U. S. Securities and Exchange Commission
                   Washington, D.C. 20549

                         FORM 10-QSB
(Mark One)

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

     For the quarterly period ended: September 30, 2002

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

     For the transition period from ___________ to ____________

     Commission File Number:  000-32495

                PARAMCO FINANCIAL GROUP, INC.
             -----------------------------------
              (Name of small business issuer as
                  specified in its charter)

         Nevada                                 88-0441287
      ------------                            ---------------
(State or other jurisdiction of              (I.R.S. Employer
incorporation or organization)               Identification No.)

  4610 So. Ulster Street, Suite 150, Denver, Colorado 80237
 ------------------------------------------------------------
     (Address of principal executive offices / Zip Code)

                      (720) 528-7303
                    -------------------
                 (Issuer's telephone number)

                 The Prestige Group.Net, Inc.
              -----------------------------------
   (Former name, former address and former fiscal year, if
                 changed since last report)

Check whether the issuer (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act of
1934 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 [ ]

Applicable only to issuers involved in bankruptcy
proceedings during the preceding five years:

Check whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of
the Exchange Act of 1934 after the distribution of
securities under a plan confirmed by a court.  Yes [ ] No [
]
Applicable only to corporate issuers:

State the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest
practicable date: 7,333,678 as of November 11, 2002.

Transitional Small Business Disclosure Format (Check One):
Yes [ ]   No [X]




PAGE-1-




PART I - FINANCIAL INFORMATION

Item 1.        Financial Statements





















PAGE-2-




               PARAMCO FINANCIAL GROUP, INC.
 (formerly Prestige Group.net, Inc. and Prestige Jewelry,
                           Inc.)
                CONSOLIDATED BALANCE SHEET
                    SEPTEMBER 30, 2002
                        (UNAUDITED)


                        Assets
                       --------


Current assets:
  Cash                                         $    175,101
  Investments in marketable securities -             16,040
available for sale
  Prepaid expenses                                   12,000
  Other current assets                                  535

         Total assets                          $    203,676




       Liabilities and stockholders' deficit
      ---------------------------------------


Current liabilities:
  Accrued expenses                             $     88,312
  Note payable to related parties                     3,400
  Notes payable                                      20,000
  Promissory notes payable                          659,000

        Total current liabilities                   770,712

Stockholders' deficit:
Preferred stock, $0.001 par value, 4,869,000
  unclassified shares authorized, none issued
                                                          -
Series A convertible Preferred Stock $0.001
par value per share,
 131,000  shares authorized, none issued
                                                          -
Common stock, $0.001 par value, 50,000,000
  shares authorized, 7,206,107 issued and             7,207
outstanding
Additional paid-in capital                          120,024
Accumulated deficit                               (463,577)
Accumulated other comprehensive loss:
  Unrealized loss on securities available for     (230,690)
sale

        Total Stockholders' deficit               (567,036)

        Total liabilities and stockholders'    $    203,676
deficit




PAGE-3-




                    PARAMCO FINANCIAL GROUP, INC.
   (formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
               CONSOLIDATED STATEMENTS OF OPERATIONS)
                             (UNAUDITED)

                                 Three month period            Nine month
                                        ended                 period ended
                                    September 30,             September 30,
                                  2002        2001           2002        2001

Net revenue                 $        -   $       -      $  66,139   $ 126,848


Cost of revenue
                                     -           -              -           -

Gross profit                                               66,139     126,848
                                     -           -

Operating expenses             263,491       2,591        417,929     127,111


Loss from operations          (263,491)     (2,591)      (351,790)       (263)


Other income (expense):
  Litigation settlement        (60,000)          -        (60,000)          -

  Interest expense              (3,126)          -         (6,525)          -

  Miscellenous expense         (13,776)          -        (28,823)          -


Net loss                      (340,393)     (2,591)      (447,138)       (263)


Other comprehensive loss:
    Unrealized loss on        (230,690)          -       (230,690)          -
investments available for
sale

Comprehensive Loss         $  (571,083)   $ (2,591)    $ (677,828)    $  (263)


Basic and diluted net      $     (0.05)   $  (0.00)    $    (0.07)    $ (0.00)
loss per share:

Basic and diluted weighted
average
   shares outstanding        6,291,953   1,562,500      6,047,353   1,562,500



   Basic and diluted weighted average shares outstanding have been
restated for 2001 to affect the recapitalization
   upon reverse merger on September 10, 2002.


   Basic and diluted weighted average shares outstanding have been
restated for all the periods to affect 1:5 reverse
   stock split for all shareholders on March 20, 2002.




PAGE-4-




              PARAMCO FINANCIAL GROUP, INC.
 (formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
          CONSOLIDATED STATEMENTS OF CASH FLOWS
                       (UNAUDITED)

                                         Nine month period
                                               ended
                                            September 30,
                                           2002        2001
   OPERATING ACTIVITIES
    Net loss                        $  (447,138)   $   (263)

    Adjustments to reconcile net
    loss to net cash
    used in operations:
    Issuance of stocks for              126,924           -
    consulting services &
    compensation
    (Increase) / decrease in
    current assets
      Prepaid expenses                 (12,000)           -
      Other assets                        (535)           -
     Increase /(decrease) in
    current liabilities
      Accrued expenses                   43,647           -
   Net cash used in operating          (289,102)       (263)
   activities

   INVESTING ACTIVITIES
    Cash balance with the                42,943           -
    acquired subsidiary
    Purchase of marketable             (246,730)          -
    securities
   Net cash used in investing          (203,787)          -
   activities

   FINANCING ACTIVITIES
    Proceeds from notes payable           8,400           -
    Proceeds from issuance of           659,000           -
    debentures
   Net cash provided by financing       667,400           -
   activities

   Net increase (decrease) in cash      174,511        (263)
   and cash equivalents
   Cash and cash equivalents,               590         366
   beginning balance
   Cash and cash equivalents,       $   175,101   $     103
   ending balance





PAGE-5-





                  PARAMCO FINANCIAL GROUP, INC.
 (Formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
      NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of presentation

The   accompanying   unaudited  condensed  consolidated   interim
financial  statements have been prepared in accordance  with  the
rules  and  regulations of the Securities and Exchange Commission
for the presentation of interim financial information, but do not
include  all the information and footnotes required by  generally
accepted accounting principles for complete financial statements.
The  audited consolidated financial statements for the year ended
December  31,  2001  were  filed  on  March  28,  2002  with  the
Securities and Exchange Commission and are hereby referenced.  In
the  opinion of management, all adjustments considered  necessary
for a fair presentation have been included. Operating results for
the  nine-month  ended  September 30, 2002  are  not  necessarily
indicative of the results that may be expected for the year ended
December 31, 2002.

Effective  September  10,  2002,  the  Company  is  no  longer  a
development stage Company.

Reclassifications

Certain  comparative  amounts have been reclassified  to  conform
with the current year's presentation.

Note 2 - Principles of consolidation

The  accompanying consolidated financial statements  include  the
accounts  of  Paramco Financial Group, Inc. and its  100%  wholly
owned subsidiaries Paramco Mortgage Corporation (PMC) and Paramco
Investments, Inc. (PII).  All significant inter-company  accounts
and  transactions  have  been eliminated in  consolidation.   The
acquisition  of  Paramco  Financial Group,  Inc.  (PFGI)  by  the
Company  on  September  10, 2002, has been  accounted  for  as  a
purchase  and treated as a reverse acquisition since  the  former
owners of PFGI control the majority of the outstanding shares  of
common   stock   of   the  Company  immediately   following   the
acquisition.   The  historical results for the nine-month  period
ended  September 30, 2002 include the Company (from the  date  of
acquisition), PFGI, PMC and PII, while the historical results for
the nine-month period ended September 30, 2001 include only PFGI.

