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**UNITED STATESSECURITIES AND EXCHANGE COMMISSION** Washington, D.C. 20549

FORM 10-QSB

**x******Quarterly
  Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
  For the quarterly period ended September 30, 2003

 ̈Transition
  Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934 
  For the transition period ___________ to ___________

Commission File Number 000-49833

CELLWAY VENTURES, INC.
  
  (Exact name of small Business Issuer as specified in its charter)

|NEVADA                                          | 52-2219285                       
|----------------------------------------------- | ---------------------------------
|(State or other jurisdiction of                 | (IRS Employer Identification No.)
|incorporation or organization)                  |                                  
|                                                |                                  
|375 Newcastle Avenue                            |                                  
|Nanaimo, British Columbia, Canada               | V9R 5K4                          
|(Address of principal executive offices)        | (Zip Code)                       
|                                                |                                  
|Issuers telephone number, including area code: | (250) 754-7294                   

None 
  (Former name, former address and former fiscal year, if changed since last report)

Check whether the issuer (1) filed all reports required to
  be filed by Section 13 or 15(d) of the Securities
  Exchange Act of 1934 during the preceding 12 months (or for such shorter period
  that the issuer was required
  to file such reports), and (2) has been subject to such filing requirements
  for the past 90 days**x******Yes ̈No

State the number of shares outstanding of each of the issuers
  classes of common stock, as of the latest 
  practicable date: 10,115,000 Shares of $0.001 par value Common Stock outstanding
  as of 
  November 10, 2003.

Transitional Small Business Disclosure Format (check one):
  Yes ̈ No **x******

1

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PART I - FINANCIAL INFORMATION

ITEM 1.           FINANCIAL
  STATEMENTS.

2

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CELLWAY VENTURES INC. (A Development Stage Company)

FINANCIAL STATEMENTS

SEPTEMBER 30, 2003 (Unaudited) 
  (Stated in U.S. Dollars)

F-1

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CELLWAY VENTURES INC. (A Development Stage Company)

BALANCE SHEET (Unaudited)
  (Stated in U.S. Dollars)

|                                                        |   | SEPTEMBER
      30 |   |   | DECEMBER
      31 |  
|------------------------------------------------------- | - | ------------------ | - | - | ----------------- | -
|                                                        |   | 2003               |   |   | 2002              |  
|                                                        |   |                    |   |   |                   |  
|ASSETS                                                  |   |                    |   |   |                   |  
|                                                        |   |                    |   |   |                   |  
|Current                                                 |   |                    |   |   |                   |  
|Cash                                                    | $ | 27,068             |   | $ | 43,128            |  
|Accounts receivable                                     |   | 233                |   |   | -                 |  
|Prepaid expenses                                        |   | 101                |   |   | -                 |  
|                                                        | $ | 27,402             |   | $ | 43,128            |  
|                                                        |   |                    |   |   |                   |  
|LIABILITIES                                             |   |                    |   |   |                   |  
|                                                        |   |                    |   |   |                   |  
|Current                                                 |   |                    |   |   |                   |  
|Accounts payable                                        | $ | 1,115              |   | $ | 443               |  
|                                                        |   |                    |   |   |                   |  
|SHAREHOLDERS EQUITY                                    |   |                    |   |   |                   |  
|                                                        |   |                    |   |   |                   |  
|Share Capital                                           |   |                    |   |   |                   |  
|Authorized:                                             |   |                    |   |   |                   |  
|100,000,000
      common shares, par value with $ 0.001 |   |                    |   |   |                   |  
|per
      share                                         |   |                    |   |   |                   |  
|                                                        |   |                    |   |   |                   |  
|Issued and outstanding:                                 |   |                    |   |   |                   |  
|10,115,000
      common shares at September 30, 2003    |   |                    |   |   |                   |  
|and
      December 31, 2002                             |   | 10,115             |   |   | 10,115            |  
|                                                        |   |                    |   |   |                   |  
|Additional paid-in capital                              |   | 67,885             |   |   | 67,885            |  
|                                                        |   |                    |   |   |                   |  
|Deficit Accumulated During The Development Stage        |   | (51,713            | ) |   | (35,315           | )
|                                                        |   | 26,287             |   |   | 42,685            |  
|                                                        | $ | 27,402             |   | $ | 43,128            |  

