**87**




**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 August 31, 2008





**OR**





** ̈**
            **TRANSITION
                REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF
                1934**





From
      the
      transition period from ____________ to ___________.





Commission
      File Number 33-55254-40





**LATIN
      AMERICAN TELECOMMUNICATIONS**


**VENTURE
      COMPANY - LATVCO.**





(Exact
      name of small business issuer as specified in its charter)





Nevada
            
            87-0485311(State
                or other jurisdiction of incorporation or organization)
            
            (IRS
                Employer Identification No.)





1981
      Marcus Avenue No. C 129, Lake Success N.Y. 11042


(Address
      of principal executive offices)





(516)
      775-7775


(Issuer's
      telephone number)





N/A


(Former
      name, former address and former fiscal year, if changed since last
      report)





Indicate
      by check mark whether the registrant (1) filed all reports required to be filed
      by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
      such shorter period that the registrant was required to file such reports),
      and
      (2) has been subject to such filing requirements for the past 90 days:





Yes x No o





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act):





Yes o No x





Class
            
            Shares
                Outstanding
            
            DateCommon,
                $.001 par value
            
            33,092,500
            
            October_10,
                2008







**LATIN
      AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO** **.**


**INDEX**




Page
              NumberPART
                I - FINANCIAL INFORMATIONItem
                1.Financial StatementsCondensed
                Consolidated Balance Sheets – August 31, 2008 (unaudited) and
                November 30, 2007
            3Condensed
                Consolidated Statements of Operations - unaudited - For the three
                and nine
                months ended August 31, 2008 and 2007
            4Condensed
                Consolidated Statements of Cash Flows - unaudited - For the nine
                months
                ended August 31, 2008 and 2007
            5Notes
                to unaudited Condensed Financial Statements
            6Item
                2.Management's Discussion and Analysis or Plan of
                Operations
            14Item
                3. Controls and Procedures
            16PART
                II - OTHER INFORMATIONItem
                1. Legal Proceeding
            16Item
                2. Unregistered Sale of Equity Securities and Use of
                Proceeds
            16Item
                3. Defaults Upon Senior Securities
            16Item
                4. Submission of Matters to a Vote of Security Holders
            16Item
                5. Other Information
            16Item
                6. Exhibits
            16SIGNATURES
            17Certifications









LATIN
      AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO.


CONDENSED
      CONSOLIDATED BALANCE SHEETS




**August
                31,**
              **2008**
            
            **November**
              **30,****2007**(unaudited)
            
            (audited)ASSETSCurrent
                assets:Cash
                and cash equivalents
            
            $
            1,345
            
            $
            8,530Accounts
                receivable
            
            
            1,436
            
            
            3,461Inventory
                (Note 3)
            
            
            11,141
            
            
            35,969Note
                receivable (Note 4)
            
            
            -
            
            
            30,000Total
                current assets
            
            
            13,922
            
            
            77,960Total
                assets
            
            $
            13,922
            
            $
            77,960LIABILITIES
                AND STOCKHOLDERS' DEFICITCurrent
                liabilities:Loans
                payable - related parties (Note 5)
            
            $
            44,005
            
            $
            181,239Accounts
                payable and accrued expenses
            
            
            75,656
            
            
            54,836Total
                current liabilities
            
            
            119,661
            
            
            236,075Commitments
                and contingencies (Note 8)
            
            
            -
            
            
            -Stockholders'
                deficit (Note 6):Common
                stock — $0.001 par value, 99,000,000 shares authorized: 33,092,500
                and 34,300,000 shares issued outstanding as of August 31, 2008 and
                November 30, 2007, respectively
            
            
            33,093
            
            
            34,300Treasury
                Stock (0 shares at August 31, 2008 and 12,037,500 shares at November
                30,
                2007)
            
            
            -
            
            
            (163,106
            )Paid-in
                capital
            
            
            702,367
            
            
            717,530Accumulated
                deficit
            
            
            (841,199
            )
            
            (746,839
            )Total
                stockholders' deficit
            
            
            (105,739
            )
            
            (158,115
            )Total
                liabilities and stockholders' deficit
            
            $
            13,922
            
            $
            77,960




The
      accompanying notes are an integral part of these condensed consolidated
      unaudited financial statements.


3




LATIN
      AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO.


