**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

| x | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|---|------------------------------------------------------------------------------------------------------------------------------------------|

**OR**

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

**LATIN      AMERICAN TELECOMMUNICATIONS**

**VENTURE      COMPANY - LATVCO.**

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

| Class                                  |   | Shares                Outstanding |   | Date                          |
|----------------------------------------|--------|-----------------------------------|--------|-------------------------------|
| Common,                $.001 par value |   | 33,092,500                        |   | July                _17, 2008 |

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

**INDEX**

|                                                                                                                                                    | Page                Number |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|
| PART                I - FINANCIAL INFORMATION                                                                                                      |                       |
|                                                                                                                                                    |                       |
| Item                1.Financial Statements                                                                                                              |                       |
|                                                                                                                                                    |                       |
| Condensed                Consolidated Balance Sheets – May 31, 2008 (unaudited) and November                30, 2007 (audited)               | 3                          |
|                                                                                                                                                    |                       |
| Condensed                Consolidated Unaudited Statements of Losses - For the three and six                months ended May 31, 2008 and 2007     | 4                          |
|                                                                                                                                                    |                       |
| Condensed                Consolidated Unaudited Statements of Cash Flows - For the six months                ended                May 31, 2008 and 2007 | 5                          |
|                                                                                                                                                    |                       |
| Notes                to Condensed Consolidated Unaudited Financial Statements                                                                           | 6                          |
|                                                                                                                                                    |                       |
| Item                2.Management's Discussion and Analysis or Plan of                Operations                                                         | 15                         |
|                                                                                                                                                    |                       |
| Item                3. Controls and Procedures                                                                                                          | 16                         |
|                                                                                                                                                    |                       |
| PART                II - OTHER INFORMATION                                                                                                              |                       |
|                                                                                                                                                    |                       |
| Item                1. Legal Proceeding                                                                                                                 | 17                         |
|                                                                                                                                                    |                       |
| Item                2. Unregistered Sale of Equity Securities and Use of                Proceeds                                                        | 17                         |
|                                                                                                                                                    |                       |
| Item                3. Defaults Upon Senior Securities                                                                                                  | 17                         |
|                                                                                                                                                    |                       |
| Item                4. Submission of Matters to a Vote of Security Holders                                                                              | 17                         |
|                                                                                                                                                    |                       |
| Item                5. Other Information                                                                                                                | 17                         |
|                                                                                                                                                    |                       |
| Item                6. Exhibits                                                                                                                    | 17                         |
|                                                                                                                                                    |                       |
| SIGNATURES                                                                                                                                              | 17                         |
|                                                                                                                                                    |                       |
| Certifications                                                                                                                                          |                       |

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|                                                                                                                                                                                                                              |   | **May 31, 2008** |     | **November ****30, 2007** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|----------|-------------------------------------|--------|
|                                                                                                                                                                                                                              |   | (unaudited)                |     | (audited)                           |   |
|  ASSETS                                                                                                                                                                                                                      |   |
| Current assets:                                                                                                                                                                                                              |   |                       |          |                                |   |  |   |
| Cash                and cash equivalents                                                                                                                                                                                          |   | $                          | 3,259    |                                | $      | 8,530 |   |
| Accounts                receivable                                                                                                                                                                                                |   |                       | 2,074    |                                |   | 3,461 |   |
| Inventory                (Note 3)                                                                                                                                                                                                 |   |                       | 11,141   |                                |   | 35,969 |   |
|  Note                receivable (Note 4)                                                                                                                                                                                     |   |                       | -        |                                |   | 30,000 |   |
| Total                current assets                                                                                                                                                                                               |   |                       | 16,474   |                                |   | 77,960 |   |
|                                                                                                                                                                                                                              |   |                       |          |                                |   |  |   |
| Total                assets                                                                                                                                                                                                       |   | $                          | 16,474   |                                | $      | 77,960 |   |
|                                                                                                                                                                                                                              |   |                       |          |                                |   |  |   |
| LIABILITIES                AND STOCKHOLDERS' DEFICIT                                                                                                                                                                              |
|                                                                                                                                                                                                                              |   |                       |          |                                |   |  |   |
| Current                liabilities:                                                                                                                                                                                               |   |                       |          |                                |   |  |   |
| Loans                payable - related parties (Note 5)                                                                                                                                                                           |   | $                          | 43,265   |                                | $      | 181,239 |   |
| Accounts                payable and accrued expenses                                                                                                                                                                              |   |                       | 55,225   |                                |   | 54,836 |   |
| Total                current liabilities                                                                                                                                                                                          |   |                       | 98,490   |                                |   | 236,075 |   |
|                                                                                                                                                                                                                              |   |                       |          |                                |   |  |   |
| Commitments                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 May 31, 2008 and November                30, 2007, respectively |   |                       | 33,093   |                                |   | 34,300 |   |
| Treasury                Stock (0 shares at May 31, 2008 and 12,037,500 shares at November                30,                2007)                                                                                                 |   |                       | -        |                                |   | (163,106 | ) |
| Paid-in                capital                                                                                                                                                                                                    |   |                       | 702,367  |                                |   | 717,530 |   |
| Accumulated                deficit                                                                                                                                                                                                |   |                       | (817,476 | )                                   |   | (746,839 | ) |
| Total                stockholders' deficit                                                                                                                                                                                        |   |                       | (82,016  | )                                   |   | (158,115 | ) |
|                                                                                                                                                                                                                              |   |                       |          |                                |   |  |   |
| Total                liabilities and stockholders' deficit                                                                                                                                                                        |   | $                          | 16,474   |                                | $      | 77,960 |   |

