U.S.
      SECURITIES AND EXCHANGE COMMISSION


Washington,
      D.C. 20549




FORM
      10-QSB




(Mark
      One)


x
            QUARTERLY
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934 FOR THE QUARTERLY PERIOD ENDED MAY 31,
                2007




OR




o
            TRANSITION
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934 FOR THE TRANSITION PERIODFROM
                ___________ TO ____________.




Commission
      file number 33-55254-40




LATIN
      AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO.


(Exact
      name of registrant as specified in its charter)




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





**1981
      Marcus Avenue, Suite C219, Lake Success, New York
      11042**


(Address
      of Principal Executive Offices)


Registrant's
      telephone number: (516) 775-7775




Former
      Fiscal Year End: December 31, 2006




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




Securities
      registered pursuant to Section 12(b) of the Act: None




Securities
      registered pursuant to Section 12 (g) of the Act:


Preferred
      Stock: No Par Value


Common
      Stock: $ .001 Par Value




Indicate
      by check mark whether the Registrant (1) has filed all reports required to
      be
      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
      the
      preceding 12 months (or for such shorter period that the Registrant was required
      to file such reports), and (2) been subject to such filing requirements for
      the
      past 90 days. Yes x
      No o.




As
      of
      July 30, 2007, the Registrant had 34,300,000 shares of common stock issued
      and
      outstanding.




Transitional
      Small Business Disclosure Format (check one): Yes o No x









Quarterly
      Report on Form 10-QSB for the


Quarterly
      Period Ending May 31, 2007




Table
      of
      Contents




Page**PART
                I. FINANCIAL INFORMATION**Item
                1. Financial Statements (Unaudited)Condensed
                Consolidated Balance Sheet May 31, 2007:
            
            
            3Condensed
                Consolidated Statements of Operations Three and Six Months Ended
                May 31,
                2007:
            
            
            4Condensed
                Consolidated Statements of Cash Flows Six Months Ended May 31,
                2007:
            
            
            5Notes
                to Condensed Consolidated Financial Statements May 31,
                2007:
            
            
            6Item
                2. Management Discussion and Analysis
            
            
            13Item
                3. Controls and Procedures
            
            
            18**PART
                II. OTHER INFORMATION**Item
                1. Legal Proceedings
            
            
            19Item
                6. Exhibits and Reports on Form 8-K
            
            
            19Signatures
            
            
            20CERTIFICATION
                PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002CERTIFICATION
                PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002CERTIFICATION
                PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002CERTIFICATION
                PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002










**PART
      I. FINANCIAL INFORMATION**




**Item
      1. Financial Statements**




The
      following unaudited Condensed Consolidated Financial Statements as of May 31,
      2007 and for the three and six months ended May 31, 2007 have been prepared
      by
      Latin American Telecommunications Venture Company - LATVCO., a Nevada
      corporation.




2




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


**CONDENSED
      CONSOLIDATED BALANCE SHEET**


**(UNAUDITED)**




May
                31, 2007**ASSETS****CURRENT
                ASSETS**:Cash
                and cash equivalents
            
            $
            4,148Inventories
            
            
            193,694Other
                current asset
            
            
            6,482Note
                receivable
            
            
            200,000Total
                current assets
            
            
            404,324Total
                Assets
            
            
            404,324**LIABILITIES
                AND STOCKHOLDERS' EQUITY****CURRENT
                LIABILITIES**:Accounts
                payable and accrued expenses
            
            
            56,780Loan
                payable - related party
            
            
            120,000Total
                current liabilities
            
            
            176,780Commitments
                and contingencies (Note G)**STOCKHOLDERS'
                EQUITY**:Common
                stock, par value $ 0.001 per share; 99,000,000 shares authorized,
                34,300,000 shares issued and outstanding at May 31, 2007
            
            
            34,300Additional
                paid in capital
            
            
            717,530Accumulated
                deficit
            
            
            (524,286
            )Total
                Stockholders' Equity
            
            
            227,544Total
                Liabilities and Stockholders' Equity
            
            $
            404,324





See
      accompanying footnotes to the unaudited condensed consolidated financial
      statements




3




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


**CONDENSED
      CONSOLIDATED STATEMENTS OF OPERATIONS**


**(UNAUDITED)**




Three
                Months
              Ended
              May
                31,
            
            Six
                Months
              Ended
              May
                31,2007
            
            2007**REVENUES**:Net
                sales
            
            $
            101,858
            
            $
            128,969Cost
                of sales
            
            
            42,093
            
            
            58,952Gross
                Profit
            
            
            59,765
            
            
            70,017**OPERATING
                EXPENSES**:Media
                advertising
            
            
            83,979
            
            
            155,838Other
                selling, general and administrative
            
            
            94,279
            
            
            271,108Merger
                expense
            
            
            112,700
            
            
            112,700Total
                Operating Expenses
            
            
            290,958
            
            
            539,646**LOSS
                FROM OPERATIONS**
            
            
            (231,193
            )
            
