FORM 10-KSB

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                               [X]  ANNUAL REPORT
          PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934

                        Commission File Number: 000-26249

                      for the year ended December 31, 2000

                          SNOHOMISH EQUITY CORPORATION

                     (formerly SNOHOMISH EQUITY GROUP, INC)

Nevada                                                                33-0507843
(Jurisdiction  of  Incorporation)        (I.R.S.  Employer  Identification  No.)


219  Broadway,  Suite  261,  Laguna  Beach  CA                             92651
(Address of principal executive offices)                              (Zip Code)

Registrant's  telephone  number,  including  area  code:         (949)  248-1765


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

Securities  registered  pursuant  to  Section  12(g)  of  the  Act:    3,560,500

Yes[x]   No[]  (Indicate  by check mark whether the Registrant (1) has 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
Registrant  was  required to file such reports) and (2) has been subject to such
filing  requirements  for  the  past  90  days.)

[]  (Indicate  by  check  mark  whether  if  disclosure  of  delinquent filers (
229.405)  is not and will not to the best of Registrant's knowledge be contained
herein,  in  definitive  proxy  or information statements incorporated herein by
reference  or  any  amendment  hereto.)

As  of  12/31/00:

     the  aggregate  market  value  of  shares  held  by  non-affiliates  was
approximately  $0  based  upon the closing price of $0 per share at December 29,
2000.

     the  number  of  shares  outstanding  of  the Registrant's Common Stock was
3,560,500

                        Exhibit Index is found on page 13

                                        1


                                     PART I


                                  INTRODUCTION

     We  became  a reporting company voluntarily filed pursuant to Section 12(g)
of the Securities Exchange Act of 1934, in order to comply with the requirements
of  National  Association  of Securities Dealers for submission for quotation on
the  Over  the Counter Bulletin Board, often called  OTCBB . Our common stock is
not presently quoted on the OTCBB or elsewhere and had never traded in brokerage
transaction. We do intend to report and provide disclosure voluntarily, and will
continue  to file periodic reports even in the event that our obligation to file
such  reports  is  excused  or  suspended  under  the  Exchange  Act.

     Our  corporation  may  be the subject of a  Reverse Acquisition . A reverse
acquisition  is  the  acquisition  of a private ( Target ) company by a public (
Issuer ) company, by which the private company's shareholders acquire control of
the  public  company.  While  no  negotiations are in progress, and to potential
targets  have  been  identified,  our  business plan is to find such a target or
targets,  and  attempt  to acquire them for stock. While no such arrangements or
plans  have  been  adopted  or  are  presently  under consideration, it would be
expected  that  a  reverse  acquisition of a target company or business would be
associated with some private placements and/or limited offerings of common stock
of  this  Issuer  for  cash.  Such placements, or offerings, if and when made or
extended,  would  be  made  with  disclosure  and reliance on the businesses and
assets  to  be acquired, and not upon our present condition as disclosed in this
Report.


                        ITEM 1.  DESCRIPTION OF BUSINESS.


(A)  HISTORICAL INFORMATION. We were first organized under the laws of the State
of  Texas  on  April 8, 1992, as Snohomish Equity Group, Inc. for the purpose of
seeking  out  one  or  more  potential  business  ventures,  without  regard  to
geographical  considerations,  which  venture  or  ventures,  in the judgment of
management,  warrant  interest and involvement of our Company. On or about April
27,  1992, we made our initial issuance of 2,000,000 shares of common stock to a
single  founders'  group  of  six related founders, for cash. We made no further
issuances  until after our revival in 1999, and the total issued and outstanding
shares  of  common stock stood at 2,000,000 shares until shortly before the date
of this report. During 1992, the various Founders made private gifts of stock to
family  members  and  friends, totaling 108,108 shares: 27,093 to ten affiliates
(six  of  whom  remain  affiliates);  and  81,015  shares  to  a  total  of  94
non-affiliate  shareholders.  On  or  about  April  29,  1992, we incorporated a
wholly-owned  subsidiary,  Snohomish Capital Corporation, and authorized a stock
dividend  by  which the ownership of that subsidiary would have been spun off to
shareholders,  but  that  dividend/spin-off was abandoned and never consummated,
and  the  former  subsidiary corporation expired without action, pursuant to the
laws  of  Texas.  The  shares  of  our  common stock have never traded, over the
counter or otherwise. Our predecessor remained dormant and inactive from 1993 to
the  present. About early 1997, the founder's control block of 1,891,892 shares,
was  acquired  by  Intrepid International S.A., a Panama Corporation. As of that
time,  there  were 107,108 shares issued and outstanding to persons who were and
are  (with  some  exceptions)  non-affiliate  shareholders.  We  were  formally
reorganized  and  our Articles of Incorporation re-stated in the State of Nevada
on December 8, 1998, as Snohomish Equity Corporation, for the purpose of seeking
out  one  or  more  potential  business ventures, without regard to geographical
considerations,  which  venture  or  ventures,  in  the  judgment of management,

                                        2


warrant  interest and involvement of the Company. On or about January 1, 1998 we
authorized  the Issuance of an additional 10,000 shares to its present officers,
pursuant  to  4(2)  of the Securities Act of 1933. As a result, the total shares
of  common  stock  issued  and  outstanding  is  2,010,000  shares.

     On  our  about  August  15,  2000,  we  issued 1,550,500 shares pursuant to
Registration  under  section 5 of the Securities Act of 1933, to six individuals
for  legal  and professional services and reimbursement for advances made on our
behalf.

,  as  of  the  date  of  this  Statement.

 (B)  BUSINESS.  Our  Company has revived following a period of dormancy for the
past  seven  years and has no current business. Its business plan is to seek one
or more profitable business combinations or acquisitions to secure profitability
for  shareholders.  It  has  no  day  to day operations at the present time. Its
officers  and  directors  devote  only  insubstantial  time and attention to the
affairs  of  this  issuer  at  the  present  time, for the reason that only such
attention  is  presently  required.  Management does, however, constantly review
potential  business  combination  proposals,  and has adopted a conservative and
patient  policy of seeking opportunities of exceptional quality, in management's
view,  and  to  accept  that  it  may  have  to wait longer, as a result, before
consummating  any  transactions  to  create  profitability  for its shareholder.

     While  the  Company  does  not  intend to rule out its consideration to any
particular  business or industry segment, Management has determined to focus its
interest  in  evaluating development stage companies in the electronic commerce,
communication  and internet industry. Management regularly reviews proposals for
ventures  in  this  area.  It  is  possible  that an outstanding opportunity may
develop  in  other  industry  segments,  such  as finance, brokerage, insurance,
transportation,  communications,  research  and  development,  service,  natural
resources,  manufacturing  or  other  high-technology  areas.

     Because  of  the Company's limited resources, and practical considerations,
the  Company  will  not  be  able  to participate in more than a single business
venture.  Accordingly,  it  is  anticipated that the Company will not be able to
diversity,  but  will  may be limited to one merger or acquisition. This lack of
diversification  will not permit the Company to offset potential losses from one
business opportunity against profits from another. To a large extent, a decision
to  participate in a specific business opportunity may be made upon management's
analysis  of  the  quality  of  the  other  firm's  management an personnel, the
anticipated  acceptability  of  new products or marketing concepts, the merit of
technological  changes  and  numerous  other factors which are difficult, if not
impossible,  to  anticipate.

     This  Company  is  required  to  rely on Management's skill, experience and
judgement,  both  in regard to extreme selectivity, and in any final decision to
pursue  any  particular  business  venture,  as well as the form of any business
combination,  should  agreement  be reached at some point to acquire or combine.
Management  is in turn reliant upon the experience of its principal shareholder.
For further information about the plans of this company, and about its principal
shareholder, please see Item 2 of this Part, Managements Discussion and Analysis
or  Plan  of  Operation, and also Item 7 of this Part, Certain Relationships and
Related  Transactions.


      (1)  PRINCIPAL  PRODUCTS  OR  SERVICES  AND  THEIR  MARKETS.  None.

      (2)  DISTRIBUTION  METHODS  OF  THE  PRODUCTS  OR  SERVICES.  None.

                                        3


      (3)  STATUS  OF  ANY  PUBLICLY  ANNOUNCED  NEW  PRODUCT  OR SERVICE. None.