CONDENSED
      CONSOLIDATED UNAUDITED STATEMENTS OF LOSSES


FOR
      THE
      THREE AND NINE MONTHS ENDED AUGUST 31, 2008 AND


2007




Three
              Months
              Ended
              August
                31,
              2008
            
            Three
              Months
              Ended
              August
                31,
              2007
            
            NineMonths
              Ended
              August
                31,
              2008
            
            NineMonths
              Ended
              August
                31,
              2007REVENUES:Sales
            
            $
            3,888
            
            $
            33,809
            
            $
            49,954
            
            $
            162,778Cost
                of sales
            
            
            -
            
            
            9,280
            
            
            24,828
            
            
            68,232Gross
                profit
            
            
            3,888
            
            
            24,529
            
            
            25,126
            
            
            94,546OPERATING
                EXPENSES:Media
                advertising
            
            
            3,116
            
            
            12,983
            
            
            12,303
            
            
            168,820Other
                selling, general and administrative
            
            
            23,755
            
            
            52,108
            
            
            100,048
            
            
            323,217Merger
                expense
            
            
            -
            
            
            -
            
            
            -
            
            
            112,700Total
                operating expenses
            
            
            26,871
            
            
            65,091
            
            
            112,351
            
            
            604,737LOSS
                FROM OPERATIONS
            
            
            (22,983
            )
            
            (40,562
            )
            
            (87,225
            )
            
            (510,191
            )OTHER
                INCOME (EXPENSE):Interest
                expense
            
            
            (741
            )
            
            (3,634
            )
            
            (7,136
            )
            
            (3,634
            )Interest
                income
            
            
            -
            
            
            3,356
            
            
            -
            
            
            10,077Total
                other income (expense)
            
            
            (741
            )
            
            (278
            )
            
            (7,136
            )
            
            6,443Net
                loss before income taxes
            
            
            (23,724
            )
            
            (40,840
            )
            
            (94,361
            )
            
            (503,748
            )Income
                taxes
            
            
            -
            
            
            -
            
            
            -
            
            
            -NET
                LOSS
            
            $
            (23,724
            )
            
            (40,840
            )
            
            (94,361
            )
            $
            (503,748
            )Net
                loss per common share (basic and fully diluted)
            
            $
            (0.00
            )
            
            (0.00
            )
            
            (0.00
            )
            $
            (0.02
            )Weighted
                average of common shares outstanding(basic
                and fully diluted)
            
            
            33,092,500
            
            
            34,300,000
            
            
            33,478,900
            
            
            33,474,818




The
      accompanying notes are an integral part of these condensed consolidated
      unaudited financial statements.




4





LATIN
      AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO.


CONDENSED
      CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS


FOR
      THE
      NINE MONTHS ENDED AUGUST 31, 2008 AND 2007




Nine
              Months
              Ended
              August
                31,
              2008
            
            Nine
              Months
              Ended
              August
                31,
              2007CASH
                FLOWS FROM OPERATING ACTIVITIES:Net
                loss
            
            $
            (94,361
            )
            $
            (503,748
            )Adjustments
                to reconcile net loss to net cash used in operating
                activities:Issuance
                of common stock for services
            
            
            
            
            
            1,700Interest
                income debited to note receivable
            
            
            -
            
            
            (2,550
            )INCREASE
                (DECREASE) IN CASH RESULTING FROM CHANGES IN:Accounts
                receivable
            
            
            2,025
            
            
            (2,455
            )Inventory
            
            
            24,828
            
            
            (152,754
            )Prepaid
                expense
            
            
            -
            
            
            9,000Other
                current asset
            
            
            -
            
            
            175,000Accounts
                payable and accrued expenses
            
            
            20,820
            
            
            53,766Cash
                used in operating activities
            
            
            (46,688
            )
            $
            (422,041
            )CASH
                FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:Repayment
                of note receivable
            
            
            30,000
            
            
            12,712Purchase
                of note receivable
            
            
            -
            
            
            (200,000
            )Cash
                provided by (used in) investing activities
            
            
            30,000
            
            
            (187,288
            )CASH
                FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:Repayments
                on loans payable - related parties
            
            
            (19,604
            )
            
            (169,400
            )Proceeds
                from loans payable and other increases - related parties
            
            
            29,136
            
            
            147,634Proceeds
                from issuance of common stock
            
            
            -
            
            
            25,000Cash
                provided by (used in) financing activities
            
            
            9,531
            
            
            3,234Decrease
                in cash and cash equivalents
            
            
            (7,156
            )
            
            (606,095
            )Cash
                and cash equivalents: beginning of period
            
            
            8,530
            
            
            606,152Cash
                and cash equivalents: end of period
            
            $
            1,374
            
            $
            57Supplemental
                Disclosure of Cash Flow Information:Cash
                paid during the period for interest
            
            $
            11,644
            
            $
            2,205Cash
                paid during the period for taxes
            
            $
            -
            
            $
            -Supplemental
                Disclosure of Noncash Transactions:Repayment
                of loan payable - related parties with Treasury Stock
            
            $
            146,736
            
            $
            -Retirement
                of Treasury Stock
            
            $
            16,370
            
            $
            -




The
      accompanying notes are an integral part of these condensed consolidated
      unaudited financial statements.