            (469,629
            )**OTHER
                INCOME**:Interest
                income
            
            
            3,529
            
            
            6,721Total
                Other Income
            
            
            3,529
            
            
            6,721Net
                loss before income taxes
            
            
            (227,664
            )
            
            (462,908
            )Income
                taxes
            
            
            0
            
            
            0**NET
                INCOME**
            
            $
            (227,664
            )
            $
            (462,908
            )Net
                loss per common share (basic andassuming
                dilution)
            
            $
            (0.01
            )
            $
            (0.01
            )Weighted
                average common shares outstanding
            
            
            33,505,435
            
            
            33,057,692





See
      accompanying footnotes to the unaudited condensed consolidated financial
      statements




4




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


**CONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS**


**(UNAUDITED)**




Six
                Months
              Ended
              May
                31,2007**CASH
                FLOWS FROM OPERATING ACTIVITIES:**Net
                loss
            
            $
            (462,908
            )Adjustments
                to reconcile net loss to net cash used in operating
                activities:Issuance
                of common stock for services
            
            
            1,700Interest
                income debited to note receivable
            
            
            (6,482
            )**INCREASE
                (DECREASE) IN CASH RESULTING FROM CHANGES IN:**Inventory
            
            
            (160,694
            )Accounts
                payable and accrued expenses
            
            
            56,780Prepaid
                expenses
            
            
            9,000Other
                current asset
            
            
            175,000**Net
                cash used in operating activities**
            
            
            (387,604
            )**Cash
                Flows Used In Investing Activities:**Purchase
                of note receivable
            
            
            (200,000
            )**Net
                cash used in investing activities**
            
            
            (200,000
            )**Cash
                Flows From Financing Activities:**Proceeds
                from issuance of common stock
            
            
            25,000Repayments
                on loans payable - related parties
            
            
            (159,400
            )Proceeds
                from loan payable - related party
            
            
            120,000**Net
                cash used in financing activities**
            
            
            (14,400
            )Net
                decrease in cash and cash equivalents
            
            
            (602,004
            )Cash
                and cash equivalents at beginning of period
            
            
            606,152Cash
                and cash equivalents at end of period
            
            $
            4,148Supplemental
                Disclosure of Cash Flow Information:Cash
                paid during the period for interest
            
            $
            -Cash
                paid during the period for taxes
            
            $
            -




See
      accompanying footnotes to the unaudited condensed consolidated financial
      statements




5




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


**NOTES
      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**


**MAY
      31, 2007**


**(UNAUDITED)**




**NOTE
      A - SUMMARY OF ACCOUNTING POLICIES**




General




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




In
      the
      opinion of management, all adjustments (consisting of normal recurring accruals)
      considered necessary for a fair presentation have been included. Accordingly,
      the results from operations for the three-month and six-month periods ended
      May
      31, 2007 are not necessarily indicative of the results that may be expected
      for
      the year ended November 30, 2007. The unaudited condensed consolidated financial
      statements should be read in conjunction with the November 30, 2006 financial
      statements and footnotes thereto included in the Company's SEC Form 8-K filed
      on
      April 13, 2007.




Basis
      of Presentation




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 South
      Africa, the People's Republic of China and the United States.





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




Revenue
        Recognition
  For
        revenue from product sales, the Company recognizes revenue in accordance
        with
        Staff Accounting Bulletin No. 104, Revenue Recognition ("SAB104"), which
        superseded Staff Accounting Bulletin No. 101, Revenue Recognition in Financial
        Statements ("SAB101"). SAB 101 requires that four basic criteria must be
        met
        before revenue can be recognized: (1) persuasive evidence of an arrangement
        exists; (2) delivery has occurred; (3) the selling price is fixed and
        determinable; and (4) collectibility is reasonably assured. Determination
        of
        criteria (3) and (4) are based on management's judgments regarding the fixed
        nature of the selling prices of the products delivered and the collectibility
        of
        those amounts. Provisions for discounts and rebates to customers, estimated
        returns and allowances, and other adjustments are provided for in the same
        period the related sales are recorded. The Company defers any revenue for
        which
        the product was not delivered or is subject to refund until such time that
        the
        Company and the customer jointly determine that the product has been delivered
        or no refund will be required.
  6
  SAB
        104
        incorporates Emerging Issues Task Force 00-21 ("EITF 00-21"),
        Multiple-deliverable Revenue Arrangements. EITF 00-21 addresses accounting
        for
        arrangements that may involve the delivery or performance of multiple products,
        services and/or rights to use assets. The effect of implementing EITF 00-21
        on
        the Company's financial position and results of operations was not
        significant.


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




Allowance
        for Doubtful Accounts
  The
        Company maintains an allowance for doubt accounts 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. There were no allowances established
        at May 31, 2007.




