**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

FORM 10-QSB/A

X__Quarterly report under section 13 or 15(d) of the Securities Exchange Act of 1934 for the period
ended March 31, 2003.

___Transition report under section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition
period from ______ to ______.

**PACIFIC CMA, INC.******

(Exact name of registrant as specified in its charter)

|Colorado                                       | 0-27653                  | 84-1475073                          
|---------------------------------------------- | ------------------------ | ------------------------------------
|(State or other jurisdiction of
incorporation) | (Commission File Number) | (IRS Employer Identification
Number)

|4750 Table Mesa Drive

Boulder, CO       | 80305     
|---------------------------------------- | ----------
|(Address of principal executive offices) | (Zip Code)

Registrant's telephone number, including area code:  (303) 494-3000

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ..X..  No ....

Applicable only to issuers involved in bankruptcy proceedings during the past five years.

Check whether the issuer has filed all documents and reports required to be filed by Section 12, 13 or
15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.  Yes .....
No .....

Applicable only to corporate issuers

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest
practicable date:  At March 31, 2003, there were22,423,350 shares outstanding.

Transitional Small Business Disclosure Format (Check one):  Yes .....     No ..X..

EXPLANATORY NOTE

We are filing this Form 10QSB/A for the period ended March 31, 2003 to incorporate corrected
Condensed Consolidated Financial Statements for that period.  We previously filed a Form 10-QSB/A for
the period ended March 31, 2003, to reflect the restatement of our Condensed Consolidated Financial
Statements for that period, but have now determined that the previous filing inadvertently failed to
include the correct restated financial statements.  As described below in Note 1 to  our Condensed
Consolidated Financial Statements, based upon a review of applicable accounting rules and
interpretations, we have decided to restate certain previously issued financial statements.  The financial
statements being restated include those for the second and third quarters of 2002, the full year of 2002
and the first quarter of 2003.

The restatement is attributable only to the recognition of a non-contractual customer relationship
intangible asset at April 30, 2002, the date of acquisition of Airgate International Corporation
("Airgate"), as well as its corresponding amortization charges and tax benefits.  The restatement
increased our net loss for the three-month period ended March 31, 2003, by $78,650, from ($29,323), or
($0.001) per share, as originally reported, to ($107,973), or ($0.004) per share.  As a result, the
restatement also reduced our retained earnings as of March 31, 2003,  by $431,383.  Operating expenses
and provision for income taxes for the period ended March 31, 2003, have also been restated in the
accompanying financial statements.

Any items included in the original report on Form 10-QSB for the period ended March 31, 2003,
that are not included herein are not amended and remain in effect as of the date of the original filing
thereof.  Additionally, this Form 10-QSB/A does not purport to provide a general update or discussion of
any other developments subsequent to the original filing.

The filing of this Form 10-QSB/A shall not be deemed to be an admission that the original filing,
when made, included any untrue statement of material fact or omitted to state a material fact necessary to
make a statement contained therein not misleading.



PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS AND EXHIBITS

(a)  The unaudited financial statements of registrant for the three months ended March 31, 2003, follow.
The financial statements reflect all adjustments which are, in the opinion of management, necessary to a
fair statement of the results for the interim period presented.









|INDEX TO FINANCIAL STATEMENTS:                       | 
|---------------------------------------------------- | 
|                                                     | 
|Condensed Consolidated  Balance Sheets               | 
|Condensed Consolidated Statements of Operations      | 
|Condensed ConsolidatedStatements of Cash Flows       | 
|Notes to Condensed Consolidated Financial Statements | 



****PACIFIC CMA, INC.

FORM 10-Q

PART 1	FINANCIAL INFORMATION

ITEM 1	FINANCIAL STATEMENTS

**PACIFIC CMA, INC.**

**(CONDENSED CONSOLIDATED BALANCE SHEETS)**

|                                                                      | **(Unaudited)**    |  |                   
|--------------------------------------------------------------------- | ------------------ |  | ------------------
|                                                                      | **March 31,
2003** |  | December 31,

2002
|                                                                      | **$**              |  | $                 
|**ASSETS**                                                            |                    |  |                   
|                                                                      |                    |  |                   
|**Current assets**                                                    |                    |  |                   
|Cash and cash equivalents                                             | **617,184**        |  | 441,657           
|Restricted cash                                                       | **3,028,597**      |  | 2,655,589         
|Trade receivables, net of allowance for doubtful accounts of $137,290 | **5,847,559**      |  | 6,464,141         
|Deposits, prepayments and other                                       | **1,740,796**      |  | 1,116,007         
|Loans receivable                                                      | **226,958**        |  | 249,600           
|Deferred income taxes                                                 | **82,350**         |  | 82,350            
|                                                                      |                    |  |                   
|**Total current assets**                                              | **11,543,444**     |  | 11,009,344        
|                                                                      |                    |  |                   
|Property, plant and equipment, net                                    | **352,931**        |  | 361,578           
|Goodwill                                                              | **2,683,768**      |  | 2,683,768         
|Intangible asset, net                                                 | **2,335,667**      |  | 2,478,667         
|Deferred tax asset                                                    | **2,613**          |  | 2,613             
|Loan receivable                                                       | **65,584**         |  | 66,224            
|Certificate of deposit                                                | **50,000**         |  | 50,000            
|                                                                      |                    |  |                   
|**Total assets**                                                      | **17,034,007**     |  | 16,652,194        

See notes to condensed consolidated financial statements.





**PACIFIC CMA, INC.**

**(CONDENSED CONSOLIDATED BALANCE SHEETS)**

|                                               | **(Unaudited)**             |  |                   
|---------------------------------------------- | --------------------------- |  | ------------------
|                                               | ******March 31,**

**2003** |  | December 31,

2002
|                                               | **$**                       |  | $                 
|**LIABILIITES AND STOCKHOLDERS' EQUITY**       |                             |  |                   
|                                               |                             |  |                   
|**Current liabilities**                        |                             |  |                   
|Bank overdrafts                                | **2,687,589**               |  | 742,914           
|Trade payables                                 | **6,901,720**               |  | 7,855,965         
|Accrued charges and other creditors            | **308,966**                 |  | 509,316           
|Due to directors                               | **329,263**                 |  | 411,667           
|Obligations under finance leases               | **36,150**                  |  | 38,124            
|Debt maturing within one year                  | **364,227**                 |  | 479,607           
|Tax payable                                    | **188,374**                 |  | 240,845           
|                                               |                             |  |                   
|**Total current liabilities**                  | **10,816,289**              |  | 10,278,438        
|Obligations under finance leases               | **54,105**                  |  | 37,820            
|Deferred tax liability                         | **516,397**                 |  | 580,747           
|                                               |                             |  |                   
|**Total liabilities**                          | **11,386,791**              |  | 10,897,005        
|                                               |                             |  |                   
|**Stockholders' equity**                       |                             |  |                   
|Common stock with no par value                 | **1,551,865**               |  | 1,551,865         
|Additional paid-in capital                     | **1,786,718**               |  | 1,786,718         
|Other comprehensive loss                       | **(8,325)**                 |  | (8,325)           
|Retained earnings                              | **2,316,958**               |  | 2,424,931         
|                                               |                             |  |                   
|******Total stockholders' equity**             | **5,647,216**               |  | 5,755,189         
|                                               |                             |  |                   
|**Total liabilities and stockholders' equity** | **17,034,007**              |  | 16,652,194        

See notes to condensed consolidated financial statements.