5





LATIN
      AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO.


NOTES
      TO
      CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS


FOR
      THE
      THREE AND NINE MONTHS ENDED AUGUST 31, 2008 AND 2007




**Note 1**
            **Summary
                of Significant Accounting
                Policies**





Business
      and Basis of Presentation


The
      accompanying unaudited condensed consolidated financial statements have been
      prepared in accordance with accounting principles generally accepted in the
      United States of America for interim financial information and with the
      instructions to Form 10-QSB. Accordingly, they do not include all of the
      information and footnotes required by generally accepted accounting principles
      for complete financial statements.




In
      the
      opinion of management, all adjustments (consisting of normal recurring accruals)
      considered necessary for a fair presentation have been included. Accordingly,
      the results from operations for the three-month and nine-month periods ended
      August 31, 2008 are not necessarily indicative of the results that may be
      expected for the year ended November 30, 2008. The unaudited condensed
      consolidated financial statements should be read in conjunction with the
      November 30, 2007 financial statements and footnotes thereto included in the
      Company's SEC Form 10-KSB filed on March 17, 2008.





Latin
      American Telecommunications Venture Company - LATVCO. (the "Company",
      "Registrant" or "LATVCO"), is incorporated under the laws of the State of
      Nevada. The Company, through its wholly-owned subsidiary, Avallon 7, Inc.
      ("Avallon") designs, develops imports and distributes health and beauty care
      products to Internet and mass market retailers, general merchandisers and
      directly to consumers through direct response marketing campaigns. We purchase
      our products from unaffiliated manufacturers most of which are located in
      Europe, South Africa, the People's Republic of China and the United
      States.





The
      consolidated financial statements include the accounts of the Registrant and
      its
      wholly-owned subsidiary, Avallon. All significant inter-company transactions
      and
      balances have been eliminated in consolidation.





Revenue
      Recognition


For
      revenue from product sales, the Company recognizes revenue in accordance with
      Staff Accounting Bulletin No. 104, Revenue Recognition ("SAB104"), which
      superseded Staff Accounting Bulletin No. 101, Revenue Recognition in Financial
      Statements ("SAB101"). SAB 101 requires that four basic criteria must be met
      before revenue can be recognized: (1) persuasive evidence of an arrangement
      exists; (2) delivery has occurred; (3) the selling price is fixed and
      determinable; and (4) collectibility is reasonably assured. Determination of
      criteria (3) and (4) are based on management's judgments regarding the fixed
      nature of the selling prices of the products delivered and the collectibility
      of
      those amounts. Provisions for discounts and rebates to customers, estimated
      returns and allowances, and other adjustments are provided for in the same
      period the related sales are recorded. The Company defers any revenue for which
      the product was not delivered or is subject to refund until such time that
      the
      Company and the customer jointly determine that the product has been delivered
      or no refund will be required.




SAB
      104
      incorporates Emerging Issues Task Force 00-21 ("EITF 00-21"),
      Multiple-deliverable Revenue Arrangements. EITF 00-21 addresses accounting
      for
      arrangements that may involve the delivery or performance of multiple products,
      services and/or rights to use assets. The effect of implementing EITF 00-21
      on
      the Company's financial position and results of operations was not
      significant.





Cash
      and Cash Equivalents


For
      purposes of reporting the statement of cash flows, the Company considers all
      cash accounts, which are not subject to withdrawal restrictions, and all highly
      liquid debt instruments purchased with an original maturity of three months
      or
      less to be cash equivalents.




6




**Note 1**
            **Summary
                of Significant Accounting Policies
                (continued)**





Allowance
      for Doubtful Accounts


The
      Company maintains an allowance for doubt accounts receivable to reduce amounts
      to their estimated realizable value. In estimating the provision for doubtful
      accounts, the company considers a number of factors including age of the
      accounts receivable, trends and ratios involving the age of the accounts
      receivable and the customer mix of each aging categories.





Concentration
      of Credit Risk


Financial
      instruments and related items, which potentially subject the Company to
      concentrations of credit risk, consist primarily of cash, cash equivalents
      and
      trade receivables. The Company places its cash and temporary cash investments
      with high credit quality institutions. At times, such investments may be in
      excess of the FDIC insurance limit.





Inventories
      / Cost of Goods Sold


The
      Company has adopted a policy to record inventory at the lower of cost or market
      determined by the first-in-first-out method. The elements of cost that comprise
      inventory and cost good sold are FOB shipping point costs, freight and
      destination charges, customs and importation fees and taxes, customer broker
      fees (if any) and other related costs. Warehousing costs are changed to cost
      of
      goods in the period the costs are incurred. The Company provides inventory
      allowances based on estimates of obsolete inventories. Inventories consist
      of
      finished products available for sale to distributors and customers.




