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glassman
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take a look....
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Hehe, beat me to it. In at .30
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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

FORM 10-KSB/A
(MARK ONE)

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

For the annual period ended April 30, 2003

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

For the transition period from _________ to _________

COMMISSION FILE NO. 0-18980

HQ SUSTAINABLE MARITIME INDUSTRIES, INC.
(Name of Small Business Issuer in Its Charter)

Process Equipment, Inc.
(Former Name)
Delaware 62-1407522
(State or other jurisdiction of incorporation or (I.R.S. Employer
organization) Identification No.)

Wall Street Center, 14 Wall Street, 20th Floor, New York, New York 10005
(Address of principal executive offices)

(212) 618-1712
(Issuer's telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act: None

Securities Registered Pursuant to Section 12(g) of the Act:

Common Stock, Par Value $0.001 Per Share
(Title of Class)

Check whether the issuer (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 [ ]

Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this form 10-KSB
or any amendment to this Form 10-KSB. [X]

Transitional Small Business Disclosure Format (check one):

Yes [ ] No [X]


<PAGE>

Explanatory Note

This Amendment to the Annual Report on Form 10-KSB of Process Equipment, Inc.,
now known as HQ Sustainable Maritime Industries, Inc., is being filed to amend
the certifications originally filed as exhibits to our Annual Report on Form
10-KSB filed with the Commission on August 14, 2003, in compliance with Rule
13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934, as amended
(Exhibits 31.1 and 31.2), and Section 906 of the Sarbanes-Oxley Act of 2002
(Exhibits 32.1 and 32.2). We do not consider the amended certifications to
represent a material change to the disclosure previously presented in the Annual
Report as originally filed. This Amendment continues to speak as of the date of
the original filing on August 14, 2003 of the Form 10-KSB for the fiscal year
ended April 30, 2003, and does not reflect any subsequent information or events
other than the amendments referred to above. All information contained in this
Amendment and in the original Form 10-KSB is subject to updating and
supplementing as provided in the periodic reports filed subsequent to the
original filing date.

<PAGE>


SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

HQ SUSTAINABLE MARITIME INDUSTRIES, INC.

By: /s/ Norbert Sporns
--------------------------------------------
Name: Norbert Sporns
Title: Chief Executive Officer and President

Date: September 10, 2004


In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.

<TABLE>
<CAPTION>


SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>

/s/ Norbert Sporns Chief Executive Officer, President September 10, 2004
------------------- and Director
Norbert Sporns (Principal Executive Officer)


/s/ Lillian Wang Chairman of the Board of Directors and September 10, 2004
------------------- Acting Chief Financial Officer
Lillian Wang (Principal Financial and Accounting Officer)


/s/ Harry Wang Chief Operating Officer and Director September 10, 2004
-------------------
Harry Wang


/s/ Jacque Vallee Director September 10, 2004
-------------------
Jacque Vallee


/s/ Fred Bild Director September 10, 2004
-------------------
Fred Bild
</TABLE>


</TEXT>
</DOCUMENT>


Exhibit 31.1

CERTIFICATION

I, Norbert Sporns, Chief Executive Officer of HQ Sustainable Maritime
Industries, Inc., formerly known as Process Equipment, Inc. (the "Company"),
certify that:

1. I have reviewed this annual report on Form 10-KSB of the Company for
the fiscal year ended April 30, 2003;

2. Based on my knowledge, this 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 report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows
of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
and have:

a. Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating
to the Company, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly
during the period in which this report is being prepared;

b. Evaluated the effectiveness of the Company's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this
report based on such evaluation; and

c. Disclosed in this report any change in the Company's internal
control over financial reporting that occurred during the
Company's fourth fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Company's
internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial
reporting, to the Company's auditors and the audit committee of
Company's board of directors (or persons performing the equivalent
functions):

a. all significant deficiencies and material weaknesses in the
design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the
Company's ability to record, process, summarize and report
financial information; and

b. any fraud, whether or not material, that involves management
or other employees who have a significant role in the
Company's internal control over financial reporting.


Date: September 10, 2004

/s/ Norbert Sporns
-----------------------
Norbert Sporns
Chief Executive Officer


</TEXT>
</DOCUMENT>


Exhibit 31.2


CERTIFICATION

I, Lillian Wang, Acting Chief Financial Officer of HQ Sustainable
Maritime Industries, Inc., formerly known as Process Equipment, Inc. (the
"Company"), certify that:

1. I have reviewed this annual report on Form 10-KSB of the Company for
the fiscal year ended April 30, 2003;

2. Based on my knowledge, this 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 report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows
of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
and have:

a. Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating
to the Company, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly
during the period in which this report is being prepared;

b. Evaluated the effectiveness of the Company's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this
report based on such evaluation; and

c. Disclosed in this report any change in the Company's internal
control over financial reporting that occurred during the
Company's fourth fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Company's
internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial
reporting, to the Company's auditors and the audit committee of
Company's board of directors (or persons performing the equivalent
functions):

a. all significant deficiencies and material weaknesses in the
design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the
Company's ability to record, process, summarize and report
financial information; and

b. any fraud, whether or not material, that involves management
or other employees who have a significant role in the
Company's internal control over financial reporting.