F-2

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CELLWAY VENTURES INC. (A Development Stage Company)

STATEMENT OF LOSS AND DEFICIT (Unaudited)
  (Stated in U.S. Dollars)

|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   | INCEPTION | 
|------------------------- | - | ------------------ |  | - | ----------------- |  | - | ------------ |  | - | ---------- |  | - | --------- | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   | AUGUST 17 | 
|                          |   | THREE MONTHS ENDED |  |   | NINE MONTHS ENDED |  |   | 1999 TO      | 
|                          |   | SEPTEMBER 30       |  |   | SEPTEMBER 30      |  |   | SEPTEMBER 30 | 
|                          |   | 2003               |  |   | 2002              |  |   | 2003         |  |   | 2002       |  |   | 2003      | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Income                    |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Advertising               | $ | -                  |  | $ | -                 |  | $ | 694          |  | $ | -          |  | $ | 694       | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Expenses                  |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Domain registration       |   | -                  |  |   | -                 |  |   | 110          |  |   | -          |  |   | 250       | 
|Consulting fees           |   | -                  |  |   | -                 |  |   | 2,147        |  |   | -          |  |   | 2,147     | 
|Transfer fees             |   | -                  |  |   | -                 |  |   | 50           |  |   | 1,210      |  |   | 1,335     | 
|Professional fees         |   | 1,173              |  |   | 3,012             |  |   | 8,545        |  |   | 16,669     |  |   | 36,421    | 
|Office and sundry         |   | 3,824              |  |   | -                 |  |   | 6,240        |  |   | 72         |  |   | 7,504     | 
|Website development       |   | -                  |  |   | 44                |  |   | -            |  |   | 1,854      |  |   | 4,750     | 
|                          |   | 4,997              |  |   | 3,056             |  |   | 17,092       |  |   | 19,805     |  |   | 52,407    | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Net Loss For The Period   |   | 4,997              |  |   | 3,056             |  |   | 16,398       |  |   | 19,805     |  | $ | 51,713    | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Deficit Accumulated       |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|During The                |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Development Stage,        |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Beginning Of Period       |   | 46,716             |  |   | 27,246            |  |   | 35,315       |  |   | 10,497     |  |   |           | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Deficit Accumulated       |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|During The                |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Development Stage,        |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|End
      Of Period       | $ | 51,713             |  | $ | 30,302            |  | $ | 51,713       |  | $ | 30,302     |  |   |           | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Net Loss Per Share, Basic |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|and
      diluted         | $ | 0.01               |  | $ | 0.01              |  | $ | 0.01         |  | $ | 0.01       |  |   |           | 
|                          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Weighted Average          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Number Of Shares          |   |                    |  |   |                   |  |   |              |  |   |            |  |   |           | 
|Outstanding               |   | 10,115,000         |  |   | 10,115,000        |  |   | 10,115,000   |  |   | 10,110,934 |  |   |           | 

F-3

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CELLWAY VENTURES INC. (A Development Stage Company)