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|                                                                                                  |   | ThreeMonths EndedMay 31,2008 |       | Three Months Ended May 31, 2007 |   | Six Months Ended  May 31,  2008 |   | Six Months Ended  May 31,                 2007   |       |
|-------------------------------------------------------------------------------------------------------|--------|----------------------------------------|------------|----------------------------------------------------------|--------|--------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|------------|
| REVENUES                                                                                              |   |                                   |       |                                                     |   |                                                                    |   |                                                                                     |       |   |   |  |   |
|                                                                                                  |   |                                   |       |                                                     |   |                                                               |   |                                                                                     |       |   |   |   |   |
| Sales                                                                                                 |   | $                                      | 29,001     |                                                     | $      | 101,858                                                            |   | $                                                                                        | 46,066     |   | $ | 128,969 |   |
| Cost                of sales                                                                          |   |                                   | 10,834     |                                                     |   | 42,093                                                             |   |                                                                                     | 17,831     |   |   | 58,952 |   |
| Gross                profit                                                                           |   |                                   | 18,167     |                                                     |   | 59,765                                                             |   |                                                                                     | 28,235     |   |   | 70,017 |   |
|                                                                                                  |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| OPERATING                EXPENSES                                                                     |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| Media                advertising                                                                      |   |                                   | 6,049      |                                                     |   | 83,979                                                             |   |                                                                                     | 9,187      |   |   | 155,838 |   |
| Other                selling, general and administrative                                              |   |                                   | 46,988     |                                                     |   | 94,279                                                             |   |                                                                                     | 83,290     |   |   | 271,108 |   |
| Merger                expense                                                                         |   |                                   | -          |                                                     |   | 112,700                                                            |   |                                                                                     | -          |   |   | 112,700 |   |
| Total                operating expenses                                                               |   |                                   | 53,037     |                                                     |   | 290,958                                                            |   |                                                                                     | 92,477     |   |   | 539,646 |   |
| LOSS                FROM OPERATIONS                                                                   |   |                                   | (34,870    | )                                                        |   | (231,193                                                           | )      |                                                                                     | (64,242    | ) |   | (469,629 | ) |
|                                                                                                  |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| OTHER                INCOME (EXPENSE)                                                                 |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| Interest                expense                                                                       |   |                                   | (770       | )                                                        |   | -                                                                  |   |                                                                                     | (6,395     | ) |   | - |   |
| Interest                income                                                                        |   |                                   | -          |                                                     |   | 3,529                                                              |   |                                                                                     | -          |   |   | 6,721 |   |
|  Total                other income (expense)                                                     |   |                                   | (770       | )                                                        |   | 3,529                                                              |   |                                                                                     | (6,395     | ) |   | 6,721 |   |
| Net                loss before provision for income taxes                                             |   |                                   | (35,640    | )                                                        |   | (227,664                                                           | )      |                                                                                     | (70,637    | ) |   | (462,908 | ) |
|                                                                                                  |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| Income                taxes                                                                           |   |                                   | -          |                                                     |   | -                                                                  |   |                                                                                     | -          |   |   | - |   |
|                                                                                                  |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| NET                LOSS                                                                               |   | $                                      | (35,640    | )                                                        | $      | (227,664                                                           | )      | $                                                                                        | (70,637    | ) | $ | (462,908 | ) |
|                                                                                                  |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| Net                loss per common share (basic and fully diluted)                                    |   | $                                      | (0.00      | )                                                        | $      | (0.01                                                              | )      | $                                                                                        | (0.00      | ) | $ | (0.01 | ) |
|                                                                                                  |   |                                   |            |                                                     |   |                                                                    |   |                                                                                     |            |   |   |  |   |
| Weighted                average of common shares outstanding (basic                and fully diluted) |   |                                   | 33,092,500 |                                                     |   | 33,505,435                                                         |   |                                                                                     | 33,673,156 |   |   | 33,057,692 |   |