**PACIFIC CMA, INC.**

**(CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS)**

| |  |  | **(Unaudited)**

**Three months ended**

**March 31,**
| |  |  | ------------------------------------------------------

|                                                                      |  |  |  |  | **2003**         |  | 2002       
|--------------------------------------------------------------------- |  |  |  |  | ---------------- |  | -----------
|                                                                      |  |  |  |  | **$**            |  | $          
|                                                                      |  |  |  |  |                  |  |            
|******Freight forwarding income**                                     |  |  |  |  | **14,026,380**   |  | 2,976,871  
|                                                                      |  |  |  |  |                  |  |            
|******Operating expenses**                                            |  |  |  |  |                  |  |            
|Cost of forwarding                                                    |  |  |  |  | **(11,693,998)** |  | (2,348,706)
|Selling and administrative expenses                                   |  |  |  |  | **(2,306,000)**  |  | (591,221)  
|Depreciation and amortization                                         |  |  |  |  | **(193,101)**    |  | (49,843)   
|                                                                      |  |  |  |  |                  |  |            
|Total operating expenses                                              |  |  |  |  | **(14,193,099)** |  | (2,989,770)
|                                                                      |  |  |  |  |                  |  |            
|**Loss from operations**                                              |  |  |  |  | **(166,719)**    |  | (12,899)   
|                                                                      |  |  |  |  |                  |  |            
|**Non-operating income**                                              |  |  |  |  |                  |  |            
|Interest and other income                                             |  |  |  |  | **47,500**       |  | 14,084     
|Interest expense                                                      |  |  |  |  | **(43,726)**     |  | (14,753)   
|                                                                      |  |  |  |  |                  |  |            
|Net non-operating income                                              |  |  |  |  | **3,774**        |  | (669)      
|                                                                      |  |  |  |  |                  |  |            
|**Loss before income taxes**                                          |  |  |  |  | **(162,945)**    |  | (13,568)   
|                                                                      |  |  |  |  |                  |  |            
|Provision for income taxes                                            |  |  |  |  | **54,972**       |  | (5,262)    
|                                                                      |  |  |  |  |                  |  |            
|**Net loss**                                                          |  |  |  |  | **(107,973)**    |  | (18,830)   
|                                                                      |  |  |  |  |                  |  |            
|**Other comprehensive (loss) income**                                 |  |  |  |  |                  |  |            
|Foreign currency translation adjustments                              |  |  |  |  | **-**            |  | -          
|                                                                      |  |  |  |  |                  |  |            
|**Comprehensive loss**                                                |  |  |  |  | **(107,973)**    |  | (18,830)   
|                                                                      |  |  |  |  |                  |  |            
|**Net loss per share**                                                |  |  |  |  |                  |  |            
|                                                                      |  |  |  |  |                  |  |            
|Weighted average number of shares outstanding                         |  |  |  |  |                 
|Basic                                                                 |  |  |  |  | **22,594,588**   |  | 20,336,264 
|                                                                      |  |  |  |  |                  |  |            
|Diluted                                                               |  |  |  |  | **22,594,588**   |  | 20,336,264 
|                                                                      |  |  |  |  |                  |  |            
|******Net loss per share of common stock**

******Basic and diluted** |  |  |  |  | **(0.004)**      |  | (0.001)    

See notes to condensed consolidated financial statements.

**PACIFIC CMA, INC.**

******(CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS)**

| |  |  | **(Unaudited)**

**Three months ended**

**March 31,**
| |  |  | ------------------------------------------------------

| |  |  | **2003** |  | 2002
| |  |  | -------- |  | ----
| |  |  | **$**    |  | $   

|**Cash flows from operating activities:** |  |  | 
|----------------------------------------- |  |  | 

| | Net loss |  | **(107,973)** |  | (18,830)
| | -------- |  | ------------- |  | --------

|**Adjustments to reconcile net loss to net cash used in** |  |  | 
|--------------------------------------------------------- |  |  | 

| | **operating activities**                                 |             |  |       
| | -------------------------------------------------------- | ----------- |  | ------
| | Depreciation and amortization                            | **193,101** |  | 49,843
| | Loss (Gain) on disposal of property, plant and equipment | **9,829**   |  | (135) 

| | Compensation cost |  | **17,656** |  | 40,725
| | ----------------- |  | ---------- |  | ------

|**Changes in working capital:** | **** |  |  | 
|------------------------------- | ---- |  |  | 

| | Tax refundable |  | **-** |  | (31,351)
| | -------------- |  | ----- |  | --------

| | Trade receivables               | **616,582**   |  | 132,243  
| | ------------------------------- | ------------- |  | ---------
| | Deposits, prepayments and other | **(708,790)** |  | (202,460)

| | Trade payables |  | **(954,245)** |  | (589,485)
| | -------------- |  | ------------- |  | ---------

| | Accrued charges and other creditors | **(200,350)** |  | (106,767)
| | ----------------------------------- | ------------- |  | ---------

| | Deferred taxes |  | **(64,350)** |  | (3,413)
| | -------------- |  | ------------ |  | -------
| | Tax payable    |  | **(52,471)** |  | -      

|                                          |                 |  |          
|----------------------------------------- | --------------- |  | ---------
|**Net cash used in operating activities** | **(1,251,011)** |  | (729,630)

| |  |  |  |  | 
| |  |  |  |  | 

|Cash flows from investing activities: |  |  | 
|------------------------------------- |  |  | 

| | Loan receivable |  | **23,283** |  | -
| | --------------- |  | ---------- |  | -

| | Due from (to) other related parties                          | **-**         |  | (133,732)
| | ------------------------------------------------------------ | ------------- |  | ---------
| | Acquisition of property, plant and equipment                 | **(25,694)**  |  | (11,239) 
| | Proceeds from sales of property, plant and equipment         | **10,897**    |  | 2,179    
| | Instalment received for the disposal of a subsidiary in 2002 | **66,346**    |  | -        
| | Instalment paid for the acquisition of a subsidiary in 2002  | **(300,000)** |  | -        

|                                          |               |  |          
|----------------------------------------- | ------------- |  | ---------
|**Net cash used in investing activities** | **(225,168)** |  | (142,792)

| |  |  |  |  | 
| |  |  |  |  | 

|Cash flows from financing activities: |  |  | 
|------------------------------------- |  |  | 

| | Restricted cash                            | **(373,008)** |  | (3,734) 
| | ------------------------------------------ | ------------- |  | --------
| | Bank overdrafts                            | **1,944,675** |  | 543,458 
| | Capital element of finance leases payments | **(22,176)**  |  | (13,569)
| | Advance to a director                      | **67,596**    |  | -       
| | Capital element of other loan payments     | **-**         |  | (67,365)
| | Borrowing of short-term debts              | **64,103**    |  | 40,027  
| | Repayment of short-term debts              | **(29,484)**  |  | -       

|                                              |               |  |        
|--------------------------------------------- | ------------- |  | -------
|**Net cash provided by financing activities** | **1,651,706** |  | 498,817

| |  |  |  |  | 
| |  |  |  |  | 

|Net increase (decrease) in cash and cash equivalents | **175,527** |  | (373,605)
|---------------------------------------------------- | ----------- |  | ---------

|**Exchange difference** | **** | **-** |  | 1,446
|----------------------- | ---- | ----- |  | -----

|**Cash and cash equivalents at beginning of period** | **441,657** |  | 841,472
|---------------------------------------------------- | ----------- |  | -------
|                                                     |             |  |        
|**Cash and cash equivalents at end of period**       | **617,184** |  | 469,313

See notes to condensed consolidated financial statements.

**PACIFIC CMA, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1.	Basis of Presentation**

****

The accompanying unaudited condensed consolidated financial statements of Pacific CMA, Inc.
(the "Company") and its subsidiaries (the "Group") as of March 31, 2003 and for the three
months ended March 31, 2003 and 2002 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-Q and Article 10 of Regulation S-X of the Securities
Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes
required by accounting principles generally accepted in the United States of America for
complete financial statements.  In the opinion of the Company's management, all adjustments,
consisting only of normal recurring adjustments, considered necessary to present fairly the
condensed consolidated financial statements have been made.

The condensed consolidated statement of operations for the three months ended March 31, 2003
and 2002, and cash flows for the three months ended March 31, 2003 and 2002 are not
necessarily indicative of the results that may be expected for the entire year.  These condensed
consolidated financial statements should be read in conjunction with the consolidated financial
statements and the related notes thereto for the year ended December 31, 2002 included in the
Company's Form 10-K filed on April 10, 2003 and Form 10-K/A subsequently re-filed.

******Restatement of financial statements**

Subsequent to the issuance of the Group's 2002 and 2003 first quarter consolidated financial
statements, management determined that the financial statements for 2002 and 2003 first quarter
required restatement due to the recognition of a non-contractual customer relationship intangible
asset at the date of acquisition of Airgate.

The Airgate acquisition occurred on April 30, 2002, shortly after the required implementation
date of SFAS No. 141 and SFAS No. 142.  At the time of the transaction, the Company made
a diligent attempt to apply the provisions of SFAS No. 141.  It determined that it did not have
a legal-contractual relationship with its customers.  Further, it did not believe that its relationship
with its customers met the 'separability' criterion.  However, the Company understands that in
adopting SFAS 141, practice has evolved which considers a broader concept of customer
relationship intangibles.  Accordingly, the management believes that a portion of the purchase
price of Airgate should be assigned to a non-contractual customer relationship intangible asset
with its corresponding deferred tax liability recognized in accordance with SFAS No. 109.

The restatement is attributable only to the recognition of a non-contractual customer
relationship, its amortization charges as well as the corresponding tax benefits.  The restatement
increased the Group's 2003 first quarter net loss by $78,650 from $29,323 or $0.001 per share,
as originally reported, to $107,973 or $0.004 per share.  As a result, the restatement reduced the
Group's retained earnings by $431,383 from $2,748,341 as originally reported, to $2,316,958.
Operating expenses and provision for income taxes for the 2003 first quarter presented herein
have been restated.

******Note 2.	Principles of Consolidation**

The condensed consolidated financial statements include the financial statements of the
Company and its subsidiaries.  All significant intercompany balances and transactions have been
eliminated in consolidation.

