SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

                         Annual Report Under Section 13 or
                             15(d) of the Securities
                            Exchange Act of 1934 for
                         fiscal year ended December 31, 2002

                           Commission File #000-31507

                 INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
                       (Formerly Precom Technology, Inc.)
            (Exact name of registrant as specified in its charter)

              Florida                                  06-1588136
(State or other jurisdiction of           (IRS Employer Identification Number)
 incorporation or organization)

                  4232 D'Este Court, Lake Worth, FL                   33467
               (Address of principal executive offices)            (Zip Code)

Issuer's telephone number: (561) 543-9501

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

Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $0.001 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) has been subject to
such filing requirements for the past 90 days.

Yes [X] No [  ]

Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B not contained in this form, and no disclosure will be
contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-
KSB or any amendment to this Form 10-KSB. [X]

Revenues for year ended December 31, 2002: $0.00.

Aggregate market value of the voting common stock held by non-affiliates of
the registrant as of April 15, 2003 was $14,974.

Number of shares of the registrant's outstanding common stock as of April 15,
2003 was 24,389,916 shares and 5,000,000 shares of Series B Convertible
Preferred Stock





                                     PART I

ITEM 1.  DESCRIPTION OF BUSINESS

We are a publicly traded company and our shares are listed on the OTC
Electronic Bulletin Board under the symbol "ITFI". Our main office currently
is headquartered in Lake Worth, Florida, in the offices of Lester A. Katz,
Chartered, solely owned by one of our shareholders, Lester A. Katz.

Prior to 2002, the Company was a blind pool whose sole business plan and
direction was to identify and merge with an operating business.  During 2001,
the Company explored merger transactions with a number of entities, but was
unable to complete a merger transaction.  The Company had no significant
assets and its independent auditors expressed a going concern warning in the
audit of the Company's financial results for 2001.  During 2002, the Company
continued its efforts to identify and merge with an operating business and
entered into several agreements and transactions to accomplish that goal.  Due
to the general state of the economy and other factors, the Company has not yet
been successful in completing a merger.

CGI INTERNATIONAL HOLDINGS, INC.

In early February, 2002, negotiations began between CGI International
Holdings, Inc., a Delaware corporation, ("CGI") and the Company and resulted
in the execution of a Share Exchange Agreement between CGI and its
shareholders and the Company dated February 25, 2002.  A copy of the Share
Exchange Agreement was included in the Form 8-K reporting the agreement which
was filed with the SEC on March 26, 2002.  Subsequently, the Company decided
to rescind that Agreement and entered into a Subscription Agreement with CGI
on April 9, 2002, under which CGI agreed to subscribe for 40,000,000 pre-split
shares of our common stock in return for a promissory note, secured by the
stock, for $2,000,000 (the "Promissory Note").  This transaction, and a copy
of the Subscription Agreement and Promissory Note, were reported on Form 10-
QSB/A for the period ending June 30, 2002, filed by the Company with the
Securities and Exchange Commission on July 29, 2002.

As part of the Share Exchange Agreement, the Company agreed to issue common
stock and warrants to Greenwich Financial Group, ("GFG") or its principals
Bruce Keller and Nicholas Calapa, a director of the Company.  As part of the
cancellation of the Share Exchange Agreement and the execution of the
Subscription Agreement, the Company agreed to issue the warrants but not the
common stock.  Accordingly, the Company issued warrants to GFG to purchase
1,000,000 pre-split shares of the Company's common stock at $2.00 per share
for a period of three (3) years commencing April 16, 2002.  A copy of the
Warrant Agreement with GFG is attached as Exhibit 10.1 to the Company's 10-QSB
to the period ending March 30, 2002.  Our Director Nicholas M. Calapa is a
fifty percent owner of GFG.

On August 1, 2002, the Company agreed to cancel the Subscription Agreement
with CGI because CGI had informed the Company that it would be unable to make
payment of the Promissory Note by the due date.  As a result, the Company also
canceled the 40,000,000 pre-split Shares of Common Stock, par value $.001,
issued to CGI (the Subscription Shares") as part of the Subscription
Agreement. The Company was also informed by CGI that the proposed transfer of
the Subscription Shares to International Financial Concierge Services, Inc.
("IFCS"), as reported in the 10-QSB/A for the period ending June 30, 2002, was
not completed and IFCS had obtained no interest in the Subscription Shares
issued to CGI.

SADDLEBACK FINANCIAL CORPORATION

On May 26, 2002, we entered into a Share Exchange Agreement with CGI,
Saddleback Financial Corporation, a Delaware corporation ("Saddleback"),
Leaseco Holding, Inc., an Illinois corporation and Merchants Capital
Corporation for the acquisition of certain assets related to the equipment
leasing business of Saddleback, based in Orange, California ("Saddleback
Acquisition").  For further information please refer to our Form 8-K filed
with the SEC on June 19, 2002, disclosing our acquisition of certain assets of
Saddleback Financial Corporation.  The share exchange partially closed as of
June 1, 2002 and certain tangible assets of the leasing business were
transferred to Saddleback Finance, Inc. ("SFI"), a new subsidiary of CGI
incorporated on May 26, 2002 for that purpose.  During June, SFI relocated the
offices of the leasing business to new offices in Anaheim, CA due to the
failure of the old business to pay rent owed to its landlord.  Over the next
six weeks, SFI began operations of the acquired lease business, although the
steps necessary to complete the Share Exchange Agreement had not yet been
completed and no shares of the Company's stock had yet been issued as part of
the consideration for the transaction.  As a result of the continuing due
diligence by CGI and the Company, and actual operating results differing
significantly from the represented results, on August 15, 2002, SFI, CGI and
the Company rescinded the Share Exchange Agreement, closed the operations in
Anaheim, CA and advised the sellers that the business had been closed.  No
response was received from the seller and the acquisition transaction has been
terminated, without the issuance of any shares by the Company.  Certain assets
acquired by SFI in the partially completed acquisition, consisting of office
equipment with a value of $9,239.00, were later transferred to the Company in
cancellation of loans advanced by the Company to SFI in the same amount.  SFI
remained a wholly-owned subsidiary of CGI and the Company never obtained any
ownership interest in SFI.