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




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




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




The
        Company's net operating loss carry forward is approximately $57,000, which
        may
        be used to reduce future taxable income. The net operating loss carry forward
        will expire in 2026 if not used prior to that time.




7




Research
        and Development
  The
        Company accounts for research and development costs in accordance with the
        Financial Accounting Standards Board's Statement of Financial Accounting
        Standards No. 2 ("SFAS 2"), "Accounting for Research and Development Costs".
        Under SFAS 2, all research and development costs must be charged to expense
        as
        incurred. Accordingly, internal research and development costs are expensed
        as
        incurred. Third-party research and developments costs are expensed when the
        contracted work has been performed or as milestone results have been achieved.
        Company-sponsored research and development costs related to both present
        and
        future products are expensed in the period incurred. The Company had no
        expenditures on research and product development for the period December
        1, 2006
        through May 31, 2007.




Advertising
        Costs
  The
        Company follows SOP 93-7 whereby charging the costs of advertising to expenses
        as incurred. The Company charged to operations $83,979 and $155,838 as
        advertising costs for the three and six-month periods ended May 31, 2007,
        respectively.




Earnings
        per Share
  The
        Company has reported its earnings per share in accordance with SFAS No. 128,
        "Earnings Per Share." Basic net income per common share is based on the weighted
        average number of shares outstanding during the period. Diluted net income
        per
        common share is based on the weighted average number of shares outstanding
        during the period, including common stock equivalents.


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


New
        Accounting Pronouncements
  On
        February 16, 2006 the FASB issued SFAS 155, "Accounting for Certain Hybrid
        Instruments," which amends SFAS 133, "Accounting for Derivative Instruments
        and
        Hedging Activities," and SFAS 140, "Accounting for Transfers and Servicing
        of
        Financial Assets and Extinguishments of Liabilities." SFAS 155 allows financial
        allows financial instruments that have embedded derivatives to be accounted
        for
        as a whole (eliminating the need to bifurcate the derivative from its host)
        if
        the holder elects to account for the whole instrument on a fair value basis.
        SFAS 155 also clarifies and amends certain other provisions of SFAS 133 and
        SFAS
        140. This statement is effective for all financial instruments acquired or
        issued in fiscal years beginning after September 15, 2006. The Company does
        not
        expect its adoption of this new standard to have a material impact on its
        financial position, results of operations or cash flows.
  8
  In
          March
          2006, the FASB issued FASB Statement No. 156, Accounting for Servicing
          of
          Financial Assets - an amendment to FASB Statement No. 140. Statement 156
          requires that an entity recognize a servicing asset or servicing liability
          each
          time it undertakes an obligation to service a financial asset by entering
          into a
          service contract under certain situations. The new standard is effective
          for
          fiscal years beginning after September 15, 2006. The Company does not expect
          its
          adoption of this new standard to have a material impact on its financial
          position, results of operations or cash flows.
  In
          September 2006 the Financial Account Standards Board (the "FASB") issued
          its
          Statement of Financial Accounting Standards 157, Fair Value Measurements.
          This
          Statement defines fair value, establishes a framework for measuring fair
          value
          in generally accepted accounting principles (GAAP), and expands disclosures
          about fair value measurements. This Statement applies under other accounting
          pronouncements that require or permit fair value measurements, the Board
          having
          previously concluded in those accounting pronouncements that fair value
          is the
          relevant measurement attribute. Accordingly, this Statement does not require
          any
          new fair value measurements. However, for some entities, the application
          of this
          Statement will change current practice. The FAS 157 effective date is for
          fiscal
          years beginning after November 15, 2007. The Company does not expect adoption
          of
          this standard will have a material impact on its financial position, operations
          or cash flows.
  In
          September 2006 the FASB issued its Statement of Financial Accounting Standards
          158 "Employers' Accounting for Defined Benefit Pension and Other Postretirement
          Plans". This Statement improves financial reporting by requiring an employer
          to
          recognize the overfunded or underfunded status of a defined benefit
          postretirement plan (other than a multiemployer plan) as an asset or liability
          in its statement of financial position and to recognize changes in that
          funded
          status in the year in which the changes occur through comprehensive income
          of a
          business entity or changes in unrestricted net assets of a not-for-profit
          organization. This Statement also improves financial reporting by requiring
          an
          employer to measure the funded status of a plan as of the date of its year-end
          statement of financial position, with limited exceptions. The effective
          date for
          an employer with publicly traded equity securities is as of the end of
          the
          fiscal year ending after December 15, 2006. The Company does not expect
          adoption
          of this standard will have a material impact on its financial position,
          operations or cash flows.
  Stock-Based
        Compensation




In
      December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based
      Compensation-Transition and Disclosure-an amendment of SFAS 123." This statement
      amends SFAS No. 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 amends 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 not yet adopted any stock-based
      compensation plans.