Note 3 - Recent pronouncements

In  June  2001, the Financial Accounting Standards Board ("FASB")
issued  Statement of Financial Accounting Standards ("SFAS")  No.
143,  "Accounting  for  Asset Retirement Obligations".  SFAS  143
addresses  financial  accounting and  reporting  for  obligations
associated with the retirement of tangible long-lived assets  and
the   associated  asset  retirement  costs.  This  Statement   is
effective  for  financial  statements  issued  for  fiscal  years
beginning after June 15, 2002.

SFAS No. 144, "Accounting for the Impairment or Disposal of Long-
Lived  Assets,"  was  issued in August  2001.  SFAS  No.  144  is
effective for fiscal years beginning after December 15, 2001, and
addresses  financial accounting and reporting for the  impairment
or  disposal of long-lived assets. This statement supersedes SFAS
No.  121 "Accounting for the Impairment of Long-Lived Assets  and
for  Long-Lived Assets to Be Disposed Of," and the accounting and
reporting  provisions  of  APB Opinion  No.  30,  "Reporting  the
Results  of Operations - Reporting the Effects of Disposal  of  a
Segment   of   a   Business,  and  Extraordinary,   Unusual   and
Infrequently Occurring Events and Transactions," for the disposal
of a segment of a business.

The   Company  does  not  expect  that  the  adoption  of   above
pronouncements  will have a material effect on  its  earnings  or
financial position.




PAGE-6-




                  PARAMCO FINANCIAL GROUP, INC.
 (Formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
      NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


In  May  2002, the Board issued SFAS No. 145, Rescission of  FASB
Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13,
and  Technical  Corrections ("SFAS 145"). SFAS 145  rescinds  the
automatic  treatment of gains or losses from  extinguishments  of
debt   as  extraordinary  unless  they  meet  the  criteria   for
extraordinary items as outlined in APB Opinion No. 30,  Reporting
the Results of Operations, Reporting the Effects of Disposal of a
Segment   of   a   Business,  and  Extraordinary,   Unusual   and
Infrequently  Occurring Events and Transactions.  SFAS  145  also
requires    sale-leaseback   accounting   for    certain    lease
modifications that have economic effects that are similar to sale-
leaseback transactions and makes various technical corrections to
existing  pronouncements. The provisions of SFAS 145  related  to
the rescission of FASB Statement 4 are effective for fiscal years
beginning after May 15, 2002, with early adoption encouraged. All
other  provisions  of  SFAS  145 are effective  for  transactions
occurring after May 15, 2002, with early adoption encouraged. The
Company does not anticipate that adoption of SFAS 145 will have a
material effect on our earnings or financial position.

In June 2002, the FASB issued SFAS No. 146 " Accounting for Costs
Associated  with  exit  or Disposal Activities."  This  Statement
addresses financial accounting and reporting for costs associated
with  exit  or disposal activities and nullifies Emerging  Issues
Task  Force  (EITF)  Issue No. 94-3, "Liability  Recognition  for
Certain Employee Termination Benefits and Other Costs to Exit  an
Activity  (including Certain Costs Incurred in a Restructuring)."
This  Statement  requires that a liability for a cost  associated
with  an  exit  or  disposal  activity  be  recognized  when  the
liability is incurred. Under Issue 94-3 a liability for  an  exit
cost  as  defined,  was recognized at the  date  of  an  entity's
commitment to an exit plan. The Company does not anticipate  that
adoption  of SFAS 146 will have a material effect on our earnings
or financial position.

Note  4  -  Investments in marketable securities - available  for
sale

During  the  nine  month period ended September  30,  2002,  the
Company invested in shares of EMB Corporation, a publicly traded
company.  Following  is  a  summary  of  investment  in   shares
classified as available for sale as on September 30, 2002:

                                                          Gross
                      Cost Basis       Fair Value          loss
                    --------------   --------------  --------------
Marketable equity
securities-
Common stock         $  246,730        $   16,040      $  230,690

The  Company  has  recorded the decline in  market  value  as  a
temporary  loss.  Accordingly,  a  loss  of  $230,690  has  been
recognized  as  the  unrealized  loss  and  reflected  as  other
comprehensive loss in the statement of Operations for the period
ended  September 30, 2002. The change in net unrealized  holding
loss on securities available for sale that has been included  as
a  separate  component of stockholders' equity  for  the  period
ended September 30, 2002 was $230,690.

Note 5 - Promissory notes payable:

During  the  nine month period ended September  30,  2002,  PFGI
issued   secured  promissory  notes  amounting   $659,000.   The
promissory notes carry an interest rate of 6% per annum and  are
due in twelve months. The interest is payable on a monthly basis
and the principal will be repaid at the end of the term. All  or
part  of  loan proceeds may be rolled for an additional one-year
term  under  the  same  terms  and  conditions  as  first  year.
Principal  is  secured  by  the Company  owned  publicly  traded
preferred  stock  of EMB Corporation. The promissory  notes  are
additionally secured by 500,000 common shares of the Company and
1,000,000 privately held common shares of the Company.

The  notes  shall,  at  the  option of  the  holder  thereof,  be
immediately due and payable upon failure to make any payment  due
or  for  breach  of  any  condition  of  any  security  interest,
mortgage,  pledge  agreement or guaranty  granted  as  collateral
security for the notes or breach of any condition of any security
agreement  or  mortgage,  if  any, having  a  priority  over  any
security agreement or mortgage on collateral granted, in whole or
in  part, as collateral security for the notes or upon the filing
of an assignment for the benefit of creditors, bankruptcy, or for
relief  under  any  provisions of  the  Bankruptcy  Code;  or  by
suffering  an  involuntary petition in bankruptcy or receivership
not vacated within thirty days.



PAGE-7-



                  PARAMCO FINANCIAL GROUP, INC.
 (Formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
      NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Note 6 - Stockholder's equity

All shares and per share amounts have been retroactively restated
to reflect the splits discussed below.

On  January  3, 2002, the Company executed consulting  agreements
with  B.M.M., LLC and Denford Investments, LLC.  Each entity will
provide  consulting services for the Company for a  period  of  6
months  from  the  date of execution of the  agreement  and  will
receive  a  total  of 540,000 shares of common  stock  valued  at
$54,000.  Amounts included in expenses were $54,000 for the  six-
month period ended June 30, 2002.

On  February  28, 2002, the Company received $1,400  in  cash  to
cancel a portion of the subscriptions receivable due from Ashford
Capital.

On  March  20, 2002, the Company effectuated a 1:5 reverse  stock
split for all shareholders as of that date.

During  the  period ended June 30, 2002, the Company  received  a
total  of  $2,375  in cash to cancel the entire  balance  in  the
subscriptions receivable due from Ashford Capital.

On  September  10,  2002, the Company acquired  100%  issued  and
outstanding shares of Paramount Financial Group, Inc. by  issuing
1,562,500 shares of common stock of the Company.