PROSPECT PRIVATE EQUITY FUND

Effective June 30, 2002, the Company subscribed for a limited partnership
interest in the Prospect Private Equity Fund, a venture capital fund based in
New York to be started by the Company and Prospect Street ventures, a New
York venture capital firm.  The Subscription Agreement, a copy of which is
attached as Exhibit 10.3 to our Form 10-QSB/A filed with the Securities and
Exchange Commission on July 29, 2002 for the period ending June 30, 2002, was
for a $10 million interest in the Fund, and was satisfied with the  issuance
to the Fund of 5,000,000 shares of Series B Convertible Preferred Stock of
the Company.  The Series B Preferred Stock is convertible into common shares
having a value of $10 million based on the average trading price of the
Company's common shares at the time of conversion.  A copy of the Series B
Convertible Preferred Stock Statement of Rights and Preferences is attached
as Exhibit 4.1 to our Form 10-QSB/A filed with the Securities and Exchange
Commission on July 29, 2002 for the period ending June 30, 2002.  The Company
has entered into discussions with the Fund to cancel the subscription and the
Series B Convertible Preferred Stock since the Fund has never been funded and
has not been able to commence business.




REVERSE SPLIT

In accordance with Florida law, the Board of Directors of the Company
unanimously voted on August 13, 2002, to amend our Articles of Incorporation
to effect a reverse split of all outstanding shares of our common stock at an
exchange ratio of one-for-two, effective as of the close of business on
September 10, 2002. Under Florida Statute Section 607.10025, as amended, no
shareholder approval was required.  As a result of this reverse split, our
outstanding common shares were reduced from 6,804,131 to 3,402,066 as of
September 10, 2002.  For further discussion of the reverse split, please
refer to our Form 8-K filed with the SEC on September 19, 2002.

CONSULTING SHARES

The Company has entered into consulting agreements, dated September 20, 2002,
(the "Consulting Agreements "), with certain individuals as set forth below
(the "Consultants") who performed consulting services for the Company for the
third fiscal quarter, 2002.  The consulting services provided to the Company
consisted of general business consulting and management services.  The
Consulting Agreements provide that the Company will issue to the Consultants
collectively 16,662,850 shares of the Company's common stock, par value $0.001
per share, in the amounts also set forth below, as consideration for the
consulting services performed.  These shares were registered with the SEC in a
For S-8 Registration Statement filed on October 4, 2002.

                           Common Stock
Consultants                Shares Issued
Robert Hipple                  4,000,000
Rodney Read                    2,250,000
Drew Roberts                   2,250,000
Lester Katz                    2,550,000
Glenn Liddell                    551,250
David E. Smith, III              900,000
Mark Wood                      1,350,000
Lana Tabaracci                   666,650
Cal Jones                        700,000
David Fraidenburg                541,650
Jan Read                         316,650
Jackie Groves                    336,650
Brian Hansen                     250,000
                      Total   16,662,850

A form of the Consulting Agreement between each of the Consultants and Company
were attached as Exhibit 3 to Form S-8 filed by the Company with the SEC on
October 4, 2002.  Each of the Consulting Agreements is identical except for
the number of shares issued to each Consultant.

INTERNATIONAL FINANCIAL CONCIERGE SERVICES, INC.

On October 8, 2002, the Company entered into a Share Exchange Agreement with
the shareholders of International Financial Concierge Services, Inc. ("IFCS")
as a result of which, the Company agreed to acquire all of the issued and
outstanding shares of IFCS, which would become a wholly-owned subsidiary of
the Company, in exchange for 3,125,000 shares of Series A Preferred Stock
convertible into 6,250,000 shares of common stock. IFCS is Florida corporation
engaged in financial, business and estate planning, equipment leasing, and
other financial services.  This transaction was reported on a Form 8-K/A filed
by the Company with the SEC on October 23, 2002, and a copy of the Share
Exchange Agreement was filed as an exhibit to that Form 8-K/A. To comport with
this new proposed business activity, the Company changed its name to
International Trust & Financial Systems, Inc. on October 15, 2002 and will do
business under the name iTrustFinancial.  This name change was reported on a
Form 8-K/A filed with the SEC on October 17, 2002.

Due to the lack of income by the business operations of IFCS during 2002, on
December 31, 2002, the Company and IFCS agreed to rescind the Share Exchange
Agreement.  The shares of Series A Preferred Stock that were to be issued
pursuant to the Share Exchange Agreement were never issued.

FORMATION OF THE COMPANY

We were formed in Florida on September 5, 1996 under the name Fairbanks, Inc.
On April 18, 1997, we filed an amendment to our incorporation document
changing our name to Jet Vacation, Inc. On May 11, 1998 we filed an amendment
to our incorporation document changing our name to Precom Technology, Inc.  On
October 12, 2002 we filed an amendment to our incorporation document changing
the Company's name to International Trust & Financial Systems, Inc.  Although,
we were founded in 1996, our original business plan was capital intensive and
we were unable to raise the capital necessary to implement or carry out our
original plan. In early 2001, we restructured and redeveloped our business
plan to locate a suitable merger or acquisition candidate.  During 2002 the
Company entered into two separate transactions to acquire operating
businesses.  Both acquisitions proved not to be profitable and were
terminated.  The Company is now continuing its efforts to locate suitable
merger or acquisition candidates.

Our prospects must be considered in light of the risks, expenses and
difficulties frequently encountered by companies in early stages of
development and with no significant working capital. We have no assets and no
business. To date, we have created little revenues and as a result of the
significant expenditures that we have made in seeking a merger candidate, we
incurred significant operating losses and negative cash flows from operations
on both a quarterly and annual basis through 2002. Without a merger or
acquisition transaction, we expected that we would continue to sustain these
losses, and there was no assurance that we would ever achieve or be able to
sustain profitability. Accordingly, there was significant risk that we would
not be able to remain in business if we were not able to merge with or be
acquired by another company with a viable business model and funding.

DEPENDENCE ON KEY MANAGEMENT

The Company is highly dependent on the services of Robert Hipple, President of
the Company and Glenn Liddell, Secretary of the Company. The loss of their
services could have a materially adverse impact on the Company.  The Company
does not currently maintain any key-man life insurance policy with respect to
these key management personnel.

POSSIBLE DIFFICULTY IN RAISING ADDITIONAL EQUITY CAPITAL

There is no assurance that the Company will be able to raise equity capital in
an amount which is sufficient to continue operations. In the event the Company
requires financing, the Company will seek such financing through bank
borrowing, debt or equity financing, corporate partnerships or otherwise.
There can be no assurance that such financing will be available to the Company
on acceptable terms, if at all. The Company does not presently have a credit
line available with any lending institution. Any additional equity financing
may involve the sale of additional shares of the Company's Common Stock or
Preferred Stock on terms that have not yet been established.

During 2002, our President, Robert Hipple, advanced funds to the Company in
the amounts of $101,000 in April, 2002 and $73,292 in May, 2002, the latter
through an IRA account.  These advances were reflected initially as loans to
the Company, evidenced by promissory notes, but later were converted to common
stock in the Company.  There is no assurance that Mr. Hipple will advance any
additional funds required for the continued operation of the Company.