9




**NOTE
      B - ACQUISITION AND CAPITAL RESTRUCTURE**




On
      April
      13, 2007, Avallon 7, Inc. (“Avallon”) entered into a Share Exchange Agreement
      ("the Exchange") with Latin American Telecommunications Venture Company -
      LATVCO. ("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.




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.




Effective
      with the Exchange, the Company issued 1,700,000 shares of LATVCO’s common stock
      to Vista Consulting Inc. for services rendered in connection with the Exchange.
      In addition, the Company agreed to pay $86,000 for services rendered to the
      Company that is payable upon the Company listing its shares on the
      Over-the-Counter Bulletin Board.




The
      accompanying financial statements present the historical financial condition,
      results of operations and cash flows of Avallon prior to the merger with
      LATVCO.




**NOTE
      C - 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. Under terms of the unsecured note, the Company may,
      at its sole option, accept shares of Bennoti, Inc. Common stock valued at $0.20
      per share as repayment of any portion of the note principal and interest. The
      note is in default. The Company received $20,000 in June 2007. In addition,
      the
      Company retained legal counsel to issue a demand letter for full repayment
      and
      possibly file a lawsuit seeking immediate repayment.





**NOTE
      D - LOAN PAYABLE - RELATED PARTY**





Loan
      payable - related party represents a non-interest bearing loan from a related
      party that is repayable on demand. As of May 31, 2007 the balance outstanding
      was $120,000.




10




**NOTE
      E - CAPITAL STOCK**




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
      34,300,000 shares are outstanding. The holders of the Company’s Common Stock
      have no cumulative voting rights or preemptive rights.




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. In addition, LATVCO issued 2,693,600 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.




Effective
      with the Exchange, the Company issued 1,700,000 shares of LATVCO’s common stock
      to Vista Consulting Inc. for services rendered in connection with the
      Exchange.




**NOTE
      F - CASH FLOWS**




The
      following are the non-cash transaction for the six months ended May 31,
      2007:




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. In addition, LATVCO issued 2,693,600 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.




Effective
      with the Exchange, the Company issued 1,700,000 shares of LATVCO’s Common Stock
      to Vista Consulting Inc. valued at $1,700 for services rendered in connection
      with the Exchange.




**NOTE
      G - COMMITMENTS AND CONTIGENCIES**




Facility
      leases




On
      June 1, 2007, the Company commenced a month-to-month sublease from a related
      party for approximately 700 square feet of office space in Lake Success, New
      York at a rate of $500 per month. The
      Company contracts with a third party logistics company for fulfillment services
      and the use of warehouse space in Milford, Connecticut.




Employment
      agreements




The
      Company does not have any employment agreements.




License
      agreements




On
      August
      17, 2006, the Company entered into an exclusive agreement to distribute Avallon
      8 hair care products throughout the world except for certain European, Latin
      American and Central American countries, China, India, Japan and the African
      continent. The agreement has a three-year term with an option for a three-year
      renewal period.




11







On
      December 4, 2006, the Company entered into a forty-two month exclusive
      product distribution agreement. The license gives the Company exclusive
      marketing rights for North America and Mexico and intellectual property use
      rights, including access to clinical research that supports the products
      efficacy and sale in European markets. The product distribution agreement is
      subject to the Company maintaining minimum annual sales
      requirements.




**NOTE H
      - CONCENTRATIONS**





Purchases
      from two of the Company's major suppliers approximated $20,000 or 11.4% and
      $29,960 or 17.0% of total purchases, respectively, for the three months
      ended May 31, 2007. Purchases from the two major suppliers approximated $66,000
      or 35.2% and $29,960 or 16.0% of total purchases, respectively, for
      the six months ended May 31, 2007.





**NOTE I
      - RELATED PARTY TRANSACTIONS**





On
      December 7, 2006 the Company repaid in full two non-interest bearing demand
      loans from two related parties that had an balance outstanding of
      $159,400.





During
      the three months ended May 31, 2007, a related party loaned a total of $120,000
      to the Company. The loan is non-interest bearing and payable on
      demand.





On
      December 13, 2006, the Company loaned $200,000 to Bennoti, Inc., a privately
      held marketer and seller of specialty beverage products (See Note C). A Company
      stockholder who owns 195,000 shares of Company Common Stock or 0.57% is Bennoti,
      Inc.’s president and a director.





Effective
      with the Exchange, the Company incurred a fee of $86,000 for services assisting
      the Company with listing its shares on the Over-the-Counter Bulletin Board.
      The
      fee is included in merger expense and the consultant is a Company
      stockholder who owns 2,484,500 shares of Company Common Stock or 7.2% and is
      a
      former LATVCO officer and director.




On
      June
      1, 2007, the Company commenced a month-to-month sublease from a related party
      for approximately 700 square feet of office space in Lake Success, New York
      at a
      rate of $500 per month.




**NOTE J
      - GOING CONCERN MATTERS**




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, as of May 31, 2007, the Company had a cash position of $4,148,
      incurred a net loss of $462,908 for the six months then ended and loaned
      $200,000 to Bennoti, Inc. under a note receivable (see Note C). These factors
      among others may indicate that the Company may be unable to continue as a going
      concern for a reasonable period of time.




