SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**Form 10-KSB**

**Annual Report Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

(Mark One)

[ X ] Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2001

[   ] Transition report under section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ___________________ to ______________

Commission File Number 333-51918

**Excel Publishing, Inc.**

(Name of small business issuer in its charter)

|**Nevada**

(State or other jurisdiction of incorporation or organization) | **87-0653761**

(I.R.S. Employer I.D. No.)
|-------------------------------------------------------------------------- | ------------------------------------------

**2250 West Center St. Springville, UT 84663**

(Address and Zip Code of principal executive offices)

Issuer's telephone number, including area code: **801- 489-0222**

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

Securities registered under Section 12(g) of the Exchange Act:

$.001 par value, common voting shares

(Title of class)

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

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is contained in this form, and
no disclosure will be contained, to the best of the registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this form 10-KSB or any amendment to this Form 10-KSB. [    ]

The issuer's revenue for its most recent fiscal year was: $37,151

The aggregate market value of the issuer's voting stock held as of March 12, 2002, by non-affiliates of the issuers was
$453,250.

As of March 12, 2002, issuer had 11,300,000 shares of its $.001 par value common stock outstanding.

Transitional Small Business Format:   Yes [   ]   No [ X ]

Documents incorporated by reference: none

**PART I**

**Item 1.  Description of Business.**

Excel Publishing Inc., ("Excel" or the "Company") was incorporated in Nevada on June 7, 2000. The Company is
considered a development stage company as defined in Statement of Financial Accounting Standards No. 7.  The Company
sells subscriptions to an investment newsletter.  The Company has, at the present time, not paid any dividends and any
dividends that may be paid in the future will depend on the financial requirements of the Company and other factors.

Excel markets annual subscriptions for an investment strategy newsletter called the "Sector Fund Wealth Builder."  The
Sector Fund Wealth Builder is published and distributed to subscribers on a weekly basis.  The newsletter provides timely
information regarding our proprietary strategy, stock market observations, information on websites and publications
relative to the stock market and investing, and a portfolio performance analysis.

In addition to Excel's weekly newsletter, the Sector Fund Wealth Builder, the Company also publishes intra-week alerts
called Portfolio Alerts.  If and when the EIM system gives a buy or sell signal intra-week, Excel notifies subscribers via a
Portfolio Alert that is sent to subscribers the same day, typically within hours of receiving the information from EIM.  This
information is also placed on the hotline immediately.  Along with a buy or sell recommendation, we include a description
of recommended funds, the fund's strategy and its holdings.

Excel's strategy is based upon information provided by Eldridge Investment Management ("EIM"), with whom Excel has
an exclusive marketing agreement.  EIM has developed a computer system that tracks and analyses sector funds and
determines sustained leadership or momentum growth in targeted sectors.  Excel uses the information provided by EIM to
notify subscribers of buy or sell signals of certain sector funds.

In addition to the recommendations based upon the EIM data, Excel provides a commentary on financial markets and the
economy.  The commentary is based on research and analysis of weekly trends, market developments, current political and
economic events and other information obtained from subscription and non-subscription sources, websites, periodicals, and
financial news channels.

Excel distributes its newsletter and Portfolio Alert to subscribers by fax, e-mail and U.S. mail.  In addition, the Company
maintains a telephone hotline at 801-344-1304 where subscribers can call for an update of any new buy or sell
recommendations.  The hotline is available to subscribers 24 hours a day, seven days a week.

Subscriptions are $497 per year.  Under certain promotions, new subscribers are offered an introductory rate of $297 per
year.  The Company offers a 100% refund for any subscriber who cancels within the first sixty days.  Thereafter, at any
time a subscriber cancels their subscription, the company pro rates a refund.

Excel has agreed to pay EIM a royalty of 10% for all new and renewing subscriptions, less any refunds.  In return EIM
provides Excel with instant notification of any and all signals given by their proprietary system.  Excel received exclusive
right to utilize the EIM program for one year from December 11, 2000.  Thereafter, Excel retains exclusive rights provided
they pay not less than $500 during each month of the second year, not less than $1,000 during each month of the third year
and not less than $1,500 during each month thereafter.  In the event payments fall below the required levels during any
month, the exclusive rights terminate, although Excel can continue to utilize the EIM program. The agreement with EIM
can be terminated by either party on or after January 1, 2004 upon three months written notice to the other party.