      (4)  COMPETITIVE  BUSINESS  CONDITIONS  AND  THE  SMALL  BUSINESS ISSUER'S
COMPETITIVE POSITION IN THE INDUSTRY. Other better capitalized firms are engaged
in  the search for acquisitions or business combinations which firms may be able
to  offer  more and may be more attractive to acquisition candidates. While this
issuer  has  little  to  recommend  it competitively, as against other so-called
Blank  Check  Companies  ,  its  prospects  rest  in  the skill and knowledge of
management,  and of management consultants, including the principal shareholder,
and  such  acquaintances and credibility they may command among business brokers
and promoters looking for dormant public companies. This Issuer is not desperate
or  overly  eager to find a business partner, and its management has resolved to
allow  such time as may be required to find an opportunity of superior value and
potential.  Notwithstanding the confidence of management in its knowledge, skill
and that of its consultants and principal shareholder, there can be no assurance
that  this  issuer  will  prove  competitively  attractive  to  the  kinds  of
transactions  it  seeks. Please see Management's Discussion and Analysis, Item 2
of  this  part,  for  an  expanded  discussion  of these and related subjects of
disclosure.

      (5)  SOURCES  OF  AND  AVAILABILITY  OF  RAW  MATERIALS  AND  THE NAMES OF
PRINCIPAL  SUPPLIERS.  Not  Applicable

      (6)  DEPENDANCE  ON  ONE  OR  A  FEW  MAJOR  CUSTOMERS.  Not  Applicable

      (7)  PATENTS,  TRADEMARKS,  LICENSES,  FRANCHISES,  CONCESSIONS,  ROYALTY
AGREEMENTS  OR  LABOR  CONTRACTS.  None.

      (8)  GOVERNMENT  FOR  ANY  GOVERNMENT  APPROVAL  OF  PRINCIPAL PRODUCTS OR
SERVICES  AND  STATUS.  Not  applicable

      (9)  EFFECT  OF  EXISTING  OR  PROBABLE  GOVERNMENTAL  REGULATIONS  ON THE
BUSINESS.  Not  applicable.

      (10)  ESTIMATE OF AMOUNT SPENT ON RESEARCH AND DEVELOPMENT IN EACH OF LAST
TWO  YEARS.  None.

      (11)  COSTS  AND  EFFECTS  OF  COMPLIANCE WITH ENVIRONMENTAL LAWS. None at
this  time.

      (12)  NUMBER  OF  TOTAL  EMPLOYEES  AND  FULL-TIME  EMPLOYEES.  None.

      (13)  YEAR  2000/2001 COMPLIANCE ISSUES. None. The issuer has no computers
or  digital  equipment  of  its own, no suppliers or customers. Accordingly, the
issuer  has determined that it is faced with no year 2000/2001 compliance issues
other  than  those  shared  by  the  public  in  general.

(C)  FINANCING  PLANS.  For  more  information,  please  see  Item 6 of Part II,
Management's  Discussion  and  Analysis.

(D)  GOVERNMENT  REGULATION. There are no issues of government regulation unique
to  this  Registrant  or  its  business.

                                        4


(E)  COMPETITION.  Other  better capitalized firms are engaged in the search for
acquisitions  or business combinations which firms may be able to offer more and
may  be  more attractive to acquisition candidates. While this issuer has little
to recommend it competitively, as against other so-called  Blank Check Companies
, its prospects rest in the skill and knowledge of management, and of management
consultants,  including  the  principal  shareholder, and such acquaintances and
credibility  they  may  command among business brokers and promoters looking for
dormant public companies. This Issuer is not desperate or overly eager to find a
business  partner,  and its management has resolved to allow such time as may be
required to find an opportunity of superior value and potential. Notwithstanding
the confidence of management in its knowledge, skill and that of its consultants
and principal shareholder, there can be no assurance that this issuer will prove
competitively  attractive  to  the  kinds  of  transactions it seeks. Please see
Management's  Discussion  and  Analysis,  Item  6  of  part  II, for an expanded
discussion  of  these  and  related  subjects  of  disclosure.

(F)  PLANNED  ACQUISITIONS.  There  are  no  planned  acquisitions at this time.

(G)  EMPLOYEES.  None.  We  have  two  officers  not  classified  as  employees.


                        ITEM 2.  DESCRIPTION OF PROPERTY.

     We  have  no  property  and  enjoy  the  non-exclusive  use  of offices and
telephone  of  its  officers  and  attorneys.


                           ITEM 3.  LEGAL PROCEEDINGS.

     There  are  no  legal  proceedings  pending  against our Company, as of the
preparation  of  this  Report.


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

     None.

             The Remainder of this Page is Intentionally left Blank

                                        5


                                     PART II


           ITEM 5.  MARKET FOR COMMON EQUITY AND STOCKHOLDER MATTERS.


(A)  MARKET INFORMATION. The Company, has one class of securities, Common Voting
Equity  Shares ( Common Stock ). The Company's Securities have never been quoted
in  the  over-the-counter  market,  or  elsewhere.

(B) HOLDERS. Management calculates that the approximate number of holders of the
Company's  Common  Stock,  as  of  December  31,  2000,  was  107.

(C)  DIVIDENDS.  No  cash  dividends have been paid by the Company on its Common
Stock  and  no  such  payment  is  anticipated  in  the  foreseeable  future.

(D)  SALES  OF  UNREGISTERED  COMMON  STOCK  1999-2000.  None.


       ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.


 (A)  PLAN  OF  OPERATION FOR THE NEXT TWELVE MONTHS. We have had no activity in
1999  except for our Registration of our common stock, pursuant to section 12(g)
of  the  Securities  Exchange  Act  of  1934.

      (1)  CASH REQUIREMENTS AND OF NEED FOR ADDITIONAL FUNDS, TWELVE MONTHS. We
have  no  need  of  additional funds during the next twelve months, from sources
outside  of  our affiliates, to maintain our corporate franchise in the State of
our incorporation, and to file periodic reports as required of Registrants under
the  1934  Act.

      (2)  SUMMARY  OF  PRODUCT  RESEARCH  AND  DEVELOPMENT.  None.

      (3)  EXPECTED  PURCHASE  OR SALE OF PLANT AND SIGNIFICANT EQUIPMENT. None.

      (4)  EXPECTED  SIGNIFICANT  CHANGE  IN  THE  NUMBER  OF  EMPLOYEES.  None.

 (B)  DISCUSSION  AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
We  have  had no activity in 1999-2000 except for our Registration of our common
stock,  pursuant to section 12(g) of the Securities Exchange Act of 1934. We had
general  and  administrative  expenses  in  1999  and 2000, which were legal and
accounting  costs,  in  connection  with  our  1934 Registration, and subsequent
reporting.

             The Remainder of this Page is Intentionally left Blank

                                        6


      (1)  FINANCIAL  CONDITION.  Our  financial  condition  is  substantially
unchanged  since  our  last  annual  report.


Balance Sheet:                    December 31    December 31
------------------------------------------------------------
Selected Information . . . .          2000           1999
----------------------------  -------------  -------------
Cash and Equivalents . . . .  $              $
----------------------------  -------------  -------------
Current Assets . . . . . . .             0              0
Total Assets . . . . . . . .             0              0
                              -------------  -------------
Accounts Payable . . . . . .        10,657         16,681
                              =============  =============
Total Liabilities. . . . . .        10,657         16,681
Common Stock . . . . . . . .         3,560          2,010
                              -------------  -------------
Paid-in Capital. . . . . . .        20,945          6,990
Accumulated Deficit. . . . .       (35,162)       (25,681)
Total Equity . . . . . . . .       (10,657)       (16,681)
Total Liabilities and Equity             0              0
                             =============================


      (2)  RESULTS  OF  OPERATIONS.

                                  For the Years    For the Years      Deficit
                                      Ended            Ended        Accumulated
                                   December 31      December 31      During the
                                      2000             1999         Development
                                                                       Stage
-------------------------------------------------------------------------------
Operations
Selected Information
Revenues:. . . . . . . . .  $            0   $            0   $          0
                            ---------------  ---------------  -------------
Total Revenues . . . . . .               0                0              0
(General & Administrative)          (9,481)         (16,681)       (35,162)
--------------------------  ---------------  ---------------  -------------
Total Expenses . . . . . .          (9,481)         (16,681)       (35,162)
Net (Loss) . . . . . . . .          (9,481)         (16,681)       (35,162)
--------------------------  ---------------  ---------------  -------------
Net Loss per share . . . .            (.00)            (.01)          (.02)
==========================  ===============  ===============  =============
Weighted average shares. .       2,526,833        2,010,000      2,060.759
outstanding

                                        7


                         ITEM 7.  FINANCIAL STATEMENTS.

