Exhibit No. 33.1
Form 10-KSB/A
American Ammunition, Inc.
File No. 0-32379

                            AMERICAN AMMUNITION, INC.
                            FINANCIAL CODE OF ETHICS

As a public company, it is of critical importance that American Ammunition, Inc.
("American  Ammunition)  filings with the Securities and Exchange  Commission be
accurate  and timely.  Depending on their  position  with  American  Ammunition,
employees  may be called upon to provide  information  to assure  that  American
Ammunition's  public reports are complete,  fair, and  understandable.  American
Ammunition  expects all of its employees to take this  responsibility  seriously
and to provide  prompt and  accurate  answers to  inquiries  related to American
Ammunition's public disclosure requirements.

American  Ammunition's  Finance  Department bears a special  responsibility  for
promoting integrity  throughout American  Ammunition,  with  responsibilities to
stakeholders both inside and outside of American Ammunition. The Chief Executive
Officer (CEO), Chief Financial Officer (CFO), and Finance  Department  personnel
have a special role both to adhere to the  principles  of integrity  and also to
ensure that a culture  exists  throughout  American  Ammunition  as a whole that
ensures the fair and timely reporting of American Ammunition's financial results
and  conditions.  Because of this special role, the CEO, CFO, and all members of
American  Ammunition's  Finance  Department  are bound by American  Ammunition's
Financial Code of Ethics,  and by accepting the Financial  Code of Ethics,  each
agrees that they will:

-    Act with  honesty and  integrity,  avoiding  actual or actual  conflicts of
     interest in personal and professional relationships.  - Provide information
     that is accurate, complete, objective,  relevant, timely and understandable
     to ensure full, fair,  accurate,  timely, and understandable  disclosure in
     the reports and documents that American  Ammunition  files with, or submits
     to, government agencies and in other public communications.

-    Comply  with  the  rules  and  regulations  of  federal,  state  and  local
     governments, and other appropriate private and public regulatory agencies.

-    Act in good faith,  responsibly,  with due care,  competence and diligence,
     without  misrepresenting  material  facts  or  allowing  one's  independent
     judgment to be subordinated.

-    Respect the confidentiality of information  acquired in the course of one's
     work,  except when authorized or otherwise  legally  obligated to disclose.
     Confidential  information  acquired in the course of one's work will not be
     used for personal advantage.

-    Share  job  knowledge  and  maintain  skills   important  and  relevant  to
     stakeholders needs.


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-    Proactively  promote and be an example of ethical behavior as a responsible
     partner among peers, in the work environment and in the community.

-    Achieve  responsible  use of, and control  over,  all  American  Ammunition
     assets and  resources  employed  by, or  entrusted  to  yourself,  and your
     department.

-    Receive  the  full  and  active   support  and   cooperation   of  American
     Ammunition's Officers,  Senior Staff, and all employees in the adherence to
     this Financial Code of Ethics.

-    Promptly  report to the CEO or CFO any conduct  believed to be in violation
     of law or business  ethics or in violation of any provision of this Code of
     Ethics,  including any transaction or relationship that reasonably could be
     expected to give rise to such a conflict.  Further,  to promptly  report to
     the Chair of American  Ammunition's  Audit Committee such conduct if by the
     CEO  or CFO or if  they  fail  to  correct  such  conduct  by  others  in a
     reasonable period of time.