During  the  three  month period ended September  30,  2002,  the
Company  issued  1,277,114 shares of common stock for  consulting
fees  and  compensation of $126,924. Included in  the  consulting
fees  are 454,545 shares of common stock issued to an officer  of
the  Company for the compensation amounting $31,818.  The  stocks
were  valued  at  the  average fair market value  of  the  freely
trading  shares of the Company as quoted on OTCBB on the date  of
issuance.

Note 7 - Basic and diluted net loss per share

Basic  and  diluted net loss per share for the nine-month  period
ended September 30, 2002 and 2001 was determined by dividing  net
loss  for the period by the weighted average number of basic  and
diluted  shares  of  common stock outstanding.  Weighted  average
number of shares used to compute basic and diluted loss per share
is  the  same  since the effect of dilutive securities  is  anti-
dilutive.

Note 8 - Supplemental disclosure of cash flows

The  Company  prepares  its statements of cash  flows  using  the
indirect   method  as  defined  under  the  Financial  Accounting
Standard No. 95.

Cash  flow  statements for the nine-month period ended  September
30,  2002  does not include the effects of issuance  of  1,562500
shares of common stock in the period ended September 30, 2002 for
acquisition of Paramount Financial Group, Inc.

The  Company paid $0 for income tax during the nine-month periods
ended  September  30,  2002 and 2001. The  Company  paid  $0  for
interest  during the nine-month periods ended September 30,  2002
and 2001.



PAGE-8-




                  PARAMCO FINANCIAL GROUP, INC.
 (Formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
      NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Note 9 - Related party transactions

On  January  3, 2002, the Company executed consulting  agreements
with B.M.M., LLC and Denford Investments, LLC.  B.M.M., LLC is  a
company  wholly owned by the brother of one of the  officers  and
directors of the Company at that time.  Denford Investments,  LLC
is a shareholder of the Company.  Each entity provided consulting
services  for the Company for a period of 6 months from the  date
of  execution  of the agreement and received a total  of  540,000
shares of common stock valued at $54,000.

The  Company paid consulting services to an officer and  director
of  the  Company in the amount of $400 for the period ended  June
30, 2002.

The  Company  paid  $2,750  for consulting  services  to  another
company wholly owned by the officers and directors of the Company
for the six-month period ended June 30, 2002.

The  Company  hired B.M.M., LLC, a company wholly  owned  by  the
brother  of  one of the officers and directors of the Company  at
that time.  B.M.M., LLC has performed consulting services in  the
amount of $3,800 for the six months ended June 30, 2002.

The  Company hired Denford Investments, LLC, a shareholder of the
Company.   Denford  Investments,  LLC  has  performed  consulting
services  in the amount of $2,000 for the six-month period  ended
June 30, 2002.

The  Company paid Patrick Deparini, a shareholder of the Company,
for consulting services in the amount of $6,300 for the six-month
period ended June 30, 2002.

During  the  period ended June 30, 2002, the Company  received  a
total of $525 from Ashford Capital, a shareholder of the Company.

During  the  three  month period ended September  30,  2002,  the
Company  issued 454,545 shares of common stock to an  officer  of
the Company for the compensation amounting $31,818.

Note 10 - Acquisition

On  July  16,  2002, there was a change in control  from  Ashford
Capital  to Airline Communications, Ltd. through a Stock Purchase
Agreement whereby Ashford Capital transferred 2,660,000 shares of
the   Company's  $0.001  par  value  common  stock   to   Airline
Communications, Ltd.  Concurrently, the officers and the board of
directors  resigned and were replaced by the officers of  Airline
Communications,  Ltd.  In  addition,  the  former  officers   and
directors  of  the Company received all of the fixed  assets  and
inventory  of the Company and adjusted the promissory notes,  the
amount due from shareholder and the accrued interest as a part of
the acquisition transaction.

As a part of the above transaction, the Company, on September 10,
2002, closed a transaction, whereby it acquired all of the issued
and  outstanding  shares of capital stock  of  Paramco  Financial
Group,   Inc.,   a  Colorado  corporation   (formerly   Paramount
Financial Group, Inc.) ("PFGI") from Douglas G. Gregg and Paul S.
Sidey.  In exchange for all of the shares common stock  of  PFGI,
the  Company  issued  an  aggregate of 1,562,500  shares  of  its
restricted common stock, comprised of 1,462,500 shares to Douglas
G.  Gregg  and 100,000 shares to Paul S. Sidey, officers  of  the
Company.  Douglas  G.  Gregg, President, acting  Chief  Financial
Officer and a director of the Company, is also the President  and
a  director  of each of PFGI and its two subsidiaries,  Paramount
Mortgage  Investments,  Inc. ("PMI") and  Paramount  Real  Estate
Investment Trust, Inc. ("PREI"). Paul S. Sidey, Secretary  and  a
director of the Company, is also the Secretary and a director  of
each  of  PFGI, PMI and PREI. PFGI was incorporated on  April  4,
1996  and is a corporate financial services firm specializing  in
the  development  and placement of commercial  equipment  leasing
transactions  and assisting clients with their capital  formation
needs.



PAGE-9-




                  PARAMCO FINANCIAL GROUP, INC.
 (Formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
      NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


The  acquisition  has  been treated as a capital  transaction  in
substance,  rather than a business combination, and is  deemed  a
"reverse  acquisition" for accounting purposes since  the  former
owners  of PFGI controlled majority of the total shares of Common
Stock  of  the  Company  outstanding  immediately  following  the
acquisition.  The officers and directors of the  Company  at  the
time of acquisition resigned their positions and the shareholders
of  PFGI  assumed  control  of the two  entities.  The  financial
statements  of legal acquiree are not significant, therefore,  no
pro forma financial information is submitted.

On September 27, 2002, PFGI filed an Amendment to its Articles of
Incorporation with the Colorado Secretary of State to change  its
name to Paramco Financial Group, Inc.  Thereafter, on October 18,
2002, Paramco Financial Group, Inc. was merged with and into  its
parent,  the Company, and the Company changed its name to Paramco
Financial  Group, Inc. On October 17, 2002, the  subsidiaries  of
the  Company, Paramount Mortgage Investments, Inc. and  Paramount
Real Estate Investment Trust, Inc. changed their names to Paramco
Mortgage Corporation and Paramco Investments, Inc., respectively.

Note 11 - Commitments and litigations

Commitments:

On  August  14,  2002,  the Company signed an  agreement  with  a
consultant  for services related to development and execution  of
strategic  planning  efforts for the Company.  The  term  of  the
agreement  is  for a three-year period. Under the agreement,  the
Company  will  pay the consultant, a total sum of  $1,500,000  in
installments, by issuance of shares of the Company's Common stock
valued  at the fair market price on the stock exchange  on  which
the  shares  of  the Company are being traded.  The  installments
shall be subject to the following terms:

a)   Within fifteen days of the execution of the agreement, the
Company shall deliver 200,000 shares of common stock valued at
29,740.

b)   Before December 1, 2002, and every three month thereafter,
through August 15, 2002, the Company shall deliver to the
Consultant shares of the Company's common stock equal to
$100,000.

c)   On or before August 15, 2002, the Company shall deliver to
the Consultant shares of the Company's common stock equal to
$300,000.

On  August  14,  2002,  the Company signed an  agreement  with  a
consultant  for services related to development and execution  of
strategic  planning  efforts for the Company.  The  term  of  the
agreement is through December 31, 2003. Under the agreement,  the
Company  will  pay  the consultant fees in the  form  of  220,000
shares of the Company's Common stock valued at $30,514.