STATEMENT OF CASH FLOWS (Unaudited)
  (Stated in U.S. Dollars)

|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   | INCEPTION |  
|------------------------------------ | - | ------------------ | - | - | ----------------- | - | - | ------------ | - | - | ------- | - | - | --------- | -
|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   | AUGUST 17 |  
|                                     |   | THREE MONTHS ENDED |   |   | NINE MONTHS ENDED |   |   | 1999 TO      |  
|                                     |   | SEPTEMBER 30       |   |   | SEPTEMBER 30      |   |   | SEPTEMBER 30 |  
|                                     |   | 2003               |   |   | 2002              |   |   | 2003         |   |   | 2002    |   |   | 2003      |  
|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Cash Flows From Operating Activities |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Net loss for the period              | $ | (4,997             | ) | $ | (3,056            | ) | $ | (16,398      | ) | $ | (19,805 | ) | $ | (51,713   | )
|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Adjustments To Reconcile Net Loss    |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|To Net Cash Used By
      Operating  |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Activities                           |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Change
      in accounts receivable  |   | -                  |   |   | -                 |   |   | (233         | ) |   | -       |   |   | (233      | )
|Change
      in prepaid expenses     |   | 880                |   |   | -                 |   |   | (101         | ) |   | -       |   |   | (101      | )
|Change
      in accounts payable     |   | 413                |   |   | (559              | ) |   | 672          |   |   | 2,823   |   |   | 1,115     |  
|                                     |   | (3,704             | ) |   | (3,615            | ) |   | (16,060      | ) |   | (16,982 | ) |   | (50,932   | )
|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Cash Flows From Financing Activity   |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Share capital                        |   | -                  |   |   | -                 |   |   | -            |   |   | 3,000   |   |   | 78,000    |  
|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Increase In Cash                     |   | (3,704             | ) |   | (3,615            | ) |   | (16,060      | ) |   | (13,982 | ) |   | 27,068    |  
|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Cash, Beginning Of Period            |   | 30,772             |   |   | 54,276            |   |   | 43,128       |   |   | 64,643  |   |   | -         |  
|                                     |   |                    |   |   |                   |   |   |              |   |   |         |   |   |           |  
|Cash, End
      Of Period            | $ | 27,068             |   | $ | 50,661            |   | $ | 27,068       |   | $ | 50,661  |   | $ | 27,068    |  

F-4

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CELLWAY VENTURES INC. (A Development Stage Company)

STATEMENT OF STOCKHOLDERS EQUITY

SEPTEMBER 30, 2003 (Unaudited) 
  (Stated in U.S. Dollars)

|                                  | COMMON
      STOCK |  |   |        |  |   |            | 
|--------------------------------- | ------------------ |  | - | ------ |  | - | ---------- | 
|                                  |                    |  |   |        |  |   | ADDITIONAL | 
|                                  |                    |  |   |        |  |   | PAID-IN    | 
|                                  | SHARES             |  |   | AMOUNT |  |   | CAPITAL    | 
|                                  |                    |  |   |        |  |   |            | 
|Shares issued for cash at $ 0.001 | 5,000,000          |  | $ | 5,000  |  | $ | -          | 
|Shares issued for cash at $ 0.01  | 5,000,000          |  |   | 5,000  |  |   | 45,000     | 
|Net loss for the period           | -                  |  |   | -      |  |   | -          | 
|                                  |                    |  |   |        |  |   |            | 
|Balance, December 31, 1999        | 10,000,000         |  |   | 10,000 |  |   | 45,000     | 
|                                  |                    |  |   |        |  |   |            | 
|Shares issued for cash at $ 0.20  | 100,000            |  |   | 100    |  |   | 19,900     | 
|Net loss for the year             | -                  |  |   | -      |  |   | -          | 
|                                  |                    |  |   |        |  |   |            | 
|Balance, December 31, 2000        | 10,100,000         |  |   | 10,100 |  |   | 64,900     | 
|                                  |                    |  |   |        |  |   |            | 
|Net loss for the year             | -                  |  |   | -      |  |   | -          | 
|                                  |                    |  |   |        |  |   |            | 
|Balance, December 31, 2001        | 10,100,000         |  |   | 10,100 |  |   | 64,900     | 
|                                  |                    |  |   |        |  |   |            | 
|Shares issued for cash at $ 0.20  | 15,000             |  |   | 15     |  |   | 2,985      | 
|Net loss for the year             | -                  |  |   | -      |  |   | -          | 
|                                  |                    |  |   |        |  |   |            | 
|Balance, December 31, 2002        | 10,115,000         |  |   | 10,115 |  |   | 67,885     | 
|                                  |                    |  |   |        |  |   |            | 
|Net loss for the period           | -                  |  |   | -      |  |   | -          | 
|                                  |                    |  |   |        |  |   |            | 
|Balance, September 30, 2003       | 10,115,000         |  | $ | 10,115 |  | $ | 67,885     | 