The Company receives revenue from subscriptions to its newsletter, royalties based on subscriptions to its newsletter sold
by a licensee, and licensing revenue from the licensing of its newsletter to a licensee.   Excel anticipates that future website
development will provide additional revenue.  The Company has considered allowing advertising inserts to accompany the
newsletters at such time as the subscriber base reaches a significant level.

**Employees**

The Company does not currently have any employees but relies upon the efforts of its director to conduct the business of
the Company.

**Item 2.  Description of Property.**

The Company does not currently own any property.  The Company rents office space for $250 a month from a company
owned by Steven L. White.  The Company paid $250 during the year ending December 31, 2001.  Until such time as the
Company pursues a viable business opportunity and recognizes income, it will not seek independent office space.

**Item 3.  Legal Proceedings.**

No legal proceedings are threatened or pending against the Company or any of its officers or directors.  Further, none of
the Company's officers or directors or affiliates of the Company are parties against the Company or have any material
interests in actions that are adverse to the Company's interests.

**Item 4.  Submission of Matters to a Vote of Securities Holders.**

No matters were submitted during the fourth quarter of the fiscal year covered by this report to a vote of security holders.

**PART II**

**Item 5.  Market for Common Equity and Related Stockholder Matters.**

The Company's common stock is listed on the Over the Counter Bulletin Board ("OTCBB"), under the symbol "EXPB".
As of March 12, 2002, the Company had 50 shareholders holding 11,300,000 shares of common stock.  Of the issued and
outstanding common stock, 800,000 are free trading, the balance are restricted stock as that term is used in Rule 144.

******
**CLOSING BID**
****
**CLOSING ASK**
********
**High**
**Low**
**High**
**Low****2001**July 18 (first available)
through September 28
0.1100
0.1000
0.0000
0.0000October 1 through
December 31
0.1100
0.1000
0.0000
0.0000The above quotations, as provided by the National Quotation Bureau, LLC, represent prices between dealers and do not
include retail markup, markdown or commission.  In addition, these quotations do not represent actual transactions.

The Company has not paid, nor declared, any dividends since its inception and does not intend to declare any such
dividends in the foreseeable future. The Company's ability to pay dividends is subject to limitations imposed by Nevada
law. Under Nevada law, dividends may be paid to the extent that the corporation's assets exceed its liabilities and it is able
to pay its debts as they become due in the usual course of business.

**Item 6.  Management's Discussion and Analysis.**

**Twelve Month period Ended December 31, 2001 and from Inception on June 7, 2000 Through December 31, 2000.**

The Company had revenue of $37,151 from continuing operations in the year ended December 31, 2001.  Cost of goods
sold during the year ended December 31, 2001 was $47,876.

General and administrative expenses for the year ended December 31, 2001, consisted of general corporate administration,
legal and professional expenses, and accounting and auditing costs and wages. These expenses were $35,114.  The
Company also had interest expenses of $537 during the year ended December 31, 2001.

For the seven-month period from inception on June 7, 2000 through December 31, 2000, the Company had revenue of
$10,005. Cost of goods sold was $47,829 for the seven-month period from June 7, 2000 through December 31, 2000.

General and administrative expenses for the seven-month period from inception on June 7, 2000 through December 31,
2000, consisted of general corporate administration, legal and professional expenses, and accounting and auditing costs and
wages.  These expenses were $27,157.

As a result of the foregoing factors, the Company realized a net loss of $64,981 for the period from inception on June 7,
2000 through December 31, 2000.  For the year ended December 31, 2001, the Company realized a net loss of $46,376.
The combined loss from inception on June 7, 2000 through December 31, 2001 was $111,357.

**Liquidity and Capital Resources**

At December 31, 2001 the Company had $3,496 cash in hand and royalties receivable of $58.  The Company had total
current liabilities of $540 in accounts payable.  The Company also had $11,871 in unearned revenue resulting in total
liabilities of $12,411.  The Company believes that its current cash needs can be met with the cash on hand and continued
operations.  However, should the Company find it necessary to raise additional capital, the Company may sell common
stock of the Company or enter into debt financing agreements.

The Company filed an SB-2 Registration Statement with the Securities and Exchange Commission that became effective
on March 26, 2001.   The Company raised $80,000 and closed its offering on June 11, 2001.

The Company has no capital commitments for the next twelve months.

**Item 7.  Financial Statements.**

The financial statements of the Company appear at the end of this report beginning with the Index to Financial Statements
on page F-1.

**Item 8.  Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.**

None.