On  September  19, 2002, the Company signed an agreement  with  a
consultant  for services related to development and execution  of
strategic  planning  efforts for the Company.  The  term  of  the
agreement  is  through August 31, 2003. Under the agreement,  the
Company  will  pay  the consultant fees in the  form  of  200,000
shares of the Company's Common stock valued at $29,740.

The  stocks were valued at the average fair market value  of  the
freely  trading shares of the Company as quoted on OTCBB  on  the
date of issuance.



PAGE-10-




                  PARAMCO FINANCIAL GROUP, INC.
 (Formerly Prestige Group.net, Inc. and Prestige Jewelry, Inc.)
      NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Litigations:

On  August 1, 2002, Mr. Gregg, the president of the Company,  was
named  as  a  defendant  in  a lawsuit styled,  State  of  Idaho,
Department of Finance, Securities Bureau, vs. Paramount Financial
Group,  Inc., a Colorado corporation, Douglas G. Gregg, president
and director, in his official and individual capacities; and J.L.
"Rocky"  Pfeffer,  Jr.,  vice-president,  in  his  official   and
individual  capacities, and their agents and representatives,  in
the  District Court of the Fourth Judicial District of the  State
of  Idaho,  in  and  for Ada County, Case  No.  CV  OC  02059370.
Plaintiff has alleged causes of action against the defendants for
failure  to  register the securities offered or  to  register  as
broker-dealers or salesmen and violations of Idaho Securities Act
Sections 30-1403(2) and 30-1403(2) (certain anti-fraud provisions
of such Act).  Plaintiff has requested the following relief:  (i)
defendants be found to have violated such Act, (ii) defendants be
enjoined from any acts that would constitute violations  of  such
Act,  (iii)  defendants be prohibited from using  any  exemptions
under  such Act without the prior written consent of the director
of  the  Idaho  Department  of Finance, Securities  Bureau,  (iv)
defendants  return to the sole investor in Idaho of  the  $50,000
subscription that was sold, (v) defendants pay a civil penalty in
the amount of $10,000 for each alleged violation of such Act, and
(vi)  defendants  pay plaintiff's attorney fees  and  costs.   In
early November, 2002 Douglas G. Gregg, individually and on behalf
of  Paramount  Financial  Group, Inc. ("Paramount"),  executed  a
Settlement  Agreement  with  the  Idaho  Department  of  Finance,
Securities Bureau.  The terms of such settlement are as  follows:
(i)  Paramount  returned the $50,000 subscription, plus  interest
accrued  through October 31, 2002, to the sole investor  residing
in  Idaho; (ii) Paramount paid a civil penalty of $10,000 to  the
Idaho  Department  of  Finance; (iii)  Paramount  and  Mr.  Gregg
admitted  to  the  allegation of count  1,  that  of  selling  an
unregistered security to one resident of the State of Idaho; (iv)
neither   Paramount  nor  Mr.  Gregg  admitted  or   denied   the
allegations  of the remaining counts and the Idaho Department  of
Finance agreed not pursue any of those counts;  and (v) Paramount
and  Mr. Gregg are permanently enjoined from selling unregistered
securities  in  the  State  of Idaho without  the  prior  written
consent of the Idaho Department of Finance.  The stipulated order
effectuating this settlement was entered by the Court on November
12, 2002.

Note 12 - Going concern

These financial statements have been prepared in accordance  with
generally  accepted accounting principles applicable to  a  going
concern,  which  contemplates the realization of assets  and  the
satisfaction of liabilities and commitments in the normal  course
of   business.   As  of  September  30,  2002,  the  Company  has
accumulated   operating  losses  of  $463,577  since   inception,
including a net loss of $447,138 for the nine-month period  ended
September 30, 2002. The Company's ability to continue as a  going
concern   is   contingent  upon  the  successful  completion   of
additional financing arrangements and its ability to achieve  and
maintain profitable operations.  Management plans to raise equity
capital to finance the operating and capital requirements of  the
Company.  Amounts raised will be used for further development  of
the  Company's  products, to provide financing for marketing  and
promotion, to secure additional property and equipment,  and  for
other  working capital purposes. While the Company  is  expending
its  best  efforts  to  achieve the  above  plans,  there  is  no
assurance that any such activity will generate funds that will be
available for operations.







PAGE-11-




Item 2.    Management's Discussion and Analysis or Plan
           of Operation

Forward-Looking Statements

     This Quarterly Report for Paramco Financial Group, Inc.
(the "Company") contains forward-looking statements about
our business, financial condition and prospects that reflect
management's assumptions and beliefs based on information
currently available.  We can give no assurance that the
expectations indicated by such forward-looking statements
will be realized.  If any of our management's assumptions
should prove incorrect, or if any of the risks and
uncertainties underlying such expectations should
materialize, our actual results may differ materially from
those indicated by the forward-looking statements.

     The key factors that are not within our control and
that may have a direct bearing on operating results include,
but are not limited to, acceptance of our services, our
ability to expand our customer base, management's' ability
to raise capital in the future, the retention of key
employees, intense competition in our industry, changes in
the regulation of our industry, seasonality of quarterly
results, general economic downturns, and other risks
detailed from time to time in the Company's filings with the
Securities and Exchange (the "SEC").

     There may be other risks and circumstances that
management may be unable to predict.  When used in this
Quarterly Report, words such as, "believes," "expects,"
"intends," "plans," "anticipates," "estimates" and similar
expressions are intended to identify forward-looking
statements, as defined in Section 21E of the Securities
Exchange Act of 1934, although there may be certain forward-
looking statements not accompanied by such expressions.

     Readers are urged to carefully review and consider the
various disclosures made by the Company in this Quarterly
Report, as an attempt to advise interested parties of the
risks and factors that my affect the Company's business,
financial conditions, and results of operations and
prospects.

Recent Changes in Business Strategy, Change in Control and
Change in Corporate Structure

     On July 13, 1999, the Company was incorporated in the
State of Nevada under the name "Prestige Jewelry, Inc." and
on February 4, 2002 its name was changed to "The Prestige
Group.Net, Inc."  On July 16, 2002, Ashford Capital LLC, a
California limited liability company ("Ashford"), sold
2,660,000 shares of our common stock to Airline
Communications, Ltd., a Nevada corporation ("Airline").
This stock represented 60.92% of the total issued and
outstanding common stock of the Company and constituted a
change of control of the Company.

     In conjunction with the acquisition of a controlling
interest in the common stock of the Company, on July 16,
2002, the Board of Directors elected Douglas G. Gregg and
Paul S. Sidey to be members of the Board of Directors.
Immediately thereafter, Joseph M. Dzierwa and Pamela J.
Dzierwa resigned as Directors of the Company.  Neither Mr.
nor Ms. Dzierwa had, at the time of their resignations or at
any prior time, any disagreement with the Company on any
matter relating to the Company's operations, policies, or
practices.  Their resignations were solely to facilitate the
change in control of the Company.  In addition, on July 16,
2002, the Board of Directors elected Douglas G. Gregg as
President and Acting Chief Financial Officer and Paul S.
Sidey as Secretary.



PAGE-12-




     Both Messrs. Gregg and Sidey were also directors, officers
and shareholders of Airline at the time of the change of
control and their election as officers and directors of the
Company.