F-5

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CELLWAY VENTURES INC. (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2003 (Unaudited)
  (Stated in U.S. Dollars)

|1. | BASIS OF PRESENTATION
      The unaudited financial statements as of September 30,
        2003 included herein have been prepared without audit pursuant to the
        rules and regulations of the Securities and Exchange Commission. Certain
        information and footnote disclosures normally included in financial statements
        prepared in accordance with United States generally accepted principles
        have been condensed or omitted pursuant to such rules and regulations.
        In the opinion of management, all adjustments (consisting of normal recurring
        accruals) considered necessary for a fair presentation have been included.
        It is suggested that these financial statements be read in conjunction
        with the December 31, 2002 audited financial statements and notes thereto.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2. | NATURE OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

F-6

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CELLWAY VENTURES INC. (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2003 (Unaudited)
  (Stated in U.S. Dollars)

|2. | NATURE OF OPERATIONS(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3. | SIGNIFICANT ACCOUNTING POLICIES
        The financial statements of the Company have been prepared in accordance
          with generally accepted accounting principles in the United States.
          Because a precise determination of many assets and liabilities is dependent
          upon future events, the preparation of financial statements for a period
          necessarily involves the use of estimates which have been made using
          careful judgement.
        The financial statements have, in managements opinion, been
          properly prepared within reasonable limits of materiality and within
          the framework of the significant accounting policies summarized below:
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

F-7

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CELLWAY VENTURES INC. (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2003 (Unaudited)
  (Stated in U.S. Dollars)

|**3.** | SIGNIFICANT ACCOUNTING POLICIES(Continued)
|------ | ------------------------------------------
|       |                                           
|       | c)                                        
|       |                                           
|       | d)                                        
|       |                                           
|       | e)                                        
|       |                                           
|       | f)                                        
|       |                                           
|       | g)                                        

F-8

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CELLWAY VENTURES INC. (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2003 (Unaudited)
  (Stated in U.S. Dollars)

|**3.** | SIGNIFICANT ACCOUNTING POLICIES(Continued)
|------ | ------------------------------------------
|       |                                           
|       | h)                                        