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|                                                                                                       |   | Six                Months                Ended                May                31, 2008 |    | Six                Months                Ended                May                31,                2007 |   |
|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------|--------|
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                                       |   |                                                                                      |    |                                                                                                     |   |   |   |
| Net                loss                                                                                    |   | $                                                                                         | (70,637 | )                                                                                                        | $      | (462,908 | ) |
| Adjustments                to reconcile net loss to net cash used in operating                activities:  |   |                                                                                      |    |                                                                                                     |   |   |   |
| Issuance                of common stock for services                                                       |   |                                                                                      |    |                                                                                                     |   | 1,700 |   |
| Interest                income debited to note receivable                                                  |   |                                                                                      | -       |                                                                                                     |   | (6,482 | ) |
| INCREASE                (DECREASE) IN CASH RESULTING FROM CHANGES IN:                                      |   |                                                                                      |    |                                                                                                     |   |   |   |
| Accounts                receivable                                                                         |   |                                                                                      | 1,387   |                                                                                                     |   | - |   |
| Inventory                                                                                                  |   |                                                                                      | 24,828  |                                                                                                     |   | (160,694 | ) |
| Prepaid                expense                                                                             |   |                                                                                      | -       |                                                                                                     |   | 9,000 |   |
| Other                current asset                                                                         |   |                                                                                      | -       |                                                                                                     |   | 175,000 |   |
| Accounts                payable and accrued expenses                                                       |   |                                                                                      | 390     |                                                                                                     |   | - |   |
| Cash                used in operating activities                                                           |   |                                                                                      | (44,032 | )                                                                                                        |   | (387,604 | ) |
|                                                                                                       |   |                                                                                      |    |                                                                                                     |   |   |   |
| CASH                FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:                                 |   |                                                                                      |         |                                                                                                     |   |  |   |
| Repayment                of note receivable                                                                |   |                                                                                      | 30,000  |                                                                                                     |   | - |   |
| Purchase                of note receivable                                                                 |   |                                                                                      | -       |                                                                                                     |   | (200,000 | ) |
| Cash                provided by (used in) investing activities                                             |   |                                                                                      | 30,000  |                                                                                                     |   | (200,000 | ) |
|                                                                                                       |   |                                                                                      |         |                                                                                                     |   |  |   |
| CASH                FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:                                      |   |                                                                                      |    |                                                                                                     |   |   |   |
| Repayments                on loans payable - related parties                                               |   |                                                                                      | (19,604 | )                                                                                                        |   | (159,400 | ) |
| Proceeds                from loans payable and other increases – related                parties |   |                                                                                      | 28,365  |                                                                                                     |   | 120,000 |   |
| Proceeds                from issuance of common stock                                                      |   |                                                                                      | -       |                                                                                                     |   | 25,000 |   |
| Cash                provided by (used in) financing activities                                             |   |                                                                                      | 8,761   |                                                                                                     |   | (14,400 | ) |
|                                                                                                       |   |                                                                                      |         |                                                                                                     |   |  |   |
| Decrease                in cash and cash equivalents                                                       |   |                                                                                      | (5,271  | )                                                                                                        |   | (602,004 | ) |
| Cash                and cash equivalents: beginning of period                                              |   |                                                                                      | 8,530   |                                                                                                     |   | 606,152 |   |
| Cash                and cash equivalents: end of period                                                    |   | $                                                                                         | 3,259   |                                                                                                     | $      | 4,148 |   |
|                                                                                                       |   |                                                                                      |    |                                                                                                     |   |   |   |
| Supplemental                Disclosure of Cash Flow Information:                                           |   |                                                                                      |         |                                                                                                     |   |  |   |
| Cash                paid during the period for interest                                                    |   | $                                                                                         | 11,613  |                                                                                                     | $      | - |   |
| Cash                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  |                                                                                                     | $      | - |   |