DIVIDENDS NOT LIKELY

No dividends on the Company's Common Stock have been declared or paid by the
Company to date. The Company does not presently intend to pay dividends on
shares for the foreseeable future, but intends to retain all earnings, if any,
for use in the Company's business. There can be no assurance that dividends
will ever be advanced on the Common Stock of the Company.

ITEM 2.  DESCRIPTION OF PROPERTY

We presently operate our business out of the offices of Lester A. Katz,
Chartered, which is owned solely by Lester A. Katz, a shareholder of the
Company, who does not charge us any rent.  During 2002, we also maintained
offices in subleased space at a monthly rate of $3,200 which our President
Robert Hipple paid on behalf of the Company.  The Company is obligated to
repay Mr. Hipple for the rent advances.

ITEM 3.  LEGAL PROCEEDINGS

The Company is not currently engaged in any legal proceedings and no legal
proceedings are currently threatened against the Company.

Robert Hipple, CEO of the Company, Rodney Read, former Director, Vice-
President and COO of the Company, Drew Roberts former Vice-President and CFO,
acting as officers of CGI, the former majority shareholder of the Company,
were named as a defendants in an action entitled David K. Broadbent, as
Receiver, et al. vs. CGI International Holdings, Inc. et al filed March 21,
2002 in the United States District Court for the District of Utah, Central
Division, Civil Action No. 2:02-C-230.  The Company is not named in and is not
a party to the action, and had no involvement in any matter alleged in the
action.  In the action, the Receiver is seeking to ascertain whether any
assets of a now defunct, unrelated corporation, by which Mr. Hipple had been
employed from August 15, 2002, to October 15, 2001, and by which Mr. Read and
Mr. Roberts also had been employed prior to 2002, were acquired by CGI, when
it was formed on January 24, 2002.  Based on a review of the pleadings and
other documents filed in the action, no liability is expected to result from
this action on the part of any of the named individuals, because no assets or
other property of the prior, unrelated company are held by CGI, or any of the
named individuals.  CGI itself, the primary defendant, ceased all business
activity on or about July 31, 2002 and has no assets, other than a
counterclaim filed against a former employee for intentional interference with
the business of CGI, and counterclaims and cross-claims which are expected to
be filed against the Receiver and other third parties as part of its answer to
the Receiver's complaint.  Neither the Company nor any subsidiary of the
Company acquired any assets of CGI and are not affiliated with CGI in any way.
Mr. Hipple resigned as an employee, officer and director of CGI effective July
15, 2002, and has had no affiliation with CGI since that date.  CGI currently
owes the Company $150,677 for advances for working capital in 2002.

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

No matters were submitted to a vote of our shareholders in the fourth quarter
of 2002.

                                    PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

On April 15, 2003, there were approximately 309 shareholders of record of our
common stock.  Prospect Private Equity Fund, in which the Company holds a
fifty percent interest, currently holds 5,000,000 shares of Series B
Convertible Preferred Stock of the Company.  Our shares of common stock are
currently listed for trading on the OTC Electronic Bulletin Board under the
symbol "ITFI".

The reported high and low bid prices for our common stock are shown below for
each quarter during the last three complete fiscal years. The high and low bid
price for the periods in 2000, 2001 and 2002 shown below are quotations from
both the OTC Electronic Bulletin Board and NQB Pink Sheets. The quotations
reflect inter-dealer prices and do not include retail mark-ups, mark-downs or
commissions. The prices do not necessarily reflect actual transactions.

Period                          HIGH BID            LOW BID

2000
First Quarter                       .02              .02
Second Quarter             No Trading Prices
Third Quarter              No Trading Prices
Fourth Quarter                      .00              .00

2001
First Quarter              No Trading Prices
Second Quarter                      .55              .08
Third Quarter                       .08              .08
Fourth Quarter                      .08              .05

2002
First Quarter*                     1.00              .10
Second Quarter*                    2.02              .14
Third Quarter*                      .26              .01
Fourth Quarter                     .195             .007

*  Prior to the 1 for 2 reverse split of common stock, completed in September,
2002.

DIVIDENDS

The Company does not intend to pay dividends and intends to retain future
earnings to support the Company's growth. Any payment of cash dividends in the
future will be dependent upon: the amount of funds legally available
therefore; our earnings; financial condition; capital requirements; and other
factors which our Board of Directors deems relevant.

As of December 31, 2002, we did not have any outstanding options.  Greenwich
Financial Group, in which our director, Nicholas Calapa is a fifty percent
owner, holds a warrant to purchase 1,000,000 pre-split shares (500,000 post-
split shares) of common stock at a pre-split price of $2.00 per share ($4.00
post-split).

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

Forward-looking statements, based on management's current views and
assumptions, are made throughout the Management's Discussion and Analysis
section of this Form 10-K and elsewhere in this report to stockholders. These
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical results and those
presently anticipated or projected. Among the factors that may affect
operating results are the following: success of the Company in finding a
merger or investment candidate; and general economic conditions.

Since 2000, the sole business plan of the Company has been to identify and
merge with, or be acquired by, an operating company. The Company had no
significant income or business operations in 2002, no other prospects, no
other likelihood of being able to secure financing or capital, and was wholly
dependent upon the principals of the Company and Lester A. Katz, Chartered,
which provided the Company with free office space and has supported its
operations, although they had no obligation to do so. There is no assurance
that Lester A. Katz, Chartered, would continue to provide office space in
2003. Unless the Company is able to merge with or acquire another company, or
is otherwise able to secure additional capital, there is every likelihood that
the Company will be forced to cease business.

Results of Operations

Year Ended                     December 31, 2002           December 31, 2001
Net Sales                                  $0.00                      $6,768
Net (Loss)                             ($145,590)                   ($38,446)

FUTURE OUTLOOK

Headquartered in Boca Raton, Florida during 2002, the Company sought to merge
with or be acquired by another company, and that has been the sole business
plan of the Company since 2000. Management made numerous efforts to pursue our
original business plan and to raise capital to operate the business.
Unfortunately the equity markets have gone through significant turmoil and
uncertainty over the past year or so. As a result, our ambitious plans for a
capital intensive business were unsuccessful and our capital needs could not
be realized. Accordingly we abandoned our original business plan and began to
look for potential acquisition candidates. We have abandoned all development
activities and have no assets. These factors raise doubt as to our ability to
continue as a going concern.  Management's plans to eliminate the going
concern situation include but are not limited to seeking a merger or
acquisition candidate, or finding a business to acquire with additional
funding. A mature and businesslike evaluation of our affairs require the
consideration of the foreseeable possibility of business failure.

