U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

(X)  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

     For the quarterly period ended March 31, 2008

( )  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the transition period from _____________ TO ______________

Commission file number 0-12962

                            Cambridge Holdings, Ltd.
                            ------------------------
        (Exact name of small business issuer as specified in its charter)


           Colorado                                      84-0826695
           --------                                      ----------
(State or other jurisdiction of             (IRS Employer Identification Number)
incorporation or organization)


        106 S. University Blvd., #14
              Denver, Colorado                             80209
              ----------------                             -----
(Address of principal executive offices)                 (Zip Code)

Issuer's telephone number, including area code (303) 722-4008


Check whether the Issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                                 Yes [X] No [_]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                 Yes [X] No [ ]

State the number of shares outstanding of each of the Issuer's classes of common
stock, as of the latest practicable date.


            Class                                    Outstanding at May 4, 2008
Common Stock, $.025 par value                                3,509,877



<PAGE>



                            Cambridge Holdings, Ltd.
                                   Form 10-QSB

                                Table of Contents

Part I.  Financial Information.................................................3

Balance Sheets as of March 31, 2008 and June 30, 2007..........................4

Statements of Operations and Comprehensive Income (Loss)
for the three-month and nine-month periods ended
March 31, 2008 and 2007........................................................5

Statements of Cash Flows for the nine-month periods ended March 31,
2008 and 2007..................................................................6

Notes to Financial Statements...............................................7-10

Management's Discussion and Analysis.......................................11-12

Controls and Procedures.......................................................13

Part II.  Other Information...................................................13

Signature Page................................................................14



                                  Page 2 of 14
                                  Form 10-QSB


<PAGE>

                            Cambridge Holdings, Ltd.

                                   Form 10-QSB

                                 March 31, 2008



                          Part I. