----

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| x | Quarterly      Report under Section 13 or 15(d) of the Securities Exchange Act of      1934 |
|---|--------------------------------------------------------------------------------------------------|

|  ̈ | Transition      Report under Section 13 or 15(d) of the Securities Exchange Act of      1934 |
|--------|---------------------------------------------------------------------------------------------------|

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| Oklahoma                                                                |   | 20-4898182                                 |
|-------------------------------------------------------------------------|--------|--------------------------------------------|
| (State      or other jurisdiction ofincorporation      or organization) |   | (IRS      EmployerIdentification      No.) |

----

| Class                              |   | Outstanding      at  May 18, 2008 |
|------------------------------------|--------|---------------------------------------------|
| Common      Stock, $.001 par value |   | 14,067,183                                  |

----

----

|                                                                                                                                                                                 | PageNumber |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| PART I. FINANCIAL INFORMATION                                                                                                                                                        |       |
|                                                                                                                                                                                 |       |
| Item 1.      Financial Statements                                                                                                                                               |       |
|                                                                                                                                                                                 |       |
| Condensed Consolidated Balance      Sheet at March 31, 2008 and December 31, 2007      (unaudited)                                                                              | 3          |
|                                                                                                                                                                                 |       |
| Condensed Consolidated Statements      of Operations for the three  months ended March 31, 2008 and the      three months  ended March 31, 2007      (unaudited) | 4          |
|                                                                                                                                                                                 |       |
| Condensed Consolidated Statements      of Cash Flows for the three months ended March 31, 2008 and the three      months ended March 31, 2007 (unaudited)                            | 5          |
|                                                                                                                                                                                 |       |
| Notes to Unaudited Condensed      Consolidated Financial Statements                                                                                                                  | 6          |
|                                                                                                                                                                                 |       |
| Item 2. Management’s Discussion and      Analysis of Financial Condition and Results of      Operations                                                                   | 13         |
|                                                                                                                                                                                 |       |
| Item 3.      Controls and    Procedures                                                                                                                                         | 19         |
|                                                                                                                                                                                 |       |
| PART II. OTHER INFORMATION                                                                                                                                                           |       |
|                                                                                                                                                                                 |       |
| Item 2. Changes in      Securities                                                                                                                                              | 19         |
|                                                                                                                                                                                 |       |
| Item      3.  Defaults Upon Senior Securities                                                                                                                              | 19         |
|                                                                                                                                                                                 |       |
| Item 5. Other      Information                                                                                                                                                  | 20         |
|                                                                                                                                                                                 |       |
| Item 6. Exhibits and Reports on Form      8-K                                                                                                                                   | 20         |
|                                                                                                                                                                                 |       |
| SIGNATURE PAGE                                                                                                                                                                       | 24         |

----

PART I. FINANCIAL INFORMATION

|                                                                                                                                                                                    |   | March      31, 2008 |        |   | December      31, 2007 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-------------|--------|------------------------|--------|
| ASSETS                                                                                                                                                                                  |   |                |        |   |                   |   |
| CURRENT      ASSETS                                                                                                                                                                     |   |                |        |   |                   |   |
| Cash      and cash equivalents                                                                                                                                                          |   | $                   | 67,130      |   |                   | $      | 19,588 |   |
| Accounts      receivable, trade, net of an allowance for doubtful accounts of $15,000 at      March      31, 2008 and December 31, 2007                                                 |   |                | 1,977,922   |   |                   |   | 2,262,396 |   |
| Other      current assets                                                                                                                                                               |   |                | 752,630     |   |                   |   | 506,197 |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
|             TOTAL      CURRENT ASSETS                                                                                       |   |                | 2,797,682   |   |                   |   | 2,788,181 |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
| PROPERTY,      PLANT AND EQUIPMENT, at cost                                                                                                                                             |   |                | 3,964,642   |   |                   |   | 3,963,844 |   |
| Less      accumulated depreciation and amortization                                                                                                                                     |   |                | (708,774    | )      |                   |   | (629,382 | ) |
|             NET      PROPERTY, PLANT AND EQUIPMENT                                                                          |   |                | 3,255,868   |   |                   |   | 3,334,462 |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
| Other      assets                                                                                                                                                                       |   |                | 672,555     |   |                   |   | 686,595 |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
|             TOTAL      ASSETS                                                                                               |   | $                   | 6,726,105   |   |                   | $      | 6,809,238 |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                                                                                         |   |                |        |   |                   |   |   |   |
| CURRENT      LIABILITIES                                                                                                                                                                |   |                |        |   |                   |   |   |   |
| Accounts      payable                                                                                                                                                                   |   | $                   | 2,238,341   |   |                   | $      | 2,476,282 |   |
| Accrued      expenses                                                                                                                                                                   |   |                | 1,453,751   |   |                   |   | 1,089,133 |   |
| Current      portion of long term debt                                                                                                                                                  |   |                | 2,795,221   |   |                   |   | 2,230,000 |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
| Accrued      acquisition liability                                                                                                                                                      |   |                | 268,975     |   |                   |   | 265,000 |   |
| Obligations      to issue equity instruments                                                                                                                                            |   |                | 159,408     |   |                   |   | 265,680 |   |
|            TOTAL      CURRENT LIABILITIES                                                                                        |   |                | 6,915,696   |   |                   |   | 6,326,095 |   |
| Long      term debt, net of debt discount                                                                                                                                               |   |                | 7,428,310   |   |                   |   | 7,471,592 |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
|            TOTAL      LIABILITIES                                                                                                |   |                | 14,344,006  |   |                   |   | 13,797,687 |   |
| Redeemable      common stock, 500,000 shares                                                                                                                                            |   |                | 735,000     |   |                   |   | 700,000 |   |
| COMMITMENTS &      CONTINGENCIES                                                                                                                                               |   |                |        |   |                   |   |   |   |
|                                                                                                                                                                                    |   |                |        |   |                   |   |   |   |
| STOCKHOLDERS’      EQUITY                                                                                                                                                         |   |                |        |   |                   |   |   |   |
| Common      stock - $.001 Par Value, 100,000,000                                                                                                                                        |   |                |        |   |                   |   |   |   |
| Shares      authorized, 14,067,183 and 15,709,683 shares issued and outstanding at      March 31, 2008 and      December      31, 2007, respectively, including redeemable common stock |   |                | 13,567      |   |                   |   | 15,210 |   |
| Additional      paid-in capital                                                                                                                                                         |   |                | 6,063,580   |   |                   |   | 5,532,827 |   |
| Accumulated      deficit                                                                                                                                                                |   |                | (14,430,048 | )      |                   |   | (13,236,486 | ) |
|            TOTAL      STOCKHOLDERS’ EQUITY (DEFICIT)                                                                       |   |                | (8,352,901  | )      |                   |   | (7,688,449 | ) |
|            TOTAL      LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                                                       |   | $                   | 6,726,105   |   |                   | $      | 6,809,238 |   |