      At that same time, we abandoned the intended focus of
our business from a web-centered jewelry, precious metals,
gemstone and one-of-a-kind commerce center, which was never
implemented, and adopted a business strategy - a financial
services firm, specifically, mortgages, equipment financing
and leasing, business financing, and investments in
mortgages and real property through a Real Estate Investment
Trust.  In order to effectuate this business plan, we
commenced a program of acquiring established businesses that
operate in the financial services marketplace.

     On September 10, 2002, we acquired Paramount Financial
Group, Inc. ("Paramount") a Denver, Colorado-based
corporation that Douglas G. Gregg, our President and one of
our directors, founded in 1996.  Paramount specializes in
the development and placement of private debt financing and
commercial equipment leasing transactions.  Mr. Sidey, our
Secretary and one of our directors, is also a shareholder,
Secretary and a director of Paramount.  The transaction
provided for us to acquire 5,000,000 shares of common stock
of Paramount, which constitutes all of the issued and
outstanding capital stock of Paramount.  In exchange
therefor, we issued 1,462,500 shares of our common stock to
Douglas G. Gregg and 100,000 shares of our common stock of
Paul S. Sidey.  At the time of its acquisition, Paramount
also was structured with two wholly owned subsidiaries,
Paramount Mortgage Investments, Inc. and Paramount Real
Estate Investment Trust, Inc.  Although neither of these
subsidiaries was operational at the time of the acquisition,
both are poised to implement operations in the mortgage
banking and real estate and mortgage investment business,
respectively.

     On September 27, 2002, Paramount filed an Amendment to
its Articles of Incorporation with the Colorado Secretary of
State to change its name to Paramco Financial Group, Inc.
Thereafter, on October 18, 2002, Paramco Financial Group,
Inc. was merged with and into its parent, the Company, and
the Company changed its name to Paramco Financial Group,
Inc.  Articles of Merger were filed with the Nevada
Secretary State and the Colorado Secretary of State on
October 7, 2002 and October 29, 2002, respectively, both
with the October 18, 2002 effective date.

     On October 17, 2002, our subsidiaries, Paramount
Mortgage Investments, Inc. and Paramount Real Estate
Investment Trust, Inc. changed their names to Paramco
Mortgage Corporation and Paramco Investments, Inc.,
respectively.

     On September 5, 2002, the Company has entered into a
Letter of Intent to acquire Wall Street Mortgage Corporation
("WSMC"), a Texas limited liability company, based in
Irving, Texas.  WSMC is a residential mortgage broker doing
business in Texas and four other states.  On September 24,
2002, we entered into a Letter of Intent to acquire
Woodlands S.A. Financial Services, Inc. ("Woodlands"), a
Texas corporation, based in San Antonio, Texas.  Woodlands
provides financing for medical, credit card and other like
receivables.

     The closing of each of these acquisitions is subject to
the parties negotiating final terms and conditions of the
proposed acquisitions, negotiating and executing the
definitive acquisition agreements, satisfactorily completing
due diligence investigations, and other standard conditions
precedent to transactions of such nature and magnitude.  As
of this date, due diligence investigations of the business
and financial records of WSMC and Woodlands are under way;
however, we can not provide assurances that either of the
proposed acquisitions will close.

     Our Company's common stock is quoted on the OTC
Bulletin Board under the symbol "PFLG."



PAGE-13-




Results of Operations

     The acquisition by the Company of Paramco Financial
Group, Inc. (formerly Paramount Financial Group, Inc.) and
its subsidiaries, on September 30, 2002, was treated as a
reverse acquisition for accounting purposes and the historical
results reflected in the financial statements and discussed
herein are those of the entity formerly known as Paramount
Financial Group, Inc.

Operations for the Three Months ended September 30, 2002, as
compared to the Three Months ended September 30, 2001.

Revenues

During the three months ended September 30, 2002 we had no
revenues nor did we have revenues in the same period for the
prior year

Expenses

Operating expenses for the three months ended September
30, 2002, were $263,491.  This represents an increase of
$260,900, or 10,069%, in total expenses from the comparable
three-month period ended September 30, 2001, when we reported
total expenses of $2,591.  Total expenses, including operating
expenses and those pertaining to litigation settlement, interest
and other miscellaneous expenses for the three-month period
ended September 30, 2002 were $340,393, This represents an
increase of $337,802, or 13,037%, from the comparable
three-month period ended September 30, 2001 when we reported
total expenses of $2,591.  Much of the increase in expenses
can be attributed to the fact that the Company is no longer
a development stage company, but one having operations, and
to those expenses normally incurred by public companies, i.e.,
legal, accounting, etc.  Historical results from 2001 are
reflective of the non-public status of the entity formerly
known as Paramount Financial Group, Inc.

Net Profit (Loss)

During the three months ended September 30, 2002, our
comprehensive loss per share was $571,083 or ($0.05) per
share, as compared the our comprehensive loss per share
during the three months ended September 30, 2001 of $2,591
or ($0.00) per share.  Approximately forty percent of this
loss, $230,690, was accrued as unrealized loss on investments
available for sale. Historical results from 2001 are reflective
of the non-public status of the entity formerly known as
Paramount Financial Group, Inc.

Operations for the Nine Months ended September 30, 2002, as
compared to the Nine Months ended September 30, 2001.

Revenues

Revenues decreased by$60,709, or 47.8%, to $66,139 for the
nine-month period ended September 30, 2002, compared to
$126,848 for the nine-month period ended September 30, 2002.

Expenses

Operating expenses for the nine months ended September
30, 2002, were $417,929.  This represents an increase of
$290,818, or 228%, in operating expenses from the comparable
nine-month period ended September 30, 2001, when we reported
operating expenses of $127,111. Total expenses, including
operating expenses and those pertaining to litigation
settlement, interest and other miscellaneous expenses
for the nine-month period ended September 30, 2002 were
$447,138, This represents an increase of $320,027, or 2517%,
from the comparable nine-month period ended September 30,
2001 when we reported total expenses of $127,111.  Much of
the increase in expenses can be attributed to the fact that
the Company is no longer a development stage company, but
one having operations, and to those expenses normally
incurred by public companies, i.e., legal, accounting, etc.
Historical results from 2001 are reflective of the non-public
status of the entity formerly known as Paramount Financial
Group, Inc.

Net Profit (Loss)

During the nine months ended September 30, 2002, our
comprehensive loss per share was $677,828 or ($0.07) per
share, as compared the our comprehensive loss per share
during the nine months ended September 30, 2001 of $263 or
($0.00) per share.  Approximately forty percent of this
loss, $230,690, was accrued as unrealized loss on investments
available for sale. Historical results from 2001 are
reflective of the non-public status of the entity formerly
known as Paramount Financial Group, Inc.




PAGE-14-




Liquidity and Capital Resources

     In the nine-month period ended September 30, 2002, net cash of
$289,102 was used by operating activities as compared to September 30,
2001, when operating activities used $263.  During the nine-month period
September 30, 2002, investing activities used net cash of $203,787, as
compared to no cash used in investing activities in the nine-month period
ended September 30, 2001.  Net cash of $667,400 was provided by financing
activities during the nine-month period ended September 30, 2002.  This
compared to no cash provided by financing activities during the same period
ended September 30, 2001.  The cash provided by financing came from the
sale of promissory notes by the entity formerly known as Paramount
Financial Group, Inc., substantially all of which were consummated prior
to its acquisition by the Company.