F-9

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|ITEM 2.           
        MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
      FORWARD-LOOKING STATEMENTS
      The information in this Quarterly Report on Form 10-QSB
        contains forward-looking statements within the meaning of Section 27A
        of the Securities Act of 1933, as amended, and Section 21E of the Securities
        Exchange Act of 1934, as amended. These forward-looking statements involve
        risks and uncertainties, including statements regarding Cellway's capital
        needs, business plans and expectations. Forward-looking statements are
        made, without limitation, in relation to operating plans, business development,
        availability of funds and operating costs. Any statements contained herein
        that are not statements of historical facts may be deemed to be forward-looking
        statements. In some cases, you can identify forward-looking statements
        by terminology such as "may", "will", "should", "expect", "plan", "intend",
        "anticipate", "believe", "estimate", "predict", "potential" or "continue",
        the negative of such terms or other comparable terminology. Actual events
        or results may differ materially. In evaluating these statements, you
        should consider various factors, including the risks outlined below, and,
        from time to time, in other reports Cellway files with the SEC, including
        Cellways Annual Report on Form 10-KSB for the year ended December
        31, 2002. These factors may cause Cellway's actual results to differ materially
        from any forward-looking statement. Cellway disclaims any obligation to
        publicly update these statements, or disclose any difference between its
        actual results and those reflected in these statements. The information
        constitutes forward-looking statements within the meaning of the Private
        Securities Litigation Reform Act of 1995. Given these uncertainties, readers
        are cautioned not to place undue reliance on such forward-looking statements.
      OVERVIEW
      We have developed and currently market a free immigration
        information service on the Internet from our www.canadiancitizenship.com
        web site. We have designed our web site to provide information on the
        process of immigrating to Canada from foreign countries. Our target users
        are persons who are citizens of foreign countries seeking to work in or
        immigrate to Canada. Our objective is to become a leading web site for
        information on the process of immigrating into Canada.
      Our web site is currently operational and we have initiated
        a marketing and sales effort to earn revenues from our web site operations.
        We commenced earning revenues from advertising on our web site during
        our second quarter ended June 30, 2003. However, we did not earn any revenues
        during our third quarter ended September 30, 2003. We plan to re-evaluate
        our marketing and sales activities due to the lack of success with our
        current telemarketing program. We plan to continue to solicit and sell
        advertising to advertisers whose target market includes persons who are
        interested in immigrating to Canada. While our web site is operational,
        we plan to continue development work in order to enhance the features
        and content offered on our web site. In view of these factors and the
        fact that our operating expenses significantly exceed our revenues, our
        business operations are in a start-up phase.
      PLAN OF OPERATIONS
      Our plan of operations for the next twelve months is
        to complete the following objectives within the time period specified:
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|(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

3

---

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Securities Exchange Act of 1934 and complying with ongoing
      reporting obligations under the Securities Exchange Act of 1934.                                                       
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                         
|We therefore anticipate that
        we will be spending approximately $32,000 over the next twelve-month period
        pursuing this plan of operations. Of these anticipated expenditures, we
        anticipate that $16,000 will be spent on our plan of operations in the
        next nine months. Our cash position was $27,068 as of September 30, 2003
        and we had working capital of $26,287 as of September 30, 2003.
      Results Of Operations
      We commenced earning revenues from sales of advertising
        on our web site during our second quarter ended June 30, 2003. However,
        we did not earn any revenues during our third quarter ended September
        30, 2003. We earned revenues of $694 during the nine months ended September
        30, 2003. We commenced marketing activities to sell advertising for our
        web site during our second quarter and we intend to continue these efforts
        to achieve additional sales of advertising for our web site. The amount
        of revenues generated did not exceed our costs during the first nine months
        of 2003 and there is no assurance that the amount of future revenues generated
        will exceed our future costs. As a consequence, we continue to be in our
        development stage and we can provide no assurance that we will be able
        to earn sufficient revenues from our web site to achieve profitability.
      We incurred operating expenses in the amount of $17,092
        for the nine months ended September 30, 2003, compared to operating expenses
        in the amount of $19,805 for the nine months ended September 30, 2002.
        We incurred operating expenses of $4,997 for the three months ended September
        30, 2003, compared to operating expenses in the amount of $3,056 for the
        three months ended September 30, 2002. The decreases in our operating
        expenses resulted from primarily from decreases to our professional fees.
        Our professional fees were $8,545 for the nine months ended September
        30, 2003, compared to $16,669 for the nine months ended September 30,
        2002, and $1,173 for the three months ended September 30, 2003, compared
        to $3,012 for the three months ended September 30, 2002. The decrease
        is reflective of the fact that we were engaged in the preparation and
        filing of a registration statement with the Securities and Exchange Commission
        under the Securities Exchange Act of 1934 during 2002. This registration
        statement has been completed. Ongoing professional fees represent legal
        and accounting fees in connection with our reporting obligations under
        the Securities Exchange Act of 1934. Our office and sundry expenses increased
        to $6,240 for the nine months ended September 30, 2003, compared to $72
        for the nine months ended September 30, 2002, and to $3,824 for the three
        months ended September 30, 2003, compared to $nil for the three months
        ended September 30, 2002. Office and sundry expenses were comprised of
        expenses associated with the operation of our web site and the commencement
        of marketing activities to attract advertising revenues for our web site.
        Increased office and sundry expenses are reflective of our current advertising
        and marketing operations. We did not incur any web site development expenses
        during the nine months ended September 30, 2003 as our web site is now
        operational.
      We incurred a loss of $16,398 for the nine months ended
        September 30, 2003, compared to a loss of $19,805 for the nine months
        ended September 30, 2002. We incurred a loss of $4,997 for the three months
        ended September 30, 2003, compared to a loss of $3,056 for the three months
        ended September 30, 2002. Our reduced losses were attributable to our
        reduced operating expenses and to our achieving revenues during our second
        quarter.
      We anticipate continuing operating losses in the foreseeable
        future. We base this expectation in part on the fact that we will incur
        substantial operating expenses in completing our stated plan of operations
        before we will have the opportunity to earn revenues that will exceed
        our costs. Our future financial results are also uncertain due to a number
        of factors, many of which are outside our control. These factors include,
        but are not limited to:
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                         
|(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | our ability to develop a commercially
        marketable Internet web site with information and features sought by Internet
        users desiring information on immigration to Canada;
|(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | our ability to successfully market our web site to our potential
      users;                                                                                                           
|(3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | our ability to successfully market our web site to advertisers
      who are prepared to pay for advertising on our site;                                                               
|(4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | the introduction of competing web sites.                                                                                                                                                