----

AMEREX GROUP, INC. AND SUBSIDIARIES

|                                                                |   | Three Months Ended      March 31, |       |
|---------------------------------------------------------------------|--------|---------------------------------------------|------------|
|                                                                |   | 2008                                        |       |   | 2007 |   |
| Revenue                                                        |   | $                                           | 1,607,422  |   |   | $  | 2,147,872 |   |
| Operating      Expenses:                                       |   |                                        |       |   |   |   |   |   |
| Cost      of services provided                                      |   |                                        | 1,139,901  |   |   |   | 1,285,254 |   |
| Non      cash compensation                                     |   |                                        | 362,673    |   |   |   | 0 |   |
| Selling,      general and administrative                            |   |                                        | 670,049    |   |   |   | 645,903 |   |
| Professional      fees                                         |   |                                        | 151,294    |   |   |   | 78,143 |   |
| Depreciation                                                        |   |                                        | 79,391     |   |   |   | 82,305 |   |
| Amortization                                                        |   |                                        | 9,041      |   |   |   | 9,041 |   |
| Operating      Income (Loss)                                        |   |                                        | (804,927   | ) |   |   | 47,226 |   |
|                                                                |   |                                        |       |   |   |   |   |   |
| Other      Income (Expense)                                    |   |                                        |       |   |   |   |   |   |
| Interest      expense                                          |   |                                        | (404,513   | ) |   |   | (187,631 | ) |
| Amortization      of debt discount                             |   |                                        | (177,631   | ) |   |   | (585,000 | ) |
| Amortization      of capitalized financing fees                |   |                                        | 0          |   |   |   | (200,099 | ) |
| Financing      penalty fees                                         |   |                                        | 0          |   |   |   | (295,800 | ) |
| Remeasurement      of obligations to issue equity instruments  |   |                                        | 106,272    |   |   |   | 0 |   |
| Other      income                                              |   |                                        | 87,237     |   |   |   | 22 |   |
|                                                                |   |                                        |       |   |   |   |   |   |
| Loss      From Continuing Operations                           |   |                                        | (1,193,562 | ) |   |   | (1,221,282 | ) |
|                                                                |   |                                        |       |   |   |   |   |   |
| Loss      From Discontinued Operations                         |   |                                        | 0          |   |   |   | (93,711 | ) |
| Net      Loss                                                  |   | $                                           | (1,193,562 | ) |   | $ | (1,314,993 | ) |
|                                                                |   |                                        |       |   |   |   |   |   |
| LOSS      PER SHARE                                            |   |                                        |       |   |   |   |   |   |
| Basic      and Diluted                                         |   | $                                           | (0.08      | )  |   | $ | (0.07 | ) |
|                                                                |   |                                        |       |   |   |   |   |   |
| Weighted      average number of common shares outstanding:     |   |                                        |       |   |   |   |   |   |
| Basic      and Diluted                                         |   |                                        | 14,988,337 |   |   |   | 18,773,595 |   |