**PART III**

**Item 9.  Directors, Executive Officers, Promoters and Control Persons; Compliance With Section 16(a) of the
Exchange Act.**

The following table sets forth the name, age, position and office term of the executive officer and director of the Company.**Name**
**Age**
**Positions**
**Since**Steven L. White
48
Director, President,
Secretary/Treasurer
October 2001All directors serve until the next annual stockholders meeting or until their successors are duly elected and qualified.  All
officers serve at the discretion of the Board of Directors.

Set forth below is a brief biography of Mr. Steven L. White, president, chief executive officer and director.

**Steven L. White, Director, President, Secretary/Treasurer.**

Mr. White earned his Bachelor of Science Degree from Brigham Young University in 1980 with a major in accounting and
a minor in English.  He is a member of the American Institute of Certified Public Accountants and has been employed by
one national and two local CPA firms.  Since 1983, Mr. White has been employed in private accounting and has been the
controller of several small businesses which include Phoenix Ink, LLC, a financial newsletter publisher, from 1999 to
present; HomeQuest, Inc., an educational software marketing company, from 1993 to 1998; InfoLink Technologies, Inc., a
software development company, from 1991 to 1992; Jefferson Institute, Inc., an investment seminar company, from 1986
to 1990 and Video Ventures, Inc., a publicly held video rental company, from 1983 to 1985.  Mr. White is the President
and a director of New Horizon Education, Inc, a publicly traded company, and of eNutrition Inc., a publicly traded
company.

**Item 10.  Executive Compensation**

**SUMMARY COMPENSATION TABLE****Name and Principal
Position**
**Year**
**Salary ($)**
**Bonus ($)**
**Other Annual
Compensation**Anthony B. Ramon

Former Director and
Chief Executive Officer
2001

2000
47,153

40,000
-0-

-0-
-0-

-0-Steven L. White

Current Director and
Chief Executive Officer
2001

2000
-0-

-0-
-0-

-0-
-0-

-0-****The Company paid $47,153 and $40,000 in compensation to the Company's former officer/director, Anthony B. Ramon
during the year ended December 31, 2001 and during the period from inception on June 7, 2000 through December 31,
2000, respectively.

**Employment Contracts and Termination of Employment and Change in Control Arrangement.**

There are no compensatory plans or arrangements, including payments to be received from the Company, with respect to
any person named in Cash Compensation set out above which would in any way result in payments to any such person
because of his resignation, retirement, or other termination of such person's employment with the Company or its
subsidiaries, or any change in control of the Company, or a change in the person's responsibilities following a change of
control of the Company.

**Item 11.  Security Ownership of Certain Beneficial Owners and Management.**

The following table sets forth as of March 12, 2002, the number and percentage of the 11,300,000 shares of outstanding
common stock which, according to the information supplied to the Company, were beneficially owned by (i) each person
who is currently a director of the Company, (ii) each executive officer, (iii) all current directors and executive officers of
the Company as a group and (iv) each person who, to the knowledge of the Company, is the beneficial owner of more than
5% of the outstanding common stock.  Except as otherwise indicated, the persons named in the table have sole voting and
dispositive power with respect to all shares beneficially owned, subject to community property laws where applicable.**Name and Address**
**Amount**
**Percentage**Steven L. White (1)

2250 West Center St.

Springville, UT 84663
8,005,000
70.84Arianne Nemelka Support Foundation

2662 Stonebury Loop Road

Springville, UT 84663
1,000,000
8.85The Quest for the Gift of Life
Foundation

6788 South 1300 East Ste. P

Salt Lake City, UT 84121
1,000,000
8.85Officers, Directors and Nominees as a
Group:

3 People
10,005,000
88.54(1) Officer and/or director. These shares are held in the name of Sparrow, Inc., a company owned and controlled by Steven
L. White.

**Item 12.  Certain Relationships and Related Transactions.**

The Company does not own property but rents office space on an as-needed basis for $250 per month from a company
owned by the Company's current president, Steven L. White.  The Company paid $250 and $0 during the year ended
December 31, 2001 and the period from inception on June 7, 2000 through December 31, 2000, respectively.

During December 2000, the Company's former officer/director, Anthony B. Ramon loaned $8,000 to the Company at a rate
of 10% per annum due on demand.  On August 17, 2001, this loan was repaid with accrued interest of $537.