     The  Audit  Committee  of this Corporation for this fiscal year consists of
the  our Board of Directors. Management is responsible for our internal controls
and  the  financial  reporting process. Our independent auditors are responsible
for  performing  an  independent audit of our financial statements in accordance
with  generally accepted accounting standards  and to issue a report thereon. It
is  the  responsibility  of  our Board of Directors to monitor and oversee these
processes.  In  this  context  the  Committee  has met and held discussions with
management  and  the  independent  accountants.  Management  recommended  to the
Committee  that  our  financial  statements  were  prepared  in  accordance with
generally  accepted  accounting  principles,  and the Committee has reviewed and
discussed  the  financial  statements  with  Management  and  such  independent
accountants, matters required to be discussed by Statement on Auditing Standards
No.  61  (Communication with Audit Committees). Our independent accountants also
provided to the Committee the written disclosures required by Independence Board
Standard  No.  1  (Independence  Discussions  with  Audit  Committees),  and the
Committee  discussed  with the independent accountants that firm's independence.

     Based  upon  the Committee's discussions, and review, of the foregoing, the
Committee recommended that our audited financial statements in our Annual Report
on  Form  10-KSB for the year ended December 31, 2000 be included and filed with
the  Securities  and  Exchange  Commission.

     AUDITED FINANCIAL STATEMENTS for the years ended December 31, 2000 and 1999
are  attached  as  Exhibit FK-00, filed herewith are incorporated herein by this
reference  as  though fully set forth herein. Our Balance Sheet and Statement of
Operations  are  reproduced  in  the  preceding  Item  6, and discussed therein.


                                     ITEM 8.
                  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
                     ON ACCOUNTING AND FINANCIAL DISCLOSURE.

                                      None.

             The Remainder of this Page is Intentionally left Blank

                                        8


                                    PART III


                                     ITEM 9.
        DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
               COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

     The  following persons are the Directors of Registrant, having taken office
December 9, 1998, to serve until their successors might be elected or appointed.
The  time of the next meeting of shareholders has not been determined and is not
likely to take place before a targeted acquisition or combination is determined.

     Please  see  Item  7,  Certain  Relationships  and Related Transactions for
information  about  the  other  affiliates  of  this  issuer.

     Pete  Chandler,  President/Director  was  born and raised in Northern Utah,
where  he  received a Bachelor of Science Degree from Weber State University, in
finance  and  business  administrations.  He  also  attended  DeVry Institute of
Technology  in  Phoenix  Arizona,  where  he  studied  computer  information and
accounting  systems.  He serves as Director of Research & Finance, for Corporate
Relations & Management, Inc., from August 1999 and presently. From February 1997
until  August  1999,  he  served as financial markets liaison to Jordan Richards
Associates.  From  October  1994  until  October  1996,  he  was  an  investment
consultant to Everen Securities. From January 1, 1994 to October 1994, he was an
agent for New York Life Insurance Company. From August 1993 to December 1993, he
was  a sales and leasing representative for Freeway Oldsmobile, Cadillac, Mazda.
Mr.  Chandler  is a Board Member of the Foster Care Citizens Board, appointed in
1995,  and  involved  in  its  community  service  activities.

     Susan  Sanchez,  Secretary/Treasurer/Director,  has  been  a  self-employed
provider of paralegal, secretarial and administrative services for the last five
years,  for  various  public and private corporate clients. During this time she
had  become familiar with corporate and securities filings, NASD compliance, and
maintenance  of  corporate  records  and  minutes.

     While  there are no arrangements for the resignation of these directors, it
is  manifestly  clear  that  they are nominees of Intrepid International, Ltd. (
Intrepid  US  ),  the  United States agency of Intrepid International, S. A., of
Panama.  It  is  to be expected that present management would continue in office
until  a  business  combination  is  effected  and  would retire in favor of new
management  at  that  time.


                        ITEM 10.  EXECUTIVE COMPENSATION.

     Each  of  the  two  Officer/Directors have been issued 5,000 new investment
shares  of  stock,  for present service and incentive purposes in 1998. No other
compensation, or plan of compensation, has been made, authorized or contemplated
at  the  present  time  and  for  the present period of corporate inactivity and
ill-liquidity.

                                        9


    ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

 (A)  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS.  To  the  best  of
Registrant's  knowledge  and  belief the following disclosure presents the total
security ownership of all persons, entities and groups, known to or discoverable
by Registrant, to be the beneficial owner or owners of more than five percent of
any  voting class of Registrant's stock. Each of the following  Other Affiliates
are affiliates of the Issuer, by reason of their respective affiliation with the
Principal  Shareholder.  Mr.  Sifford  and  Mr.  James are officer-affiliates of
Intrepid,  and  Mr.  Stocker  is  United  States  Counsel  for  Intrepid.

 (B)  SECURITY  OWNERSHIP  OF  MANAGEMENT. To the best of Registrant's knowledge
and  belief  the  following  disclosure  presents  the total beneficial security
ownership  of  all  Directors and Nominees, naming them, and by all Officers and
Directors  as  a  group,  without  naming  them,  of  Registrant,  known  to  or
discoverable  by  Registrant.


Beneficial Owners (more than 5%) . . . . .   # Shares        %
Common Stock Shareholder
--------------------------------------------------------------
Pete Chandler President. . . . . . . . . .      5,000     0.14
430 4th Street
Ogden UT 84404
--------------------------------------------------------------
Susan Sanchez  Secretary/. . . . . . . . .      5,000     0.14
34155 Camino El Molino Treasurer
Capistrano Beach CA 92624
--------------------------------------------------------------
All Officers and Directors as a Group. . .     10,000     0.28
--------------------------------------------------------------
Intrepid International, S.A. . . . . . . .  1,891,892    53.14
P. O. Box 8807
Panama City 5
Republic of Panama
--------------------------------------------------------------
J. Dan Sifford . . . . . . . . . . . . . .        531     0.01
3131 South West Freeway, #42
Houston, TX  77098
--------------------------------------------------------------
Kirt W. James. . . . . . . . . . . . . . .      3,000     0.08
33481 Spinnaker
Dana Point CA 92629
--------------------------------------------------------------
Kirt W. James custodian. . . . . . . . . .      4,500     0.13
for Jillian R. James
3842 Quail Hollow Drive
Salt Lake City, UT  84109
--------------------------------------------------------------
William Stocker Trustee. . . . . . . . . .      1,500     0.04
The Johannes Michael Beelner Living Trust
31878 Del Obispo 118-606
San Juan Capistrano CA 92675 34996
--------------------------------------------------------------
William Stocker Trustee. . . . . . . . . .      2,562     0.07
The Osha Makai Smith Living Trust
31878 Del Obispo 118-606
San Juan Capistrano CA 92675 34996
--------------------------------------------------------------

                                       10


--------------------------------------------------------------
William Stocker/Boni Light TTEE. . . . . .      4,500     0.13
The Fallowfield Family Trust
31878 Del Obispo 118-606
San Juan Capistrano CA 92675 34996
--------------------------------------------------------------
Boni Light/William Stocker TTEE. . . . . .      1,500     0.04
The Tommy Hawk Endowment Trust
31878 Del Obispo 118-606
San Juan Capistrano CA 92675 34996
--------------------------------------------------------------
All Affiliates Aggregated for Attribution.  1,909,985    53.64
--------------------------------------------------------------
Reference Only:. . . . . . . . . . . . . .  3,560,500   100.00
Total Shares Issued and Outstanding
--------------------------------------------------------------



 (C)  CHANGES  IN  CONTROL.  There  are  no  arrangements  known  to Registrant,
including any pledge by any persons, of securities of Registrant, which may at a
subsequent  date  result  in  a  change  of control of the Issuer. The Issuer is
searching  for  a profitable business opportunity. The Issuer is searching for a
profitable  business  opportunity.  The acquisition of such an opportunity could
and  likely  would  result in some change in control of the Issuer at such time.
This  would  likely take the form of a reverse acquisition. That means that this
issuer  would  likely  acquire businesses and assets for stock in an amount that
would  effectively  transfer  control  of  this issuer to the acquisition target
company  or ownership group. It is called a reverse-acquisition because it would
be  an  acquisition  by this issuer in form, but would be an acquisition of this
issuer  in  substance.


            ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     (A)  THE  PRINCIPAL SHAREHOLDER. Intrepid International, S. A. ( Intrepid )
is  our  nominal principal shareholder. The control block issued to Intrepid was
issued  for  management  and control during the development and renewal stage of
our  corporation.  This  shares  are  not  believed  to be entitled to resale in
reliance  for  resale  on  Section  4(1)  of the 1933 Securities Act or Rule 144
promulgated  by  the  Commission  pursuant  to  Section  3(b)  of  the  Act.