----

AMEREX GROUP, INC. AND SUBSIDIARIES

|                                                                                               |    | Three      Months Ended March 31 |        |
|----------------------------------------------------------------------------------------------------|--------------|----------------------------------|-------------|
|                                                                                               |    | 2008                             |        |   | 2007 |   |
| Cash      Flows From Operating Activities                                                          |    |                             |        |   |   |   |   |   |
| Net      Loss                                                                                      |    | $                                | (1,193,562) |   |   | $ | (1,314,993) |   |
| Adjustments      to reconcile net loss to net cash provided by (used in) operating      activities |    |                             |        |   |   |   |   |   |
| Loss      on discontinued operations                                                               |         |                             | 0           |   |   |   | 93,711 |   |
| Depreciation      and amortization                                                                 |    |                             | 88,432      |   |   |   | 291,445 |   |
| Amortization      of debt discount                                                                 |    |                             | 177,631     |   |   |   | 585,000 |   |
| Noncash      compensation                                                                          |    |                             | 362,673     |   |   |   | 0 |   |
| Changes      in:                                                                                   |    |                             |        |   |   |   |   |   |
| Accounts      receivable                                                                           |    |                             | 284,474     |   |   |   | 694,524 |   |
| Other      current assets                                                                          |         |                             | (79,996)    |   |   |   | 114,473 |   |
| Other      assets                                                                                  |    |                             | 4,999       |   |   |   | 0 |   |
| Accounts      payable                                                                              |    |                             | (237,941)   |   |   |   | (165,748) |   |
| Accrued      current liabilities                                                                   |    |                             | 337,542     |   |   |   | (50,289) |   |
|                                                                                               |    |                             |        |   |   |   |   |   |
| Net      cash provided by (used in) operating activities                                           |    |                             | (255,748)   |   |   |   | 248,123 |   |
|                                                                                               |         |                             |        |   |   |   |   |   |
| Cash      flows from Investing Activities                                                          |         |                             |        |   |   |   |   |   |
| Acquisition      of property, plant and equipment                                                  |    |                             | (797)       |   |   |   | (17,750) |   |
| Disposal      of property, plant and equipment                                                     |         |                             | 0           |   |   |   | 9,957 |   |
| Restricted      cash                                                                               |         |                             | 0           |   |   |   | 15,000 |   |
|                                                                                               |         |                             |        |   |   |   |   |   |
| Net      cash provided by (used in) investing activities                                           |    |                             | (797)       |   |   |   | 7,207 |   |
|                                                                                               |    |                             |        |   |   |   |   |   |
| Cash      flows from Investing Activities                                                          |    |                             |        |   |   |   |   |   |
| Borrowings      on Debt                                                                            |    |                             | 304,087     |   |   |   | 0 |   |
| Repayment      of Debt                                                                             |    |                             | 0           |   |   |   | (115,600) |   |
|                                                                                               |    |                             |        |   |   |   |   |   |
| Net      cash provided by (used in) financing activities                                           |    |                             | 304,087     |   |   |   | (115,600) |   |
|                                                                                               |    |                             |        |   |   |   |   |   |
| Net      increase in cash and cash equivalents                                                     |    |                             | 47,542      |   |   |   | 139,730 |   |
|                                                                                               |         |                             |
| Cash      and cash equivalents at beginning of period                                              |    |                             | 19,588      |   |   |   | 60,267 |   |
|                                                                                               |    |                             |        |   |   |   |   |   |
| Cash      and cash equivalents at end of period                                                    |    | $                                | 67,130      |   |   | $ | 199,997 |   |
|                                                                                               |    |                             |        |   |   |   |   |   |
| Supplemental      disclosures - cash paid for:                                                     |    |                             |        |   |   |   |   |   |
| Interest                                                                                           |    | $                                | 105,960     |   |   | $ | 258,785 |   |
| Income      taxes                                                                                  |    | $                                | 0           |   |   | $ | —   |   |