The
      Company is actively seeking cash for operations by pursuing repayment of its
      note receivable and additional equity financing through discussions with
      investment bankers and private investors. There can be no assurance the Company
      will be successful in its efforts. The Company's existence is dependent upon
      management's ability to develop profitable operations and resolve its liquidity
      problems. Management anticipates the Company will attain profitable status
      and
      improve its liquidity through the continued developing, marketing and selling
      of
      its products, collection of its note receivable and additional equity investment
      in the Company. If operations and cash flows improve through these efforts,
      management believes that the Company can continue to operate. However, no
      assurance can be given that management's actions will result in profitable
      operations or the resolution of its liquidity problems.





12





**ITEM
      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
      OF
      OPERATIONS FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2007**




***Overview***




The
      statements in this Report relating to our expectations are forward-looking
      statements within the meaning of the Private Securities Litigation Reform Act
      of
      1995 (the "Act"). Additionally, words such as "expects", "anticipates",
      "intends", "believes", "will" and similar words are used to identify
      forward-looking statements within the meaning of the Act. We undertake no
      obligation to publicly update or revise any forward-looking statements, whether
      as the result of new information, future events or otherwise.




The
      results anticipated by any or all of these forward-looking statements might
      not
      occur. Important factors, uncertainties and risks that may cause actual results
      to differ materially from these forward-looking statements include (1) general
      domestic and international economic and business conditions including political
      unrest, currency fluctuations and tariffs, (2) increased competition in our
      markets and products, (3) our ability to obtain additional working capital
      and
      (4) our ability to commercialize our products. The Company has sought to
      identify the most significant risks to its business, but cannot predict whether
      or to what extent any of such risks may be realized nor can there be any
      assurance that the Company has identified all possible risks that might arise.
      For more information regarding some of the ongoing risks and uncertainties
      of
      our business, see our other filings with the Securities and Exchange Commission.
      Investors should carefully consider all of such risks before making an
      investment decision with respect to the Company's stock.




The
      following discussion and analysis should be read in conjunction with our
      financial statements and notes thereto. This discussion should not be construed
      to imply that the results discussed herein will necessarily continue into the
      future, or that any conclusion reached herein will necessarily be indicative
      of
      actual operating results in the future. Such discussion represents only the
      best
      present assessment from our Management.




Information
      about us, including a description of our business, markets, properties,
      competition and historical financial information, is provided in summary form
      regarding our business and affairs. This information is not intended to be
      complete and should be read in conjunction with the financial statements and
      other documents appended hereto or described herein.




***General***




Our
      primary business is the marketing and sale of health and beauty care products
      to
      consumers, both branded and private label. The market for health and beauty
      care
      products offers opportunities for new and unique products, with their efficacy
      backed by scientific clinical and before-and-after testimonials. We are
      positioning our business to fill the need for these types of product by using
      an
      integrated direct response and retail-marketing model.




13




***History
      and Organizational Structure***




LATVCO
      was incorporated on July 26, 1990 and functioned as a blank check company.
      Effective as of April 13, 2007, a change in control transaction occurred. This
      change in control is the result of LATVCO’s acquisition of all of the issued and
      outstanding shares of Avallon in exchange for shares of common stock LATVCO
      pursuant to the Exchange Agreement. In accordance with the Exchange Agreement,
      (i) Avallon exchanged all of its issued and outstanding shares of common stock
      for shares of common stock of LATVCO as set forth below and (ii) Avallon is
      a
      wholly owned subsidiary of LATVCO (the “Transaction”). The Transaction closed as
      of April 13, 2007. Prior to the Transaction, Avallon was a privately held
      company. Avallon markets products in the health and beauty care industry. As
      a
      part of the Transaction, LATVCO will change its name to Beauty America,
      Inc.





Avallon
      was incorporated on August 8, 2006 in the state of Nevada. Avallon is located
      at
      1981 Marcus Avenue, Suite C219, Lake Success, New York 11042.





***Products***




Our
      first
      product line, Avallon 8, is a series of products formulated for hair re-growth
      and thickening. Our products are designed to slow down hair loss, strengthen
      existing hair, nourish the user’s inactive hair matrix and re-grow hair. Avallon
      8 products are made using natural ingredients consisting of plant extracts,
      vitamins, amino acids, and plant proteins. Avallon 8 products contain no drugs
      or harmful chemicals and are positioned in the marketplace as a natural solution
      to hair re-growth. The line of Avallon 8 products is presently comprised of
      the
      following: Avallon 8 Hair Intensive Treatment Shampoo, Avallon 8 Hair Intensive
      Treatment Cream and the Avallon 8 Intensive Treatment Spray. We bundle our
      Avallon 8 products as a complete and convenient solution that we sell at the
      Hair Intensive Treatment Kit. We have exclusive distribution agreement with
      the
      Avallon 8 product manufacturer and owner of all associated intellectual
      property. The agreement, which began on August 17, 2006 and has an initial
      three-year term with renewal provisions, covers the United States and the
      majority of non-U.S. markets outside of Africa and the Middle East. We purchase
      finished Avallon 8 products that are shipped from manufacturing facilities
      located in South Africa.