     Intrepid  S.A.  was incorporated in the Republic of Panama in 1984 to offer
financial services to natural resource companies, primarily those engaged in the
production  of  oil  and gas. Following the world wide collapse of oil prices in
the  mid-eighties,  the  Company  broadened the focus of its universe of support
services  to  include  a  wider  range  of companies, with an emphasis on public
companies  and  private  companies,  companies  engaged  in  the transition from
privately held to publicly held, and development stage companies, whether public
or private, requiring professional business and corporate guidance. In August of
1997  the  Company  sought  a  United  States  Representative and entered into a
relationship  with  a  group  of  corporate  and business specialists who, after
contracting  with  the  Panama  Company, incorporated as Intrepid International,
Ltd.  (  Intrepid US ) to provide the required representation and agency for the
Company in North America and Europe. Intrepid US is incorporated in the State of
Nevada.  Intrepid  is  not  an  investment  banker,  nor  a  broker or dealer in
securities.  Intrepid  is  a  provider  of  technical support services to client
companies,  generally,  and  an  occasional  investor for its own account. About
early  1997,  the  founder's  control block of 1,891,892 shares, was acquired by
Intrepid  International  S.A.,  a  Panama  Corporation.

                                       11


     Intrepid  has  two  distinct  relationships  with  this  Issuer. The Panama
Company  is  the principal and controlling shareholder. The Nevada subsidiary is
the  principal  financial  service  provider under contract with the Issuer. The
following  persons and their relationships to Intrepid are disclosed as follows:

     Laurencio Jaen O., an original incorporator who has served as President and
Director  of  the  Company  since its inception in 1984, resides in Panama City,
Republic  of  Panama.  He  is, and has been for the past twenty five years, Vice
President  of  Indiasa Corporation ("Indiasa"), a Panamanian corporation, which,
through  one  of  its  subsidiaries,  Robmar  International,  is involved in the
manufacture  and  distribution  of chemical products in Argentina and Brazil and
which,  through  its  former  subsidiary  Indiasa Aviation Corporation, was, for
eight  years  ending  in  1981,  engaged  in  aviation  consulting, the leasing,
purchase  and  sale of aircraft, and the operation of a cargo airline, primarily
in  Latin  America.  Mr.  Jaen  was  a  founder of PAISA, Panama's international
airline,  served  as  president of the Colon Free Zone (the world s largest free
trade  zone), and as Director of Panama's Social Security Administration. He has
also  served  as  the  President of the Panamanian Chamber of Commerce, and as a
member  of  the  Board  of  Presidential  Advisors  of  the  Republic of Panama.

     Teodoro  F.  Franco  L.,  Secretary and a Director of the Company, has, for
thirty  years,  been  a specialist in maritime and aviation law. Mr. Franco is a
partner  in  Franco  and Franco, one of the most prestigious law firms in Panama
with  offices around the world. In addition to his law practice he has served as
Panamanian  Consul  to  Liverpool,  England  and  for  the  past  five  years as
Ambassador  to Great Britain. The firm of Franco and Franco is regarded with the
highest  degree  of  integrity and professionalism in the business and political
community  in  Panama with its partners and several of its associates holding or
having  held public office. The firm practices maritime, aviation and commercial
law  and currently is the legal firm for: IBERIA (the Spanish national airline),
KLM  (the  Dutch  national  airline),  VIASA  (the Venezuelan national airline),
Aeroflot  (the  Russian  national  airline)  and  various smaller Latin American
national  airlines as well as being the registered agents for thousands of ocean
going  ships  around  the world flying the Panamanian flag. Mr. Franco brings to
the  Company  a  wealth  of  international  legal,  commercial  and  diplomatic
experience.

     Leopoldo  Kennion  G., Treasurer and a Director of the Company, is, and has
for  twenty  years,  been  a  Certified  Public  Accountant  specializing  in
international  accounting  and  is  an  associate  in the law firm of Franco and
Franco.  Mr.  Kennion  practices  maritime,  aviation  and commercial accounting
serving  the specialized needs of the transnational clients of Franco and Franco
by  providing  an  interface  between  them  and  their  auditors.

     J.  Dan  Sifford,  Jr., is the United States Managing Director for Intrepid
International,  S.A.  (Panama).  He  is  fluent  in  the  Spanish  Language. His
biographical  information  is  found  below.

      The officers, directors and controlling persons of Intrepid International,
Ltd.  (Nevada)  ( Intrepid U.S. ) are two individuals; Kirt W. James, and J. Dan
Sifford,  Jr.

     Kirt W. James, the President of Intrepid U.S., has a lifelong background in
marketing  and sales. From 1972 to 1987, Mr. James was responsible for sales and
business administrative matters for Glade N. James Sales Co., Inc. and from 1987
to 1990 Mr. James built retail markets for American International Medical Supply
Co.,  a  publicly  traded company. In 1990 he formed and became President of HJS
Financial  Services,  Inc.,  and  was  responsible  for  the day to day business
operations  of  the  firm  as well as consultation with Clients concerning their
business  and Product Development. During the past five years Mr. James has been
involved  in  the valuation, sale and acquisition of numerous private businesses

                                       12


and planning for the entry of private corporations into the public market place.

     J. Dan Sifford, Jr., Secretary-Treasurer of Intrepid U.S., grew up in Coral
Gables,  Florida,  where he attended Coral Gables High School and the University
of  Miami. After leaving the University of Miami, Mr. Sifford formed a wholesale
consumer  goods  distribution company which operated throughout the southeastern
United  States  and  all  of  Latin  America.  In  1965,  as an extension of the
operations  of the original company, he founded Indiasa Corporation (Indiasa), a
Panamanian  company which was involved in supply and financing arrangements with
many  of  the  Latin  American  Governments, in particular, their air forces and
their  national  airlines.  As  customer  requirements  dictated,  separate
subsidiaries were established to handle specific activities, among them: Indiasa
Securities  Corporation,  to structure the financing necessary to facilitate the
transactions;  Indiasa  Aviation  Corporation,  to serve as an all cargo airline
operating  large  cargo aircraft throughout Latin America; and Overseas Aviation
Corporation, to buy, sell, lease and broker aircraft, and to provide services to
Indiasa Aviation Corporation and to other airlines. Indiasa, which is the parent
company of all the Panamanian companies formed by Mr. Sifford, operates, through
its partially owned subsidiary, Robmar International, S. A., plants in Argentina
and  Brazil  which  produce  high  temperature,  high  pressure  lubricants  and
sealants.  For  twelve  years ending in 1982, it operated, through its partially
owned  subsidiaries  Indiasa  Aviation  Corporation  and  Overseas  Aviation
Corporation,  an  all  cargo  airline  based  at Miami International Airport and
serving  points  throughout Central and South America and Africa. In addition to
his  general aviation experience, Mr. Sifford, an Airline Transport rated pilot,
has  twenty  two  years experience in the airline business, and is currently the
President  of  Airline  of the Virgin Islands, Ltd. a commuter passenger airline
operating  in  the  Caribbean.

     (B)  OTHER  RELATIONSHIPS. Certain Trusts have been listed as affiliates in
Item  4  of  this  part,  for the reason that the trustees are affiliates of the
Issuer.  In  addition  to  those  mentioned  in paragraph (a) preceding, William
Stocker,  Special  Securities  Counsel  to  this  Issuer, is also Counsel to the
Principal  Shareholder,  and  elects  to  be treated as, and is deemed to be, an
affiliate  of  the  Issuer.


   ITEM 13.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.


 (A)  FINANCIAL  STATEMENTS.  Please  see  Exhibit  Index  following.

 (B)  FORM  8-K  REPORTS.  None.

 (C)  EXHIBITS.  Please  see  Exhibit  Index  following.

                                     Exhibit
                            Description of Exhibit     Page
--------------------------------------------------------------------------------
                   [3]   ARTICLES OF INCORPORATION AND BY-LAWS
--------------------------------------------------------------------------------
3.1     ARTICLES OF INCORPORATION                                             14
3.2     BY-LAWS                                                               17
                              FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
FK-00     Audited Financial Statements for the years ended
          December 31, 2000 and 1998                                          26
--------------------------------------------------------------------------------

                                       13


                 SUPPLEMENTARY INFORMATION TO BE FURNISHED WITH
              REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY
                REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
                       PURSUANT TO SECTION 12 OF THE ACT.

     No  annual  report  or  proxy  material  has been sent to security holders.


                                       14

     Pursuant  to  the requirements of the Securities Exchange Act of 1934, this
report  has  been  signed  below  by  the  following  persons  on  behalf of the
Registrant  and  in  the  individual  capacities  and  on  the
date  indicated.

                          SNOHOMISH EQUITY CORPORATION

                     (formerly SNOHOMISH EQUITY GROUP, INC)


Dated:  April  17,  2001


/S/Pete Chandler          /S/Susan Sanchez
   Pete Chandler             Susan Sanchez
   President/Director        Secretary-Treasurer/Director

                                       15


--------------------------------------------------------------------------------
                                   EXHIBIT 3.1

                            ARTICLES OF INCORPORATION
--------------------------------------------------------------------------------

                                       16


                            ARTICLES OF INCORPORATION
                                       OF
                          SNOHOMISH EQUITY CORPORATION.