----

| 1. | Basis of Presentation.      In the opinion of management, the accompanying unaudited condensed      consolidated financial statements contain all normal recurring adjustments      necessary to present fairly the financial position of Amerex Group, Inc.      and its wholly-owned subsidiary,  AMEREX Companies, Inc.      (“Amerex”), and its wholly-owned subsidiary, Waste Express,      Inc.,  (collectively, the “Company”) at March 31, 2008 and      the results of its (i) operations for the three months ended      March 31, 2008 and 2007 and (ii) cash flows for the three months      ended March 31, 2008 and 2007. The financial information included      herein is taken from the books and records of the Company and is      unaudited. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Line of credit. On      August 31, 2006, the Company entered into an agreement with CAMOFI Master      LDC for a line of credit with a maximum borrowing equal to the lesser of      $1.5 million or 80% of account receivable aged less than 90 days in      consideration for the issuance to CAMOFI Master LDC of a five-year warrant      to purchase 750,000 shares of our common stock at an exercise price of      $0.01 per share. This line of credit is secured by our accounts      receivable. Borrowings under this line of credit bear interest at prime      plus 4%. The      credit facility agreement contains debt covenants similar to those      contained in the Senior Secured Convertible Notes Agreement.  An      agreement was executed with CAMOFI in December 2007 that extended the      maturity date of the line of credit to November 10, 2010.  |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.  | Long      Term DebtCAMOFI      NotesThe      Company entered into 10% Senior Secured Convertible Notes (the “Notes”)      dated November 21, 2005 with CAMOFI MASTER LDC and a limited number of      Qualified Institutional Investors.  Interest is payable monthly in      arrears, in cash or, at the option of the Company and subject to certain      conditions being met, in registered common stock.  The Notes are      collateralized by a first lien on all current and future assets of the      Company and its current and future subsidiaries.  The Notes are      guaranteed by the current and future subsidiaries of the Company.       The agreement requires the Company to comply with certain      nonfinancial covenants, including restricting the payment of      dividends. The      stated principal of the Notes was $6,000,000, which was increased to      $6,800,000 on February 23, 2006.  However, the original agreement      provided for repayment of the principal according to the following      premiums and schedule:  102% of principal for monthly principal      repayments of 1/60 of stated principal beginning September 2006, 110% of      optional principal prepayments prior to November 21, 2006, 112.5% of      optional principal prepayments November 21, 2006 through April 20, 2007,      115% of any principal prepayments thereafter including the required      repayment at November 21, 2007 maturity.  The effect of the premiums      increases the effective interest paid on the amounts borrowed.  The      Convertible Notes are stated at the amount due  with the debt      discount being amortized by the interest method and adjusted over time to      equate the amount initially borrowed to the amount scheduled to be      repaid. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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| 4. | Loss per share. :  Loss per share      is presented in accordance with SFAS No. 128 “Earnings Per Share”.        Weighted average shares outstanding for the quarter ended March 31, 2007      were 18,773,595.  Weighted average shares outstanding for the quarter      ended March 31, 2008 were 14,988,337 and reflect the issuance of shares      during the three months ended March 31, 2008 to consultants and the      retirement of 3,000,000 shares returned by Mr. Ron Brewer.          No      outstanding stock obligations or warrants represent dilutive potential      common shares for the quarters ended March 31, 2008 and 2007.  As      ofMarch 31, 2008 and 2007, the Company had outstanding common stock      warrants to issue  5,766,667 shares of common stock and had      committed to issue 984,000 shares of common stock to a lender (see Note      3).  Mr. Onody, our Chief Operating Officer, was issued options      to purchase 350,000 shares in June 2007 and September 2007.  On      November 13, 2007, the Board of Directors consented to the issuance of      160,000 shares of common stock to Craig McMahon, our Vice President of      Operations, 60,000 shares of common stock to Paul Koons, our Manager of      Emergency Response Services, 80,000 shares of common stock to Greg      Gadbois, the manager of our Portland, Oregon office, and 92,000 shares of      common stock, in the aggregate to 34 other employees. .  The      Company issued 1,691,250 stock options to employees, directors and      consultants in November 2007 and 1,195,000 stock options to employees,      directors and consultants during first quarter      2008.   These securities were not included in the      computation of diluted earnings per share since to do so would have been      antidilutive for the periods presented. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.   | Share-Based Compensation The Company records share-based payments to      nonemployees based on the estimated value of those payments, generally      measured at the date performance is complete and expensed over the      performance period. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Acquisition of Pryor and      Discontinued Operations: On      February 1, 2006, the Company acquired certain fixed assets located in      Pryor, Oklahoma from Kaiser Aluminum and Chemical Company for $700,000      plus related costs of $12,070.  Properties acquired contain asbestos,      which the Company initially estimated the cost to remove to be $875,000,      such estimate being recorded as an environmental remediation liability.       The total cost to remediate the asbestos was estimated to be      $768,000 at March 31, 2006.  As part of the asset purchase      agreement, the Company assumed all obligations for removing the asbestos      within 18 months, and was required to provide an $800,000 letter of credit      to the seller.  If the asbestos obligations have not been settled      within the required period, the seller may draw upon the letter of credit      for any costs incurred by the seller to complete the asbestos removal and      any damages permitted to be recovered under the agreement.  The      Company placed approximately $800,000 in a separate bank account as      collateral to the bank issuing the letter of credit.  The $1,587,070      fixed asset cost was allocated to the individual assets based on their      estimated fair values. The Company identified selected assets to sell, to      which it assigned a cost of $656,062.  As a result of sales,      this amount has been reduced to $260,280, which is presented as assets      held for sale at December 31, 2006 and included in the Amerex segment.      Since these assets are considered as a separate asset group to be      disposed, they are classified as a discontinued operation. The Company      sold all of these remaining assets during 2007. Net proceeds from the      disposal of these assets are included in the caption “loss from      discontinued operations”. The Company intends to convert the property to      be retained into a licensed waste management  facility. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | Related Party      Transactions.During      the year ended December 31, 2006, the Company recorded  $558,000      in consulting fees plus expenses as debt finance costs paid to this      consulting company as well as $6,000 in rent and $15,000 in other      consulting fees.  In 2007, we paid $3,000 to this consultant for      rent. During      the year ended December 31, 2007, the Company paid consulting fees of      $15,000 to a board member of the Company.  The Company incurred      expenses of $4,143 for miscellaneous goods and services provided by a      company partially owned by a director of the Company during the year ended      December 31, 2007. In      August 2006 the Company entered into a month-to-month lease with Tulsa      Equipment Sales, Inc. for use of a 25 ton crane in connection with the      demolition and salvage of materials at our Pryor, OK facility. The cost      per month is $5,000. One of the Company’s directors is an owner of Tulsa      Equipment Sales Inc. During the three months ended March 31, 2007 the      Company incurred expense of $15,000 under this lease. This lease was      terminated in March of 2007. During      2007, the Company agreed to issue 20,000 shares of common stock to a      former director of the Company for consulting services rendered for a      total value of $15,750. In      2007, the Company entered agreements with Mr. Richard Coody, a former      director, and Mr. Ron Brewer, a former director and officer, in which Mr.      Coody and Mr. Brewer agreed to return 4,805,000 shares and 3,000,000      shares, respectively, of the Company’s stock which they owned to the      Company in exchange for indemnification against any claims that may be      brought against them in their prior roles with the Company.  Mr.      Coody’s 4,805,000 shares were returned and retired in 2007, while Mr.      Brewer’s shares were returned and canceled in February      2008.  Considering the nature of the transactions involving a      nonreciprocal transfer of nonmonetary assets to owners, the Company      determined that no income recognition was appropriate and to record the      transfers based on the book value of the indemnification given, which      resulted in no net entry apart from retirement of the stock against      paid-in capital. On      August 2, 2007, the Company entered into agreements with Mr. Richard Coody      and Mr. Ron Brewer in which they each agreed to pledge 1,450,000 shares of      stock which they own to collateralize a $750,000 loan to the Company from      POOF (see Note 3).  In addition to the pledge of the stock as      collateral, Mr. Coody and Mr. Brewer agreed to pay the Company $850,000      each in exchange for a full release from any and all future claims the      Company may have against them as a result of a dispute among the parties      with regard to management of daily operations.  Messrs. Coody      and Brewer will receive credit against their respective obligations to the      Company for any shares of theirs that are sold under the      pledge.  The Company has agreed to pay to Mr. Coody and Mr.      Brewer amounts equal to 22% of the proceeds of any of their shares sold by      POOF under the pledge.  The funds will be retained in an escrow      account and disbursed during 2009. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Segment Reporting- The Company’s operating segments are defined      as components for which separate financial information is available that      is evaluated regularly by the chief operating decision      maker.  The Company’s reportable segments consist of Waste      Express and Amerex.  Amerex revenues for the three months ended      March 31, 2008 consist primarily of waste management services similar to      those performed by WasteExpress. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                            |   | Waste Express |      |   | Amerex |   |       | Eliminations |   |   | Consolidated |   |
|-------------------------------------------------|--------|---------------|-----------|--------|--------|--------|------------|--------------|--------|--------|--------------|--------|
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |
| Revenues                                        |   |          | 302,110   |   |   |   | 1,305,312  |         |   |   |         |   |   | 1,607,422 |   |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Operating      loss                             |   |          | (139,830  | )      |   |   | (665,097   | )            |   |   |         |   |   | (804,927 | ) |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Other      income                               |   |          | 1,239     |   |   |   | 85,998     |         |   |   |         |   |   | 87,237 |   |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Interest      expense, penalties                |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| and      amortization of debt                   |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| costs      and debt discount                    |   |          | (2,736    | )      |   |   | (473,136   | )            |   |   |         |   |   | (475,872 | ) |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Loss      from continuing operations            |   |          | (142,567  | )      |   |   | (1,050,995 | )            |   |   |         |   |   | (1,193,562 | ) |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Income      (loss) from discontinued operations |   |          | 0         |   |   |   | 0          |         |   |   |         |   |   | 0 |   |
| Net      loss                                   |   |          | (142,567  | )      |   |   | (1,050,995 | )            |   |   |         |   |   | (1,193,562 | ) |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Segment      assets                             |   |          | 1,299,532 |   |   |   | 5,799,282  |         |   |   | (372,709     | )      |   |   | 6,726,105 |   |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |   |
| Expenditures      for acquisitions,             |   |          | 0         |   |   |   | 797        |         |   |   |         |   |   |   | 797 |   |
| property      and equipment                     |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |   |