4

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Financial Condition and Liquidity

We had cash of $27,068 as of September 30, 2003, compared
  to cash of $43,128 as of December 31, 2002. We had working capital of $26,287
  as of September 30, 2003, compared to working capital of $42,685 as of December
  31, 2002. Our accounts payable increased to $1,115 as of September 30, 2003
  from $443 as of December 31, 2002.

As discussed above under Plan of Operations, we anticipate
  that we will be spending approximately $32,000 over the next twelve-month period
  pursuing this our plan of operations. Of these anticipated expenditures, we
  anticipate that $16,000 will be spent on our plan of operations in the next
  six months. We anticipate that our current working capital together with revenues
  from operations will be sufficient to cover our anticipated expenses over the
  next twelve months. We anticipate that we may require additional financing in
  order to pursue our business plan if: (a) the costs of implementing our business
  plan are greater than anticipated; or (b) we are unsuccessful in earning increased
  revenues in order to sustain continued operations. We anticipate that if we
  pursue any additional financing, the financing would be an equity financing
  achieved through the sale of our common stock. We do not have any arrangement
  in place for any debt or equity financing. If we are successful in completing
  an equity financing, existing shareholders will experience dilution of their
  interest in our company. In the event we are not successful in obtaining such
  financing when necessary, we may not be able to proceed with our business plan.

5

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ITEM 3.           CONTROLS
  AND PROCEDURES.

As required by Rule 13a-15 under the Securities Exchange Act
  of 1934 (the Exchange Act), we carried out an evaluation of the
  effectiveness of the design and operation of our disclosure controls and procedures
  as of September 30, 2003, being the date of our most recently completed fiscal
  quarter. This evaluation was carried out under the supervision and with the
  participation of our Chief Executive Officer and Chief Financial Officer, Mr.
  Jack Morgan. Based upon that evaluation, our Chief Executive Officer and Chief
  Financial Officer concluded that our disclosure controls and procedures are
  effective in timely alerting management to material information relating to
  us required to be included in our periodic SEC filings. There have been no significant
  changes in our internal controls or in other factors that could significantly
  affect internal controls subsequent to the date we carried out our evaluation.