ARTICLE  I.  The  name  of  the  Corporation  is  SNOHOMISH  EQUITY CORPORATION.

ARTICLE  II.  Its principal office in the State of Nevada is 774 Mays Blvd. #10,
Incline  Village NV 89452. The initial resident agent for services of process at
that  address  is  N&R  Ltd.  Group,  Inc

ARTICLE  III.  The purposes for which the corporation is organized are to engage
in any activity or business not in conflict with the laws of the State of Nevada
or  of the United States of America.  The period of existence of the corporation
shall  be  perpetual.

ARTICLE  IV.  The  corporation  shall  have  authority  to issue an aggregate of
50,000,000  shares  of  common voting equity stock of par value one mil ($0.001)
per share, and no other class or classes of stock, for a total capitalization of
$50,000.  The corporation's capital stock may be sold from time to time for such
consideration  as  may  be  fixed  by  the  Board of Directors, provided that no
consideration  so  fixed  shall  be  less  than  par  value.

ARTICLE  V.  No  shareholder shall be entitled to any preemptive or preferential
rights  to  subscribe  to  any  unissued stock or any other securities which the
corporation  may  now  or  hereafter  be  authorized  to  issue,  nor  shall any
shareholder  possess  cumulative  voting rights at any shareholders meeting, for
the  purpose  of  electing  Directors,  or  otherwise.

ARTICLE  VI.  The  name  and  address  of the Incorporator of the corporation is
William  Stocker,  Attorney  at  Law,  34700  Pacific  Coast Highway, Suite 303,
Capistrano  Beach  CA  92624,  phone  (949)  248-9561,  fax  (949) 248-1688. The
affairs of the corporation shall be governed by a Board of Directors of not less
than  one  (1)  nor  more  than  (7) persons. The Incorporator shall act as Sole
Initial  Director.

ARTICLE  VII.  The  Capital Stock, after the amount of the subscription price or
par  value,  shall  not  be  subject  to  assessment  to  pay  the  debts of the
corporation,  and  no  stock  issued,  as  paid  up, shall ever be assessable or
assessed.

ARTICLE  VIII.  The  initial  By-laws of the corporation shall be adopted by its
Board  of  Directors.  The power to alter, amend or repeal the By-laws, or adopt
new  By-laws, shall be vested in the Board of Directors, except as otherwise may
be  specifically  provided  in  the  By-laws.

I  THE UNDERSIGNED, being the Incorporator hereinbefore named for the purpose of
forming  a  corporation  pursuant  the  General  Corporation Law of the State of
Nevada,  do  make and file these Articles of Incorporation, hereby declaring and
certifying  that  the  facts herein stated are true, and accordingly have set my
hand  hereunto  this  Day,  December  8,  1998.

                               /s/William Stocker
                                 William Stocker
                                 attorney at law
                                  Incorporator

                                       17


--------------------------------------------------------------------------------
                               EXHIBIT EXHIBIT 3.2

                                     BY-LAWS
--------------------------------------------------------------------------------

                                       18


                                     BY-LAWS
                                       OF
                          SNOHOMISH EQUITY CORPORATION.
                              A NEVADA CORPORATION

                                       19


ARTICLE  I
CORPORATE  OFFICES

The  principal office of the corporation in the State of Nevada shall be located
at  774  Mays Blvd. Suite 10, Incline Village NV 89451. The corporation may have
such  other  offices, either within or without the State of incorporation as the
board  of directors may designate or as the business of the corporation may from
time  to  time  require.

                                   ARTICLE II
                             SHAREHOLDERS' MEETINGS

SECTION  1.  PLACE  OF  MEETINGS

The directors may designate any place, either within or without the State unless
otherwise  prescribed by statute, as the place of meeting for any annual meeting
or for any special meeting called by the directors. A waiver of notice signed by
all  stockholders  entitled to vote at a meeting may designate any place, either
within or without the State unless otherwise prescribed by statute, as the place
for  holding such meeting. If no designation is made, or if a special meeting be
otherwise  called,  the  place  of  meeting shall be the principal office of the
corporation.

SECTION  2.  ANNUAL  MEETINGS

The time and date for the annual meeting of the shareholders shall be set by the
Board  of  Directors  of  the  Corporation, at which time the shareholders shall
elect  a  Board  of Directors and transact any other proper business. Unless the
Board  of  Directors  shall  determine  otherwise,  the  annual  meeting  of the
shareholders  shall be held on the second Monday of March in each year, if not a
holiday, at Ten o'clock A.M., at which time the shareholders shall elect a Board
of  Directors  and  transact  any other proper business. If this date falls on a
holiday,  then  the  meeting  shall be held on the following business day at the
same  hour.

SECTION  3.  SPECIAL  MEETINGS

Special  meetings  of the shareholders may be called by the President, the Board
of  Directors, by the holders of at least ten percent of all the shares entitled
to  vote at the proposed special meeting, or such other person or persons as may
be  authorized  in  the  Articles  of  Incorporation.

SECTION  4.  NOTICES  OF  MEETINGS

Written or printed notice stating the place, day and hour of the meeting and, in
the  case of a special meeting, the purpose or purposes for which the meeting is
called,  shall be delivered not less than ten (10) days nor more than sixty (60)
days  before  the  date  of  the  meeting,  either personally or by mail, by the
direction  of the president, or secretary, or the officer or persons calling the
meeting.  If  mailed, such notice shall be deemed to be delivered when deposited
in  the  United  States  mail, addressed to the stockholder at his address as it
appears  on  the  stock  transfer books of the corporation, with postage thereon
prepaid.
Closing  of  Transfer  Books  or  Fixing  Record  Date.

(a) For the purpose of determining stockholders entitled to notice of or to vote
at  any  meeting  of  stockholders  or  any adjournment thereof, or stockholders
entitled to receive payment of any dividend, or in order to make a determination
of  stockholders  for any other proper purpose, the directors of the corporation
may  provide  that  the stock transfer books shall be closed for a stated period
but  not to exceed, in any case twenty (20) days. If the stock transfer books be
closed for the purpose of determining stockholders entitled to notice or to vote

                                       20


at  a  meeting  of  stockholders, such books shall be closed for at least twenty
(20)  days  immediately  preceding  such  meeting.

(b)  In  lieu of closing the stock transfer books, the directors may prescribe a
day  not more than sixty (60) days before the holding of any such meeting as the
day  as  of  which  stockholders  entitled  to notice of the and to vote at such
meeting must be determined. Only stockholders of record on that day are entitled
to  notice  or  to  vote  at  such  meeting

(c)  The  directors  may  adopt  a  resolution prescribing a date upon which the
stockholders  of  record are entitled to give written consent to actions in lieu
of  meeting.  The  date  prescribed by the directors may not precede nor be more
than  ten  (10)  days  after  the  date  the resolution is adopted by directors.

SECTION  5.  VOTING  LIST.

The officer or agent having charge of the stock transfer books for the shares of
the  corporation  shall  make,  at  least  ten  (10) days before each meeting of
stockholders,  a complete list of stockholders entitled to vote at such meeting,
or  any adjournment thereof, arranged in alphabetical order, with the address of
and  number  of  shares  held by each, which list, for a period of ten (10) days
prior  to  such  meeting,  shall  be kept on file at the principal office of the
corporation  and  shall  be subject to inspection by any stockholder at any time
during  usual  business hours. Such list shall also be produced and kept open at
the  time and place of the meeting and shall be subject to the inspection of any
stockholder  during  the  whole time of the meeting. The original stock transfer
book  shall  be  prima facie evidence as to who are the stockholders entitled to
examine  such  list or transfer books or to vote at the meeting of stockholders.

SECTION  6.  QUORUM.

At  any  meeting  of stockholders, a majority of fifty percent plus one vote, of
the  outstanding  shares  of  the  corporation  entitled to vote, represented in
person  or  by proxy, shall constitute a quorum at a meeting of stockholders. If
less  than said number of the outstanding shares are represented at a meeting, a
majority  of  the outstanding shares so represented may adjourn the meeting from
time to time without further notice. At such adjourned meeting at which a quorum
shall be present or represented, any business may be transacted which might have
been  transacted at the meeting originally notified. The stockholders present at
a  duly  organized  meeting may continue to transact business until adjournment,
notwithstanding  the  withdrawal  of  enough  stockholders  to leave less than a
quorum.

SECTION  7.  PROXIES.

At all meetings of the stockholders, a stockholder may vote by proxy executed in
writing  by  the  stockholder  or  by his duly authorized attorney in fact. Such
proxy shall be filed with the secretary of the corporation before or at the time
of  the  meeting.  Such  proxies  may  be  deposited by electronic transmission.

SECTION  8.  VOTING.