Date: September 10, 2004

/s/ Lillian Wang
---------------------
Lillian Wang
Acting Chief Financial Officer

</TEXT>
</DOCUMENT>


Exhibit 32.1

CERTIFICATION
Pursuant to 18 U.S.C. Section 1350
As Adopted
Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002

In connection with the annual report of Process Equipment, Inc., now known as HQ
Sustainable Maritime Industries, Inc. (the "Company") on Form 10-KSB for the
year ended April 30, 2003 as filed with the Securities and Exchange Commission
on August 14, 2003 (the "Report"), the undersigned officer of the Company
certifies, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. the Report fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Company.

A signed original of this written statement has been provided to the Company and
will be retained by the Company and will be furnished to the SEC or its staff
upon request.

/s/ Norbert Sporns
------------------------
Norbert Sporns
Chief Executive Officer
September 10, 2004

This Certification of Chief Executive Officer pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 is not "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934 but is instead furnished as provided by the
applicable rules of the Securities and Exchange Commission.


</TEXT>
</DOCUMENT>


Exhibit 32.2


CERTIFICATION
Pursuant to 18 U.S.C. Section 1350
As Adopted
Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002

In connection with the annual report of Process Equipment, Inc., now known as HQ
Sustainable Maritime Industries, Inc. (the "Company"), on Form 10-KSB for the
year ended April 30, 2003 as filed with the Securities and Exchange Commission
on August 14, 2003 (the "Report"), the undersigned officer of the Company
certifies, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that, to the best of her knowledge:

1. the Report fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Company.

A signed original of this written statement has been provided to the Company and
will be retained by the Company and will be furnished to the SEC or its staff
upon request.

/s/ Lillian Wang
--------------------
Lillian Wang
Acting Chief Financial Officer
September 10, 2004


This Certification of Acting Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 is not "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934 but is instead furnished as
provided by the applicable rules of the Securities and Exchange Commission.


</TEXT>
</DOCUMENT>


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glassman
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shouldn't take too much to get this to .60 or better....
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keithsan
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you got a 49 million float here
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Hey Keith, where do you find your float information? Is there a definitive source, or do you just have to dig?
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keithsan
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dig my friend dig
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keithsan
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by the way, welcom back G, who said you could take vacation.

Average Volume (3 month): 15,409
Average Volume (10 day): 26,000
Shares Outstanding: 63.81M
Float: 49.10M
% Held by Insiders: 23.05%
% Held by Institutions: 0.00%


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Thanks, might help if I utilized some of those Yahoo links on the side, LOL.
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keithsan
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check the date though and cross reference, they are good for a quickie but better with 10Q's etc.
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glassman
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who said it was a vacation? did that over the river and thru the woods thing? sometimes i think my family is wackier than the threads around here...

and you big rig drivers that think you need to pass on the uphill grades???? MUUUUAHHHHHH!!!!


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keithsan
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your family reunion hmmmmmm.....

banjos and deliverance comes to mind..


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glassman
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don't forget the General Lee.....hee hee
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I'm out at .35... probably sold too soon, but it's money in my pocket.
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glassman
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hmmmmm.....
i guess you are always correct when you take a profit.....
this looks like the beginning of something good so far tho....
i'm looking for 100% here....


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Well I'm running in "paranoid mode" these days...any type of decent profit at all I'm willing to take it. But been watching it creep up this morning...hope you guys make it big!
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Zany
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Hey glassman, I hope you don't mind me asking but where do you get your tip offs? Like this stock for instance, you saw some activity and made a good call. Where did your initial observance come from?
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I saw it on OTCCharts news streamer myself. The news streamer alone is worth the price, IMHO.

Like 9 bucks for the first month, 99 afterwards.

If I had been at the computer I would have noticed RGRX when it was 3ish before it broke to 8 dollars a share on their heart attack drug results news.

[This message has been edited by Phoenixx (edited December 01, 2004).]


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glassman
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same here....

i like to trade based on news....

lately tho, PPS has not been responding to news as well as it could...

Scottrade has a DOW news streamer...OTCCarts has BB stocks.....


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94Hokies
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Just wondering if anybody was still hanging with this one. I got in at .33 last week and was thinking about just taking .01 gain and freeing the cash back up. Any short term reason to hold on to it?
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glassman
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depends on what you are gonna do with the cash...

it should go above .50, but when???

ususally a couple days after you sell...LOL


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94Hokies
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Just seems that every time I end up holding something for a few weeks, I get hit with a bad news PR. This has been a shaky couple years on the NASDAQ with so many financials getting restated. I actually like holding long, but have gotten a bit gun shy lately.
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