studies of the basic technology are completed and any modification of the basic technology completed, Green Leaf intends to commence pilot plant testing and it is expected that testing will be complete by the end of June 1999. <PAGE> 16 The Company also shipped a KDS unit to a military site in Utah, to be used by the U.S. military as part of a system for disposal of contaminated wood products. The unit exceeded the standards for throughput and particle size during acceptance testing. Installation of the complete system is scheduled by June 30, 1999. All operating results are reflected in U.S. dollars and any foreign exchange loss or gain is nominal in that the value of the Canadian dollar to the U.S. dollar has only changed moderately and most expenses and funds and funds raised are in U.S. dollars. The conversion rate over the past quarter has varied between US$0.64 and US$0.66 to CDN$1.00. FOREIGN OPERATIONS The Company is conducting its biowaste testing in the state of Washington, having moved its equipment from Chilliwack, British Columbia, Canada. The Company is currently testing a KDS machine near Tonasket, Washington. The focus of the testing, in the quarter ending December 31, 1998, is biowaste and the preparation of the machine for commercial applications. Corporate and administrative offices are maintained in Vancouver, British Columbia, Canada.