On October 8, 2001, then current director, Anthony B. Ramon appointed Steven L. White to the board of directors and then
resigned as an officer and director.  Mr. Steven L. White is now the sole director and officer of the Company.  Sparrow,
Inc., an entity owned and controlled by Mr. White, purchased 8,000,000 shares of the Company's common stock from Mr.
Ramon in exchange for $55,000. The stock purchase agreement and payment contract provides that $20,000 was payable at
the date of signing the agreement and $5,000 each month thereafter for seven months.  Mr. Steven L. White now controls
approximately 71% of the Company.

On October 4, 2001, the Company entered into a License Agreement with Excel Publishers, Inc., a Utah corporation.  Excel
Publishers, Inc. is owned and controlled by Anthony B. Ramon, our former director and executive officer.  The Agreement
provides Excel Publishers, Inc. a license to write, market and distribute the Sector Fund Wealth Builder newsletter for an
initial period of six months.  The license fee is $10,000 payable upon signing the Agreement.  The license requires Excel
Publishers, Inc. to pay the Company a royalty of ten percent (10%) of the total monthly revenues from subscription sales.
The license is renewable upon the mutual agreement of both parties.

On February 19, 2002, the Company signed a letter of intent to acquire all of the outstanding shares of ANF Telecast, Inc.
("ANF") by issuing 6,000,000 shares of common stock to the shareholders of ANF.  The agreement is subject to both
companies completing several terms and conditions including the Company canceling all but 2,000,000 shares of common
stock and the Company having no assets or liabilities.  Final consummation is not expected until late March 2002.

**Item 13.  Exhibits and Reports on Form 8-K.**

**Reports on Form 8-K**

No reports on Form 8-K were filed during the quarter ended December 31, 2001.

**Exhibits**

None

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

Excel Publishing, Inc.

Date:  March 20, 2002     By: /s/ Steven L. White

Steven L. White

President, Secretary/Treasurer

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

Date: March 20, 2002     By:  /s/ Steven L. White

Director

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**CONTENTS**

******PAGE**-- Independent Auditors' Report
10-- Balance Sheet, December 31, 2001
11-- Statements of Operations, for the year ended December
31, 2001 and for the periods from inception on June 7, 2000
through December 31, 2000 and 2001
12-- Statement of Stockholders' Equity (Deficit), for the period
from inception on June 7, 2000 through December 31, 2001
13-- Statements of Cash Flows, for the year ended December
31, 2001 and for the periods from inception on June 7, 2000
through December 31, 2000 and 2001
14-- Notes to Financial Statements
15- 19**

INDEPENDENT AUDITORS' REPORT

Board of Directors

**EXCEL PUBLISHING, INC.**

Salt Lake City, Utah

We have audited the accompanying balance sheet of Excel Publishing, Inc. [a development stage company] at December
31, 2001, and the related statements of operations, stockholders' equity (deficit) and cash flows for the year ended
December 31, 2001 and for the periods from inception on June 7, 2000 through December 31, 2000 and 2001.  These
financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements audited by us present fairly, in all material respects, the financial position of Excel
Publishing, Inc. [a development stage company] as of December 31, 2001, and the results of its operations and its cash
flows for the year ended December 31, 2001 and for the periods from inception on June 7, 2000 through December 31,
2000 and 2001, in conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.  As
discussed in Note 6 to the financial statements, the Company has incurred losses since its inception and has not yet been
successful in establishing profitable operations. Further, the Company has liabilities in excess of assets.  These factors raise
substantial doubt about the ability of the Company to continue as a going concern.  Management's plans in regards to these
matters are also described in Note 6.  The financial statements do not include any adjustments that might result from the
outcome of these uncertainties.

January 5, 2002

Salt Lake City, Utah

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**BALANCE SHEET**

|******ASSETS**                                                                                        | **December 31, 2001**
|----------------------------------------------------------------------------------------------------- | ---------------------
|**CURRENT ASSETS:**                                                                                   |                      
|Cash                                                                                                  | $ 3,496              
|Royalties receivable                                                                                  | 58                   
|                                                                                                      | _________            
|Total Current Assets                                                                                  | 3,554                
|                                                                                                      | _________            
|                                                                                                      | $ 3,554              
|                                                                                                      | _________            
|**LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)**                                                    |                      
|**CURRENT LIABILITIES:**                                                                              |                      
|Accounts payable                                                                                      | $ 540                
|                                                                                                      | _________            
|Total Current Liabilities                                                                             | 540                  
|**UNEARNED REVENUE**                                                                                  | 11,871               
|                                                                                                      | _________            
|Total Liabilities                                                                                     | 12,411               
|                                                                                                      | _________            
|**STOCKHOLDERS' EQUITY (DEFICIT):**                                                                   |                      
|Preferred stock, $.001 par value, 5,000,000 shares
authorized, no shares issued and outstanding       | -                    
|Common stock, $.001 par value, 50,000,000 shares
authorized, 11,300,000 shares issued and outstanding | 11,300               
|Capital in excess of par value                                                                        | 91,200               
|Earnings (deficit) accumulated during the development
stage                                           | (111,357)            
|                                                                                                      | _________            
|Total Stockholders' Equity (Deficit)                                                                  | (8,857)              
|                                                                                                      | _________            
|****                                                                                                  | $ 3,554              
|                                                                                                      | _________            

