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                                   EXHIBIT 14

                              SHELRON GROUP, INC.

                      CODE OF BUSINESS CONDUCT AND ETHICS

                     For Employees, Officers and Directors

INTRODUCTION

            To further Shelron Group's fundamental principles of honesty,
loyalty, fairness and forthrightness we have established the Shelron Group, Inc.
Code of Business Conduct and Ethics. Our Code strives to deter wrongdoing and
promote the following six objectives:

o     Honest and ethical conduct;

o     Avoidance of conflicts of interest between personal and professional
      relationships;

o     Full, fair, accurate, timely and transparent disclosure in periodic
      reports required to be filed by Shelron Group with the Securities and
      Exchange Commission and in other public communications made by Shelron
      Group;

o     Compliance with the applicable government regulations;

o     Prompt internal reporting of Code violations; and

o     Accountability for compliance with the Code.

ACCOUNTING CONTROLS, PROCEDURES & RECORDS

            Applicable laws and company policy require Shelron Group to keep
books and records that accurately and fairly reflect its transactions and the
dispositions of its assets. In this regard, our financial executives shall:

o     Provide information that is accurate, complete, objective, relevant,
      timely and understandable.

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

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

            All directors, officers, employees and other persons are prohibited
from directly or indirectly falsifying or causing to be false or misleading any
financial or accounting book, record or account. Furthermore, no director,
officer or employee of Shelron Group may directly or indirectly:

o     Make or cause to be made a materially false or misleading statement, or

o     Omit to state, or cause another person to omit to state, any material fact
      necessary to make statements made not misleading in connection with the
      audit of financial statements by independent accountants, the preparation
      of any required reports whether by independent or internal accountants, or
      any other work which involves or relates to the filing of a document with
      the Securities and Exchange Commission.

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BRIBERY

            The offering, promising, or giving of money, gifts, loans, rewards,
favors or anything of value to any supplier, customer or governmental official
is strictly prohibited.

COMMUNICATIONS

            It is very important that the information disseminated about Shelron
Group be both accurate and consistent. For this reason, certain of our executive
officers who have been designated as authorized spokespersons per our policy
regarding compliance with Regulation FD are responsible for our internal and
external communications, including public communications with stockholders,
analysts and other interested members of the financial community. Employees
should refer all outside requests for information to the authorized
spokespersons.

COMPUTER AND INFORMATION SYSTEMS

            For business purposes, officers and employees are provided
telephones and computer workstations and software, including network access to
computing systems such as the Internet and e-mail, to improve personal
productivity and to efficiently manage proprietary information in a secure and
reliable manner. You must obtain the permission from our Information Technology
Services department to install any software on any company computer or connect
any personal laptop to the Shelron Group network. As with other equipment and
assets of Shelron Group, we are each responsible for the appropriate use of
these assets. Except for limited personal use of Shelron Group's telephones and
computer/e-mail, such equipment may be used only for business purposes. Officers
and employees should not expect a right to privacy of their e-mail. All e-mails
on company equipment are subject to monitoring by Shelron Group.

CONFIDENTIAL OR PROPRIETARY INFORMATION

            Company policy prohibits employees from disclosing confidential or
proprietary information outside Shelron Group, either during or after
employment, without company authorization to do so. Unless otherwise agreed to
in writing, confidential and proprietary information includes any and all
methods, inventions, improvements or discoveries, whether or not patentable or
copyrightable, and any other information of a similar nature disclosed to the
directors, officers or employees of Shelron Group or otherwise made known to us
as a consequence of or through employment or association with Shelron Group
(including information originated by the director, officer or employee). This
can include, but is not limited to, information regarding our business,
research, development, inventions, trade secrets, intellectual property of any
type or description, data, business plans, marketing strategies and contract
negotiations.

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CONFLICTS OF INTEREST

            Company policy prohibits conflicts between the interests of its
employees, officers, directors and Shelron Group. A conflict of interest exists
when an employee, officer, or director's personal interest interferes or may
interfere with the interests of the company. Conflicts of interest may not
always be clear, so if an employee has a concern that a conflict of interest may
exist, they should consult with higher levels of management, and in the case of
officers and directors, they should consult with a member of the Audit
Committee. When it is deemed to be in the best interests of Shelron Group and
its shareholders, the Audit Committee may grant waivers to employees, officers
and directors who have disclosed an actual or potential conflict of interest.
Such waivers are subject to approval by the Board of Directors.

FRAUD

            Company policy prohibits fraud of any type or description.

INSIDE INFORMATION

            Company policy and applicable laws prohibit disclosure of material
inside information to anyone outside Shelron Group without a specific business
reason for them to know. It is unlawful and against company policy for anyone
possessing inside information to use such information for personal gain. Shelron
Group's policies with respect to the use and disclosure of material non-public
information are more particularly set forth in Shelron Group's Insider Trading
Policy.

POLITICAL CONTRIBUTIONS

            Company policy prohibits the use of company, personal or other funds
or resources on behalf of Shelron Group for political or other purposes which
are improper or prohibited by the applicable federal, state, local or foreign
laws, rules or regulations. Company contributions or expenditures in connection
with election campaigns will be permitted where allowed by federal, state, local
or foreign election laws, rules and regulations.

REPORTING AND NON-RETALIATION

            Employees who have evidence of any violations of this code are
encouraged and expected to report them to their supervisor, and in the case of
officers and directors, they should report evidence of any such violations to a
member of the Audit Committee. Such reports will be investigated in reference to
applicable laws and company policy. Violations of this Code or any other
unlawful acts by our officers, directors or employees may subject the individual
to dismissal from employment and/or fines, imprisonment and civil litigation
according to applicable laws.

            We will not allow retaliation against an employee for reporting a
possible violation of this Code in good faith. Retaliation for reporting a
federal offense is illegal under federal law and prohibited under this Code.
Retaliation for reporting any violation of a law, rule or regulation or a
provision of this Code is prohibited. Retaliation will result in discipline up
to and including termination of employment and may also result in criminal
prosecution.

WAIVERS

            There shall be no waiver of any part of this Code for any director
or officer except by a vote of the Board of Directors or a designated board
committee that will ascertain whether a waiver is appropriate under all the
circumstances. In case a waiver of this Code is granted to a director or
officer, the notice of such waiver shall be posted on our website within five
days of the Board of Director's vote or shall be otherwise disclosed as required
by applicable law or the American Stock Exchange Rules. Notices posted on our
website shall remain there for a period of 12 months and shall be retained in
our files as required by law.

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                                          Approved By The Board of Directors
                                          May 19, 2004

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