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| **Note                1** | **Summary                of Significant Accounting Policies**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                      | Business                and Basis of PresentationThe                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                six-month                periods ended May 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                RecognitionFor                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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

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|   | 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 EquivalentsFor                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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Note                1** | **Summary                of Significant Accounting Policies (continued)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |  Allowance                for Doubtful AccountsThe                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 RiskFinancial                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 SoldThe                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.                                                                                                                                                             |

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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Income                TaxesThe                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                CostsThe                Company follows SOP 93-7 whereby charging the costs of advertising                to                expenses as incurred.  Use                of Accounting EstimatesThe                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 DevelopmentThe                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. |

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|   | **Summary                of Significant Accounting Policies (continued)** Earnings                per ShareThe                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                options and warrants account for the entire difference between basic                average common shares outstanding and diluted average common shares                outstanding. For purposes of computing diluted net income per common                share, weighted average common share equivalents do not include stock                options and warrants with an exercise price that exceeds the average                fair                market value of the Company's common stock for the                period.                                                                                                                                                                                                                                                                                                                          |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Stock                Based CompensationIn                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 is not expected to have a                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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | **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 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.  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 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)                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. |
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| **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. |

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|                        |  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 May 31, 2008, components of inventories                  comprise                  of the following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| Finished                  goods   |   | $      | 156,617  |   |
|-----------------------------------|--------|--------|----------|--------|
|                              |   |   |          |   |
| Less:                  write down |   |   | (145,476 | )      |
|                              |   |   |          |   |
| 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. |

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| **Note                5** | **Loans                Payable - Related Parties**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                      | Loans                payable at May 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 May 31, 2008, the Company owed a total of $43,265                on the                loans, including $1,324 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 May 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.   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 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 May 31, 2008 are as follows: Non                current: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Net                operating loss carry forward |   | $      | 294,291  |   |
|-------------------------------------------------|--------|--------|----------|--------|
| Valuation                allowance              |   |   | (294,291 | )      |
| Net                deferred tax asset           |   |   | -        |   |

| **Note                8** | **Commitments                and Contingencies**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |  Facility                leasesThe                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                agreementsThe                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 $82,016 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. |

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**ITEM      2.**
**MANAGEMENT'S      DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS**

**Material      Changes in Result of Operations**

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**ITEM      3. **
**CONTROLS      AND PROCEDURES**

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**PART      II - OTHER INFORMATION**

**ITEM      1. LEGAL PROCEDINGS**

**ITEM      2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF      PROCEEDS**

**ITEM      3. DEFAULTS UPON SENIOR SECURITIES**

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

**ITEM      5. OTHER INFORMATION**

**ITEM      6.**
**EXHIBITS      AND REPORTS ON FORM 8-K**

|   | a) | Exhibits |
|--------|----|----------|

|   | 31.1 | Certification                Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section                302 of                the Sarbanes-Oxley Act of 2002 |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification                Pursuant to 18 U.S.C Section 1350, as adopted Pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002 |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SIGNATURES**

|                               | **LATIN                AMERICAN TELECOMMUNICATIONS** |
|------------------------------------|------------------------------------------------------|
|                               | **VENTURE                COMPANY - LATVCO.**         |
|                               |                                                 |
| Date:                July 17, 2008 | By:                                                  | /s/                David Bakhshi |
|                               |                                                 | David                Bakhshi |
|                               |                                                 | Principal                Executive Officer and Principal Financial                Officer |

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