The accompanying notes are an integral part of this financial statement.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**STATEMENTS OF OPERATIONS**



|                               | **For the Year Ended
December 31,** | **For the Year Ended
December 31,** | **From Inception on June 7,
2000 Through December 31,**
|------------------------------ | ----------------------------------- | ----------------------------------- | -------------------------------------------------------
|                               | **2001**                            | **2000**                            | **2001**                                               
|**REVENUE,**net                | $ 37,151                            | $ 10,005                            | $ 47,156                                               
|**COST GOODS SOLD**            | 47,876                              | 47,829                              | 95,705                                                 
|                               | _____________                       | _____________                       | _____________                                          
|**GROSS PROFIT (LOSS)**        | (10,725)                            | (37,824)                            | (48,549)                                               
|**EXPENSES:**                  |                                     |                                     |                                                        
|****General and Administrative | 35,114                              | 27,157                              | 62,271                                                 
|                               | _____________                       | _____________                       | _____________                                          
|**OPERATING LOSS**             | (45,839)                            | (64,981)                            | (110,820)                                              
|**OTHER EXPENSES:**            |                                     |                                     |                                                        
|Interest expense               | 537                                 | -                                   | 537                                                    
|                               | _____________                       | _____________                       | _____________                                          
|**LOSS BEFORE INCOME
TAXES**   | (46,376)                            | (64,981)                            | (111,357)                                              
|**CURRENT TAX
EXPENSE**        | -                                   | -                                   | -                                                      
|**DEFERRED TAX
EXPENSE** - - - | -                                   | -                                   | -                                                      
|                               | _____________                       | _____________                       | _____________                                          
|**NET LOSS**                   | $ (46,376)                          | $ (64,981)                          | $ (111,357)                                            
|                               | _____________                       | _____________                       | _____________                                          
|**LOSS PER COMMON
SHARE**      | $ (.00)                             | $ (.00)                             | $ (.01)                                                
|                               | _____________                       | _____________                       | _____________                                          

The accompanying notes are an integral part of these financial statements.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)**

**FROM THE DATE OF INCEPTION ON JUNE 7, 2000**

**THROUGH DECEMBER 31, 2001**



|                                                                                           | **Preferred Stock** | ****          | **Common Stock** | ****          | **Capital in
Excess of Par
Value** | **Earnings
(deficit)
Accumulated
During the
Development
Stage**
|------------------------------------------------------------------------------------------ | ------------------- | ------------- | ---------------- | ------------- | ---------------------------------- | ---------------------------------------------------------------
|                                                                                           | **Shares**          | **Amount**    | **Shares**       | **Amount**    | ****                               | ****                                                           
|**BALANCE,**
June 7, 2000                                                                  | -                   | $ -           | -                | $ -           | $ -                                | $ -                                                            
|Common stock
issued for cash
at $.001 per
share, June 2000                                 | -                   | -             | 10,000,000       | 10,000        | -                                  | -                                                              
|Common stock
issued for cash
at $.05 per
share, August
2000                                | -                   | -             | 500,000          | 500           | 24,500                             | -                                                              
|Net loss for the
period ended
December 31,
2000                                            | -                   | -             | -                | -             | -                                  | (64,981)                                                       
|                                                                                           | _____________       | _____________ | _____________    | _____________ | _____________                      | _____________                                                  
|**BALANCE,**December 31,
2000                                                              | -                   | -             | 10,500,000       | 10,500        | 24,500                             | (64,981)                                                       
|Common stock
issued for Cash
at $.10 per share
net of offering
costs of
$12,500, June
2001 | -                   | -             | 800,000          | 800           | 66,700                             | -                                                              
|Net loss for the
year ended
December 31,
2001                                              | -                   | -             | -                | -             | -                                  | (46,376)                                                       
|                                                                                           | _____________       | _____________ | _____________    | _____________ | _____________                      | _____________                                                  
|**BALANCE,**December 31,
2001                                                              | -                   | $ -           | 11,300,000       | $ 11,300      | $ 91,200                           | $ (111,357)                                                    
|                                                                                           | _____________       | _____________ | _____________    | _____________ | _____________                      | _____________                                                  