Each stockholder entitled to vote in accordance with the terms and provisions of
the  certificate  of  incorporation  and  these by-laws shall be entitled to one
vote,  in  person  or by proxy, for each share of stock entitled to vote held by
such shareholder. Upon the demand of any stockholder, the vote for directors and
upon  any  question  before  the  meeting  shall be by ballot. All elections for
directors  shall  be  decided  by  plurality  vote; all other questions shall be
decided  by  majority  vote  except  as otherwise provided by the Certificate of
Incorporation  or  the  laws  of  Nevada.

SECTION  9.  ORDER  OF  BUSINESS.

The  order of business at all meetings of the stockholders, shall be as follows:

a.Roll  Call.
b.Proof  of  notice  of  meeting  or  waiver  of  notice.
c.Reading  of  minutes  of  preceding  meeting.
d.Reports  of  Officers.
e.Reports  of  Committees.
f.Election  of  Directors.
g.Unfinished  Business.
h.New  Business.

SECTION  10.  INFORMAL  ACTION  BY  STOCKHOLDERS.

Unless  otherwise provided by law, any action required to be taken, or any other
action  which  may  be  taken,  at  a  meeting of the stockholders, may be taken
without  a  meeting  if a consent in writing, setting forth the action so taken,
shall  be signed by all of the stockholders entitled to vote with respect to the
subject matter thereof. Unless otherwise provided by law, any action required to
be  taken,  or  any  other  action  which  may  be  taken,  at  a meeting of the
stockholders,  may  be  taken without a meeting if a consent in writing, setting
forth  the  action  so  taken,  shall  be  signed  by  a  Majority of all of the
stockholders  entitled to vote with respect to the subject matter thereof at any
regular  meeting  called on notice, and if written notice to all shareholders is
promptly  given  of  all  action  so  taken.

SECTION  11.  BOOKS  AND  RECORDS.

The  Books, Accounts, and Records of the corporation, except as may be otherwise
required by the laws of the State of Nevada, may be kept outside of the State of
Nevada,  at such place or places as the Board of Directors may from time to time
appoint.  The  Board of Directors shall determine whether and to what extent the
accounts  and the books of the corporation, or any of them, other than the stock
ledgers, shall be open to the inspection of the stockholders, and no stockholder
shall  have  any  right  to  inspect  any  account  or  book or document of this
Corporation,  except as conferred by law or by resolution of the stockholders or
directors.  In  the  event  such  right  of  inspection  is  granted  to  the
Stockholder(s)  all  fees  associated  with  such  inspection  shall be the sole
expense  of  the  Stockholder(s)  demanding the inspection. No book, account, or
record  of  the  Corporation  may be inspected without the legal counsel and the
accountants  of the Corporation being present. The fees charged by legal counsel
and  accountants to attend such inspections shall be paid for by the Stockholder
demanding  the  inspection.

                                   ARTICLE III
                               BOARD OF DIRECTORS

SECTION  1.  GENERAL  POWERS.

The  business  and  affairs  of the corporation shall be managed by its board of
directors.  The  directors shall in all cases act as a board, and they may adopt
such  rules and regulations for the conduct of their meetings and the management
of the corporation, as they may deem proper, not inconsistent with these by-laws
and  the  laws  of  this  State.

SECTION  2.  NUMBER,  TENURE,  AND  QUALIFICATIONS.

The  number  of directors of the corporation shall be a minimum of one (l) and a
maximum  of nine (7), or such other number as may be provided in the Articles of
Incorporation,  or  amendment thereof. Each director shall hold office until the
next  annual  meeting  of  stockholders  and until his successor shall have been
elected  and  qualified.

SECTION  3.  REGULAR  MEETINGS.

A regular meeting of the directors, shall be held without other notice than this
by-law  immediately  after,  and  at  the  same  place as, the annual meeting of
stockholders.  The  directors may provide, by resolution, the time and place for
holding  of  additional  regular  meetings  without  other  notice  than  such
resolution.

                                       21


SECTION  4.  SPECIAL  MEETINGS.

Special  meetings  of  the  directors  may be called by or at the request of the
president or any two directors. The person or persons authorized to call special
meetings  of  the directors may fix the place for holding any special meeting of
the  directors  called  by  them.

SECTION  5.  NOTICE.

Notice of any special meeting shall be given at least one day previously thereto
by  written  notice  delivered  personally,  or  by  telegram  or mailed to each
director  at  his business address. If mailed, such notice shall be deemed to be
delivered  when  deposited  in the United States mail so addressed, with postage
thereon  prepaid.  The  attendance of a director at a meeting shall constitute a
waiver  of notice of such meeting, except where a director attends a meeting for
the  express purpose of objecting to the transaction of any business because the
meeting  is  not  lawfully  called  or  convened.

SECTION  6.  QUORUM.

At any meeting of the directors fifty (50) percent shall constitute a quorum for
the  transaction  of  business,  but  if  less  than said number is present at a
meeting,  a  majority of the directors present may adjourn the meeting from time
to  time  without  further  notice.

SECTION  7.  MANNER  OF  ACTING.

The  act of the majority of the directors present at a meeting at which a quorum
is  present  shall  be  the  act  of  the  directors.

SECTION  8.  NEWLY  CREATED  DIRECTORSHIPS  AND  VACANCIES.

Newly  created  directorships  resulting  from  an  increase  in  the  number of
directors and vacancies occurring in the board for any reason except the removal
of  directors  without  cause  may  be  filled  by a vote of the majority of the
directors  then  in  office,  although  less  than  a  quorum  exists. Vacancies
occurring by reason of the removal of directors without cause shall be filled by
vote  of  the  stockholders.  A  director  elected  to  fill a vacancy caused by
resignation,  death or removal shall be elected to hold office for the unexpired
term  of  his  predecessor.

SECTION  9.  REMOVAL  OF  DIRECTORS.

Any or all of the directors may be removed for cause by vote of the stockholders
or  by  action of the board. Directors may be removed without cause only by vote
of  the  stockholders.

SECTION  10.  RESIGNATION.

A  director  may  resign  at any time by giving written notice to the board, the
president or the secretary of the corporation. Unless otherwise specified in the
notice,  the  resignation shall take effect upon receipt thereof by the board or
such  officer,  and  the acceptance of the resignation shall not be necessary to
make  it  effective.

SECTION  11.  COMPENSATION.

No  compensation shall be paid to directors, as such, for their services, but by
resolution  of  the board a fixed sum and expenses for actual attendance at each
regular  or  special  meeting  of  the  board  may be authorized. Nothing herein
contained  shall  be  construed  to  preclude  any  director  from  serving  the
corporation  in  any  other  capacity  and  receiving  compensation  therefor.

SECTION  12.  EXECUTIVE  AND  OTHER  COMMITTEES.

The  board,  by  resolution,  may  designate from among its members an executive
committee  and  other  committees, each consisting of one (l) or more directors.
Each  such  committee  shall  serve  at  the  pleasure  of  the  board.

                                       22


                                   ARTICLE IV
                                    OFFICERS

SECTION  1.  NUMBER.

The  officers  of  the  corporation  shall  be  the president, a secretary and a
treasurer,  each  of whom shall be elected by the directors. Such other officers
and assistant officers as may be deemed necessary may be elected or appointed by
the  directors.

SECTION  2.  ELECTION  AND  TERM  OF  OFFICE.

The  officers of the corporation to be elected by the directors shall be elected
annually at the first meeting of the directors held after each annual meeting of
the  stockholders. Each officer shall hold office until his successor shall have
been  duly elected and shall have qualified or until his death or until he shall
resign  or  shall  have  been removed in the manner hereinafter provided. In the
event  that  no  election of officers be held by the directors at that time, the
existing  officers  shall  be  deemed  to  have  been confirmed in office by the
directors.

SECTION  3.  REMOVAL.

Any officer or agent elected or appointed by the directors may be removed by the
directors whenever in their judgement the best interest of the corporation would
be  served  thereby,  but  such  removal  shall be without prejudice to contract
rights,  if  any,  of  the  person  so  removed.

SECTION  4.  VACANCIES.

A vacancy in any office because of death, resignation, removal, disqualification
or  otherwise,  may  be filled by the directors for the unexpired portion of the
term.

SECTION  5.  PRESIDENT.

The  president  shall be the principal executive officer of the corporation and,
subject  to the control of the directors, shall in general supervise and control
all  of  the  business  and  affairs of the corporation. He shall, when present,
preside  at  all meetings of the stockholders and of the directors. He may sign,
with  the  secretary  or  any  other proper officer of the corporation thereunto
authorized  by  the  directors,  certificates for shares of the corporation, any
deeds,  mortgages,  bonds,  contracts,  or other instruments which the directors
have  authorized to be executed, except in cases where the directors or by these
by-laws  to some other officer or agent of the corporation, or shall be required
by  law  to  be  otherwise  signed or executed; and in general shall perform all
duties  incident  to  the  office  of  president and such other duties as may be
prescribed  by  the  directors  from  time  to  time.

