**Exhibit31**

**CERTIFICATIONOF PRINCIPAL EXECUTIVE OFFICER**

I, J. Jay Lobell, ChiefExecutive Officer, certify that:

1.                           I have reviewed this Quarterly Report onForm 10-QSB of Paramount Acquisition Corp.;

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

3.                                       Basedon my knowledge, the financial statements, and other financial informationincluded in this report, fairly present in all material respects the financialconditions, results of operations and cash flows of the small business issueras of, and for, the periods presented in this report.

4.                           The small business issuer’s othercertifying officer(s) and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined inExchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer andhave:

a)                  Designed such disclosure controls andprocedures, or caused such disclosure controls and procedures to be designedunder our supervision, to ensure that material information relating to thesmall business issuer, including its consolidated subsidiaries, is made knownto us by others within those entities, particularly during the period in whichthis report is being prepared;

b)                 Designed such internal control overfinancial reporting, or caused such internal control over financial reportingto be designed under our supervision, to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally acceptedaccounting principles

c)                  Evaluated the effectiveness of the smallbusiness issuer’s disclosure controls and procedures and presented in thisreport our conclusions about the effectiveness of the disclosure controls andprocedures, as of the end of the period covered by this report based on suchevaluation; and

d)                 Disclosed in this report any change in thesmall business issuer’s internal control over financial reporting that occurredduring the small business issuer’s most recent fiscal quarter (the smallbusiness issuer’s fourth fiscal quarter in the case of an annual report) thathas materially affected, or is reasonably likely to materially affect, thesmall business issuer’s internal control over financial reporting; and

5.                       The small business issuer’s othercertifying officer(s) and I have disclosed, based on our most recent evaluationof internal control over financial reporting, to the small business 

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issuer’s auditorsand the audit committee of the small business issuer’s board of directors (orpersons performing the equivalent functions):

a)                          Allsignificant deficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonably likely toadversely affect the small business issuer’s ability to record, process,summarize and report financial information; and

b)                 Any fraud, whether or not material, thatinvolves management or other employees who have a significant role in the smallbusiness issuer’s internal control over financial reporting.
|  /s/ J. Jay Lobell                                     |   |   | Dated: November 14, 2006 |
|-------------------------------------------------------------|--------|--------|--------------------------|
| J. Jay Lobell                                               |   |   |
| Chief Executive Officer and Secretary                       |   |   |
| (Principal Executive and Financial and Accounting  Officer) |   |   |

 

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