**Note 3.	Comprehensive Income**

Comprehensive income consists of net income and other gains and losses affecting stockholders'
equity that, under accounting principles generally accepted in the United States of America, are
excluded from net income.  For the Group, the components of comprehensive income consist
of net income and foreign currency translation gains and losses resulting from the translation of
subsidiaries' financial statements denominated in currencies other than United States dollars into
United States dollars.

The components of total comprehensive loss for the three months ended March 31, 2003 and
2002 are presented in the following table:

| |  |  |  | (Unaudited)

**three months ended March 31,**
| |  |  |  | ---------------------------------------------

|                                         |  |  |  |  |  | **2003**      |  | 2002    
|---------------------------------------- |  |  |  |  |  | ------------- |  | --------
|                                         |  |  |  |  |  | **$**         |  | $       
|                                         |  |  |  |  |  |               |  |         
|Net loss                                 |  |  |  |  |  | **(107,973)** |  | (18,830)
|**Other comprehensive loss**             |  |  |  |  |  |               |  |         
|Foreign currency translation
adjustments |  |  |  |  |  | **-**         |  | -       
|                                         |  |  |  |  |  |               |  |         
|Comprehensive loss                       |  |  |  |  |  | **(107,973)** |  | (18,830)

**PACIFIC CMA, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 4.	Earnings Per Share**

The following is a reconciliation of the numerator and denominator of basic and diluted earnings per share

| |  |  | ****(unaudited)**

********Three Months Ended March 31,**
| |  |  | ---------------------------------------------------------

| | **** |  |  |  | ****2003**** | **** | ****2002
| | ---- |  |  |  | ------------ | ---- | --------

| |  |  | **** |  |  |  |  |  |  | **Income** |  | ******Shares** |  | ****Per-Share
Amount** |  | **Income** |  | **Shares** |  | ****Per-Share
Amount**
| |  |  | ---- |  |  |  |  |  |  | ---------- |  | -------------- |  | ---------------------- |  | ---------- |  | ---------- |  | ----------------------

|                                                              | **       |          |              | **            |          | **             |          |             |          | **       |          | *****$*****   |      |         |      | *****$***** |  | *****$*****              |  |   |  | *****$***
|------------------------------------------------------------- | -------- | -------- | ------------ | ------------- | -------- | -------------- | -------- | ----------- | -------- | -------- | -------- | ------------- | ---- | ------- | ---- | ----------- |  | ------------------------ |  | - |  | ---------
|                                                              |          |          |              |               |          |                |          |             |          |          |          |               |      |         |      |             |  |                          |  |   |  |          
|******Net loss******                                          | ******** | ******** | ************ | ****          | ******** | ********       | ******** | ********    | ******** | ******** | ******** | **(107,973)** | **** |         |      |             |  | ****************(18,830) |  |   |  |          
|                                                              |          |          |              |               |          |                |          |             |          |          |          |               |      |         |      |             |  |                          |  |   |  |          
|******Basic EPS******                                         | ******** | ******** | ********     | ****          | ******** | ********       | ******** | ********    | ******** | ******** | ******** | ********      |      |         |      |             |  | ************************ |  |   |  |          
|Loss available to common stockholders                         |          |          |              | **(107,973)** | ****     | **22,594,588** | ****     | **(0.004)** | ****     | (18,830) |          | 20,336,264    |      | (0.001)
|Effect of dilutive securities                                 |          |          |              |               |          |                |          |             |          |          |          |               |      |         |      |             |  |                          |  |   |  |          
|Stock options                                                 |          |          |              |               |          |                |          |             |          |          |          | -             | **** | **-**   | **** |             |  | ********-                |  | - |  |          
|                                                              |          |          |              |               |          |                |          |             |          |          |          |               |      |         |      |             |  |                          |  |   |  |          
|******Diluted EPS******                                       | ******** | ******** | ********     | ****          | ******** | ********       | ******** | ********    | ******** | ******** | ******** | ********      |      |         |      |             |  | ************************ |  |   |  |          
|Loss available to common stockholders and assumed
conversions |          |          |              | ****(107,973) | ****     | ****22,594,588 | ****     | ****(0.004) | ****     | (18,830) |          | 20,336,264    |      | (0.001)

Stock options were granted to purchase 200,000 shares of common stock at an exercise price of $0.098 on September 1, 2000. These
options are still outstanding at the end of March 31, 2003 and will expire on August 31, 2005.



During the period, stock grants to purchase an aggregate of 900 shares of common stock have been granted and exercised at an exercise
price of $nil pursuant to the terms stipulated in the Company's 2000 Stock Plan (note 5).



****Stock options were considered to be antidilutive and would not be included in the diluted per-share computation when there was an
operating loss for the period ended March 31, 2003 and 2002.

**PACIFIC CMA, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 5.	Common Stock**

As of December 31, 2001, the Company's authorized capital stock comprised of 100,000,000
shares of common stock, no par value and 10,000,000 shares of preferred stock, no par value.
As of the same date, the Company's issued and outstanding capital stock comprised of
20,149,050 shares of common stock and no shares of preferred stock.

During the period from February 12, 2002 to December 2, 2002, an aggregate of 523,400 shares
of common stock was issued pursuant to the Company's 2000 Stock Plan.  These shares are
valued at approximately $128,200.

The above-mentioned stock grants were made to (i) the Group's employees and their family
members (37,200 shares of common stock in aggregate) as compensation for the employees'
services; (ii) the Group's business partners (239,200 shares of common stock in aggregate) as
incentive for their support to the Group's freight business; and (iii) professional lawyer and
public relation consultant firms (247,000 shares of common stock in aggregate) as consideration
for their respective services rendered to the Group.



The Group recorded the aggregate value of the stock grants of $70,075 as compensation cost and
expensed it during the period. This $70,075 represented the value of stock issued. The unit share
price and thus the fair value of stock were determined by management by reference to the
average market price of the Company's common stock, having taken into account other factors
affecting the market price such as the trading volume, daily turnover etc. less any stock issuing
costs. In respect of the stock grants given to professionals, management believes that the value
is comparable to the values of similar services offered by other service providers in the market.

On May 21, 2002, the Company issued 1,700,000 shares of common stock to finance the partial
consideration of the acquisition of the subsidiary ('Airgate').  These shares are valued at
approximately $1,360,000.

In November 2002, the Company's legal action against Infinity Venture was settled, pursuant
to which 50,000 shares of common stock were deemed as issued to them at a fair value of
$12,500.

On February 4, 2003, 900 shares of common stock was issued pursuant to the Company's 2000
Stock Plan (note 4).  These shares are valued at approximately $558.

The Company's articles of incorporation authorized up to 100,000,000 shares of common stock,
no par value per share.  As of March 31, 2003, the Company's issued and outstanding capital
stock comprised 22,423,350 shares of common stock and no shares of preferred stock.

**Note 6.	Pledge of Assets**

As of March 31, 2003, the Group had pledged the following assets:



(a)	Restricted cash deposits of $3,028,597 in respect of general banking facilities granted by
bankers.



(b)	Shares in Airgate acquired in 2002 (representing 81% controlling interest) to the sellers in
respect of the consideration payable to them for the acquisition of Airgate.



**Note 7.	Banking facilities**

As of March 31, 2003, to finance its working capital the Group's available banking facilities
were approximately $6,600,000 mainly obtained from creditworthy commercial banks in Hong
Kong.   As of that date, the total amount of banking facilities utilized was $4,287,820*.*  This was
made up of (i) about $2,687,589 of overdrafts; (ii) about $1,266,774 of invoice trust receipts
which are included in trade payables; (iii) about $64,227 of short-term bank loans; and (iv) about
$269,230 of bank guarantees for granting credit facilities to a subsidiary for airfreight payment.



**Note 8.	Non-cash transactions**

During the period, the Group entered into finance lease arrangements in respect of assets with
a total capital value at the inception of the contracts of $36,487.