The accompanying notes are an integral part of this financial statement.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**STATEMENTS OF CASH FLOWS**

**INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS**



|                                                                            | **For the Year Ended
December 31,** | **For the Year Ended
December 31,** | **From Inception on June 7,
2000 Through December 31,**
|--------------------------------------------------------------------------- | ----------------------------------- | ----------------------------------- | -------------------------------------------------------
|                                                                            | **2001**                            | **2000**                            | **2001**                                               
|**Cash Flows From
Operating Activities:**                                   |                                     |                                     |                                                        
|****Net loss                                                                | $ (46,376)                          | $ (64,981)                          | $ (111,357)                                            
|Adjustments to reconcile net
loss to net cash used by
operating activities: |                                     |                                     |                                                        
|Changes in assets and
liabilities:                                          |                                     |                                     |                                                        
|(Increase) in royalties
receivable                                          | (58)                                | -                                   | (58)                                                   
|Increase (decrease) in
accrued liabilities                                  | (4,893)                             | 4,893                               | -                                                      
|Increase (decrease) in
accounts payable                                     | (8,364)                             | 8,904                               | 540                                                    
|Increase (decrease) in
unearned revenue                                     | (1,645)                             | 13,516                              | 11,871                                                 
|                                                                            | _____________                       | _____________                       | _____________                                          
|Net Cash (Used) by
Operating Activities                                     | (61,336)                            | (37,668)                            | (99,004)                                               
|                                                                            | _____________                       | _____________                       | _____________                                          
|**Cash Flows From Investing
Activities**                                    | -                                   | -                                   | -                                                      
|                                                                            | _____________                       | _____________                       | _____________                                          
|Net Cash Provided by
Investing Activities                                   | -                                   | -                                   | -                                                      
|                                                                            | _____________                       | _____________                       | _____________                                          
|**Cash Flows From Financing
Activities:**                                   |                                     |                                     |                                                        
|Proceeds from issuance of
common stock                                      | 80,000                              | 35,000                              | 115,000                                                
|Payments of stock offering
costs                                            | (12,500)                            | -                                   | (12,500)                                               
|Proceeds from notes payable
- related party                                 | -                                   | 8,000                               | 8,000                                                  
|Payments on notes payable -
related party                                   | (8,000)                             | -                                   | (8,000)                                                
|                                                                            | _____________                       | _____________                       | _____________                                          
|Net Cash Provided by
Financing Activities                                   | 59,500                              | 43,000                              | 102,500                                                
|                                                                            | _____________                       | _____________                       | _____________                                          
|**Net Increase (Decrease) in
Cash**                                         | (1,836)                             | 5,332                               | 3,496                                                  
|**Cash at Beginning of Period**                                             | 5,332                               | -                                   | -                                                      
|                                                                            | _____________                       | _____________                       | _____________                                          
|**Cash at End of Period**                                                   | $ 3,496                             | $ 5,332                             | $ 3,496                                                
|                                                                            | _____________                       | _____________                       | _____________                                          
|**Supplemental Disclosures of
Cash Flow Information:**                      |                                     |                                     |                                                        
|****Cash paid during the period
for:                                        |                                     |                                     |                                                        
|Interest                                                                    | $ 537                               | $ -                                 | $ 537                                                  
|Income taxes                                                                | $ -                                 | $ -                                 | $ -                                                    

**Supplemental Schedule of Noncash Investing and Financing Activities:**

For the period from inception on June 7, 2000 through December 31, 2001:

None

The accompanying notes are an integral part of these financial statements.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Organization -** Excel Publishing, Inc. ("the Company") was organized under the laws of the State of Nevada on June 7,
2000.  The Company is considered a development stage company as defined in Statement of Financial Accounting
Standards No. 7.  The Company sells a monthly investment newsletter.  The Company has, at the present time, not paid any
dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company
and other relevant factors.