Income
      Taxes


The
      Company has adopted Financial Accounting Standards No. 109 ("SFAS 109") which
      requires the recognition of deferred tax liabilities and assets for the expected
      future tax consequences of events that have been included in the financial
      statement or tax returns. Under this method, deferred tax liabilities and assets
      are determined based on the difference between financial statements and the
      tax
      basis of assets and liabilities using enacted tax rates in effect for the year
      in which the differences are expected to reverse. Temporary differences between
      taxable income reported for financial reporting purposes and income tax purposes
      are insignificant.





Advertising
      Costs


The
      Company follows SOP 93-7 whereby charging the costs of advertising to expenses
      as incurred.





Use
      of
      Accounting Estimates


The
      preparation of financial statements in conformity with generally accepted
      accounting principles requires management to make estimates and assumptions
      that
      affect the reported amounts of certain assets and liabilities and disclosures.
      Accordingly, the actual amounts could differ from those estimates. Any
      adjustments applied to estimate amounts are recognized in the year in which
      such
      adjustments are determined.





Research
      and Development


The
      Company accounts for research and development costs in accordance with the
      Financial Accounting Standards Board's Statement of Financial Accounting
      Standards No. 2 ("SFAS 2"), "Accounting for Research and Development Costs".
      Under SFAS 2, all research and development costs must be charged to expense
      as
      incurred. Accordingly, internal research and development costs are expensed
      as
      incurred. Third-party research and developments costs are expensed when the
      contracted work has been performed or as milestone results have been achieved.
      Company-sponsored research and development costs related to both present and
      future products are expensed in the period incurred.




7




**Summary
      of Significant Accounting Policies (continued)**


Earnings
        per Share
 The
        Company has reported its earnings per share in accordance with SFAS No. 128,
        "Earnings Per Share." Basic net income per common share is based on the weighted
        average number of shares outstanding during the period. Diluted net income
        per
        common share is based on the weighted average number of shares outstanding
        during the period, including common stock equivalents.
  Stock
        Based Compensation
 In
        December 2002, the FASB issued SFAS No. 148, “Accounting for Stock-Based
        Compensation-Transition and Disclosure-an amendment of SFAS 123.” This statement
        amended SFAS 123, “Accounting for Stock-Based Compensation,” to provide
        alternative methods of transition for a voluntary charge to the fair value
        based
        method of accounting for stock-based employee compensation. In addition,
        this
        statement amended the disclosure requirements of SFAS No. 123 to require
        prominent disclosures in both annual and interim financial statements about
        the
        method of accounting for stock-based employee compensation and the effect
        of the
        method used on reported results. The Company has adopted SFAS 123 (R) which
        supersedes APB Opinion No. 25, “Accounting for Stock Issued to Employees” and
        eliminates the intrinsic value method that was provided in SFAS 123 for
        accounting of stock-based compensation to employees. The Company made no
        employee stock-based compensation grants and therefore has no unrecognized
        stock
        compensation related liabilities or expense unvested or vested.
  New
        Accounting Pronouncements
 
 In
        February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for
        Financial Assets and Financial Liabilities.” SFAS 159 permits entities to choose
        to measure many financial instruments, and certain other items, at fair value.
        SFAS 159 applies to reporting periods beginning after November 15, 2007.
        The adoption of SFAS 159 had no material impact on our financial condition
        or
        results of operations.
 
 In
        December 2007, the FASB issued SFAS No. 160, "Noncontrolling Interest
        in Consolidated Financial Statements, an amendment of ARB No. 51" ("SFAS
        No. 160"), which will change the accounting and reporting for minority
        interests, which will be recharacterized as noncontrolling interests and
        classified as a component of equity within the consolidated balance sheets.
        SFAS
        No. 160 is effective as of the beginning of the first fiscal year beginning
        on
        or after December 15, 2008. Earlier adoption is prohibited and the Company
        is currently evaluating the effect, if any, that the adoption will have on
        its
        financial position, results of operations or cash flows.
  8
  **Summary
        of Significant Accounting Policies (continued)**
  In
        December 2007, the FASB issued SFAS No. 141(R),"Business Combinations"
        ("SFAS No. 141(R)"), which establishes principles and requirements for how
        an acquirer recognizes and measures in its financial statements the identifiable
        assets acquired, the liabilities assumed, and any noncontrolling interest
        in an
        acquiree, including the recognition and measurement of goodwill acquired
        in a
        business combination. SFAS No. 141R is effective as of the beginning of the
        first fiscal year beginning on or after December 15, 2008. Earlier adoption
        is prohibited and the Company is currently evaluating the effect, if any,
        that
        the adoption will have on its financial position, results of operations or
        cash
        flows.
  In
        June 2007, the American Institute of Certified Public Accountants’
(“AICPA”) Accounting Standards Executive Committee issued Statement of Position
        07-1, Clarification of the Scope of the Audit and Accounting Guide Investment
        Companies and Accounting by Parent Companies and Equity Method Investors
        for
        Investments in Investment Companies (“SOP 07-1”). SOP 07-1 provides guidance for
        determining whether an entity is within the scope of the AICPA Audit and
        Accounting Guide Investment Companies (the “Audit Guide”). SOP 07-1 was
        originally determined to be effective for fiscal years beginning on or after
        December 15, 2007. However, on February 6, 2008, FASB issued a final Staff
        Position indefinitely deferring the effective date, prohibiting early adoption
        of SOP 07-1, and addressed implementation issues.
 