******Note 9.	Related party transactions**

|******Name and relationship of related parties**   |                                                        
|-------------------------------------------------- | -------------------------------------------------------
|                                                   |                                                        
|**********Name**                                   | ******R****elationship with the Company**              
|Mr. Lam King Ko, Alfred ('Mr. Lam')                | Shareholder and director of the Company                
|Mr. Scott Turner ('Mr. Turner')                    | Shareholder and director of the Company                
|Ms. Chan Wai Ying, Louisa ('Ms. Chan')             | Director of the Company                                
|AGL Logistics (Shenzhen) Limited ('AGI
Shenzhen')  | Under common control of Mr. Lam until December 16, 2002
|Sparkle Shipping (China) Limited ('Sparkle
China') | Under common control of Mr. Lam until December 16, 2002

During the periods from January 1 to March 31, 2003 and 2002, the Group had the following
balances and transactions with related parties in which the Company's directors have beneficial
interests:

| |                                                                   |  |  | **2003**    |  | 2002    
| | ----------------------------------------------------------------- |  |  | ----------- |  | --------
| |                                                                   |  |  | ***$*****   |  | *$*     
| | Acquisition of Airgate in April 2002 from Mr. Turner:             |  |  |             |  |         
| | - consideration payable                                           |  |  | **300,000** |  | **-**   
| |                                                                   |  |  |             |  |         
| | Payment of freight cost to AGI Shenzhen controlled by
Mr. Lam     |  |  | **-**       |  | (11,659)
| |                                                                   |  |  |             |  |         
| | Received freight income from AGI Shenzhen controlled
by Mr. Lam   |  |  | **-**       |  | 58      
| |                                                                   |  |  |             |  |         
| | Received interest income from Sparkle China controlled
by Mr. Lam |  |  | **-**       |  | 1,731   

(a)   As of March 31, 2003, the balance due to Mr. Lam from the Group amounting to $90,739 is
uncollateralized, interest-free and has no fixed repayment terms.

(b)   The consideration payable to Mr. Turner for the acquisition of Airgate, after netting off a loan
receivable of $61,476 due from him to Airgate is $238,524, which is collateralized by Airgate's
shares, interest-free and repayable in the remaining two quarterly installments pursuant to the stock
purchase agreement on July 31, 2003 and December 31, 2003.

(c)   As of March 31, 2003, general banking and loan facilities granted by various bankers to the
Group were collateralized by directors' (Mr. Lam and Ms. Chan) personal guarantees amounting to
$6,223,673.

******Note 10.	Segment Information**

(a)	Business segments

The Group operates mainly in three business segments, being the provision of (i) air forwarding, (ii) sea forwarding and (iii) land
forwarding services.  The accounting policies adopted by the Group for segment reporting are described in the summary of
significant accounting policies in the Company's Form 10-K filed for the year ended December 31, 2002.

The following table summarized the Group's operations for the three months ended March 31, 2003 and 2002 analyzed into air,
sea and land forwarding services:

| | **Air Forwarding****** | **** | ******Sea Forwarding****** | **** | ******Land Forwarding****** | **** | ******Total**
| | ---------------------- | ---- | -------------------------- | ---- | --------------------------- | ---- | -------------

|                                               | **2003**          |      | 2002        |  | **2003**          |      | 2002      |  | **2003**  |  | 2002     |  | **2003**            |  | 2002       
|---------------------------------------------- | ----------------- | ---- | ----------- |  | ----------------- | ---- | --------- |  | --------- |  | -------- |  | ------------------- |  | -----------
|                                               | **$**             |      | $           |  | **$**             |      | $         |  | **$**     |  | $        |  | **$**               |  | $          
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|Turnover                                       | **9,054,673**     |      | 2,107,927   |  | **4,971,707**     |      | 863,007   |  | **-**     |  | 5,937    |  | **14,026,380**      |  | 2,976,871  
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|Cost of forwarding                             | **(7,523,794)**   |      | (1,761,777) |  | **(4,170,204)**   |      | (573,536) |  | **-**     |  | (13,393) |  | **(11,693,998)**    |  | (2,348,706)
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|Depreciation and amortization                  | **(119,411)**     |      | (11,259)    |  | **(47,420)**      |      | (2,057)   |  | **-**     |  | (3,793)  |  | **(166,831)**       |  | (17,109)   
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|Interest expense                               | **(26,606)**      |      | (5,974)     |  | **(964)**         |      | -         |  | **-**     |  | (771)    |  | **(27,570)**        |  | (6,745)    
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|Other segment expenses attributable to segment | ******(602,915)** |      | (179,759)   |  | ******(281,376)** |      | (105,637) |  | ******-** |  | (13,056) |  | ******(884,291)**   |  | (298,452)  
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|Taxation                                       | **55,173**        |      | -           |  | **20,364**        |      | -         |  | **-**     |  | -        |  | **75,501**          |  | -          
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|Segment income (loss)                          | **837,084**       |      | 149,158     |  | **492,1078**      |      | 181,777   |  | **-**     |  | (25,076) |  | **1,329,191**       |  | 305,859    
|Net other unallocated expenses                 |                   |      |             |  |                   |      |           |  |           |  |          |  | ********(1,437,164) |  | (324,689)  
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|********Net income                             |                   |      |             |  |                   |      |           |  |           |  |          |  | ********(107,973)   |  | (18,830)   
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|********Goodwill                               | **2,012,826**     | **** | -           |  | **670,942**       | **** | -         |  | **-**     |  | -        |  | **2,683,768**       |  | -          
|Intangible asset                               | **1,751,750**     | **** | -           |  | **583,917**       | **** | -         |  | **-**     |  | -        |  | **2,335,667**       |  | -          
|Other assets                                   | **9,506,121**     | **** | 4,792,281   |  | **2,508,451**     | **** | 1,678,888 |  | **-**     |  | 60,970   |  | **12,014,572**      |  | 6,532,139  
|                                               |                   |      |             |  |                   |      |           |  |           |  |          |  |                     |  |            
|********Total assets                           | **13,270,697**    | **** | 4,792,281   |  | **3,763,310**     | **** | 1,678,888 |  | **-**     |  | 60,970   |  | **17,034,007**      |  | 6,532,139  

******PACIFIC CMA, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 10.	Segment Information (continue)**

(b)   Details of individual customers accounting for more than 5% of the Group's sales are as
follows:

| |  |  |  | **(Unaudited)**

**Three months ended
March,**
| |  |  |  | ----------------------------------------------

|                   |      |  |  |  |  | ******200****3** |  | 2002
|------------------ | ---- |  |  |  |  | ---------------- |  | ----
|                   |      |  |  |  |  |                  |  |     
|**Major customer** | **** |  |  |  |  | **%**            |  | %   
|                   |      |  |  |  |  |                  |  |     
|B                  |      |  |  |  |  | **12**           |  | -   
|M                  |      |  |  |  |  | **-**            |  | 6   
|P                  |      |  |  |  |  | **-**            |  | 7   
|Q                  |      |  |  |  |  | **6**            |  | -   
|R                  |      |  |  |  |  | **12**           |  | -   
|S                  |      |  |  |  |  | **5**            |  | -   
|T                  |      |  |  |  |  | **-**            |  | 7   

****(c)   Geographical segments

The table below summarized the Group's turnover for the three months ended March 31,
2003 and 2002 analyzed into geographical locations:

| |  |  |  | **(unaudited)**

**Three months ended
March 31,**
| |  |  |  | -------------------------------------------------

|              |              |  |  |  |  | **2003**       |  | 2002     
|------------- | ------------ |  |  |  |  | -------------- |  | ---------
|              |              |  |  |  |  | **$**          |  | $        
|              |              |  |  |  |  |                |  |          
|**Turnover**  | ************ |  |  |  |  |                |  |          
|              |              |  |  |  |  |                |  |          
|* IATA Area 1 |              |  |  |  |  | **1,831,939**  |  | 2,108,401
|* IATA Area 2 |              |  |  |  |  | **1,045,677**  |  | 162,866  
|* IATA Area 3 |              |  |  |  |  | **11,148,764** |  | 705,604  
|              |              |  |  |  |  |                |  |          
|TOTAL         |              |  |  |  |  | **14,026,380** |  | 2,976,871

| | **(unaudited)**

**As of March 31, 2003** |  | (unaudited)

As of March 31, 2002
| | ----------------------------------------- |  | ---------------------------------

|                     | **Trade
receivables** |  | **********Other assets
(including
goodwill)** |  | **Total assets** |  | Trade
receivables |    | Other assets
(including
goodwill) |    | Total assets
|-------------------- | --------------------- |  | --------------------------------------------- |  | ---------------- |  | ----------------- | -- | --------------------------------- | -- | ------------
|                     | ***$*****             |  | ***************$*****                         |  | ***$*****        |  | *$*               | ** | *$*                               | ** | *$*         
|                     |                       |  |                                               |  |                  |  |                   |    |                                   |    |             
|**********Assets**   |                       |  |                                               |  |                  |  |                   |    |                                   |    |             
|*********IATA Area 1 | **4,265,577**         |  | **********6,241,660**                         |  | **10,507,237**   |  | 1,825,319         |    | -                                 |    | 1,825,319   
|*IATA Area 2         | **173,670**           |  | **********-**                                 |  | **173,670**      |  | 136,920           |    | -                                 |    | 136,920     
|*IATA Area 3         | **1,408,311**         |  | **********4,944,789**                         |  | **6,353,100**    |  | 1,123,357         |    | 3,446,543                         |    | 4,569,900   
|                     |                       |  |                                               |  |                  |  |                   |    |                                   |    |             
|********TOTAL        | **5,847,558**         |  | **********11,186,440**                        |  | **17,034,007**   |  | 3,085,596         |    | 3,446,543                         |    | 6,532,139   

******Note 10.	Segment Information (continue)**

IATA Area 1 comprises all of the North and South American Continent and the adjacent islands,
Greenland, Bermuda, the West Indies and the islands of the Caribbean Sea, the Hawaiian Islands
(including Midway and Palamyra).