     As of the third quarter ended September 30, 2002, we had $175,101
of current cash available.  Our management believes that this is not
sufficient to meet our needs for the remainder of our 2002 fiscal year.
Since our inception on, the Company has incurred an accumulated
deficit of $463,577.  The Company requires immediate proceeds from debt
or equity financing to provide it with working capital adequate to
proceed with its proposed acquisitions and to go forward with its plan
of operations.

     As a result of these factors, the Company's independent auditors
issued their audit report for the fiscal year ended December 31, 2001,
with a "going concern" opinion:  "This raises substantial doubt about
its ability to continue as a going concern."  None of the factors
addressed by the Company's independent auditors has been mitigated
during the respective three-month periods ended March 31, 2002, June
30, 2002 and September 30, 2002, and the "going concern" issues
remain.   We intend for the Company to seek private equity and/or
debt capital to initiate our mortgage operations by Paramco Mortgage
Corporation and our investment operations by Paramco Investments, Inc.
In addition, our proposed acquisition of WSMC and Woodlands, if
consummated, would provide some additional future working
capital.  There can be no assurances that any such capital
will be available on terms acceptable to us, or at all.
However, management believes that the new focus of our
business on the financial services sector will enable us to
acquire existing businesses in that sector and to utilize
these acquisitions in an effort to raise the capital
necessary to resolve these "going concern" issues.




PAGE-15-




Item 3.        Controls and Procedures

Quarterly evaluation of the company's Disclosure Controls
and Internal Controls.

     Within the 90 days prior to the date of this Quarterly
Report on Form 10-QSB, the company evaluated the
effectiveness of the design and operation of its "disclosure
controls and procedures" (Disclosure Controls), and its
"internal controls and procedures for financial reporting"
(Internal Controls). This evaluation (the Controls
Evaluation) was done under the supervision and with the
participation of management, including our Chief Executive
Officer (CEO) and Acting Chief Financial Officer (CFO).
Rules adopted by the SEC require that in this section of the
Quarterly Report we present the conclusions of the CEO and
the CFO about the effectiveness of our Disclosure Controls
and Internal Controls based on and as of the date of the
Controls Evaluation.

CEO and CFO Certifications.

     Appearing immediately following the Signatures section
of this Quarterly Report there is form of "Certification" of
the CEO and the CFO. This Certification is required in
accord with Section 302 of the Sarbanes-Oxley Act of 2002
(the Section 302 Certification). This section of the
Quarterly Report which you are currently reading is the
information concerning the Controls Evaluation referred to
in the Section 302 Certifications and this information
should be read in conjunction with the Section 302
Certifications for a more complete understanding of the
topics presented.

Disclosure Controls and Internal Controls.

     Disclosure Controls are procedures that are designed
with the objective of ensuring that information required to
be disclosed in our reports filed under the Securities
Exchange Act of 1934 (Exchange Act), such as this Quarterly
Report, is recorded, processed, summarized and reported
within the time periods specified in the Securities and
Exchange Commission's (SEC) rules and forms. Disclosure
Controls are also designed with the objective of ensuring
that such information is accumulated and communicated to our
management, including the CEO and CFO, as appropriate to
allow timely decisions regarding required disclosure.
Internal Controls are procedures which are designed with the
objective of providing reasonable assurance that (1) our
transactions are properly authorized; (2) our assets are
safeguarded against unauthorized or improper use; and (3)
our transactions are properly recorded and reported, all to
permit the preparation of our financial statements in
conformity with generally accepted accounting principles.

Limitations on the Effectiveness of Controls.

     The company's management, including the CEO and CFO,
does not expect that our Disclosure Controls or our Internal
Controls will prevent all error and all fraud. A control
system, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the
design of a control system must reflect the fact that there
are resource constraints, and the benefits of controls must
be considered relative to their costs. Because of the
inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control
issues and instances of fraud, if any, within the company
have been detected. These inherent limitations include the
realities that judgments in decision-making can be faulty,
and that breakdowns can occur because of simple error or
mistake. Additionally, controls can be circumvented by the
individual acts of some persons, by collusion of two or more
people, or by management override of the control. The design
of any system of controls also is based in part upon certain
assumptions about the likelihood of future events, and there
can be no assurance that any design will succeed in
achieving its stated goals under all potential future
conditions; over time, control may become inadequate because
of changes in conditions, or the degree of compliance with
the policies or procedures may deteriorate. Because of the
inherent limitations in a cost-effective control system,
misstatements due to error or fraud may occur and not be
detected.




PAGE-16-




Scope of the Controls Evaluation.

     The CEO/CFO evaluation of our Disclosure Controls and
our Internal Controls included a review of the controls'
objectives and design, the controls' implementation by the
company and the effect of the controls on the information
generated for use in this Quarterly Report. In the course of
the Controls Evaluation, we sought to identify data errors,
controls problems or acts of fraud and to confirm that
appropriate corrective action, including process
improvements, were being undertaken. This type of evaluation
will be done on a quarterly basis so that the conclusions
concerning controls effectiveness can be reported in our
Quarterly Reports on Form 10-QSB and Annual Report on Form
10-KSB. Our Internal Controls are also evaluated on an
ongoing basis by other personnel in our organization and by
our independent auditors in connection with their audit and
review activities. The overall goals of these various
evaluation activities are to monitor our Disclosure Controls
and our Internal Controls and to make modifications as
necessary; our intent in this regard is that the Disclosure
Controls and the Internal Controls will be maintained as
dynamic systems that change (including with improvements and
corrections) as conditions warrant. Among other matters, we
sought in our evaluation to determine whether there were any
"significant deficiencies" or "material weaknesses" in the
company's Internal Controls, or whether the company had
identified any acts of fraud involving personnel who have a
significant role in the company's Internal Controls. This
information was important both for the Controls Evaluation
generally and because items 5 and 6 in the Section 302
Certifications of the CEO and CFO require that the CEO and
CFO disclose that information to our Board's Audit Committee
(or persons performing the equivalent functions) and to our
independent auditors and to report on related matters in
this section of the Quarterly Report. In the professional
auditing literature, "significant deficiencies" are referred
to as "reportable conditions"; these are control issues that
could have a significant adverse effect on the ability to
record, process, summarize and report financial data in the
financial statements. A "material weakness" is defined in
the auditing literature as a particularly serious reportable
condition where the internal control does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud may occur in amounts that would be material
in relation to the financial statements and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. We also sought to deal
with other controls matters in the Controls Evaluation, and
in each case if a problem was identified, we considered what
revision, improvement and/or correction to make in accord
with our on-going procedures.

     In accord with SEC requirements, the CEO and CFO note
that, since the date of the Controls Evaluation to the date
of this Quarterly Report, there have been no significant
changes in Internal Controls or in other factors that could
significantly affect Internal Controls, including any
corrective actions with regard to significant deficiencies
and material weaknesses.

Conclusions.

     Based upon the Controls Evaluation, our CEO and CFO
have concluded that, subject to the limitations noted above,
our Disclosure Controls are effective to ensure that
material information relating to the Company and its
consolidated subsidiaries is made known to management,
including the CEO and CFO, particularly during the period
when our periodic reports are being prepared, and that our
Internal Controls are effective to provide reasonable
assurance that our financial statements are fairly presented
in conformity with generally accepted accounting principles.