ITEM 7. FINANCIAL STATEMENTS

The financial statements of the Company are as follows:
























                INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
                       Formerly PRECOM TECHNOLOGY, INC.
                        (A DEVELOPMENT STAGE COMPANY)
                             FINANCIAL STATEMENTS
                          DECEMBER 31, 2002 AND 2001






                               TABLE OF CONTENTS

                                                                     Page No.

FINANCIAL STATEMENTS

       Balance Sheets                                                  1

       Statements of Operations                                        2

       Statement of Stockholders' (Deficit)                            3 - 5

       Statements of Cash Flows                                        6

       Notes to Financial Statements                                   7 - 12




                 INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
                      (Formerly PRECOM TECHNOLOGY, INC.)
                         (A DEVELOPMENT STAGE COMPANY)
                                BALANCE SHEETS
                          DECEMBER 31, 2002 AND 2001

                                    ASSETS
                                                            2002         2001


TOTAL ASSETS                                              $160,405	    $     0


                       LIABILITIES AND STOCKHOLDERS' (DEFICIT)


CURRENT LIABILITIES
       Accounts payable
            Stock Transfer Agent                             $   0	    $17,814
            Greenwich Financial Group                            0     59,188
            Legal and accounting fees                            0     28,215
       Other payables                                        5,220          0
                                                             5,220    105,217

     Other current liabilities                              26,131          0

            TOTAL CURRENT LIABILITIES                       31,351    105,217


STOCKHOLDERS' (DEFICIT)
       Preferred stock, par value $ 0.001 per share
            Authorized 10,000,000 shares
            Issued and outstanding 1,000,000 shares         1,000          0
       Common stock, par value $ 0.001 per share
            Authorized 50,000,000 shares
            Issued and outstanding  24,389,916 shares      24,389      2,121
       Paid in capital in excess of par value of stock    719,835    363,242
       Deficit accumulated during the development stage  	(616,170)  (470,580)

            TOTAL STOCKHOLDERS' EQUITY (DEFICIT)          129,054   (105,217)

            TOTAL LIABILITIES AND STOCKHOLDERS'
              (DEFICIT)                                  $160,405  $       0




                INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
                     (Formerly PRECOM TECHNOLOGY, INC.
                       (A DEVELOPMENT STAGE COMPANY)
                          STATEMENTS OF OPERATIONS
                FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
        AND FOR THE PERIOD FROM SEPTEMBER 1, 1996 (DATE OF INCEPTION) TO
                              DECEMBER 31, 2002

                                                               For the Period
                                                            From September 1,
                                                                1996 (date of
                                                                Inception) to
                                                                 December 31,
                                              2002         2001          2002

REVENUE                                   $     0         $6,768       $6,768

EXPENSES
   General and administrative               19,638        45,214      123,593
   Development costs                       125,952             0      499,316

    TOTAL EXPENSES                         145,590        45,214      622,909

NET (LOSS)                               $(145,590)	     $(38,446)  $(616,141)




NET (LOSS) PER COMMON SHARE

       Basic and diluted                   $ ( .006)	     $ (. 02)


WEIGHTED AVERAGE NUMBER OF
       COMMON SHARES OUTSTANDING

       Basic and diluted                 23,756,582     1,010,410



<TABLE>
                                INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
                                     (Formerly PRECOM TECHNOLOGY, INC.)
                                 STATEMENT OF STOCKHOLDERS EQUITY (DEFICIT)
                          FOR THE PERIOD FROM SEPTEMBER 1, 1996 (DATE OF INCEPTION)
                                             TO DECEMBER 31, 2002
<CAPTION>
                                                                        Paid in         Deficit
                                                                        Capital in      Accumulated
                                                                        Excess of       during the
                            Preferred Stock           Common Stock      Par Value       Development
                          Shares       Amount       Shares    Amount    of Stock        Stage         Total
<S>                          <C>       <C>            <C>      <C>         <C>            <C>           <C>
September 1 1996                      $                       $          $              $            $
    (Date of Inception)        00           0          0          0             0          0.00           0

September, 1996-
     Shares issued
     for services              0            0      50,000        50            950         0.00       1,000

October, 1996-
     Shares issued for cash     0           0      50,000        50         50,134         0.00      50,084

Net (loss) for the period from
     September 1, 1996 to
     December 31, 1996          0           0           0         0              0   (16,703.00)   (16,703)

BALANCE, DECEMBER 31, 1996	      0           0      100,000      100         50,984   (16,703.00)     34,481

March 1997-
    Shares issued for cash	      0           0      200,000      200        199,800             0    200,000

March 1997-Shares issued
for settlement of
failed mergers                  0           0      360,410      360          6,849             0     7,209

Net (loss) for the year ended
December 31, 1997               0           0            0        0             0      (178,200)  (178,200)

BALANCE, DECEMBER 31, 1997      0           0      660,410      660        257,633     (194,903)     63,490


                                                                        Paid in         Deficit
                                                                        Capital in      Accumulated
                                                                        Excess of       during the
                            Preferred Stock           Common Stock      Par Value       Development
                          Shares       Amount       Shares    Amount    of Stock        Stage         Total

August 1998-                           $                      $         $               $           $
     Shares issued
     for services               0           0      300,000       300       99,700            0      100,000

Net (loss) for the year
ended December 31, 1998         0           0            0         0            0     (171,241)   (171,241)

BALANCE, DECEMBER 31, 1998	      0           0      960,410       960      357,333     (366,144)     (7,751)

Net (loss) for the year
ended December 31, 1999         0           0            0         0            0       (7,249)     (7,249)

BALANCE, DECEMBER 31, 1999	      0           0      960,410       960      357,333     (373,393)    (15,000)

August 2000-issuance of common
stock for Provence Capital
Corporation, Inc.               0           0      100,000       100        6,870             0       6,970

Net (loss) for the year
ended December 31, 2000         0           0            0         0            0      (58,741)    (58,741)

BALANCE, DECEMBER 31, 2000	      0           0    1,060,410     1,060      364,203     (432,134)    (51,771)

Net (loss) for the year ended
December 31, 2001               0           0            0         0            0      (38,446)    (38,446)

BALANCE, DECEMBER 31, 2001	      0           0    1,060,410     1,060      364,203     (470,580)    (90,217)


                                                                        Paid in         Deficit
                                                                        Capital in      Accumulated
                                                                        Excess of       during the
                            Preferred Stock           Common Stock      Par Value       Development
                          Shares       Amount       Shares    Amount    of Stock        Stage         Total

April 2002- Shares issued
for conversion of debt          0           0    1,015,406     1,015      100,526            0      101,541

April 2002-preferred shares
issued for interest in
venture fund            1,000,000        1,000           0         0            0            0        1,000