Disclosure controls and procedures are controls and other
  procedures that are designed to ensure that information required to be disclosed
  in our reports filed or submitted under the Exchange Act is recorded, processed,
  summarized and reported, within the time periods specified in the Securities
  and Exchange Commission's rules and forms. Disclosure controls and procedures
  include, without limitation, controls and procedures designed to ensure that
  information required to be disclosed in our reports filed under the Exchange
  Act is accumulated and communicated to management, including our Chief Executive
  Officer and Chief Financial Officer, to allow timely decisions regarding required
  disclosure.

During our most recently completed fiscal quarter ended September
  30, 2003, there were no changes in our internal control over financial reporting
  that have materially affected, or are reasonably likely to affect, our internal
  control over financial reporting.

The term internal control over financial reporting
  is defined as a process designed by, or under the supervision of, the registrant's
  principal executive and principal financial officers, or persons performing
  similar functions, and effected by the registrant's board of directors, management
  and other personnel, to provide reasonable assurance regarding the reliability
  of financial reporting and the preparation of financial statements for external
  purposes in accordance with generally accepted accounting principles and includes
  those policies and procedures that:

|(1) | Pertain to the maintenance of records
        that in reasonable detail accurately and fairly reflect the transactions
        and dispositions of the assets of the registrant;                                                                                                                                                                                                 
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                  
|(2) | Provide reasonable assurance that transactions
        are recorded as necessary to permit preparation of financial statements
        in accordance with generally accepted accounting principles, and that
        receipts and expenditures of the registrant are being made only in accordance
        with authorizations of management and directors of the registrant; and
|    |                                                                                                                                                                                                                                                                                                                                                                                  
|(3) | Provide reasonable assurance regarding
        prevention or timely detection of unauthorized acquisition, use or disposition
        of the registrant's assets that could have a material effect on the financial
        statements.                                                                                                                                          

6

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PART II--OTHER INFORMATION

ITEM 1.           
  LEGAL PROCEEDINGS

We are not a party to any material legal proceedings and to
  our knowledge, no such proceedings are threatened or contemplated.

ITEM 2.           CHANGES
  IN SECURITIES AND USE OF PROCEEDS

We did not complete any unregistered sales of our common stock
  during our fiscal quarter ended September 30, 2003.

ITEM 3.           DEFAULTS
  UPON SENIOR SECURITIES

None.

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

No matters were submitted to our security holders for a vote
  during the fiscal quarter ended September 30, 2003.

ITEM 5.           OTHER
  INFORMATION.

None.

ITEM 6.           EXHIBITS
  AND REPORTS ON FORM 8-K

EXHIBITS REQUIRED BY ITEM 601 OF FORM 8-K

|Exhibit Number | Description of Exhibit                                                                                                                                                                           
|-------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1            | Articles of Incorporation (1)                                                                                                                                                                    
|3.2            | Bylaws, as amended (1)                                                                                                                                                                           
|4.1            | Share Certificate (1)                                                                                                                                                                            
|31.1           | Certification of Chief Executive Officer
        and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
        Act of 2002 (2)                                               
|32.1           | Certification of Chief Executive Officer
        and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
        pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (2)

| |     |                                                                                                                                                                     
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | Previously filed with the Securities and Exchange
        Commission as an exhibit to the Registrants Form 10-SB originally
        filed May 24, 2002, as amended.
| | (2) | Filed as an Exhibit to this Quarterly Report on Form 10-QSB                                                                                                         
| |     |                                                                                                                                                                     

REPORTS ON FORM 8-K

We did not file any Current Reports on Form 8-K during the
  fiscal quarter ended September 30, 2003 and we have not filed any Current Reports
  on Form 8-K since September 30, 2003.

7

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SIGNATURES

In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

|                        | CELLWAY VENTURES, INC.
|----------------------- | ----------------------
|Date: November 13, 2003 |                       
|                        |                       
|                        | By:                   
|                        |                       
|                        |                       
|                        |                       
|                        |                       

8

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