SECTION  6.  CHAIRMAN  OF  THE  BOARD.

In  the  absence  of  the  president  or in the event of his death, inability or
refusal  to act, the chairman of the board of directors shall perform the duties
of  the  president,  and  when  so  acting,  shall have all the powers of and be
subject to all the restrictions upon the president. The chairman of the board of
directors  shall  perform such other duties as from time to time may be assigned
to  him  by  the  directors.

SECTION  7.  SECRETARY.

The  secretary shall keep the minutes of the stockholders' and of the directors'
meetings  in  one  or more books provided for that purpose, see that all notices
are  duly  given  in  accordance  with  the  provisions  of  these by-laws or as
required,  be  custodian  of  the  corporate  records  and  of  the  seal of the
corporation  and  keep a register of the post office address of each stockholder
which  shall  be  furnished  to  the secretary by such stockholder, have general
charge of the stock transfer books of the corporation and in general perform all
the  duties  incident  to  the office of secretary and such other duties as from
time  to  time  may  be  assigned  to  him by the president or by the directors.

                                       23


SECTION  8.  TREASURER.

If  required  by the directors, the treasurer shall give a bond for the faithful
discharge  of  his  duties  in  such sum and with such surety or sureties as the
directors  shall  determine.  He  shall  have  charge  and  custody  of  and  be
responsible  for  all  funds and securities of the corporation; receive and give
receipts  for  moneys  due  and  payable  to  the  corporation  from  any source
whatsoever,  and  deposit all such moneys in the name of the corporation in such
banks,  trust companies or other depositories as shall be selected in accordance
with  these  by-laws  and  in  general perform all of the duties incident to the
office  of  treasurer and such other duties as from time to time may be assigned
to  him  by  the  president  or  by  the  directors.

SECTION  9.  SALARIES.

The  salaries  of the officers shall be fixed from time to time by the directors
and  no  officer shall be prevented from receiving such salary by reason of fact
that  he  is  also  a  director  of  the  corporation.

                                    ARTICLE V
                      CONTRACTS, LOANS, CHECKS AND DEPOSITS

SECTION  1.  CONTRACTS.

The  directors  may  authorize any officer or officers, agent or agents to enter
into  any  contract  or execute and deliver any instrument in the name of and on
behalf  of  the  corporation,  and  such authority may be general or confined to
specific  instances.

SECTION  2.  LOANS.

No  loans  shall  be contracted on behalf of the corporation and no evidences of
indebtedness  shall  be  issued in its name unless authorized by a resolution of
the  directors. Such authority may be general or confined to specific instances.

SECTION  3.  CHECKS,  DRAFTS,  ETC.

All  checks,  drafts  or  other  orders for the payment of money, notes or other
evidences of indebtedness issued in the name of the corporation, shall be signed
by  such  officer  or  officers,  agent or agents of the corporation and in such
manner  as shall from time to time be determined by resolution of the directors.

SECTION  4.  DEPOSITS.

All funds of the corporation not otherwise employed shall be deposited from time
to time to the credit of the corporation in such banks, trust companies or other
depositories  as  the  directors  may  select.

                                   ARTICLE VI
                                   FISCAL YEAR

The fiscal year of the corporation shall begin on the 1st day of January in each
year,  or  on  such  other  day  as  the  Board  of  Directors  shall  fix.

                                   ARTICLE VII
                                    DIVIDENDS

The  directors  may  from  time  to  time  declare, and the corporation may pay,
dividends  on  its  outstanding  shares  in  the  manner  and upon the terms and
conditions  provided  by  law.

                                       24


                                  ARTICLE VIII
                                      SEAL

The  directors  may  provide a corporate seal which shall have inscribed thereon
the  name  of the corporation, the state of incorporation, year of incorporation
and  the  words,  "Corporate  Seal".

                                   ARTICLE IX
                                WAIVER OF NOTICE

Unless otherwise provided by law, whenever any notice is required to be given to
any  stockholder  or  director  of the corporation under the provisions of these
by-laws  or  under  the  provisions  of  the articles of incorporation, a waiver
thereof  in  writing,  signed  by the person or persons entitled to such notice,
whether  before  or after the time stated therein, shall be deemed equivalent to
the  giving  of  such  notice.

                                    ARTICLE X
                                   AMENDMENTS

These by-laws may be altered, amended or repealed and new by-laws may be adopted
in  the  same manner as their adoption, by the Board of Directors if so adopted;
by  a  vote of the stockholders representing a majority of all the shares issued
and  outstanding, if so adopted or adopted by the Board of Directors; or, in any
case,  at  any  annual  stockholders'  meeting  or  at any special stockholders'
meeting  when  the  proposed  amendment  has  been set out in the notice of such
meeting.

                                  CERTIFICATION

     THE  SECRETARY  of the Corporation hereby certifies that the foregoing is a
true  and  correct  copy  of  the  By-Laws of the Corporation named in the title
thereto  and  that  such  By-Laws were duly adopted by the Board of Directors of
said  Corporation  on  the  date  set  forth  below.

EXECUTED,  this  day  of  March  1,  1999.

                                /s/Susan Sanchez
                                  Susan Sanchez

                                       25


--------------------------------------------------------------------------------
                                  EXHIBIT FK-00

                          AUDITED FINANCIAL STATEMENTS
                                 FOR YEARS ENDED
                           DECEMBER 31, 2000 AND 1999
--------------------------------------------------------------------------------

                                       26


                          SNOHOMISH EQUITY CORPORATION
                          (a Development Stage Company)
                              FINANCIAL STATEMENTS
                           December 31, 2000 and 1999


                                 C O N T E N T S



Independent  Auditors'  Report  .

 Balance  Sheets

 Statements  of  Operations

 Statement  of  Stockholders'  Equity  .

 Statements  of  Cash  Flows

Notes  to  the  Financial  Statements  .

                                       27


                          INDEPENDENT AUDITOR'S REPORT



To  the  Board  of  Directors  and  Stockholders  of
Snohomish  Equity  Corporation

We  have audited the accompanying Balance Sheets of Snohomish Equity Corporation
(a  Development  Stage Company) as of December 31, 2000 and 1999 and the related
Statements of Operations, stockholders' equity and cash flows for the years then
ended  and  from  inception  on  April 8, 1992 through December 31, 2000.  These
Financial  Statements  are  the responsibility of the Company's management.  Our
responsibility  is to express an opinion on these  Financial Statements based on
our  audits.

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

In  our opinion, the   Financial Statements referred to above present fairly, in
all material respects, the financial position of Snohomish Equity Corporation (a
Development  Stage  Company) as of December 31, 2000 and 1999 and the results of
its  operations  and  cash  flows for the years then ended and from inception on
April  8,  1992  through December 31, 2000 in conformity with generally accepted
accounting  principles.

The  accompanying  Financial  Statements  have  been  prepared assuming that the
Company  will  continue  as  a  going  concern.  As  discussed  in Note 2 to the
Financial  Statements,  the  Company has minimal assets and no operations and is
dependent  upon  financing  to  continue  operations.  These  factors  raise
substantial  doubt  about  its  ability  to  continue  as  a  going  concern.
Management's  plans in regard to these matters are also described in the Note 2.
The  Financial  Statements do not include any adjustments that might result from
the  outcome  of  this  uncertainty.