We
      are
      continuously seeking products to extend our Avallon 8 product line and new
      complimentary products that diversify our purchasing options and offer constant
      cost containment and cost reduction. In general, we expect that we will obtain
      new products through licensing arrangements with third parties that have
      patents, clinical trial results, expert endorsements, trademarks, and rights
      to
      distribution or re-distribution.





***Product
      Sales, Distribution and Marketing***




Our
      marketing strategy is use a variety of direct response programs to market our
      products and use distribution through mass retailers and catalogs to expand
      sales. The direct response campaigns use a combination of Internet media, print
      publications, targeted radio spots and infomercial airings on national cable
      and
      select broadcast media. Print ads are placed in national magazines with monthly
      run-of-book rotating ads in the top 30 regional markets. We plan to develop
      and
      air radio spots that target key demographic markets for our product. In
      addition, we expect to develop one and two-minute infomercials that will be
      used
      to test media and for the initial marketing launch. We see an opportunity to
      develop a 28-minute infomercial that more fully demonstrates the product and
      is
      used to drive our direct response marketing sales program. Retail accounts
      will
      be targeted both regional and national levels depending on product roll out
      and
      class of trade pricing strategies.




14





Our
      customer base will consist primarily of U.S. consumers who purchase our products
      directly from us, retailer or consumer product catalogs. The direct response
      element will include soft and hard sell programs and continuity programs for
      all
      the products. Our retail targets will include the different classes of trade,
      including Chain Drug, Grocery, Mass merchants and specialty markets and clubs.
      International sales are expected to be approximately 20% of the total sales
      volume, consisting of product sales to direct marketers operating in non-U.S.
      markets and the licensing of our infomercials and other marketing
      materials.





**FOR
      THE THREE MONTHS AND SIX MONTHS ENDED MAY 31, 2007**




***Results
      of Operations***




***Revenues***




LATVCO,
      through its wholly owned subsidiary Avallon, sells a variety of health and
      beauty care products directly to consumers ("direct response sales") and to
      retailers (the "retail sales"). Avallon uses television and print media
      advertising to promote sales in both segments. Avallon was formed on August
      8,
      2006 and we commenced selling activities in January 2007. Our revenue was
      $101,858 for the three months ended May 31, 2007 versus revenue of $0 for the
      three months ended May 31, 2006. Our revenue was $128,969 for the six months
      ended May 31, 2007 versus revenue of $0 for the six months ended May 31,
      2006.




We
      are
      currently focusing on generating revenue by selling our products directly to
      consumers through their responses to our Internet advertising and other
      marketing campaigns. We plan to test market new health and beauty products.
      Our
      direct response sales operations and test marketing require that we use cash
      to
      purchase, up to two weeks in advance, promotional advertising and to purchase,
      up to eight weeks in advance, products that we sell. We are currently seeking
      funding that we plan to use for our direct response sales operation and new
      product marketing. We expect our ability to generate revenues will depend
      primarily on obtaining funds.




***Gross
      Profit***




Our
      gross
      profit was $59,765 or 58.7% for the three months ended May 31, 2007 versus
      gross
      profit of $0 for the three months ended May 31, 2006. Our gross profit was
      $70,017 or 54.3% for the six months ended May 31, 2007 versus revenue of $0
      for
      the six months ended May 31, 2006. Our gross profit percentages for the three
      and six month periods ended May 31, 2007 resulted primarily from commencing
      direct response sales operations in January 2007.




***Operating
      Expenses***




Our
      operating expenses for the three months ended May 31, 2007 were $290,958 versus
      operating expenses of $0 for the three months ended May 31, 2006. Our operating
      expenses were $539,646 for the six months ended May 31, 2007 versus operating
      expenses of $0 for the six months ended May 31, 2006. For the three and
      six-month periods ended May 31, 2007, media advertising expense was $83,979
      and
      $155,838, respectively. In connection with the Transaction, for the three and
      six-month periods ended May 31, 2007, we recognized a $112,700 merger expense
      charge consisting of $25,000 in legal fees, $1,700 the issuance of 1,700,000
      shares of our Common Stock and a $86,000 payment for consulting services. For
      the three and six-month periods ended May 31, 2007, operating expenses were
      285.6% and 418.4%, respectively, of revenues. We recently began operating our
      business, including efforts to market and sell our products, and our fixed
      operating costs and selling expenses are exceeding our revenues.