PAGE-17-




PART II - OTHER INFORMATION

Item 1.        Legal Proceedings

     On August 1, 2002, Mr. Gregg was named as a defendant
in a lawsuit styled, State of Idaho, Department of Finance,
Securities Bureau, vs. Paramount Financial Group, Inc., a
Colorado corporation, Douglas G. Gregg, president and
director, in his official and individual capacities; and
J.L. "Rocky" Pfeffer, Jr., vice-president, in his official
and individual capacities, and their agents and
representatives, in the District Court of the Fourth
Judicial District of the State of Idaho, in and for Ada
County, Case No. CV OC 02059370.  Plaintiff has alleged
causes of action against the defendants for failure to
register the securities offered or to register as broker-
dealers or salesmen and violations of Idaho Securities Act
Sections 30-1403(2) and 30-1403(2) (certain anti-fraud
provisions of such Act).  Plaintiff has requested the
following relief:  (i) defendants be found to have violated
such Act, (ii) defendants be enjoined from any acts that
would constitute violations of such Act, (iii) defendants be
prohibited from using any exemptions under such Act without
the prior written consent of the director of the Idaho
Department of Finance, Securities Bureau, (iv) defendants
return to the sole investor in Idaho of the $50,000
subscription that was sold, (v) defendants pay a civil
penalty in the amount of $10,000 for each alleged violation
of such Act, and (vi) defendants pay plaintiff's attorney
fees and costs.  On November 6, 2002 Douglas G. Gregg,
individually and on behalf of Paramount Financial Group,
Inc. ("Paramount"), executed a Settlement Agreement with the
Idaho Department of Finance, Securities Bureau.  The terms
of such settlement are as follows:  (i) Paramount returned
the $50,000 subscription, plus interest accrued through
October 31, 2002, to the sole investor residing in Idaho;
(ii) Paramount paid a civil penalty of $10,000 to the Idaho
Department of Finance; (iii)  Paramount and Mr. Gregg
admitted to the allegation of count 1, that of selling an
unregistered security to one resident of the State of Idaho;
(iv) neither Paramount nor Mr. Gregg admitted or denied the
allegations of the remaining counts and the Idaho Department
of Finance agreed not to pursue any of those counts;  and (v)
Paramount and Mr. Gregg are permanently enjoined from
selling unregistered securities in the State of Idaho
without the prior written consent of the Idaho Department of
Finance.  The stiplulated Court order effectuating this
settlement is expected to be entered shortly.

Item 2.        Changes in Securities and Use of Proceeds

     On or about September 17, 2002, we issued 1,462,500
shares of our common stock to Douglas G. Gregg and 100,000
shares of our common stock to Paul S. Sidey in connection
with the acquisition of Paramount.  Contemporaneously
therewith, we issued 454,545 shares of our common stock to
Paul S. Sidey in connection with cancellation of debt of
Paramount to Mr. Sidey for services rendered to Paramount.
These stock transactions were made in reliance upon the
exemption from registration under Section 4(2) of the
Securities Act of 1933, as amended.

     From on or about August 13, 2002 through September 30,
2002, we issued an aggregate of 821,532 shares of our common
stock to third parties in connection with consulting
agreements.  The shares of common stock were issued pursuant
to our 2002 Stock Plan and had been registered with the SEC
by means of the Registration Statement on Form S-8, which
was filed with the SEC and became effective on August 6,
2002.

Item 3.        Default Upon Senior Securities

     None

Item 4.        Submission of Matter to a Vote of Security Holders

     None

Item 5.        Other Information

     None




PAGE-18-




Item 6.        Exhibits and Reports on Form 8-K

     (a)  Exhibits:

     Exhibit
     Number                        Description

     3.1       Certificate of Designations, Preferences and
               Rights of Series A Convertible Preferred
               Stock of the Company filed with the Nevada
               Secretary of State on October 1, 2002, which
               was filed with the Securities and Exchange
               Commission on October 18, 2002, as Exhibit
               3.1 to the Company's Current Report on Form 8-
               K is hereby incorporated by this reference.

     3.2       Articles of Merger filed with the Nevada
               Secretary of State on October 7, 2002,
               providing for the merger of Paramco Financial
               Group, Inc. a Colorado corporation, a wholly
               owned subsidiary of the Company, with and
               into the Company, and also including an
               Amendment to Articles of Incorporation
               changing the Company's name to Paramco
               Financial Group, Inc., all to be effective as
               of October 18, 2002, which were filed with
               the Securities and Exchange Commission on
               October 18, 2002, as Exhibit 3.2 to the
               Company's Current Report on Form 8-K is
               hereby incorporated by this reference.

     10.5      Purchase Agreement by and among The Prestige
               Group.Net, Inc., Douglas G. Gregg and Paul S.
               Sidey dated September 10, 2002, which was
               filed with the Securities and Exchange
               Commission on September 12, 2002, as Exhibit
               10.5 to the Company's Current Report on Form
               8-K is hereby incorporated by this reference.

     99.1 Purchase Agreement, dated June 13, 2002, by and between
               Ashford Capital LLC and Airline Communications, Ltd., which
               was filed with the Securities and Exchange Commission on
               July 25, 2002, as Exhibit 99.1 to the Company's Current
               Report on Form 8-K is hereby incorporated by this reference.

     99.2      Secured Promissory Note of Airline
               Communications, Ltd. and Woodlands S.A.
               Financial Services, Inc., dated July 16,
               2002, which was filed with the Securities and
               Exchange Commission on July 25, 2002, as
               Exhibit 99.2 to the Company's Current Report
               on Form 8-K is hereby incorporated by this
               reference.

     99.3      Security Agreement, dated July 16, 2002, by
               and among Airline Communications, Ltd. and
               Woodlands S.A. Financial Services, Inc. and
               Ashford Capital LLC, which was filed with the
               Securities and Exchange Commission on July
               25, 2002, as Exhibit 99.3 to the Company's
               Current Report on Form 8-K is hereby
               incorporated by this reference.

     99.4      Letter of Intent, dated August 5, 2002, by
               and among Douglas G. Gregg and Paul S. Sidey
               and The Prestige Group.Net, Inc. which was
               filed with the Securities and Exchange
               Commission on August 5, 2002, as Exhibit 99.4
               to the Company's Current Report on Form 8-K
               is hereby incorporated by this reference.

     99.5      Press Release by The Prestige Group.Net,
               Inc., dated August 6, 2002, concerning the
               Letter of Intent, dated August 5, 2002, by
               and between The Prestige Group.Net, Inc.,
               Douglas G. Gregg and Paul S. Sidey, which was
               filed with the Securities and Exchange
               Commission on August 5, 2002, as Exhibit 99.5
               to the Company's Current Report on Form 8-K
               is hereby incorporated by this reference.




PAGE-19-




     99.5.1    Agreement for Consulting Services, dated August
               14, 2002, by and between The Prestige Group.Net, Inc. and
               Trufello Associates Limited, which was filed with the
               Securities and Exchange Commission on August 16, 2002, as
               Exhibit 99.5 to the Company's Current Report on Form 8-K is
               hereby incorporated by this reference.

     99.6 Letter of Intent dated September 5, 2002, by and
               between The Prestige Group.Net, Inc., and Boyd Basham, which
               was filed with the Securities and Exchange Commission on
               September 9, 2002, as Exhibit 99.6 to the Company's Current
               Report on Form 8-K is hereby incorporated by this reference.