 In
        June
        2007, the FASB ratified the consensus in EITF Issue No. 07-3, Accounting
        for Nonrefundable Advance Payments for Goods or Services to be Used in Future
        Research and Development Activities (EITF No. 07-3), which requires that
        nonrefundable advance payments for goods or services that will be used or
        rendered for future research and development activities be deferred and
        amortized over the period that the goods are delivered or the related services
        are performed, subject to an assessment of recoverability. EITF No. 07-3
        will be
        effective for fiscal years beginning after December 15, 2007. The Company
        does not expect that the adoption of EITF No. 07-3 will have a material impact
        on its consolidated financial position, results of operations or cash
        flows.
  9
 
 In
        December 2007, the FASB ratified the consensus in EITF Issue No. 07-1,
        Accounting for Collaborative Arrangements (EITF No. 07-1). EITF No. 07-1
        defines
        collaborative arrangements and requires collaborators to present the results
        of
        activities for which they act as the principals on a gross basis and to report
        any payments received from (made to) the other collaborators based on other
        applicable authoritative accounting literature, and in the absence of other
        applicable authoritative literature, on a reasonable, rational and consistent
        accounting policy is to be elected. EITF No. 07-1 also provides for disclosures
        regarding the nature and purpose of the arrangement, the entity’s rights and
        obligations, the accounting policy for the arrangement and the income statement
        classification and amounts arising from the agreement. EITF No. 07-1 will
        be
        effective for fiscal years beginning after December 15, 2008, which will be
        the Company’s fiscal year 2009, and will be applied as a change in accounting
        principle retrospectively for all collaborative arrangements existing as
        of the
        effective date. The Company has not yet evaluated the potential impact of
        adopting EITF No. 07-1 on its consolidated financial position, results of
        operations or cash flows.
 
 In
        March
        2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments
        and
        Hedging Activities (“SFAS No. 161”), an amendment of SFAS No. 133, Accounting
        for Derivative Instruments and Hedging Activities (“SFAS No. 133”). SFAS No. 161
        requires companies to provide enhanced disclosures regarding derivative
        instruments and hedging activities and to better convey the purpose of
        derivative use in terms of the risks they intend to manage. Disclosures are
        required regarding (a) how and why an entity uses derivative instruments,
        (b)
        how derivative instruments and related hedging items are accounted for under
        SFAS No. 133 and its related interpretations, and (c) how derivative instruments
        and related hedging items affect a company’s financial position, financial
        performance, and cash flows. SFAS No. 161 retains the same scope as SFAS
        No. 133
        and is effective for fiscal years and interim periods beginning after November
        15, 2008. The Company does not expect the adoption of SFAS No. 161 to have
        a
        material impact, if any, on its consolidated financial statements.
 
 Other
        recent accounting pronouncements issued by the FASB (including the EITF),
        the
        AICPA, and the Securities and Exchange Commission did not, or are not believed
        by management to, have a material impact on the Company’s present or future
        consolidated financial statements.
 
 **Note 2**
              **Acquisition
                  and Capital Structure**
  On
        April
        13, 2007, Avallon entered into a Share Exchange Agreement ("the Exchange")
        with
        LATVCO, an inactive publicly registered shell corporation with no significant
        assets or operations. In accordance with SFAS No. 141, Avallon was the acquiring
        entity. While the transaction is accounted for using the purchase method
        of
        accounting, in substance the Agreement is a recapitalization of the Avallon's
        capital structure.
  10
 
 For
        accounting purposes, Avallon has accounted for the transaction as a reverse
        acquisition and Avallon shall be the surviving entity. From July 1999, until
        the
        date of the Exchange, LATVCO was an inactive entity, with no operations.
        The
        Company did not recognize goodwill or any intangible assets in connection
        with
        the transaction. Effective with the Exchange, all previously 100,000,000
        shares
        of outstanding common stock owned by Avallon’s shareholders were exchanged for
        an aggregate of 30,000,000 shares of LATVCO's Common Stock. The value of
        LATVCO’s Common Stock that was issued was the historical cost of LATVCO's net
        tangible assets, which did not differ materially from their fair value. In
        addition, LATVCO issued 2,600,000 shares of Common Stock in exchange for
        remaining outstanding shares of Common Stock held by LATVCO Common Stock.
        In
        connection with the Exchange, LATVCO agreed and cancelled 93,600 shares of
        its
        Common Stock.
 