**Revenue Recognition -**The Company recognizes revenue from the sale of subscriptions to its investment newsletter over
the term of the subscription and upon mailing the newsletters.  The Company also receives royalty revenue from its
licensee based upon the sales of its investment newsletter by the licensee.  The Company also is recognizing revenue from
the licensing of its investment newsletter over the term of the licensing agreement.

**Loss Per Share -** The computation of loss per share is based on the weighted average number of shares outstanding during
the period presented in accordance with Statement of Financial Accounting Standards No. 128, "Earnings Per Share".  [See
Note 8]

**Cash and Cash Equivalents -** For purposes of the statement of cash flows, the Company considers all highly liquid debt
investments purchased with a maturity of three months or less to be cash equivalents.

**Accounting Estimates** **-** The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount
of revenues and expenses during the reported period.  Actual results could differ from those estimated.

**Recently Enacted Accounting Standards -**Statement of Financial Accounting Standards ("SFAS") No. 141, "Business
Combinations", SFAS No. 142, "Goodwill and Other Intangible Assets", SFAS No. 143, "Accounting for Asset Retirement
Obligations", and SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets", were recently
issued.  SFAS No. 141, 142, 143 and 144 have no current applicability to the Company or their effect on the financial
statements would not have been significant.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 2 - REVENUE / UNEARNED REVENUE**

The Company has recorded subscription revenues from the sales of its investment newsletters, net of refunds, which
amounted to $31,986 and $10,005 during the year ended December 31, 2001 and the period from inception on June 7, 2000
through December 31, 2000, respectively. The Company recorded royalty revenue of $330 during the year ended
December 31, 2001, based upon the sales of its newsletters by its licensee [See Note 7].  The Company also recorded
$4,835 in Licensing revenue from the sale of a license agreement. Unearned revenues consists of the following:



|                              | **December 31,**
|----------------------------- | ----------------
|                              | **2001**        
|Unearned subscription revenue | $ 6,706         
|Deferred licensing revenue    | 5,165           
|                              | ____________    
|Total Unearned Revenue        | $ 11,871        
|                              | ____________    

**NOTE 3 - CAPITAL STOCK**

**Preferred stock -** The Company has authorized 5,000,000 shares of preferred stock, $.001 par value, with such rights,
preferences and designations and to be issued in such series as determined by the Board of Directors.  No shares were
issued and outstanding at December 31, 2001.

**Common Stock -**The****Company has authorized 50,000,000 shares of $.001 par value common stock.  During June 2000, in
connection with its organization, the Company issued 10,000,000 shares of its previously authorized, but unissued common
stock.  The shares were issued for $10,000 cash (or $.001 per share).

During August 2000, the Company issued 500,000 shares of its previously authorized, but unissued common stock for
$25,000 cash (or $.05 per share).

**Stock Offering -** During June 2001, the Company completed a public stock offering of 800,000 shares of its previously
authorized, but unissued common stock for $80,000 cash (or $.10 per share).  This offering was registered with the
Securities and Exchange Commission on Form SB-2.  Stock offering costs of $12,500 were netted against the proceeds in
capital in excess of par value.

**Change in Control -**On October 8, 2001, the Company's current president purchased 8,000,000 shares of the Company's
common stock from the Company's former president in a private transaction, resulting in a change in control of the
Company.  In conjunction with the stock transaction, the Company's former officer and director resigned and the
Company's current president was appointed as the sole officer and director of the Company.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 4 - INCOME TAXES**

The Company accounts for income taxes in accordance with Statement of Financial Accounting Standards No. 109
"Accounting for Income Taxes".  SFAS No. 109 requires the Company to provide a net deferred tax asset/liability equal to
the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and
any available operating loss or tax credit carryforwards.  At December 31, 2001, the Company has available unused
operating loss carryforwards of approximately $111,000, which may be applied against future taxable income and which
expire in various years through 2021.

The amount of and ultimate realization of the benefits from the operating loss carryforwards for income tax purposes is
dependent, in part, upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of
which cannot be determined.  Because of the uncertainty surrounding the realization of the loss carryforwards the Company
has established a valuation allowance equal to the tax effect of the loss carryforwards and, therefore, no deferred tax asset
has been recognized for the loss carryforwards.  The net deferred tax assets are approximately $37,900 and $25,000 as of
December 31, 2001 and 2000, respectively, with an offsetting valuation allowance of the same amount, resulting in a
change in the valuation allowance of approximately $12,900 during the year ended December 31, 2001.