IATA Area 2 comprises all of Europe (including the European part of the Russian Federation)
and the adjacent islands, Iceland, the Azores, all of Africa and the adjacent islands, Ascension Island,
that part of Asia lying west of and including Iran (Islamic Rep. 6f).

IATA Area 3 comprises all of Asia and the adjacent islands, except that portion included in
IATA Area 2, all of the East Indies, Australia, New Zealand and the adjacent islands, the islands of the
Pacific Ocean, except those included in IATA Area 1.

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

****SPECIAL NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this report, including statements in the following discussion, which are not
statements of historical fact, are what are known as "forward-looking statements," which are basically
statements about the future. For that reason, these statements involve risk and uncertainty since no one
can accurately predict the future. Words such as "plans," "intends," "will," "hopes," "seeks,"
"anticipates," "expects," and the like, often identify such forward-looking statements, but are not the only
indication that a statement is a forward-looking statement. Such forward-looking statements include
statements concerning our plans and objectives with respect to the present and future operations of the
Company, and statements which express or imply that such present and future operations will or may
produce revenues, income or profits. Numerous factors and future events could cause the Company to
change such plans and objectives, or fail to successfully implement such plans or achieve such
objectives, or cause such present and future operations to fail to produce revenues, income or profits.
Therefore, the reader is advised that the following discussion should be considered in light of the
discussion of risks and other factors contained in this report on Form 10QSB and in the Company's other
filings with the Securities and Exchange Commission. No statements contained in the following
discussion should be construed as a guarantee or assurance of future performance or future results.

***Critical Accounting Policies and Estimates***

Management's discussion and analysis of financial condition and results of operations are based upon
Pacific CMA Inc.'s consolidated financial statements. These statements have been prepared in
accordance with accounting principles generally accepted in the United States of America. These
principles require management to make certain estimates, judgments and assumptions that affect the
reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities. On an on-going basis, we evaluate our estimates, based on historical experience, and
various other assumptions that are believed to be reasonable under the circumstances, the results of
which form the basis for making judgments about the carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these estimates under different
assumptions or conditions.

The following critical accounting policies rely upon assumptions, judgments and estimates and were used
in the preparation of our consolidated financial statements:

Recognition of Cost of forwarding

The billing of cost of forwarding is usually delayed. As a result, we must estimate the cost of purchased
transportation and services and accrue an amount on a load-by-load basis in a manner that is consistent
with revenue recognition. Such estimate is based on past trends and on the judgment of management.
Historically, upon completion of the payment cycle (receipt and payment of transportation bills), the
actual aggregate transportation costs are not materially different than the accrual. However, in any case in
which the actual cost varies significantly from the accrual, a revision to the accrual would be required.

Accounting for Income Taxes

In preparing our consolidated financial statements, we are required to estimate our income taxes in each
of the jurisdictions where we operate. This process involves estimating actual current tax exposure
together with assessing temporary differences resulting from differing treatment of items for tax and
accounting purposes. These differences result in deferred tax assets and liabilities, which are included in
our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be
recovered from future taxable income and to the extent that we believe that recovery is not likely, we
must establish a valuation allowance. To the extent we establish a valuation allowance, we must include
an expense within the tax provision of the statement of income in each period, in which the allowance is
increased.

Significant judgment is required in determining the provision for income taxes, deferred tax assets and
liabilities and any valuation allowance against our deferred tax assets. In the event that actual results
differ from these estimates or the estimates are adjusted in future periods, then we may need to establish
an additional valuation allowance, which could materially impact our financial position and results of
operations. Based on our current financial projections, we currently believe that we will realize 100% of
our deferred tax asset.

Valuing long-lived assets, intangible and goodwill

We assess the impairment of identifiable long-lived assets, purchased intangible assets and goodwill
whenever events or changes in circumstances indicate that the carrying amount may be impaired. Factors
that we consider when evaluating for possible impairment include the following:

1. Significant under-performance relative to expected historical or projected future operating
results;

2. Significant changes in the manner of our use of the acquired assets or the strategy for our
overall business; and

3. Significant negative economic trends.

When determining whether the carrying value of long-lived assets and goodwill is impaired based upon
the existence of one or more of the above factors, we determine the existence of an impairment by
comparison of the carrying amount of the asset to expected future cash flows to be generated by the asset.
If such assets are considered impaired, the impairment is measured as the amount by which the carrying
value of the assets exceeds the fair value of the assets. As of March 31, 2003, goodwill totaled
approximately $2.68 million, intangible amounted to approximately $2.3 million and our long-lived
assets, consisting primarily of net property, plant and equipment, totaled $352,931.

As required by SFAS No. 142, goodwill and intangible assets with indefinite lives are to no longer be
amortized, but rather are to be tested at least annually for impairment. This pronouncement also requires
that intangible assets with definite lives be amortized over their respective lives to their estimated
residual value and reviewed for impairment in accordance with SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets".  On April 30, 2002, we acquired 81% of the common
stock of Airgate International Corporation, a privately held New York based freight forwarder.. As
required by SFAS No. 142, we allocated the purchase price to the assets, liabilities, intangibles and
goodwill acquired, based on the fair value at the date of acquisition. We recorded $2.86 million of
intangible assets with finite lives (customer relationships) and $2.68 million in goodwill associated with
this acquisition.  The intangible customer relationship asset is amortized over a period of five years while
goodwill is not amortized, but rather is tested annually for impairment in accordance with SFAS No. 142.
The acquisition was accounted for as a purchase and the results of operations of Airgate for the period
from January 1, 2003 to March 31, 2003 and its financial condition as of December 31, 2002 and March
31, 2003 are reflected in our condensed consolidated financial statements  as of December 31, 2002 and
March 31, 2003. All significant intercompany balances and transactions have been eliminated in
consolidation.

OVERVIEW

The following discussion is applicable to the Company's financial condition and results of operations for
the periods ended March 31, 2003 and March 31, 2002.

Pacific CMA, Inc. (Pacific CMA) does not directly carry on any business activities. Through its Hong
Kong based subsidiary, AGI Logistics (HK) Ltd. (AGI), and its New York based subsidiary, Airgate
International Corp. (Airgate), Pacific CMA facilitates and provides Supply Chain Management Solutions,
Contract Logistics Services and International Freight Forwarding Services.

Its wholly-owned subsidiary, AGI Logistics (HK) Ltd. (AGI), operates an integrated logistics and freight
forwarding business which is based in Hong Kong and which primarily handles delivery of goods in
South China and Hong Kong to overseas countries, mainly the Far East region and the US. The principal
services provided by AGI are airfreight forwarding, ocean freight forwarding, and warehousing. In the
Far East region, Mainland China is the target market for AGI Group expansion.

The business of AGI was first established in August 1998 and now consists of its own operations, as well
as those of its subsidiaries. On January 1, 2001, its Hong Kong incorporated subsidiaries included
Sparkle Shipping, Godown, Wharf & Transp. Co., Ltd. (Sparkle) and Guangzhou Huasheng Int'l
Forwarding Ltd. (GZ Huasheng), and AGI Logistics (Shenzhen) Ltd. (AGI (Shenzhen)) which was
incorporated in The Peoples Republic of China ("the PRC"). On June 14, 2002, GZ Huasheng was
renamed as Guangdong Springfield Logistics Services Ltd. (GD Springfield). AGI (Shenzhen) and
Sparkle were disposed of by AGI Group on May 11, 2001 and April 2, 2002, repectively, in conjunction
with a decision by AGI to concentrate on the international freight forwarding business. The business
activities of Sparkle were concentrated on local feeder voyages and trucking operations along the Jujiang
Delta Area of Mainland China and it was determined that Sparkle would need to purchase its own boats
and trucks to maintain its competitive position. As a result, its business operations diverged from the
Group's non-asset based strategic plan. AGI Group has elected to concentrate its resources and
investments on the operations of AGI HK and GD Springfield in order to seek to improve the tonnage
performance in Hong Kong and South China, US and Europe.

On April 30, 2002, Pacific CMA completed the acquisition of control of Airgate, a privately held New
York-based freight forwarder which was established in 1990. Airgate is a non-asset based logistics
services company. Pacific CMA intends to continue the operations of Airgate in substantially the same
manner as they were conducted prior to the acquisition. Airgate primarily handles import air and ocean
shipments from the Far East and Southwest Asia to the US. Pacific CMA International, LLC, a Colorado
limited liability company which is wholly-owned by the Company, acquired 81% of the issued and
outstanding common stock of Airgate.