 The
        accompanying financial statements present the historical financial condition,
        results of operations and cash flows of Avallon prior to the merger with
        LATVCO.
  **Note 3**
              **Inventory**
 
 Inventory
        is stated at the lower of cost or market using first in, first out (FIFO)
        method
        of valuation. At August 31, 2008, components of inventories comprise of the
        following:
  Finished
                  goods
              
              $
              161,355Less:
                  write down
              
              
              (150,214
              )Total
              
              $
              11,141
 
 **Note 4**
              **Note
                  Receivable**
 
 On
        December 13, 2006, the Company loaned $200,000 to Bennoti, Inc., a privately
        held marketer and seller of specialty beverage products. Interest on the
        note
        accrues at 7.0% per annum and was payable together with note principal at
        maturity on April 1, 2007. In June 2007, the Company received a $20,000 payment
        for accrued interest and note principal.  Under the terms of a
        February 27, 2008 Settlement Agreement entered into by the Company and Bennoti,
        Inc.,  the Company received a $30,000 cash payment and 12,037,500 in
        shares of the Company’s common stock as full satisfaction of the
        note.
  11
 
 **Note 5**
              **Loans
                  Payable - Related Parties**
 
 Loans
        payable at August 31, 2008 represent unsecured loans from two related parties
        that are repayable on demand with interest both accruing at 7.0% per annum.
        On
        February 26, 2008, the Company made a partial repayment of $146,736 against
        one
        loan by issuing 10,830,000 shares of Company Common Stock from treasury and
        repaid the remaining balance with cash on March 13, 2008. As of August 31,
        2008,
        the Company owed a total of $44,005 on the loans, including $2,034 of accrued
        interest.
 
 **Note 6**
              **Stockholders’
                  Deficit**
 
 The
        Company’s authorized common equity consists of 99,000,000 shares of a single
        class of Common Stock, having a par value of $0.001 per share, of which
        33,092,500 shares are outstanding. The holders of the Company’s Common Stock
        have no cumulative voting rights or preemptive rights.
 
 Under
        the
        terms of a February 27, 2008 Settlement Agreement entered into by the Company
        and Bennoti, Inc. (See Note 4), the Company received 12,037,500 in shares
        of
        Company Common Stock as a partial repayment of $163,106 against the note
        shares
        are held in treasury.
 
 On
        February 26, 2008, the Company issued 10,830,000 shares of Company Common
        Stock
        from treasury as a partial repayment against a related party loan and cancelled
        its remaining 1,207,500 treasury shares. As of February 29, 2008, no shares
        were
        held in treasury.
 
 **Note 7**
              **Income
                  Taxes**
 
 The
        Company has adopted Financial Accounting Standards No. 109, which requires
        the
        recognition of deferred tax liabilities and assets for the expected future
        tax
        consequences of events that have been included in the financial statement
        or tax
        returns.
 
 Under
        this method, deferred tax liabilities and assets are determined based on
        the
        difference between financial statements and tax basis of assets and liabilities
        using enacted tax rates in effect for the year in which the differences are
        expected to reverse. Temporary differences between taxable income reported
        for
        financial reporting purposes and income tax purposes are insignificant. A
        management estimate that at August 31, 2008, the Company has available for
        federal income tax purposes a net operating loss carry forward of approximately
        $685,000, beginning to expire in the year 2023, that may be used to offset
        future taxable income.
  12
 
 The
        Company has provided a valuation reserve against the full amount of the net
        operating loss benefit, since in the opinion of management based upon the
        limited earnings history of the Company; it is more likely than not that
        the
        benefits may not be realized. Components of deferred tax assets as of August
        31,
        2008 are as follows:
  Non
        current:
  Net
                  operating loss carry forward
              
              $
              294,291Valuation
                  allowance
              
              
              (294,291
              )Net
                  deferred tax asset
              
              
              -
  **Note 8**
                **Commitments
                    and Contingencies**
 
 Facility
          leases
 The
          Company does not lease or own any property. The Company contracts with
          a third
          party logistics company for fulfillment services and the use of warehouse
          space
          in Milford, Connecticut.
  Employment
          agreements
 The
          Company does not have any employment agreements.
  **Note 9**
                **Going
                    Concern**
 
 The
          accompanying statements have been prepared on a going concern basis, which
          contemplates the realization of assets and the satisfaction of liabilities
          in
          the normal course of business. As shown in the accompanying financial
          statements, the Company has incurred losses from operations, has a deficit
          in
          stockholders equity of $105,739 and is dependent on loans from related
          parties
          to fund cash used in operations. These factors among others may indicate
          that
          the Company will be unable to continue as a going concern for a reasonable
          period of time.
 