May 2000-shares issued
for services                    0            0   1,326,250     1,326       58,009            0       59,335

September 2000- shares issued
for debt                        0            0   1,750,000     1,750       71,542            0       73,292

October 2000- shares issued
for services                    0            0  18,287,850    18,288       65,026            0       83,314

December 2000- shares issued
for services                    0            0     950,000       950       60,529            0       61,479

Net (loss) for the year ended
December 31, 2002               0            0           0         0            0      (145,590)  (145,590)

BALANCE, DECEMBER 31, 2002	  1,000,000     1,000  24,389,916    24,389      719,835     (616,170)    129,054

</TABLE>



                INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
                     (Formerly PRECOM TECHNOLOGY, INC.)
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
                FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
       AND FOR THE PERIOD FROM SEPTEMBER 1, 1996 (DATE OF INCEPTION) TO
                              DECEMBER 31, 2002
                                                               For the period
                                                            from September 1,
                                                     1996 (Date of Inception)
                                                              to December 31,
                                                 2002       2001         2002
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net (loss)                                  $(145,590)  $(38,446)  $	(616,170)
Adjustments to reconcile net (loss)
to net cash (used) by operating activities:
Stock issued for merger expenses                    0           0      14,179
Stock issued for services                     205,000           0     	306,000
Changes in operating assets and liabilities:
    Fixed assets                              (9,346)
    Accounts payable                         (73,866)      38,446      31,351

          NET CASH (USED)  BY
             OPERATING ACTIVITIES            (23,802)           0   	(273,986)

CASH FLOWS FROM INVESTING ACTIVITIES               0            0           0

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from issuance of common stock   174,833           0     425,017
     Loan to CGI International Holdings      (150,677)          0   (150,677)

          NET CASH PROVIDED BY
             FINANCING ACTIVITIES              24,156           0     	274,340

NET INCREASE IN CASH                              354           0         354

CASH AT BEGINNING OF PERIOD                         0           0           0

CASH AT END OF PERIOD                        $    354      $    0     $   354

SUPPLEMENTAL DISCLOSURE OF CASH
   FLOW INFORMATION

       Cash paid during the period for:

          Interest                           $      0      $    0     $     0

          Taxes                              $             $ 150	       $  150

SCHEDULE OF NON-CASH FINANCING
   ACTIVITIES:

Issuance of common stock for merger expenses $      0     $    0    $  14,179

Issuance of common stock for services        $205,000     $    0    $ 306,000


             INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC., INC.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                          DECEMBER 31, 2002 AND 2001

NOTE 1      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

            Nature of Business

            International Trust & Financial Systems, Inc., formerly Precom
            Technology, Inc. (the "Company") was organized on September 1,
            1996, under the laws of the State of Florida.  In August 2000,
            the Company completed a merger with Provence Capital Corporation,
            Inc. by exchanging 200,000 shares of common stock for 100% of the
            outstanding shares of Provence Capital Corporation, Inc.  In
            April, 2002, a controlling interest in the Company was acquired
            by CGI International Holdings, Inc. ("CGI") by the subscription
            for 40 million shares of the Company's common stock in exchange
            for a promissory note in the amount of $2 million, secured by the
            stock issued to CGI.  In June 2002, CGI notified the Company that
            it would not be able to pay the promissory note and the 40
            million shares of common stock issued to CGI were cancelled,
            effective August 1, 2002.  Subsequent to the acquisition of
            control by CGI, the Company organized itself as a financial
            services holding company and positioned itself to provide
            financial services to a select group of domestic and foreign high
            net worth individuals and their business operations.  To
            accomplish this new business strategy, the Company began to
            negotiate a series of acquisitions in the financial services
            area; however, due to the uncertainties in the economy, a
            concerted effort by the Internal Revenue Service to limit or
            eliminate certain types of tax planning, and undisclosed problems
            with certain acquisitions, the Company was not able to launch its
            new financial services strategy successfully in 2002.  The
            Company intends to continue its efforts to develop its financial
            services business in 2003; but the continued uncertainties in the
            economy and the added uncertainties arising from the war in Iraq,
            make the prospects for success uncertain.  Accordingly, the
            Company has determined to continue its status as a development
            stage company, and also will seek merger candidates to develop
            new lines of business for the Company.

            Name Changes

            The Company has changed its name as follows:

            At date of incorporation - Fairbanks, Inc.
            April, 1997 - Jet Vacations, Inc.
            May, 1998 - Precom Technology, Inc.
            October, 2002-International Trust & Financial Systems, Inc.

            Accounting Estimates

            Management uses estimates and assumptions in preparing financial
            statements in accordance with generally accepted accounting
            principles.  Those estimates and assumptions affect the reported
            amounts of assets and liabilities, the disclosure of contingent


             INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC., INC.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                          DECEMBER 31, 2002 AND 2001

NOTE 1      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

            assets and liabilities, and the reported revenues and expenses.
            Actual results could vary from the estimates that were used.

            Income Taxes

            Provisions for income taxes are based on taxes payable or
            refundable for the current year and deferred taxes on temporary
            differences between the amount of taxable income and pretax
            financial income and between the tax basis of assets and
            liabilities and their reported amounts in the financial
            statements.  Deferred tax assets and liabilities are included in
            the financial statements at currently enacted income tax rates
            applicable to the period in which the deferred tax assets and
            liabilities are expected to be realized or settled as prescribed
            in FASB Statement No. 109, Accounting for Income Taxes.  As
            changes in tax laws or rates are enacted, deferred tax assets and
            liabilities are adjusted through the provision for income taxes.

            Net (Loss) Per Share

            The Company adopted Statement of Financial Accounting Standards
            No. 128 that requires the reporting of both basic and diluted
            earnings (loss) per share.  Basic  earnings  (loss) per share is
            computed by dividing net income (loss) available to common
            stockholders' by the weighted average number of common shares
            outstanding for the period.  Diluted earnings (loss) per share
            reflects the potential dilution that could occur if securities or
            other contracts to issue common stock were exercised or converted
            into common stock.  In accordance with FASB 128, any anti-
            dilutive effects on net loss per share are excluded.

            Recent Accounting Pronouncements

            In June 2001, the FASB issued the following statements:

            FASB 141 - Business Combinations
            FASB 142 - Goodwill and other Intangible Assets
            FASB 143 - Accounting for Asset Retirement Obligations
            FASB 144 - Accounting for the Impairment or Disposal of Long-
            Lived Assets

            These FASB statements did not have a material impact on the
            Company's financial position or results of operations.