The following discussion concerning results of operations and liquidity and capital resources of Pacific
CMA, is based solely upon the business operations which are carried on by the group consisting of its
wholly owned subsidiary AGI and its subsidiaries, and the results of Airgate from January to March
2003.

The significant new developments which have occurred during the period ending March 31, 2003 include
the following:

1. A Cargo Sales Agency Agreement was signed between AGI (HK) and Cathay Pacific Airways, a Hong
Kong based airline, with effect from December 13, 2002. The confirmation to permanent agency status is
subject to satisfactorily completing a six month trial period in which AGI (HK) is committed to generate
not less than $76,923 average net revenue per month.

2. We entered into agreements with new agency partners in Dubai and Sri Lanka.

3. We made plans to expand our investment in Shanghai, PRC, during the second quarter of 2003.

**RESULTS OF OPERATIONS**

PERIOD ENDED MARCH 31, 2003 COMPARED WITH PEIROD ENDED MARCH 31, 2002

**BUSINESS SEGMENT OPERATING RESULTS**

Freight forwarders are compensated on a transactional basis for the movement of goods and provision of
related services to their customers. Therefore, our revenue is derived from our freight forwarding
services based upon the rates that we charge our customers for the movement of their freight from origin
to destination. The carrier's contract is with us, not with our customers. We are responsible for the
payment of the carrier's charges and we are legally responsible for the shipment of the goods. We are
responsible for any claims for damage to the goods while in transit. In most cases, we receive
reimbursement from the carriers for any claims. Since many shippers do not carry insurance sufficient to
cover all losses, we also carry insurance to cover any unreimbursed claims for goods lost or destroyed in
the event of a total loss. Gross revenue represents the total dollar value of services we sell to our
customers. Our costs of transportation, products and handling include the direct cost of transportation,
including tracking, rail, ocean, air and other costs. We commit to pay for space with shippers prior to
receiving committed orders from our customers. We act principally as a service provider to add value and
expertise in the procurement and execution of these services for our customers. Therefore, our gross
profits (gross revenues less the direct costs of transportation, products, and handling) are indicative of
our ability to source, add value and resell services and products that are provided by third parties.

Total revenue for the period ended March 31, 2003 increased 371.18% as compared with the period
ended March 31, 2002, from $2,976,871 in 2002 to $14,026,380 in 2003. The increase in revenue was
due to (i) organic growth of AGI and (ii) inclusion of Airgate's revenues in this quarter, excluding the
inter-company transactions among the group companies.

Revenue derived from operations of AGI increased 66.26% as compared to 2002. This significant
organic growth is the result of the following factors:

1. An increase in routed freight traffic from existing agency partners;

2. An increase in the number of new overseas agency partners;

3. Improvements in the agency network which enabled AGI to secure new freight business

4. Exploring new markets in India, Japan, and Sri Lanka.

The revenue of Airgate represents approximately 70% of our total revenue for the first quarter of 2003.
Airgate focuses its operations on the import of goods from the Far East. Airgate currently leases its own
bonded warehouse where deconsolidation of cargo is performed. In order to explore new markets in the
Midwest, Airgate established a new office in Chicago, Illinois in June 2002.

During the period, our cost of forwarding increased 397.89%, from $2,348,706 in 2002 to $11,693,998 in
2003. This increase in costs was due to the organic growth of AGI and the inclusion of Airgate freight
costs in this quarter.

Gross margin for the period decreased from 21.10% in 2002 to 16.63% in 2003 and gross profit (revenue
minus cost of forwarding) for the period increased 271.30%, from $628,165 in 2002, to $2,332,382 in
2003. Overall, we realized a net loss of $107,973 in 2003 compared to a net loss of $18,830 in 2002.

The decrease in overall gross margins was mainly due to lower gross margins attributable to existing
Airgate operations. However, since completing the Airgate acquisition, the Company has been working
to improve Airgate's profit margin through synergies between it and AGI. Airgate is also putting great
effort into finding new customers with higher profit margins, and has increased its marketing staff in an
effort to develop new markets with higher gross margins.

The results of operations for each segment are as follows:

Airfreight operations: Revenue from airfreight operations increased 329.55% from $2,107,927 in 2002 to
$9,054,673 in 2003. Airfreight revenue for AGI Group was $3,491,220, while airfreight revenue for
Airgate was $6,975,360, and off-setting inter-company transactions totaled $1,411,907. The volumes of
airfreight were improved in 2003 compared with 2002. Our main customer base is in the garment
industry, which prefers airfreight to sea freight transportation. The second Gulf War was started in mid-March of 2003. Prior to the beginning of the war, importers were concerned about the possible impact of
the war on costs and extra payments for fuel and security. It was also expected that if war began, the
space for airfreight shipment would be decreased in order to allow for space reallocation to the US
government. These factors led to an increase in air traffic prior to the beginning of the war. The tonnage
increase caused the demand for shipment space to increase as well, which led a rise in the cost of space.
However, rate adjustments to clients were limited to moderate levels since customers were reluctant to
absorb the whole magnitude of the rate increase. Costs for the airfreight forwarding operations increased
327.06% from $1,761,777 in 2002 to $7,523,794 in 2003. Airfreight cost attributable to AGI Group was
$2,886,458, while airfreight cost attributable to Airgate was $6,136,204, and off-setting inter-company
costs were $1,498,868. The gross profit margin was quite constant. It was 16.42% in 2002 and 16.91% in
2003. As a result of increased revenues, overall gross profits increased 342.26% to $1,530,879.

Total segment overhead attributable to the airfreight operation increased from $196,992 in 2002 to
$493,759 in 2003. Details regarding the increase in overhead expenses are discussed below under the
section title "Other Operating Expenses."

Overall, net segment income for the airfreight operation increased 461.21% for the period, from
$149,158 in 2002 to $837,084 in 2003. The increase in net income was mainly the result of the inclusion
of Airgate's business and the improvement in the results of the AGI Group.

Sea freight operation: Revenue from sea freight operations increased 476.09% to $4,971,707 in 2003
from $863,007 in 2002. Sea freight revenue for AGI Group was $1,126,254, while sea freight revenue for
Airgate was $3,991,331, and off-setting inter-company transactions were $145,878. The increase in
revenue for the period was due to inclusion of Airgate revenues and to revenues derived from new
customers in new markets. In addition, since ocean liners had already proposed a general rate increase to
take effect on May 1, 2003, customers increased their shipments in order to take advantage of lower rates
in effect before the pending rate increase. Thus ocean traffic recorded an increase. Costs for the sea
freight forwarding operation also increased 627.10% from $573,536 in 2002 to $4,170,204 in 2003. Sea
freight costs attributable to AGI Group were $868,664, while costs attributable to Airgate were
$3,430,162, and inter-company costs were $128,622. As a result, the gross profit margin decreased from
33.54% in 2002 to 16.12% in 2003. However, as a result of increased revenues, overall gross profits
increased 176.89% to $801,503.

Total segment overhead attributable to the sea freight operation increased 187.29%, from $107,694 in
2002 to $309,396 in 2003. Overall net income for the sea freight operation increased 170.72%, from
$181,777 in 2002 to $492,107 in 2003. The increase in net income was mainly the result of inclusion of
Airgate's operations and the improvement in the results of the AGI Group.

OTHER OPERATING EXPENSES

*SELLING AND ADMINISTRATIVE EXPENSES*

Selling and administrative expenses increased 290.04% to $2,306,000 in 2003 from $591,221 in 2002.
The following factors caused the increase in expenses:

Due to the consolidation of Airgate's overhead in this quarter, there was a significant incremental
increase in expenses for the following items: advertising, salesmen commissions, entertainment,
insurance, legal and professional fees, local traveling, motor vehicle expenses, postage and courier fees,
rent and rates, repair and maintenance, salaries and allowance sundry expenses, telephone and fax and
bank charges.

Overseas traveling: Expenses related to overseas traveling increased 110.55% from $27,254 in 2002 to
$57,384 in 2003. The increase in travel expenses was mainly due to costs attributable to an increased
number of trips to the US for meetings with investment bankers and discussions related to capital raising
efforts.

Legal and professional fees: Total legal fees incurred during the first quarter of 2003 were $125,074, as
compared to $11,182 in Year 2002. The increase in legal fees was primarily the result of matters related
to work on a pending registration statement and work related to potential listing of our shares on a stock
exchange.

*DEPRECIATION AND AMORTIZATION*

There was a significant increase in depreciation and amortization expense in the first quarter of 2003
which is attributable to the amortization of an intangible customer relationship asset recorded in
conjunction with the acquisition of Airgate on April 30, 2002.  We recorded this asset at cost
($2,860,000) and it is being amortized on a straight-line basis over a period of 5 years.   During the
period ended March 31, 2003, the amortization expense attributable to this asset was $143,000.