 The
          Company's existence is dependent upon management's ability to develop profitable
          operations and resolve its liquidity problems. Management anticipates the
          Company will be able to attract a strategic acquirer to improve its liquidity
          through additional equity investment in the Company. The accompanying financial
          statements do not include any adjustments that might result should the
          Company
          be unable to continue as a going concern. In order to improve the Company's
          liquidity, the Company is seeking additional working capital or a strategic
          acquirer. There can be no assurance the Company will be successful in its
          efforts.
  13
  **ITEM
        2.**  **MANAGEMENT'S
        DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS**
 
 **Material
        Changes in Result of Operations**
 
 Our
        primary business is the marketing and sale of health and beauty care products
        to
        consumers, historically, we have used direct response television advertising
        to
        promote our sales, but we have ceased direct response television advertising
        due
        to a lack of capital. The decrease in net sales results from our inability
        to
        run direct response television advertising.
 
 We
        currently have no working capital or access to credit which we need to purchase
        television air time and to purchase products. Our direct response sales
        operation requires that we use cash to purchase (up to two weeks in advance)
        television advertising time to run our infomercials, and to purchase, (up
        to
        eight weeks in advance) products that we sell. Until such time as we obtain
        sufficient working capital and credit, we do not expect to make purchases
        or
        generate direct response revenues. We are currently selling inventory to
        other
        direct marketers and repeat customers in order to generate cash flow and
        continue brand exposure.
 
 Revenues
 
 Revenues
        for the three months ended August 31, 2008 decreased by $29,921 or 89% to
        $3,888
        from $33,809 for the corresponding period of the prior year. Revenues for
        the
        nine months ended August 31, 2008 decreased by $112,824 or 69% to $49,954
        from
        $162,778 for the corresponding period of the prior year. Revenues decreased
        principally because of the elimination of expenditures for promotion and
        advertising.
 
 Cost
        of
        Sales
 
 Cost
        of
        sales for the three months ended August 31, 2008 decreased by $9,280 or 100%
        to
        $0 from $9,280 for the corresponding period of the prior year. Cost of sales
        for
        the nine months ended August 31, 2008 decreased by $43,404 or 64% to $24,828
        from $68,232 for the corresponding period of the prior year. The reduction
        in
        inventory is principally attributable to a reduction in sales and mix of
        higher
        margined goods. Gross margins for the quarterly period ended August 31, 2008
        were 100% compared to 73% for the corresponding period of the prior year.
        Gross
        margins for the nine months ended August 31, 2008 were 64% compared to 58%
        for
        the corresponding period of the prior year. Gross margins were higher during
        the
        three month period ended August 31, 2008 due in part to sales of certain
        products that are carried at relatively lower costs as a result of inventory
        valuation reserves having been established in the quarter ended November
        30,
        2007.
  Media
        Advertising
 
 Media
        advertising for the three months ended August 31, 2008 decreased by $9,867
        or
        76.0% to $3,116 from $12,983 for the corresponding period of the prior year.
        Media advertising for the nine months ended August 31, 2008 decreased by
        $156,517 or 92.7% to $12,303 from $168,820 for the corresponding period of
        the
        prior year. The decreases resulted principally from the lack of capital to
        fund
        an advertising budget.
 
 Other
        Selling, General and Administrative Expense
 
 Other
        selling, general and administrative expense for the three months ended August
        31, 2008 decreased by $28,353 or 54.4% to $23,755 from $52,108 for the three
        months ended August 31, 2007. Other selling, general and administrative expense
        for the nine months ended August 31, 2008 decreased by $223,169 or 69.0%
        to
        $100,048 from $323,217 for the corresponding period of the prior year. Other
        selling, general and administrative expenses decreased in connection with
        the
        reduction in media advertising and management’s efforts to conserve working
        capital.
 
 As
        a
        result of the foregoing, the Company’s loss from operations decreased from
        $40,562 to $22,983 for the three months ended August 31, 2008 and from $510,191
        to $87,225 for the nine months ended August 31, 2008.
  14
 
 Other
        Income (Expense)
 
 For
        the
        three and nine months ended August 31, 2008, the Company incurred interest
        expense on notes to related parties of $741 and $7,136, respectively, as
        compared to $3,634 and $3,634 for the three and nine months ended August
        31,
        2007, respectively. For the three and nine months ended August 31, 2008,
        the
        Company earned interest income on the Bennoti, Inc. promissory note of $0
        and
        $0, respectively, as compared to $3,356 and $10,077 for the three and nine
        months ended August 31, 2007, respectively.
 