**NOTE 5 - RELATED PARTY TRANSACTIONS**

**Management Compensation -** The Company paid $47,153 and $40,000 in compensation to the Company's former
officer/director during the year ended December 31, 2001 and the period from inception on June 7, 2000 through December
31, 2000, respectively.

**Loan from an Officer -** During December 2000, the Company's former officer/director loaned $8,000 to the Company at a
rate of 10% per annum due on demand.  On August 17, 2001, this loan was repaid with accrued interest of $537.

**Rent -** The Company rents office space on an as-needed basis for $250 per month from a company owned by the
Company's current president.  The Company paid $250 and $0 during the year ended December 31, 2001 and the period
from inception on June 7, 2000 through December 31, 2000, respectively.

**NOTE 6 - GOING CONCERN**

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles,
which contemplate continuation of the Company as a going concern. However, the Company has incurred losses since its
inception and has not yet been successful in establishing profitable operations.  Further, the Company has liabilities in
excess of assets.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In
this regard, management is proposing to raise any necessary additional funds not provided by operations through loans or
through additional sales of its common stock.  There is no assurance that the Company will be successful in raising this
additional capital or achieving profitable operations.  The financial statements do not include any adjustments that might
result from the outcome of these uncertainties.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 7 - COMMITMENTS AND CONTINGENCIES**

**License Agreement -**In December 2000, the Company entered into a license agreement with Eldridge Investment
Management Company for the exclusive right to receive the timely information generated from Eldridge's computer-based
investment strategy programs, EIM Mutual Fund Program.  The Company will pay Eldridge 10 percent of all new and
renewing subscription revenue collected (net of refunds) from any newsletter based service utilizing the ElM Mutual Fund
Program. The Company will pay this amount on the 15th day of each month following the receipt of subscription revenue
and provide Eldridge with an accurate report of all new and renewing subscription revenue.  The Company will have the
exclusive right to utilize EIM Mutual Fund Program for newsletter-based services for one year from December 11, 2000.
Thereafter, the Company will have the exclusive right to utilize this program in this manner provided the Company pay not
less than $500 during each month of the second year, not less than $1,000 during each month of the third year, and not less
than $1,500 during each month thereafter.  In the event payments fall below those specified during any month, the
Company's exclusive right terminates, although their right to continue utilizing the EIM Mutual Fund Program will
continue.  This agreement may be terminated by either party on or after January 1, 2004 within three months of having
given prior written notice to the other party.

**License Agreement -** On October 4, 2001, the Company entered into a license agreement with Excel Publishers, Inc.
granting them the exclusive right to market the Company's investment newsletter within the United States.  The Company
received $10,000 as a licensing fee and will receive 10% of all revenue generated from the sale of the Company's
investment newsletter.  The agreement is for six months, is renewable upon mutual agreement and may be terminated only
if Excel Publishers, Inc. fails to make payments or if the Company markets its investment newsletter in the United States
itself or through another contractor.

**NOTE 8 - LOSS PER SHARE**

The following data shows the amounts used in computing loss per share:



|                                                                                                                   | **For the Year Ended
December 31,** | **For the Year Ended
December 31,** | **From Inception on June 7,
2000 Through December 31,**
|------------------------------------------------------------------------------------------------------------------ | ----------------------------------- | ----------------------------------- | -------------------------------------------------------
|                                                                                                                   | **2001**                            | **2000**                            | **2001**                                               
|Loss from continuing
operations available to
common shareholders
(numerator)                                       | $ (46,376)                          | $ (64,981)                          | $ (111,357)                                            
|                                                                                                                   | ____________                        | ____________                        | ____________                                           
|Weighted average number of
common shares outstanding
used in computing loss per
share for the period
(denominator) | 10,951,507                          | 10,381,910                          | 10,600,175                                             
|                                                                                                                   | ____________                        | ____________                        | ____________                                           

Dilutive loss per share was not presented, as the Company had no common stock equivalent shares for all periods presented
that would effect the computation of diluted loss per share.

**EXCEL PUBLISHING, INC.**

[A Development Stage Company]

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 9 - SUBSEQUENT EVENTS**

**Proposed Merger -** On February 19, 2002, the Company signed a letter of intent to acquire all of the outstanding shares of
ANF Telecast, Inc. ("ANF") by issuing 6,000,000 shares of common stock to the shareholders of ANF.  The agreement is
subject to both companies completing several terms and conditions including the Company canceling all but 2,000,000
shares of common stock and the Company having no assets or liabilities.  Final consummation is not expected until late
March 2002.