NON-OPERATING INCOME

*INTEREST AND OTHER INCOME*

Interest and other income increased from $14,084 in 2002 to $47,500 in 2003. This was due to the
interest income from loan receivables and management fee income received from third parties.

*INTEREST EXPENSES*

Interest expenses increased to $43,726 in 2003 from $14,753 in 2002. The increase in interest expenses is
due primarily to the bank trust receipts (invoice financing), bank loans and bank overdrafts involved.

OTHER RISK FACTORS

The Company's ability to provide service to its customers is highly dependent on good working
relationships with a variety of entities such as airlines, steamship carriers and governmental agencies.

Unlike other U.S. logistics companies, the Company bears a significant amount of inventory risk. We pay
for the guarantees we put up to the carriers, even if we do not have any customer cargo to fill the space.
We are not able to ask our clients to make these guarantees and accordingly, we assume all of the risks.

The Company has freight forwarders liability insurance that covers it against claims from clients. We
take responsibility for the cargo and we are responsible for its safe delivery. Therefore we can be held
responsible and incur losses if anything goes wrong.

Changes in governmental deregulation efforts, regulations governing the Company's products, and/or the
international trade and tariff environment could affect the Company's business in unpredictable ways.

Management believes the Company's business has not been significantly or adversely affected by
inflation in the past. Historically, the Company has generally been successful in passing cost increases to
its customers by means of price increases. However, competitive market place conditions could impede
the Company's ability to pass on future cost increases to customers and could erode the Company's
operating margins.

The Company continues to assess and improve financial controls. The Company has negotiated
successfully with its banks to get credit facilities for future financial needs.

Additional risks and uncertainties include:

1. Governmental deregulation efforts, regulations governing the Company's products and/or the
international trade and tariff environment adversely affecting our ability to provide services to
customers.

2. Competitive marketplace conditions impeding the ability of the Company to pass future cost
increases to customers.

3. Dependence of the Company on international trade resulting from favorable worldwide
economic conditions.

4. Dependence of the Company on retention and addition of significant customers.

5. The ability to recruit and retain skilled employees in a tight labor market.

6. The ability of the Company to develop and implement information systems to keep pace with
the increasing complexity and growth of the Company's business.

7. Following the September 11 attacks, airlines charge additional costs such as a fuel surcharge,
insurance surcharge and war risk surcharge. These surcharges are generally passed through to
shippers and consignees, which increases their shipping costs. As a result of these increased
costs, the shipping incentive of customers is reduced, and the rate of canceling orders is
increased.

LIQUIDITY AND CAPITAL RESOURCES

We used $1.2 million of cash in operating activities in the first quarter of 2003, as compared to $700,000
in the same period of 2002. This increase in the use of cash was mainly attributable to additional amounts
used in the settlement of trade payables. ($0.9 million was used during the first quarter of 2003 as
compared to $589,485 in the same period of 2002.

Net cash used in investing activities was $225,168, and $142,792 in the first quarter of 2003 and 2002
respectively. During first quarter of 2003, we paid an installment of $300,000 related to the acquisition of
Airgate in 2002. We also used $10,897 in acquiring plant and equipment to improve our office facilities.
We have also received a payment of $66,346 related to our disposal of a subsidiary in 2002.

Additional cash deposits totaling approximately $373,008 were pledged to banks to generate additional
bank facilities, and are classified as restricted cash. This increase was offset by the inception of bank
overdrafts of $1.9 millions.

Working capital maintained at $0.7 million March 31, 2003 (inclusive of restricted cash of $3 million)
and December 31, 2002. We believe that we will be able to rely on cash flow from operations for short-term liquidity and believe that we have adequate liquidity to satisfy our material commitments for the
twelve months following March 31, 2003. We also believe that we can obtain additional liquidity through
further negotiation of short-term loans from banks to satisfy our short-term funding needs if any.

Pacific CMA, Inc. intends to continue its expansion plans through a mixture of organic growth and
acquisitions. Future acquisitions will focus on companies that serve as freight forwarders in key markets
or offer services (such as customs brokerage) that complement our existing services. We intend to
achieve organic growth through the establishment of new branch offices in the US and joint ventures in
the PRC and through a major marketing campaign through the Indian subcontinent, including India, Sri
Lanka and Bangladesh. In order to achieve this goal, we will be required to raise a certain amount of
capital. To a certain extent, these activities will have a significant impact on both liquidity and capital
resources.

**CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENT**

From time to time, we entered into various contractual obligations, which may be summarized as follows:

| |  | **Payments Due by Period**
| |  | --------------------------

|**Contractual Obligations**    |  | **Total** | **Less than 1 year** | **1-3 years** | **4 - 5 years** | **Thereafter**
|------------------------------ |  | --------- | -------------------- | ------------- | --------------- | --------------
|                               |  | $         | $                    | $             | $               | $             
|Finance lease Obligations      |  | 90,255    | 36,150               | 54,105        | -               | -             
|Secured Loan                   |  | 600,000   | 600,000              | -             | -               | -             
|Unsecured Bank Loans           |  | 53,683    | 53,683               | -             | -               | -             
|Business Profit Tax Loan       |  | 10,544    | 10,544               | -             | -               | -             
|Operating Leases               |  | 991,277   | 434,830              | 521,313       | 21,301          | 13,833        
|Cargo Space Commitments        |  | 1,243,590 | 1,243,590            | -             | -               | -             
|Material Employment
Agreements |  | 1,372,250 | 499,000              | 873,250       | -               | -             

We have finance lease obligations of $90,255 as of March 31, 2003, of which $36,150 is repayable
within one year and $54,105 is repayable after 1 year.

As of March 31, 2003, we have $600,000 in loan payables to Mr. Scott Turner (our director) and Mr.
Thomas Zambuto in respect of the consideration for the acquisition of Airgate International Corp.
Pursuant to the stock purchase agreements, these $600,000 in loans bear interest on a per annum basis at
the rate of the prime rate plus 1.5%, and are repayable in two quarterly installments. The loans are
secured by a pledge of the Airgate shares acquired in this transaction. Messrs Turner and Zambuto
waived the interest payment due on March 31, 2003.

The amount due to directors totaling $329,263 is comprised of $238,524 due to Mr.Turner, which
includes an outstanding balance of $300,000 representing partial consideration for the acquisition of
Airgate International Corp., after netting off a loan receivable of $61,476 due from him to a subsidiary. It
also includes $90,739 due to another director. Debts maturing within one year include a loan payable of
$300,000 due to Mr. Thomas representing partial consideration for the acquisition of Airgate, unsecured
short-term bank loan $53,684 and a $10,543 business tax loan.

We also entered into various lease commitments for office premises and warehouses in the United States,
Hong Kong and China. The total outstanding lease commitments under non-cancellable operating leases
are $991,277 as of March 31, 2003. As of March 31, 2003, the current portion of these commitments of
$434,830 is payable within one year.

We have entered into written agreements with various sea and airfreight carriers committing to take up a
guaranteed minimum amount of cargo space each year. As of March 31, 2003, the amount outstanding
for such commitments to be entered in 2003 was approximately $1.2 million.****

In connection with the acquisition of Airgate International Corporation, we also entered into three-year
employment agreements dated April 30, 2002 with Mr. Turner and Mr. Zambuto, respectively, as
described in a Current Report on Form 8-K filed on May 14, 2002. Under these agreements, we agreed to
pay them an annual base salary of $249,500 per annum commencing January 1, 2003, and for each year
thereafter during the term of their employment agreements.

As of March 31, 2003, our commercial commitments may be summarized as follows:

|**Other Commercial
Commitments** | **Total Amounts
Committed** | **Amount of Commitment Expiration
Per Period**
|-------------------------------- | --------------------------- | ----------------------------------------------
|                                 |                             | **Less than 1 year**                          
|                                 | **$**                       | **$**                                         
|Overdraft                        | 2,687,589                   | 2,687,589                                     
|Invoice Trust Receipt            | 1,266,774                   | 1,266,774                                     
|Short-tern bank loans            | 64,227                      | 64,227                                        
|Guarantees by bank               | 269,230                     | 269,230                                       

As of March 31, 2003, to finance our working capital our available banking facilities were approximately
$6.6 millions mainly obtained from creditworthy commercial banks in Hong Kong. As of that date, the
total amount of banking facilities utilized was $4,287,820. This was made up of (i) approximately
$2,687,589 of overdrafts; (ii) approximately $1,266,774 of invoice trust receipts which are included in
trade payables; (iii) approximately $64,227 of short-term bank loans; and (iv) approximately $269,230 of
bank guarantees for granting credit facilities to a subsidiary for airfreight payment. While these banks are
not obligated to advance any further funds to us, we believe that absent any significant downtrend in
business, this source of credit will continue to be available to us.