|                                            |   | Waste Express |      |   | Amerex |   |       | Eliminations |   |   | Consolidated |   |
|-------------------------------------------------|--------|---------------|-----------|--------|--------|--------|------------|--------------|--------|--------|--------------|--------|
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |
| Revenues                                        |   |          | 604,918   |   |   |   | 1,542,954  |         |   |   |         |   |   | 2,147,872 |   |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Operating      income (loss)                    |   |          | (81,184   | )      |   |   | 128,410    |         |   |   |         |   |   | 47,226 |   |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Other      income                               |   |          | 0         |   |   |   | 23         |         |   |   |         |   |   | 23 |   |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Interest      expense, penalties                |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| and      amortization of debt                   |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| costs      and debt discount                    |   |          | 0         |   |   |   | (1,268,530 | )            |   |   |         |   |   | (1,268,530 | ) |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Loss      from continuing operations            |   |          | (81,184   | )      |   |   | (1,140,098 | )            |   |   |         |   |   | (1,221,282 | ) |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Income      (loss) from discontinued operations |   |          | 0         |   |   |   | (93,711    | )            |   |   |         |   |   | (93,711 | ) |
| Net      loss                                   |   |          | (81,184   | )      |   |   | (1,233,809 | )            |   |   |         |   |   | (1,314,993 | ) |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |
| Segment      assets                             |   |          | 1,640,467 |   |   |   | 7,062,101  |         |   |   | (288,725     | )      |   |   | 8,413,843 |   |
|                                            |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |   |
| Expenditures      for acquisitions,             |   |          | 0         |   |   |   | 17,750     |         |   |   |         |   |   |   | 17,750 |   |
| property      and equipment                     |   |          |      |   |   |   |       |         |   |   |         |   |   |   |   |   |