15




***Other
      Income***




Other
      income consisted of interest income earned on our note receivable from Bennoti,
      Inc., a marketer and seller of specialty beverage products. Interest on the
      $200,000 note accrues at 7.0% per annum starting on December 13, 2006, the
      date
      that we loaned the funds. Interest income was $3,529 and $6,721 for the three
      and six-month periods ended May 31, 2007, respectively. We are in discussions
      with Bennoti, Inc. concerning repayment of the note receivable, which matured
      on
      April 1, 2007, and we received a $20,000 partial payment in June 2007. Under
      terms of the unsecured note, we may, at our sole option, accept shares of
      Bennoti, Inc. common stock valued at $0.20 per share as repayment of any portion
      of the note principal and interest. A stockholder who owns 195,000 LATVCO common
      shares or 0.57% is Bennoti, Inc.’s president and a director.




***Net
      Loss***




Our
      net
      loss for the three months ended May 31, 2007 was $227,664 versus a net loss
      of
      $0 for the three months ended May 31, 2006. Our net loss was $462,908 for the
      six months ended May 31, 2007 versus operating expenses of $0 for the six months
      ended May 31, 2006.




We
      recently began operating our business, including efforts to market and sell
      our
      products, and revenues were not sufficient to cover our operating costs. In
      addition, our net loss for the three and six-month periods ended May 31, 2007
      included a one-time merger expense charge of $112,700 in connection with the
      Transaction. We are continuing our efforts to market and sell our products
      in
      order to generate higher sales volume and unless and until such time as we
      generate substantially higher sales volume, we will continue to realize net
      losses.




Our
      net
      loss per common share (basic and diluted) was $0.01 for the three months ended
      May 31, 2007 and $0.01 for the six months ended May 31, 2007.




The
      weighted average number of outstanding shares was 33,505,435 (basic and fully
      diluted) for the three-month period ended May 31, 2007, respectively. The
      weighted average number of outstanding shares was 33,057,692 (basic and fully
      diluted) for the six-month period ended May 31, 2007, respectively. For the
      three and six month periods ended May 31, 2007, common stock equivalents derived
      from shares issued in conversion of warrants are not considered in the
      calculation of the weighted average number of common shares outstanding because
      they would be anti-dilutive, thereby decreasing the net loss per share. For
      the
      periods ended May 31, 2007, no warrants were outstanding.




***Liquidity
      and Capital Resources***




***Overview***




As
      of May
      31, 2007, we had a working capital of $227,544. We used $387,604 in cash for
      operations for the six months ended May 31, 2007. Our cash flow used in
      operation is primarily attributable to the net loss of $462,908 and a $160,694
      increase in our inventory, partially offset by a $56,780 increase in accounts
      payable and accrued expenses and a $175,000 reduction in other current assets
      for drawing down on our funds held in a non-interest bearing escrow account
      for
      the payment of legal and consulting fees for the Transaction.




16




Cash
      flows used in investing activities for the six months ended May 31, 2007
      consisted of the $200,000 purchase on December 13, 2006 of a note receivable
      that matured on April 1, 2007.




We
      used
      $14,400 in cash for financing activities for the six months ended May 31, 2007,
      which consisted of $39,400 in net repayments on the loans payable - related
      parties and $25,000 in cash collected for a common stock subscription
      receivable.




***Financing***




Capital
      for our development has been provided by Avallon’s founding shareholders and
      short-term loans from related parties. Through the period from inception (August
      8, 2006) to May 31, 2007, shareholders contributed $750,130 in cash to the
      Company. In addition, as of May 31, 2007, the Company has $120,000 in
      outstanding borrowings from a related party. The capital has been or will be
      used to fund introductory marketing campaigns, the acquisition of inventory
      and
      operating expenses.




We
      are
      actively seeking cash for operations by pursuing repayment of our note
      receivable and additional equity financing through discussions with investment
      bankers and private investors. There can be no assurance we will be successful
      in our efforts. We currently have no commitments for financing. The Company's
      existence is dependent upon our management's ability to develop profitable
      operations and resolve our liquidity problems. Management anticipates we will
      attain profitable status and improve our liquidity through the continued
      developing, marketing and selling of our products, collection of our note
      receivable and additional equity investment in the Company. If operations and
      cash flows improve through these efforts, management believes that we can
      continue to operate. However, no assurance can be given that management's
      actions will result in profitable operations or the resolution of our liquidity
      problems.





By
      adjusting our operations and development to the level of capitalization,
      management believes we have sufficient capital resources to meet projected
      cash
      flow deficits through the next twelve months. However, if thereafter, we are
      not
      successful in generating sufficient liquidity from operations or in raising
      sufficient capital resources, on terms acceptable to us, this could have a
      material adverse effect on our business, results of operations, liquidity and
      financial condition.





The
      independent auditor’s report on Avallon’s November 30, 2006 financial statements
      included in a Form 8-K filed on April 13, 2007 states that the Company is
      experiencing difficulty in generating sufficient cash flow to meet its
      obligations and sustain its operations, which raises substantial doubt about
      its
      ability to continue as a going concern.