**OUTLOOK**

We believe the following trends may have a positive impact on our future results of operation and our
financial conditions:

Outsourcing of non-core activities

Companies are increasingly outsourcing freight forwarding, warehousing and other supply chain
activities so that they may focus on their respective core competencies. Companies are increasingly
turning to freight forwarders and logistics and supply chain management providers to manage their
purchase orders and timely delivery of products at a lower cost and a greater efficiency than if the
function was undertaken directly.

Globalization of trade

As barriers to international trade are gradually reduced, international trade will similarly increase. In
addition, companies are increasingly sourcing for supplies and raw materials from the most competitive
suppliers throughout the world. This form of sourcing would generally also lead to increased volumes of
trade.

Increased need for time-definite delivery

The demand for just in time and other time definite delivery has increased as a result of the globalization
of manufacturing, greater implementation of demand-driven supply chains, the shortening of product
cycles and the increasing value of individual shipments.

A shift towards a decreasing number of global supply chain management providers

Companies are decreasing the number of freight forwarders and supply chain management providers with
which they interact so that they might transact with a limited number of providers who are familiar with
their requirements, processes and procedures and can function as long-term partners. As such, freight
forwarders which are globally integrated and are able to provide a full complement of services, including
pick-up and delivery, shipment via air, sea and land, warehousing and distribution and customs
brokerage, are well positioned to gain from this shift**.**

Hong Kong

South China, including Hong Kong and the Pearl River Delta Region Area is one of the most active
transportation nodes in the World. The region has been growing dramatically in the past twenty years
owing to the open market policy put forth by the PRC Government since 1978. Overseas investment over
the world, especially from Taiwanese and Japanese conglomerates in the region, has resulted in a
significant increase in the number of factories and manufacturing plants in the region. The result has
been a significant increase in demand for freight forwarding services, with the need to import raw
materials into the region and export finished products out of the region. *(Hong Kong Year Book)*

In 1999, over 50% of the cargo into and out of the Pearl River Delta Region was handled though Hong
Kong International Airport and Kwai Chung Container Terminal. In response to the rapid growth of the
region, other transportation hubs around Hong Kong, such as Macau, Zhuhai, Shenzhen and Guangzhou
are gradually becoming key parts of the transport web. *(Hong Kong Census and Statistical Department)*

The Hong Kong International Airport in Chep Lap Kok has been reported to be one of the largest cargo
centers in the World.

Since the beginning of the airport's fiscal year in April 2002, cargo traffic had risen by 24.7% as
compared with the same period in the previous year. Going forward, the Hong Kong Airport Authority
are formulating measures to improve cargo handling services which include building eight new cargo
stands bringing the total to 21, enlarging Hong Kong International's cargo catchment area and developing
logistic services on the airport island. *(Hong Kong Shipping Gazette Airfreight Fax News, 17 May 2002)*

US

Airfreight continues to show strength in the US, albeit at a decelerating rate. International revenue ton-mile performance for June 2002 was up 0.1% year over year as compared to June 2003, which was the
first month of positive year over year growth after 14 months of declines (including 7 straight months of
double-digit decline).

In fact, airfreight volumes (gross revenues) from Asia to North America and Asia to Europe was
particularly strong year over year in the third and fourth quarters of 2002 due primarily to continued
strength in Chinese manufacturing activity and, to a lesser extent, some accelerated shipping ahead of the
then potential work stoppage at the West Coast ports.

Ocean freight volumes (gross revenue) from Asia to North America and Asia to Europe are also expected
to be strong year-over-year. However ocean freight gross yields will be down year over year as capacity
began to tighten meaningfully at the end of the second quarter of 2002. In spite of this, strong
expectations for year over year increases in ocean freight gross revenues should more than offset
expected year over year deterioration in ocean freight yields which should lead to ocean freight net
revenue year over year growth of at least high single digits. *("3Q:02 Earnings Preview -
Airfreight/Logistics" Bear Stearns, 16 October 2002)*

PRC

China is to phase out most restrictions on foreign companies distributing goods inside its borders within
four years of accession to the WTO. The rising levels of domestic affluence brought on by China's WTO
entry, which needs only ratification, will also fuel greater demand for production and distribution of
high-value and medium value goods, driving the need for a more flexible supply chain. This would
present an unrivalled level of opportunity for all air-freight movers if they could meet the challenge.

With the value of China's exports and imports exceeding $475 billion in 2001, according to government
figures, and the consumption of higher value goods becoming a trend, air transport, particularly express,
is expected to become more evident within manufacturers' distribution networks. *(China set to drop
restraints; Fedex expects easier path for foreign air cargo companies after WTO entry, South China
Morning Post, 1 October 2001)*

Based on the above, we anticipate that our volume of business will increase significantly in 2003 over
that of 2002.****

ITEM 3.	CONTROLS AND PROCEDURES

The Company's Chief Executive Officer and Chief Financial Officer (or those persons performing similar
functions), after evaluating the effectiveness of the Company's disclosure controls and procedures (as
defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934, as amended) as of
a date within 90 days before the filing date of this quarterly report (the "Evaluation Date"), have
concluded that, as of the Evaluation Date, the Company's disclosure controls and procedures were
effective to ensure the timely collection, evaluation and disclosure of information relating to the
Company that would potentially be subject to disclosure under the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder. There were no significant changes in the
Company's internal controls or in other factors that could significantly affect the internal controls
subsequent to the Evaluation Date.

PART II

ITEM 1.   LEGAL PROCEEDINGS

From time to time, the Company may become involved in legal proceedings occurring in the ordinary
course of business.  Subject to the uncertainties inherent in any litigation, the Company believes that
there are no pending or threatened proceedings that are reasonably likely to result in a material adverse
change in it's financial condition or operations.

ITEM 2.	CHANGES IN SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES

None.

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

None.

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

(a) 	CERTIFICATIONS PURSUANT TO SECTION 302 OF THE  SARBANES-OXLEY
ACT OF 2002 are filed herewith.

(b)	Exhibits 99.1 and 99.2**,** CEO AND CFO CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002****are filed herewith.

****

(c)	No reports on Form 8-K were filed during the quarter ended March 31, 2003.

SIGNATURES

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

******PACIFIC CMA, INC.**



By:/S/ ALFRED LAM

Alfred Lam, Chairman and Treasurer

By:/S/ SCOTT TURNER

Scott Turner, President and Director

By:/S/ LOUISA CHAN

Louisa Chan, Director

By:/S/ HENRIK M. CHRISTENSEN

Henrik M. Christensen, Director



By:/S/ KAZE CHAN

Kaze Chan, Director

Date:   July 22, 2003

CERTIFICATION
PACIFIC CMA, INC.CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott Turner, certify that:

1.  I have reviewed this quarterly report on Form 10-QSB/A of Pacific CMA, Inc.

2.  Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this quarterly report;

3.  Based on my knowledge, the financial statements, and other financial information included in this quarterly
report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90
days prior to the filing date of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and
procedures based on our evaluation as of the Evaluation Date;

5.  The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect
the registrant's ability to record, process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal controls; and

6.  The registrant's other certifying officers and I have indicated in this quarterly report whether there were
significant changes in internal controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.

|Date: July 22, 2003 | By:/S/ SCOTT TURNER

Scott Turner, President and Director
|------------------- | ---------------------------------------------------------

CERTIFICATION
PACIFIC CMA, INC.CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alfred Lam, certify that:

1.  I have reviewed this quarterly report on Form 10-QSB/A of Pacific CMA., Inc.

2.  Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this quarterly report;

3.  Based on my knowledge, the financial statements, and other financial information included in this quarterly
report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90
days prior to the filing date of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and
procedures based on our evaluation as of the Evaluation Date;

5.  The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect
the registrant's ability to record, process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal controls; and

6.  The registrant's other certifying officers and I have indicated in this quarterly report whether there were
significant changes in internal controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.

|Date: July 22, 2003 | By:/S/ ALFRED LAM

Alfred Lam, Chairman and Treasurer
|------------------- | -----------------------------------------------------

Exhibit 99.1
PACIFIC CMA, INC.
CERTIFICATION 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 Quarterly Report of Pacific CMA, Inc. (the "Company") on Form 10-QSB/A for the period
ending March 31, 2003, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I,
Scott Turner, President and a Director of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant
to ss. 906 of the Sarbanes-Oxley Act of 2002, that:
(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.

By:/S/ SCOTT TURNER

Scott Turner, President and Director
Date:   July 22, 2003

Exhibit 99.2
PACIFIC CMA, INC.
CERTIFICATION 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 Quarterly Report of Pacific CMA, Inc. (the "Company") on Form 10-QSB/A for the period
ending March 31, 2003, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I,
Alfred Lam, Chairman, Treasurer, and a Director, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss.
906 of the Sarbanes-Oxley Act of 2002, that:
(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.



By:/S/ ALFRED LAM

Alfred Lam, Chairman, Treasurer and Director
Date: July 22, 2003