----

| 9.        | Concentrations Financial instruments that      potentially subject the Company to concentrations of credit risk consist      primarily of trade receivables with a variety of customers.  The      Company generally does not require collateral related to receivables.       During the three months ended March 31, 2008, and the three months      ended March 31, 2007, the Company had revenue from 3 customers comprising      approximately 61% and 71% of total revenues, respectively.  At March      31, 2008 and December  31, 2007 accounts receivable from these      customers comprised approximately 55% and 61% of total accounts      receivable, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.  | Commitments and      Contingencies: The      Company is a party to various legal and regulatory proceedings arising in      the ordinary course of its business, none of which, in management’s      opinion, will result in judgments which would have a material adverse      effect on the Company’s financial position.If      the Company is unable to enter into a satisfactory arrangement with the      Internal Revenue Service with regard to the Company’s failure to pay      payroll taxes for the period  August 17, 2007 through December      31, 2007, the Internal Revenue Service may place a lien upon all of the      assets of the Company.  The imposition of a lien against the      Company’s assets may cause a default under the Company’s indebtedness,      which could permit the Company’s lenders to demand immediate      repayment.  The Company does not have sufficient funds and may      not be able to obtain sufficient funds to repay all of its current      indebtedness.  If the lenders demand immediate repayment and the      Company is unable to repay the indebtedness, the lenders may enforce their      lien against the assets and acquire ownership of the assets.  If      the Internal Revenue Service imposes a lien and then enforces the lien, it      may acquire ownership of the assets. In either case, the enforcement of a      lien could have a material adverse affect on the Company’s business and      may cause it to ceaseoperations.  |

----

----

----

|                                              |   | Three MonthsEndedMarch 31,      2008 |   | Three      MonthsEndedMarch 31,      2007 |
|---------------------------------------------------|--------|------------------------------------------------|--------|------------------------------------------------|
| Net      Sales                                    |   |                                           | 100    | %                                              |   |   | 100 | % |
| Cost      of Sales                                |   |                                           | 71     | %                                              |   |   | 60 | % |
| Gross      Profit                                 |   |                                           | 29     | %                                              |   |   | 40 | % |
| Selling,      General, and Administrative Expense |   |                                           | 42     | %                                              |   |   | 30 | % |
| Total      Operating Expense                      |   |                                           | 150    | %                                              |   |   | 98 | % |
| Income      (Loss) from Operations                |   |                                           | (50    | )      %                                       |   |   | 2 | % |
| Other      Income (Expense)                       |   |                                           | (24    | )      %                                       |   |   | (59 | )      % |
| Loss      from Continuing Operations              |   |                                           | (74    | )      %                                       |   |   | (57 | )      % |

----

----

----

| ·           | The      Company will seek alternative financing which may include equity financing      or additional subordinated debt . The Company is currently ion discussions      with several institutions for the purpose of securing additional equity      and debt funding. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·           | The      Company continues to pursue additional customers and increased      revenues. |
|--------------------------------------|----------------------------------------------------------------------------------------|

| ·           | The      Company is actively soliciting parties interested in the purchase of our      property in Pryor, OK. Proceeds from this sale, if it is concluded, will      be used to pay down the 10% Senior Secured Convertible    Notes. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·           | The      Company is considering the sale of its property owned in Harrison County,      Texas. |
|--------------------------------------|------------------------------------------------------------------------------------------------|

| ·           | The      Company continues to implement plans to further reduce operating costs as      a percentage of revenue by improved process control and greater      productivity. |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

ITEM 3. Controls andProcedures

PART II. OTHER INFORMATION

ITEM 2. Changes in Securities

None.

----

ITEM 5. Other Information

|   | a) |   |
|--------|----|--------|

|   | b) | None. |
|--------|----|-------|

ITEM 6. Exhibits and Reports on Form 8-K

| A. | Exhibits |
|----|----------|

| Exhibit      No. | Document                                                                                                                                                                                                                                                          |   |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| 2.1              | Share      Exchange Agreement dated as of July 5, 2006 among Amerex Group, Inc.,      James P. Frack, AMEREX Companies, Inc., and the Stockholders of AMEREX      Companies, Inc. (incorporated by reference to Exhibit 2.1 of Form 8-K      filed July 11, 2006) |   |
|             |                                                                                                                                                                                                                                                              |   |
| 2.2              | Agreement      of Merger between CDX.com Colorado and CDX.com Merger Co (Oklahoma) dated      July 28, 2005 (incorporated by reference to Exhibit 2.1of Form 10-QSB for      the quarter ended September 30, 2004).                                               |   |
|             |                                                                                                                                                                                                                                                              |   |
| 2.3              | Stock      Purchase Agreement between United Assurance and Amerex Group, Inc. dated      August 1, 2005 (incorporated by reference to Exhibit 2.2 of  Form      10-QSB for the quarter ended September 30, 2004)                                             |   |