            In August 2002, Congress adopted the Sarbanes-Oxley Act of 2002,
            imposing new, more stringent accounting and reporting
            requirements on all public companies.  The Company has complied
            with all applicable requirements of Sarbanes-Oxley, and these
            requirements did not have a material impact on the Company's
             INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC., INC.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                          DECEMBER 31, 2002 AND 2001

NOTE 1      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

            financial position or results of operations.

NOTE 2      RESTATEMENT OF COMMON STOCK AND PAID IN CAPITAL IN EXCESS OF PAR
            VALUE OF STOCK

            On February 5, 2001, the Company effected a 1 for 100 reverse
            stock split on 19,208,522 shares of stock.  On March 19, 2001,
            the Company then had a 10-1 forward stock split on 192,008
            shares.  On September 10, 2002, the Company effected a 1 for two
            reverse stock split on 6,804,131 shares, leaving 3,402,066 common
            shares then outstanding.

            The stock splits have been retroactively recorded in the
            financial statements as if they occurred at the date of
            inception.

NOTE 3      DEVELOPMENT STAGE OPERATIONS

            As of December 31, 2002, the Company was in the development stage
            of operations.  A development stage company is defined as a
            company that devotes most of its activities to establishing a new
            business activity.  In addition, planned principal activities
            have not commenced, or have commenced and have not yet produced
            significant revenue.

            The Company expensed $519,345 of development costs for the period
            from September 1, 1996 (date of inception) to December 31, 20002.

NOTE 4      INCOME  TAXES

            Significant components of the Company's deferred tax assets and
            liabilities are as follows as of December 31, 2002 and 2001:

                                                         2002            2001
            Deferred tax assets
                Net operating losses carryforward     $85,869         $64,000

                Less valuation allowance               85,869	          64,000

                Net deferred tax assets                     0               0

            Deferred tax liabilities                   $    0         $     0

            A reconciliation of the valuation allowance  is as follows:
                                                        2002            2001

                Balance at beginning of year          $64,000         $57,959

                Addition for the year                  21,689	           6,041
             INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC., INC.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                          DECEMBER 31, 2002 AND 2001

NOTE 4      INCOME  TAXES (Continued)

                Balance at end of year                $ 85,689        $64,000


NOTE 5      NET OPERATING LOSS CARRYFORWARDS

            The Company has the following net operating loss carryforwards at
            December 31, 2002:

                  Tax Year                Amount              Expiration date

            December 31, 1996            $16,703                   2016
            December 31, 1997            178,200                   2017
            December 31, 1998            171,241                   2018
            December 31, 1999              7,248                   2019
            December 31, 2000             15,226                   2020
            December 31, 2001             38,446                   2021
            December 31, 2002            145,590                   2022

                                        $572,654

            Future changes in ownership may limit the ability of the Company
            to utilize its net operating loss carryforwards.

NOTE 6      PREFERRED STOCK

            There are currently 5 million shares of preferred stock
            outstanding, issued to Prospect Street Fund.  The preferred
            shares are non-voting, non-cumulative shares and are convertible
            into common stock with a market value of $10 million, under
            certain circumstances.  Management has entered into discussions
            to cancel these shares and the interest of the Company in the
            Fund.

NOTE 7      GOING CONCERN

            These financial statements are presented on the basis that the
            Company is a going concern.  Going concern contemplates the
            realization of assets and the satisfaction of liabilities in the
            normal course of business over a reasonable length of time.  The
            Company has incurred net losses of $572,654, has minimal
            stockholders' equity and needs additional capital to finance its
            operations.  These factors raise substantial doubt as to the
            Company's ability to continue as a going concern.

            Management's plans to eliminate the going concern situation
            include, but are not limited to, seeking a merger candidate. (See
            Note 9)



             INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC., INC.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                          DECEMBER 31, 2002 AND 2001

NOTE 8      BUSINESS COMBINATIONS

            In August 2000, the Company merged with Provence Capital
            Corporation, Inc. and accounted for the transaction as a pooling
            of interest.  The Company recorded the merger as follows:

            Increase in common stock	                         $  200
            Increase in paid in capital in excess of
            par value of stock                                6,770

            The following unaudited information presents certain income
            statement data of the separate companies for the periods
            preceding the merger:
                                                               2000
            Net sales
                Precom Technology, Inc.                       $   0
                Provence Capital Corporation, Inc.                0

            Net (loss)
                Precom Technology, Inc.                    ( 42,170)
                Provence Capital Corporation, Inc.          	( 6,970)

            There were no material transactions between the Company and
            Provence Capital Corporation, Inc. prior to the merger.  The
            effects of conforming Provence Capital Corporation, Inc.'s
            accounting policies to those of the Company were not material.

            SHARE EXCHANGE AGREEMENT

            On February 21, 2002, the Company entered into a share exchange
            agreement with CGI International Holdings, Inc. (CGI).  CGI was a
            diversified financial services company that specialized in a wide
            range of business activities for its clients including financial
            and tax planning, asset protection, personal insurance and real
            estate mortgage services.  Subsequently, on April9, 2002, that
            transaction was rescinded and in its place, CGI acquired 40
            million shares of the Company's common stock in exchange for a
            secured promissory note in the amount of $2 million, payable in
            six months.  On August 1, 2002, CGI advised the Company that it
            would be unable to pay the promissory note when due.  As a
            result, the 40 million shares of the  Company's common stock
            issued to CGI were cancelled, and the transaction was terminated.

            ACQUISITION AGREEMENT-SADDLEBACK

            In June, 2002, the Company entered into an acquisition agreement
            with CGI and with Saddleback Financial, Inc., an unrelated
            company based in Orange, CA, for the acquisition of the equipment
            leasing business and assets of Saddleback.  The transaction
            partially closed on July 1, 2002 with the acquisition of the
            assets of Saddleback by a newly formed subsidiary of CGI,
            Saddleback Finance, Inc., a Florida Corporation ("New
             INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC., INC.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                          DECEMBER 31, 2002 AND 2001

NOTE 8      BUSINESS COMBINATIONS (Continued)

            Saddleback").  Shortly following the partial closing, serious
            misrepresentations were discovered in the financial information
            regarding the old Saddleback by the sellers and the transaction
            was terminated August 1, 2002 without any consideration being
            issued by the Company, and without the closing by the Company on
            any of the acquisition.  New Saddleback remained a wholly-owned
            subsidiary of CGI and the Company has no interest or ownership in
            New Saddleback.

       ACQUISITION AGREEMENT-INTERNATIONAL FINANCIAL CONCIERGE SERVICES, INC.