 Income
        Taxes
 
 Because
        of net losses in both periods, no income taxes were accrued.
 
 Net
        Income
 
 Based
        on
        the foregoing, the Company incurred a net loss of $23,724 for the three months
        ended August 31, 2008 compared to a net loss of $40,840 for the corresponding
        period of the prior year and a net loss of $94,361 for the nine months ended
        August 31, 2008 compared to a net loss of $503,748 for the nine months ended
        August 31, 2007.
 
 Liquidity
        and Capital Resources
 
 As
        of
        August 31, 2008, the Company had cash equivalents of $1,374 and a deficit
        in
        working capital of $105,740. This compares with cash and cash equivalents
        of
        $8,530 and a deficit in working capital of $158,115 as of November 30,
        2007.
 
 Cash
        used
        in operating activities totaled $46,688 for the nine months ended August
        31,
        2008 compared to $422,041 used in operating activities for the corresponding
        period of the prior year. The funds used in the current period consist of
        the
        net loss of $94,361 partially offset by a $24,828 decrease in accounts
        receivable and $20,820 increase in accounts payable and accrued expenses.
        Our
        cash flow used in operation in the prior period is primarily attributable
        to the
        net loss of $503,748 and a $152,754 increase in our inventory, partially
        offset
        by a $53,766 increase in accounts payable and accrued expenses and a $175,000
        reduction in other current assets for drawing down on our funds held in a
        non-interest bearing escrow account for the payment of legal and consulting
        fees for the April 13, 2007 Share Exchange Agreement with
        Avallon.
 
 Cash
        flows provided by investing activities totaled $30,000 for the nine months
        ended
        August 31, 2008, all from the repayment of a note receivable. This compares
        with
        $200,000 used in investing activities for the corresponding period of the
        prior
        year, all from the receipt of the Bennoti, Inc. promissory note.
 
 Cash
        flows from financing activities totaled $9,531 for the nine months ended
        August
        31, 2008, consisting of net borrowings under loans payable to related parties.
        For the corresponding period of the prior year the Company’s financing
        activities provided $3,234, which consisted of $25,000 in cash collected
        for a
        common stock subscription receivable offset by $21,766 in net repayments
        on the
        loans payable - related parties.
  15
 
 **ITEM
        3.**  **CONTROLS
        AND PROCEDURES**
 
 Based
        on
        their evaluation, as of a date within ninety days of the filing of this Report
        on form 10-QSB, our Chief Executive Officer and Chief Accounting Officer
        concluded that our disclosure controls and procedures (as defined in Rules
        (13a-14 and 15d-14 under the Securities Exchange Act of 1934) are effective.
        There have been no significant changes in internal controls or in other factors
        that could significantly affect these controls subsequent to the date of
        their
        evaluation.
  **PART
        II - OTHER INFORMATION**
 
 **ITEM
        1. LEGAL PROCEDINGS**
 
 On
        or
        about September 28, 2006 Avallon 7, Inc. commenced legal action against Bennoti,
        Inc. in the Supreme Court of the State of New York seeking judgement on the
        unpaid portion of a promissory note from Bennoti, Inc. to Avallon 7, Inc.
        A
        settlement on this matter was reached on February 27, 2008 whereby Bennoti
        paid
        a portion of the unpaid balance in cash and surrendered 12,037,500 shares
        in
        Latin American Telecommunications Company. A portion of these shares having
        been
        assigned to third parties in cancellation of other indebtedness.
 
 **ITEM
        2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF
        PROCEEDS**
 
 None
 
 **ITEM
        3. DEFAULTS UPON SENIOR SECURITIES**
 
 None
 
 **ITEM
        4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**
 
 None
 
 **ITEM
        5. OTHER INFORMATION**
 
 None
 
 **ITEM
        6.**  **EXHIBITS
        AND REPORTS ON FORM 8-K**
 
 a)
              Exhibits31.1
              Certification
                  Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section
                  302 of
                  the Sarbanes-Oxley Act of 200232.1
              Certification
                  Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section
                  906 of
                  the Sarbanes-Oxley Act of 2002
  16
 
 **SIGNATURES**
 
 In
        accordance with the requirements of the Exchange Act, the registrant has
        duly
        caused this report to be signed on its behalf by the undersigned, thereunto
        duly
        authorized.
  **LATIN
                  AMERICAN TELECOMMUNICATIONS****VENTURE
                  COMPANY - LATVCO.**Date:
                  October 10, 2008
              By:
              /s/
                  David BakhshiDavid
                  BakhshiPrincipal
                  Executive Officer and Principal Financial
                  Officer
 
 17