     99.7 Press Release by The Prestige Group.Net, Inc., dated
               September 10, 2002, concerning the Letter of Intent dated
               September 5, 2002, by and     between The Prestige
               Group.Net, Inc., and Boyd Basham, which was filed with the
               Securities and Exchange Commission on September 9, 2002, as
               Exhibit 99.7 to the Company's Current Report on Form 8-K is
               hereby incorporated by this reference.

     99.8 Press Release by The Prestige Group.Net, Inc., dated
               September 13, 2002, concerning the acquisition of Paramount
               Financial Group, Inc. by The Prestige Group.Net, Inc., which
               was filed with the Securities and Exchange Commission on
               September 12, 2002, as Exhibit 99.8 to the Company's Current
               Report on Form 8-K is hereby incorporated by this reference.

     99.9      Letter of Intent dated September 24, 2002 by
               and between The Prestige Group.Net, Inc.,
               Michael S. Goodlett and Terrance Riely,
               which was filed with the Securities and
               Exchange Commission on October 1, 2002, as
               Exhibit 99.9 to the Company's Current Report
               on Form 8-K is hereby incorporated by this
               reference.

     99.10     Press Release by The Prestige Group.Net,
               Inc., dated October 1, 2002, concerning the
               Letter of Intent dated September 24, 2002 by
               and between The Prestige Group.Net, Inc.,
               Michael S. Goodlett and Terrance Riely, which
               was filed with the Securities and Exchange
               Commission on October 1, 2002, as Exhibit
               99.10 to the Company's Current Report on Form
               8-K is hereby incorporated by this reference.

     99.11     Press Release by The Prestige Group.Net,
               Inc., dated October 18, 2002, concerning the
               merger of Paramco Financial Group, Inc. a
               Colorado corporation, a wholly owned
               subsidiary of the Company, with and into the
               Company, the change of name of the Company, a
               Nevada corporation, to Paramco Financial
               Group, Inc., and the change of trading symbol
               and CUSIP number, which was filed with the
               Securities and Exchange Commission on October
               18, 2002, as Exhibit 99.11 to the Company's
               Current Report on Form 8-K is hereby
               incorporated by this reference.




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     (b)  Reports on Form 8-K.

          (1)  On July 25, 2002, the Company filed a Current Report on
               Form 8-K, which disclosed the (1) the Purchase Agreement,
               dated June 13, 2002, and other related agreements dated as
               of the closing on July 16, 2002, entered into by and between
               Airline Communications, Ltd., ("Airline"), Woodlands S.A.
               Financial Services, Inc. ("Woodlands"), and Ashford Capital
               LLC ("Ashford") whereby Airline acquired of all of the
               Company's common stock owned by Ashford, representing
               approximately 61% of issued and outstanding stock of the
               Company; (2) the discussions between the Company and
               Paramount Financial Group, Inc. ("Paramount") and Woodlands,
               concerning the acquisition of all of the issued and
               outstanding capital stock of Paramount and Woodlands,
               respectively, by the Company; and (3) the resignation of the
               Company's officers and directors and the election of new
               officers and directors in conjunction with the change of
               control of the Company.

          (2)  On July 26, 2002, the Company filed a Current Report on
               Form 8-K/A, which disclosed further information concerning
               the (1) the Purchase Agreement, dated June 13, 2002, and
               other related agreements dated as of the closing on July 16,
               2002, entered into by and between Airline Communications,
               Ltd., ("Airline"), Woodlands S.A. Financial Services, Inc.
               ("Woodlands"), and Ashford Capital LLC ("Ashford") whereby
               Airline acquired of all of the Company's common stock owned
               by Ashford, representing approximately 61% of issued and
               outstanding stock of the Company; (2) the discussions
               between the Company and Paramount Financial Group, Inc.
               ("Paramount") and Woodlands, concerning the acquisition of
               all of the issued and outstanding capital stock of Paramount
               and Woodlands, respectively, by the Company; and (3) the
               resignation of the Company's officers and directors and the
               election of new officers and directors in conjunction with
               the change of control of the Company.

          (3)  On August 6, 2002, the Company filed a Current Report
               on Form 8-K disclosing the signing of a Letter of Intent by
               and between the Company and shareholders of Paramount,
               whereby the Company proposed to acquire all of the issued
               and outstanding capital stock of Paramount.  The proposed
               transaction would also result in ownership by the Company of
               two wholly-owned subsidiaries of Paramount, Paramount
               Mortgage Investments, Inc. and Paramount Real Estate
               Investment Trust, Inc.

          (4)  On August 16, 2002, the Company filed a Current Report
               on Form 8-K disclosing the Consulting Agreement, dated
               August 14, 2002, by and between the Company and Trufello
               Associates Limited.

          (5)  On August 16, 2002, the Company filed a Current Report
               on Form 8-K disclosing (1) the dismissal on August 13, 2002
               of its independent accountant G. Brad Beckstead CPA and (2)
               the appointment of Kabani & Company, Inc. as its new
               independent accountants.

          (6)  On August 30, 2002, the Company filed a Current Report
               on Form 8-K/A, which included the letter of G. Brad
               Beckstead CPA concerning his dismissal as the Company's
               principal accountant.

          (7)  On September 9, 2002, the Company filed a Current
               Report on Form 8-K disclosing the Letter of Intent dated
               September 5, 2002, by and between The Prestige Group.Net,
               Inc., and Boyd Basham whereby the Company proposed to
               acquire all of the issued and outstanding capital stock of
               Wall Street Mortgage Corporation.

          (8)  On September 12, 2002, the Company filed a Current
               Report on Form 8-K concerning the Purchase Agreement, dated
               as of the closing on September 10, 2002, entered into by and
               between the Company, Douglas G. Gregg and Paul S. Sidey
               whereby the Company acquired of all of the issued and
               outstanding common stock of Paramount Financial Group, Inc.

          (9)  On October 1, 2002, the Company filed a Current Report
               on Form 8-K disclosing the Letter of Intent dated September
               24, 2002, by and between The Prestige Group.Net, Inc.,
               Michael S. Goodlett and Terrance Riely whereby the Company
               proposed to acquire all of the issued and outstanding
               capital stock of Woodlands S.A. Financial Services, Inc.

          (10) On October 18, 2002, the Company filed a Current Report
               on Form 8-K disclosing (1) the merger of its wholly owned
               subsidiary, Paramco Financial Group, Inc., Colorado
               corporation (formerly known as Paramount Financial Group,
               Inc.) with and into the Company, (2) the change of the
               Company's name to Paramco Financial Group, Inc. and (3) a
               new trading symbol and CUSIP number for the Company.




PAGE-21-




                         SIGNATURES

In accordance with the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned
thereunto duly authorized.


                              PARAMCO FINANCIAL GROUP, INC.


Dated:  December 9, 2002          By: /s/ Douglas G. Gregg
                                      -----------------------
                                   Douglas G. Gregg
                                   President, Director and
                                   Acting Principal
                                   Accounting and Chief
                                   Financial Officer

                       CERTIFICATIONS

     I, Douglas G. Gregg, certify that:

     1.   I have reviewed this quarterly report on Form 10-QSB of
Paramco Financial Group, 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;

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

     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 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 upon 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 functions):

     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 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 are
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies
and material weaknesses.

     Date:  December 9, 2002.


                         By:  /s/ Douglas G. Gregg
                             ----------------------------
                              Douglas G. Gregg
                              Chief Executive Officer and
                              Acting Chief Financial Officer




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