/s/Chisholm  &  Associates
Chisholm  &  Associates
Salt  Lake  City,  Utah
March  22,  2001

                                       28


                          SNOHOMISH EQUITY CORPORATION
                          (a Development Stage Company)
                                 Balance Sheets

                                     ASSETS

                                                       December  31,
                                               2000                     1999
--------------------------------------------------------------------------------

Current  assets
   Cash                                      $         0       $               0
                                             -----------------------------------
Total  Current  Assets                                 0                       0
                                             -----------------------------------
      Total  Assets                          $         0       $               0
                                             ===================================

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current  Liabilities
   Accounts  payable-related  party              10,657                   16,681
                                             -----------------------------------
       Total  Current  Liabilities               10,657                   16,681
                                             -----------------------------------

Stockholders'  Equity
   Common  Stock,  authorized
   50,000,000  shares  of  $.001  par  value,
   3,560,500  and  2,010,000  shares
   issued  and  outstanding,  respectively        3,560                    2,010
   Additional Paid in Capital                    20,945                    6,990
   Deficit  Accumulated  During  the
     Development  Stage                         (35,162)                (25,681)
                                            ------------------------------------
       Total  Stockholders'  Equity             (10,657)                (16,681)
                                            ------------------------------------
Total Liabilities and Stockholders' Equity  $         0              $         0
                                            ====================================

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

                                       29


                          SNOHOMISH EQUITY CORPORATION
                          (a Development Stage Company)
                            Statements of Operations

                                                                      Deficit
                                                                    Accumulated
                                        For  the  years              during  the
                                       ended December 31,           development
                                     2000             1999             Stage
--------------------------------------------------------------------------------

Revenues:                         $          0   $           0    $           0

Expenses:
   General  & Administrative             9,481          16,681           35,162
                                  ----------------------------------------------
          Total  Expenses                9,481          16,681           35,162
                                  ----------------------------------------------
Net  (Loss)                       $     (9,481)   $    (16,681)   $     (35,162)
                                  ==============================================
Net  Loss  Per  Share             $      (0.00)   $      (0.01)   $       (0.02)
                                  ==============================================
Weighted average
shares outstanding                   2,526,833       2,010,000        2,060,759
                                  ==============================================

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

                                       30


                          SNOHOMISH EQUITY CORPORATION
                          (a Development Stage Company)
                        Statement of Stockholders' Equity

<TABLE>
<CAPTION>
<S>                                     <C>              <C>              <C>             <C>
                                                                      Additional          Deficit
                                                                       Paid-in          Accumulated
                                                                       Capital          During  the
                                               Common  Stock        (Discount  on      Development
                                          Shares          Amount         Stock)           Stage
-----------------------------------------------------------------------------------------------------

Balance  at  beginning  of  development
 stage  -  April  8, 1992             2,000,000     $        2,000   $        6,000     $          0

Net  loss  December  31,  1992                0                  0                0           (8,000)
-----------------------------------------------------------------------------------------------------

BalanceDecember  31,  1992            2,000,000              2,000            6,000           (8,000)

Net  loss  December  31,  1993                0                  0                0                0
-----------------------------------------------------------------------------------------------------
BalanceDecember  31,  1993            2,000,000              2,000            6,000           (8,000)

Net  loss  December  31,  1994                0                  0                0                0
-----------------------------------------------------------------------------------------------------
BalanceDecember  31,  1994            2,000,000              2,000            6,000           (8,000)

Net  loss  December  31,  1995                0                  0                0                0
-----------------------------------------------------------------------------------------------------
BalanceDecember  31,  1995            2,000,000              2,000            6,000           (8,000)

Net  loss  December  31,  1996                0                  0                0                0
-----------------------------------------------------------------------------------------------------
BalanceDecember  31,  1996            2,000,000              2,000            6,000           (8,000)

Net  loss  December  31,  1997                0                  0                0                0
-----------------------------------------------------------------------------------------------------
BalanceDecember  31,  1997            2,000,000              2,000            6,000           (8,000)

Common stock issued for services         10,000                 10              990                0

Net  loss  December  31,  1998                0                  0                0           (1,000)
-----------------------------------------------------------------------------------------------------
BalanceDecember  31,  1998            2,010,000              2,010            6,990           (9,000)

Net  loss  December  31,  1999                0                  0                0          (16,681)
-----------------------------------------------------------------------------------------------------
Balance, December 31, 1999            2,010,000              2,010            6,990          (25,681)

Shares  issued  for  satisfaction  of
   Payables-related  party            1,550,500              1,550           13,955                0

Net  loss  December  31,  2000                0                  0                0           (9,481)
-----------------------------------------------------------------------------------------------------
Balance,  December  31,  2000         3,560,500        $     3,560     $     20,945   $      (35,162)
=====================================================================================================
</TABLE>

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

                                       31


                          SNOHOMISH EQUITY CORPORATION
                          (a Development Stage Company)
                            Statements of Cash Flows

<TABLE>
<CAPTION>
<S>                                      <C>              <C>                <C>
                                                                               From  inception
                                                                                     on
                                                                               April  8,  1992
                                                   For  the  years                 through
                                                ended  December  31,            December  31,
                                            2000                  1999                2000
----------------------------------------------------------------------------------------------
Cash  Flows  form  Operating
 Activities

     Net  loss                          $     (9,481)    $     (16,681)     $         (35,162)
     Adjustments  to  reconcile
       net  loss  to  net  cash
       provided  by  operations
     Accounts  payable                        (6,024)           16,681                 10,657
Shares issued for services & payables         15,505                 0                 16,505
                                        ------------------------------------------------------
Net  Cash  Flows  used  in
 Operating  Activities                             0                 0                 (8,000)
                                        ------------------------------------------------------
Cash  Flows  from  Investment
 Activities:                                       0                 0                      0
                                        ------------------------------------------------------
Cash  Flows  from  Financing
 Activities:
    Stock  issued  for  cash                       0                 0                  8,000
                                        ------------------------------------------------------
Net  increase  (decrease) in cash                  0                 0                      0

Cash,  beginning  of  year                         0                 0                      0

Cash,  end  of year                     $          0      $          0      $               0
                                        ------------------------------------------------------
Supplemental  Cash  Flow  Information
   Cash  Paid  for:
     Interest                           $          0      $          0      $               0
                                        ------------------------------------------------------
     Taxes                              $          0      $          0      $               0
                                        ======================================================
</TABLE>

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

                                       32


                          SNOHOMISH EQUITY CORPORATION
                          (a Development Stage Company)
                       Notes to The   Financial Statements
                           December 31, 2000 and 1999

NOTE  1  -  Summary  of  Significant  Accounting  Policies

     a.  Organization

     Snohomish  Equity  Corporation is a Texas corporation organized on April 8,
1992  under the name of Snohomish Equity Group, Inc., for the purpose of seeking
out  one  or  more  potential  business  ventures.  The  Company  was  formally
reorganized  in the State of Nevada on December 8, 1998 and the name was changed
to  Snohomish  Equity  Corporation.  The  Company  currently  has no significant
operations  and  is  the  development  stage.

     b.  Accounting  Method

     The  Company  recognizes  income  and  expenses  on  the  accrual  basis of
accounting.

     c.  Earnings  (Loss)  Per  Share

          The  computation of earnings per share of common stock is based on the
weighted  average number     of shares outstanding at the date of the  Financial
Statements.

     d.  Cash  and  Cash  Equivalents

     The  Company  considers  all  highly  liquid investments with maturities of
three  months  or  less  to  be  cash  equivalents.

     e.  Provision  for  Income  Taxes

     No  provision  for income taxes has been recorded due to net operating loss
carryforwards  totaling approximately $35,000 that will be offset against future
taxable income.  Since the Company is in the development stage, no provision for
income  taxes  has  been  made.

     Deferred tax assets and the valuation account is as follows at December 31,
2000  and  1999.

                                                  December  31,
                                             2000               1999
                       ------------------------------------------------------
     Deferred  tax  asset:
        NOL  carrryforward           $     11,900                  3,852
     Valuation  allowance                 (11,900)                (3,852)
                       -----------------------------------------------------
     Total                           $          0           $          0
                       =====================================================

                                       33


                          SNOHOMISH EQUITY CORPORATION
                          (a Development Stage Company)
                       Notes to the   Financial Statements
                           December 31, 2000 and 1999

NOTE  2  -  Going  Concern

     The accompanying  Financial Statements have been prepared assuming that the
Company will continue as a going concern.  The Company is dependent upon raising
capital  to  continue  operations.  The  Financial Statements do not include any
adjustments  that  might  result  from  the  outcome of this uncertainty.  It is
management's plan to raise additional funds to begin its intended operations, or
find  an  operating  company  to  merge  with.

NOTE  3  -  Development  Stage  Company

     The  Company  is  a  development  stage  company  as  defined  in Financial
Accounting  Standards  Board Statement No. 7.  It is concentrating substantially
all  of its efforts in raising capital and developing its business operations in
order  to  generate  significant  revenues.

NOTE  4  -  Stockholders'  Equity

     In April 1992, 2,000,000 shares of common stock were issued in exchange for
cash  of  $8,000.

     In  January  1998, 10,000 shares of common stock were issued to officers in
exchange  for  services  valued  at  $1,000.

     In  August  2000, 1,550,500 shares were issued to satisfy payables incurred
in  connection  with  a  financial  and  consulting  contract  with  Intrepid
International,  a  related  party.

NOTE  5  -  Related  Party  Transactions

     The Company entered into a financial and consulting agreement with Intrepid
International  for services. Intrepid plays a significant role in management and
employees  of Intrepid are shareholders of the Company. The Company was indebted
to  Intrepid  for  services performed in 2000 and 1999. The balance due Intrepid
was  $10,657  and  $16,681 at December 31, 2000 and 1999, respectively. Intrepid
employees received 1,550,500 shares of stock during the year for services valued
at  $15,505.

                                       34