----

| 2.4    | Agreement      and Plan of Merger between Amerex Group, Inc, and CDX.com Merger, Inc.,      and CDX.com (Oklahoma), dated July 28, 2005 (incorporated by reference to      Exhibit 2.3 of  Form 10-QSB for the quarter ended September 30,      2004)                         |   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                                                                                                                                               |   |
| 3.1    | Restated      Articles of Incorporation filed 7/27/2005 (incorporated by reference to      Exhibit 3.1 of  Form 10-QSB for the quarter ended September 30,      2004)                                                                                                         |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 3.2    | Certificate      of Incorporation of Amerex Group, Inc. (incorporated by reference to      Exhibit 3.4 of Form 10-QSB for the quarter ended September 30,      2004)                                                                                                               |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 3.3    | Bylaws      of Amerex Group, Inc. (incorporated by reference to Exhibit 3.6 of       Form 10-QSB for the year ended September 30, 2004)                                                                                                                                       |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 4.1    | 10%      Senior Convertible Note issued to CAMOFI Master LCD in the acquisition on      July 5, 2006 (incorporated by reference to Exhibit 4.1of Amendment to Form      SB-2 filed on January 17, 2007).                                                                           |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 4.2    | Warrant      issued to CAMOFI Master LCD in the acquisition on July 5, 2006      (incorporated by reference to Exhibit 4.2 of Amendment to Form 10-SB filed      on January 17, 2007).                                                                                        |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 4.3    | Form      of warrant issued to former AMEREX Companies, Inc. warrant holders in the      acquisition on July 5, 2006 (incorporated by reference to Exhibit 4.3 of      Amendment to Form 10-SB filed on January 17, 2007).                                                         |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 4.4    | AMEREX      Companies, Inc. 8% Secured Promissory Note, dated September 2, 2005, in      the amount of $450,000 issued to Professional Traders Fund,      LLC.(incorporated by reference to Exhibit 4.6 of Form 8-K filed July 11,      2006)                                      |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 4.5    | Warrant      issued to CAMOFI Master LCD in connection with a line of credit on      November 10, 2006 (incorporated by reference to Exhibit 4.2 of Amendment      to Form 10-SB filed on January 17, 2007)..                                                                 |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 4.6    | Non-Qualified      Stock Option Award Agreement for the benefit of      Stephen K. Onody, dated January 28, 2008                                                                                                                                                              |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 5.1    | Opinion      of Sichenzia Ross Friedman Ference LLP (incorporated by reference to      Exhibit 5.1 of Amendment to Form 10-SB filed on January 17, 2007).                                                                                                                     |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 10.1   | Securities      Purchase Agreement, dated November 21, 2005, between AMEREX Companies,      Inc. and CAMOFI Master LDC. (incorporated by reference to Exhibit 10.1 of      Amendment to Form 10-SB filed on January 17, 2007).                                                |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 10.2   | Form      of Lock-Up Agreement dated November 21, 2005, between CAMOFI Master LCD      and each of Richard Coody, Nick Malino, Ron Brewer, Robert Roever, John      Smith, and Marwaan Karame. (incorporated by reference to Exhibit 10.2 of      Form 8-K filed on July 11, 2006) |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 10.3   | Registration      Rights Agreement, dated November 21, 2005, between AMEREX Companies, Inc.      and CAMOFI Master LDC. (incorporated by reference to Exhibit 10.3 of Form      8-K filed on July 11, 2006)                                                                        |   |
|   |                                                                                                                                                                                                                                                                               |   |
| 10.4   | Escrow      Agreement, dated November 21, 2005, between AMEREX Companies, Inc. and      CAMOFI Master LDC. (incorporated by reference to Exhibit 10.4 of Form 8-K      filed on July 11, 2006)                                                                                     |   |