            In October, 2002, the Company agreed to acquire all of the issued
            and outstanding shares of International Financial Concierge
            Services, Inc., a Florida corporation based in Boca Raton, FL in
            exchange for convertible preferred shares of stock.  The
            3,125,000 shares of preferred stock to be issued in the
            transaction were convertible into 6,250,000 shares of common
            stock after January 1, 2003.   Shortly after the acquisition
            agreement was entered into, the transaction was cancelled by
            mutual agreement of both parties, and no preferred shares of the
            Company were issued.

NOTE 9      ACCOUNTS PAYABLE

            During 2002, the Company issued common shares to certain vendors
            in exchange for the amounts owed by the Company.  The payables
            which were extinguished by the issuance of common shares were:

                 Greenwich Financial Group            $61,188
                 Interstate Transfer Company           18,264
                 Anslow & Jaclin                       28,258
                 Moffett & Company                     15,731

            During 2002, the Company also issued shares as compensation for
            consulting services, totaling $100,283 in value.

NOTE 10     AMOUNTS DUE SHAREHOLDER

            During 2002, the Company's President advanced a total of $174,833
            in loans to the Company, evidenced by promissory notes.  The
            first loan in the amount of $101,541 was made in April, 2002, and
            by agreement, was later converted into 1,015,406 common shares of
            the Company.  The second loan in the amount of $73,292 was made
            from an IRA for the benefit of the President, and was later
            converted by agreement into 1,750,000 shares of the common stock
            of the company.

            The President of the Company also paid rent and other expenses on
            behalf of the Company during 2002 totaling $26,131, which are
            reflected in Other Current liabilities owed by the Company.


Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTS ON ACCOUNTING AND FINANCIAL
        DISCLOSURES.

In 2002, our former auditors, Moffett & Moffett, PC, advised the Company and
the SEC that they would no longer be practicing as SEC independent auditors
and were withdrawing as our independent auditors.  We then contacted a new
auditing firm, Farber & Hass, LLP, to assume this role, and filed a Form 8-K
with the SEC on October 10, 2002, reporting that our Board of Directors had
appointed Farber & Hass, LLP as our new independent auditors.  Subsequently,
we were unable to enter in an engagement with Farber & Hass, LLP due to a lack
of capital and our Form 10QSB for the period ending September 30, 2002 was not
reviewed by Farber & Hass, LLP or any other independent auditor.  Our
financial statement for the calendar year 2002 also were not audited by Farber
& Hass, LLP or any other independent auditor.

The Company is currently seeking to locate and retain an independent auditor
to review its Form 10QSB for the period ending September 30, 2002 and to audit
our financial results for the calendar year 2002, following which we will
amend our prior filings to be in full compliance with all applicable
requirements.

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS:
        COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

The directors and officers of the Company are set forth below, and these
individuals were the sole directors and officers during 2002. The directors
held office for their respective term until their successors are duly elected
and qualified, except as noted. Vacancies in the existing Board are filled by
a majority vote of the remaining directors. The officers served at the will of
the Board of Directors during 2002.

Directors and Officers
Name                  Age            Position
Robert Hipple         58             Chairman, President, CEO and Director
Nicholas M. Calapa    40             Director
Glenn Liddell         47             Secretary, Director (since January, 2003)
Rodney Read           54             Former Director, Vice President and COO
                                     (resigned in January, 2003)
Drew Roberts          45             Former Vice President and CFO
                                     (resigned in March, 2003)

ROBERT HIPPLE, President, CEO & Director. Robert Hipple's professional
background consists of more than 30 years of experience in international and
domestic tax, securities and intellectual property law and public company
management. He has extensive experience in international business, having
served as the director and president of active business companies in the UK,
France, and Hong Kong. He practiced international tax, business and securities
law for more than 25 years and was a founder and director of a national bank
holding company. He has served as an officer and director of several NYSE,
AMEX, and NASDAQ companies, including positions as Executive Vice President
and Chief Operating Officer, Chief Financial Officer, Chief Administrative
Officer and General Counsel. Mr. Hipple has served as an Associate Professor
of Law and Director of the Graduate Tax Law Program at Emory University Law
School and is widely published in the law profession, including having co-
authored a multi-volume bankruptcy law treatise. He received his LLM in
Taxation at Georgetown University, his JD with a Business emphasis at
Georgetown Law School and his BA in Economics at Wesleyan University.

NICHOLAS M. CALAPA, has been a Director of the Company since 1999. He has been
the Vice President and a fifty percent (50%) shareholder of Greenwich
Financial Group since 1997 where he has worked as an investment banker. Prior
to that time, for ten years he worked as a financial consultant for the
brokerage firm currently known as Salomon Smith Barney. Mr. Calapa received
his Bachelor of Arts Degree with a major in Political Science from St. John's
University in 1984. He also graduated with a minor in business and philosophy.

GLENN LIDDELL, Secretary and Director since January, 2003, has been an
accredited paralegal since 1993 with extensive experience in business, estate
and tax planning.

RODNEY B. READ, Former Director, Vice President and Chief Operating Officer.
Rod Read resigned his positions with the Company effective January, 2003.

DREW ROBERTS, Former Vice President and Chief Financial Officer. Drew Roberts
resigned his positions with the Company, effective March, 2003.

CERTAIN LEGAL PROCEEDINGS

No director or executive officer of the Company during 2002 has appeared as a
party in any legal proceeding material to an evaluation of his ability or
integrity during the past five years. Mr. Hipple as an officer of CGI, was
named as a defendant in an action entitled David K. Broadbent, as Receiver, et
al. vs. CGI International Holdings, Inc. et al filed in the United States
District Court for the District of Utah, Central Division, Civil Action No.
2:02-C-230C, in which the named Receiver is seeking to ascertain whether any
assets of Merrill Scott & Associates, Inc., a Utah corporation by which Mr.
Hipple was employed prior to October 15, 2001 are held by CGI. Based on a
review of the pleadings and other documents, it does not appear that any
assets or other property of Merrill Scott & Associates, Inc. were held by CGI,
or any of the named individuals, and no liability is expected to result from
this action on the part of CGI, or Mr. Hipple.

COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

No reporting person of the Company failed to file on a timely basis reports
required by Section 16(b) of the Exchange Act during 2002.

COMMITTEES OF THE BOARD

We presently do not have any committees, but we do anticipate forming
appropriate committees of the Board when the Board of Directors has been
increased to add additional outside directors.

All current officers and directors listed above will remain in office until
the next annual meeting of our stockholders, and until their successors have
been duly elected and qualified. There are no agreements with respect to the
election of Directors. We have not compensated our Directors for service on
our Board of Directors, any committee thereof, or reimbursed them for expenses
incurred for attendance at meetings of our Board of Directors and/or any
committee of our Board of Directors. Our Board of Directors appoints officers
annually and each Executive Officer serves at the discretion of our Board of
Directors. We do not have any standing committees. Our Board of Directors may
in the future determine to pay Director's fees and reimburse Directors for
expenses related to their activities, and may also appoint committees of the
Board.