17




The
      effect of inflation on the Company's revenue and operating results was not
      significant. The Company's operations are located in North America and there
      are
      no seasonal aspects that would have a material effect on the Company's financial
      condition or results of operations.




**Trends,
      Risks and Uncertainties**




We
      have
      sought to identify what we believe to be the most significant risks to our
      business, but we cannot predict whether, or to what extent, any of such risks
      may be realized nor can we guarantee that we have identified all possible risks
      that might arise. Investors should carefully consider all of such risk factors
      before making an investment decision with respect to our Common
      Stock.




**FORWARD-LOOKING
      STATEMENTS**




The
      statements in this Report relating to our expectations are forward-looking
      statements within the meaning of the Private Securities Litigation Reform Act
      of
      1995 (the "Act"). Additionally, words such as "expects", "anticipates",
      "intends", "believes", "will" and similar words are used to identify
      forward-looking statements within the meaning of the Act.




The
      results anticipated by any or all of these forward-looking statements might
      not
      occur. Important factors, uncertainties and risks that may cause actual results
      to differ materially from these forward-looking statements include (1) general
      domestic and international economic and business conditions including political
      unrest, currency fluctuations and tariffs, (2) increased competition in our
      markets and products, (3) our ability to obtain additional working capital
      and
      (4) our ability to commercialize our products.




We
      undertake no obligation to publicly update or revise any forward-looking
      statements, whether as the result of new information, future events or
      otherwise. For more information regarding some of the ongoing risks and
      uncertainties of our business, see our other filings with the Securities and
      Exchange Commission.




**Item
      3. Controls and Procedures**




**(a)**
            **Evaluation
                of Disclosure controls and
                Procedures**




We
      maintain disclosure controls and procedures that are designed to ensure that
      information required to be disclosed in our Exchange act reports is recorded,
      processed, summarized and reported within the time periods specified in the
      SEC's rules and forms and that such information is accumulated and communicated
      to our management, including our chief executive officer and chief financial
      officer, as appropriate, to allow timely decisions regarding required
      disclosure. Management necessarily applied its judgment in assessing the costs
      and benefits of such controls and procedures, which, by their nature, can
      provide only reasonable assurance regarding management's control
      objectives.




We
      have
      carried out an evaluation, under the supervision and with the participation
      of
      our management, including our chief executive officer and chief financial
      officer of the effectiveness of the design and operation of our disclosure
      controls and procedures as of the evaluation date.




Based
      upon that evaluation, the chief executive officer and chief financial officer
      concluded that our disclosure controls and procedures were not effective as
      of
      the evaluation date.




In
      connection with the quarterly review ended May 31, 2007 our independent
      registered public accounting firm informed us that we have
      significant deficiencies constituting material weaknesses as defined by the
      standards of the Public Company Accounting Oversight Board. The material
      weaknesses identified consisted of a lack of certain procedures to properly
      account for non-routine transactions and preparation of certain financial
      statement disclosures in accordance with U.S. GAAP.




We
      have a
      failure to maintain effective controls over the selection, application and
      monitoring of our accounting policies to assure that certain equity transactions
      were accounted for in accordance with generally accepted accounting
      principles.


18




**(a)**
            **Changes
                in internal controls**




There
      were no significant changes in our internal controls or in other factors that
      could significantly affect these controls subsequent to the evaluation
      date.




**PART
      II - OTHER INFORMATION**




**Item
      1. Legal Proceedings.**




In
      the
      ordinary course of business, the Registrant may be involved in legal proceedings
      from time to time. Although occasional adverse decisions or settlements may
      occur, management believes that the final disposition of such matters will
      not
      have material adverse effect on its financial position, results of operations
      or
      liquidity.




**Item
      6. Exhibits and Reports on Form 8-K**




(a)  Exhibits




31.1
            
            Certification
                of the Chief Executive Officer of Latin American Telecommunications
                Venture Company - LATVCO. pursuant to Exchange Act Rule
                15d-14(a)31.2
            
            Certification
                of the Chief Financial Officer of Latin American Telecommunications
                Venture Company - LATVCO. pursuant to Exchange Act Rule
                15d-14(a)32.1
            
            Certification
                of the Chief Executive Officer of Latin American Telecommunications
                Venture Company - LATVCO. pursuant to 18 U.S.C. 135032.2
            
            Certification
                of the Chief Financial Officer of Latin American Telecommunications
                Venture Company - LATVCO. pursuant to 18 U.S.C.
                1350





(a)  Reports
      filed on Form 8-K during the three months ended May 31, 2007




19


**SIGNATURES**




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


Latin
                American Telecommunications Venture Company - LATVCO.
              (Registrant)Date:
              July 30, 2007
            /s/
              David
              BakhshiChief
              Executive Officer/s/ Thomas CalabroChief Financial Officer
              (Principal Financial and Accounting
                Officer)





20