----

| 10.5   | Subsidiary      Guarantee, dated November 21, 2005, of Waste Express to CAMOFI Master LDC.      (incorporated by reference to Exhibit 10.5 of Form 8-K filed on July 11,      2006)                                                                                                                        |   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.6   | Subsidiary      Agreement, dated November 21, 2005, between Amerex Acquisition Corp. and      CAMOFI Master LDC. (incorporated by reference to Exhibit 10.6 of Form 8-K      filed on July 11, 2006)                                                                                                       |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.7   | Intercreditor      Agreement, dated November 21, 2005, between CAMOFI and PTF. (incorporated      by reference to Exhibit 10.7 of Form 8-K filed on July 11,      2006)                                                                                                                                    |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.8   | Loan      Agreement, dated August 12, 2005 between DCI USA Inc. and AMEREX      Companies, Inc. (incorporated by reference to Exhibit 10.8 of Form 8-K      filed July 11, 2006)                                                                                                                           |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.9   | Amendment,      dated June 30, 2006 to Contract for Sale and Purchase of Business Assets,      dated September 1, 2005, between Enhanced Operating Co., LLC and AMEREX      Companies, Inc. (incorporated by reference to Exhibit 10.10 of Form 8-K      filed on July 11, 2006)                           |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.11  | Amendment,      dated November 13, 2005, to Contract for Sale and Purchase of Business      Assets, dated September 13, 2005, among NES Technology LLC, Industrial      Waste Services LLC and AMEREX Companies, Inc. (incorporated by reference      to Exhibit 10.13 of Form 8-K filed on July 11, 2006) |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.12  | Employment      Agreement, dated October 1, 2005, between AMEREX Companies, and Richard      Coody.  (incorporated by reference to Exhibit 10.23 of Form 8-K      filed on July 11, 2006)                                                                                                        |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.13  | Lease      Agreement, dated December 1, 2005, between Amerex Companies, Inc. and      Capitoline Advisors, Inc. (incorporated by reference to Exhibit 10.29 of      Form 8-K filed on July 11, 2006)                                                                                                       |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.14  | Lease      Agreement, dated December 30, 2005, between Amerex Companies, Inc. and      CDI, Inc. (incorporated by reference to Exhibit 10.30 of Form 8-K filed on      July 11, 2006)                                                                                                                      |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.15  | Line      of Credit with CAMOFI Master LCD. (incorporated by reference to Exhibit      10.15 of Amendment No. 1 to Form SB-2 filed on March 20,    2007)                                                                                                                                                   |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.16  | Secured      Loan Agreement with Professional Offshore Opportunity Fund, Ltd.      (incorporated by reference to Exhibit 10.16 of Form 8-K filed August 16,      2007)                                                                                                                                     |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.17  | Letter      Agreement with Professional Offshore Opportunity Fund, Ltd. (incorporated      by reference to Exhibit 10.17 of Form 8-K filed August 16,      2007)                                                                                                                                           |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.18  | Pledge      Agreement between Richard Coody and Ron Brewer and Professional Offshore      Opportunity Fund, Ltd. (incorporated by reference to Exhibit 10.18 of Form      8-K filed August 16, 2007)                                                                                                       |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.19  | Indemnification      Agreement with Richard Coody (incorporated by reference to Exhibit 10.19      of Form 8-K filed August 16, 2007)                                                                                                                                                                      |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.20  | Agreement      with Richard Coody (incorporated by reference to Exhibit 10.20 of Form 8-K      filed August 16, 2007)                                                                                                                                                                                      |   |
|   |                                                                                                                                                                                                                                                                                                       |   |
| 10.21  | Indemnification      Agreement with Ron Brewer (incorporated by reference to Exhibit 10.21 of      Form 8-K filed August 16, 2007)                                                                                                                                                                         |   |

----

| 10.22       | Agreement      with Ron Brewer (incorporated by reference to Exhibit 10.22 of Form 8-K      filed August 16, 2007)                                                                                                                                               |   |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|        |                                                                                                                                                                                                                                                             |   |
| 10.23       | Conformed      Letter of Intent to purchase Perma-Fix Treatment Solutions, Inc.      (“Perma-Fix”) of Tulsa, OK from Perma-Fix Environmental Services, Inc.      (incorporated by reference to Exhibit 10.23 of Form 8-K filed August 29,      2007) |   |
|        |                                                                                                                                                                                                                                                             |   |
| 10.31       | Letter      Agreement between Amerex Group, Inc. and CAMOFI Master LDC dated      December 19, 2007 (incorporated by reference to Exhibit 10.31 of Form      8-K filed January 7, 2008)                                                                     |   |
|        |                                                                                                                                                                                                                                                             |   |
| 10.32  | Letter      Agreement, dated May 7, 2008 between the Company and Glenwood Capital LLC,      filed herewith.                                                                                                                                                 |   |
|        |                                                                                                                                                                                                                                                             |   |
| 21.1        | Subsidiaries      of Registrant (incorporated by reference to Exhibit 21 of Form 8-K filed      on July 11, 2006).                                                                                                                                               |   |
|        |                                                                                                                                                                                                                                                             |   |
| 31.1        | Chief Executive Officer -      Sarbanes-Oxley Act Section 302 Certification, filed      herewith                                                                                                                                                                 |   |
|        |                                                                                                                                                                                                                                                             |   |
| 31.2        | Chief Financial Officer -      Sarbanes-Oxley Act Section 302 Certification, filed      herewith                                                                                                                                                                 |   |
|        |                                                                                                                                                                                                                                                             |   |
| 32.1        | Chief Executive Officer -      Sarbanes-Oxley Act Section 906 Certification, filed      herewith                                                                                                                                                                 |   |
|        |                                                                                                                                                                                                                                                             |   |
| 32.2        | Chief Financial Officer -      Sarbanes-Oxley Act Section 906 Certification, filed      herewith                                                                                                                                                                 |   |

| B. | Reports on Form      8-K |
|----|--------------------------|

----

SIGNATURES

|                    | AMEREX      GROUP, INC. |                                                                                                       |
|-------------------------|-------------------------|------------------------------------------------------------------------------------------------------------|
|                    |                    |                                                                                                       |   |
| Date:      May 20, 2008 | By:                     | /s/ Nicholas      J. Malino                                                                           |   |
|                    |                    | Nicholas      J. Malino, President, Chief Executive Officer, Principal Financial      Officer and Director |   |
|                    |                    |                                                                                                       |   |