None of our officers and/or Directors have filed any bankruptcy petition, been
convicted of or have been the subject of any criminal proceeding or been the
subject of any order, judgment or decree involving the violation of any state
or federal securities laws within the past five (5) years.


ITEM 10. EXECUTIVE COMPENSATION

In 2000, 2001 and 2002, no officer of the Company received compensation in
excess of $100,000 and there were no stock options, warrants or similar grants
to any officer or director, made during 2002.  A warrant to acquire 1,000,000
pre-split shares (500,000 post-split shares) of common stock was issued to
Greenwich Financial Group, in which our director, Nicholas Calapa is a fifty
percent owner, in April, 2002, for a period of three years at a pre-split
price of $2.00 per share ($4.00 post-split).


ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth as of April 15, 2003, information with respect
to the beneficial ownership of the Company's common stock by (i) each person
known by the Company to own beneficially 5% or more of such stock, (ii) each
director of the Company who owns any Common Stock, and (iii) all Directors and
Officers as a group, together with their percentage of beneficial holdings of
the outstanding shares.

Title of Class    Name and Address               Amount of Shares      Percent
                                                Beneficially Owned    of Class

Common Shares    Robert Hipple                      6,890,042(1)     28.25%(1)
                 4232 D'Este Court
                 Lake Worth, FL 33467

Common Shares    Nicholas M. Calapa                   22,860(2)           *(2)
                 50 Myano Lane
                 Stamford, CT 06902

Common Shares    Glenn Liddell                          551,250         2.26%
                 4232 D'Este Court
                 Lake Worth, FL 33467

Common Shares    Lester A. Katz                       2,550,000        10.46%
                 4232 D'Este Court
                 Lake Worth, FL 33467

Common Shares    Rodney Read                          2,250,000         9.23%
                 7979 McLain Mountain Circle
                 Salt Lake City, UT 84121

Common Shares    Drew Roberts                         2,250,000         9.23%
                 2148 East 1300 South
                 Salt Lake City, UT 84108

Common Shares    Mark Wood                            1,350,000         5.53%
                 1641 Crescent View Circle
                 Sandy, UT 84092

Common Shares   Officers and Directors as a Group    7,464,152 (3)   30.60%(3)

* less than one percent

     (1) Robert Hipple directly owns 4,000,000 shares and indirectly owns
      2,890,042 shares by ownership of shares by his spouse and a self
      directed IRA

     (2) Nicholas M. Calapa owns directly 10,000 shares and indirectly 12,860
      shares by ownership of the fifty percent of Greenwich Financial Group
      (GFG) which owns 25,640 share.  In addition, Mr. Calapa indirectly
      owns 250,000 warrants by his ownership in GFG which owns 500,000
      warrants.

     (3) Robert Hipple, Nicholas M. Calapa and Glenn Liddell are our only
      Officers and Directors.  The Officers and Directors owned 7,464,152
      shares (30.60%) of our common stock as of April 15, 2003.

There are no shares of our voting stock that the persons listed above may
acquire within 60 days by exercise or conversion of options, warrants,
conversion privileges or other rights, except for the 500,000 warrants subject
to the Warrant Agreement held by Greenwich Financial Group, in which Mr.
Calapa is a fifty percent owner.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

We presently operate our business out of the offices of Lester A. Katz,
Chartered, who has not charged us any rent.  During 2002, we operated also out
of subleased offices at a monthly rate of $3,200, which we have not been able
to pay.  Mr. Hipple has paid the lease on behalf of the Company and the
Company is obligated to reimburse Mr. Hipple for these payments.  This amount
is reflected in the Other current liabilities of the Company's financial
statement

                                    PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)  The following documents are filed as part of this report:

          1.   Financial statements; See index to financial statement and
               schedules in Item 7.

          2.   Financial statement schedules; see index to financial
               statements and schedules in Item 7

          3.   Exhibits:

The following exhibits are filed with this Form 10-KSB and are identified by
the
numbers indicated:

3.1  Articles of Incorporation, as amended, incorporated by reference to the
     Registrant's Form 8-K12g3, filed on September 12, 2000 (SEC File No.
     000-31507).

3.2  Bylaws, as amended, incorporated by reference to the Registrant's Form
     8-K12g3, filed on September 12, 2000 (SEC File No. 000-31507).

99.1 Certification of Chief Executive Officer and Chief Financial Officer,
     for the period ending December 31, 2002

(b)      Reports on Form 8-K

     On October 8, 2002, we filed a Form 8-K with the Securities and Exchange
     Commission (SEC File No. 000-31507) to report the resignation of Moffitt
     & Company, P.C. as the Company's independent auditors and the
     appointment of Farber & Hass, CPA's as our independent certifying
     accountants.

     On October 17, 2002, we filed a Form 8-K with the Securities and
     Exchange Commission (SEC File No. 000-31507) to report the Company's
     name change to International Trust & Financial Systems, Inc.

     On October 23, 2002, we filed a Form 8-K/A with the Securities and
     Exchange Commission (SEC File No. 000-31507) to report the Share
     Exchange Agreement with International Financial Concierge Services, Inc.



                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, there unto duly authorized.

                           INTERNATIONAL TRUST &
                           FINANCIAL SYSTEMS, INC.


                           By: /s/ Robert Hipple
                           -----------------------
                           Robert Hipple
                           President

Dated: May 2, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.


  /s/ Robert Hipple          President and Director         May 2, 2003
--------------------------
Robert Hipple

  /s/ Nicholas M. Calapa     Director
---------------------------                                 May 2, 2003
Nicholas M. Calapa

  /s/ Glenn Liddell          Director
---------------------------                                 May 2, 2003
Glenn Liddell


CERTIFICATION OF CHIEF EXECUTIVE OFFICER &
CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-KSB of INTERNATIONAL TRUST &
FINANCIAL SYSTEMS, INC. (the "Company") for the quarterly period ended
December 31, 2002 as filed with the Securities and Exchange Commission on the
date hereof (the "Report"), Robert J. Hipple, as Chief Executive Officer and
Chief Financial Officer of the Company, hereby certifies, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Company.


Date:  May 2, 2003
by:

  /s/ Robert Hipple
___________________________
Robert J. Hipple
President and Chief Executive Officer


This certification accompanies the Report pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 and shall not, except to the extent
required by the Sarbanes-Oxley Act of 2002, be deemed filed by the
Company for purposes of Section 18 of the Securities Exchange Act of
1934, as amended.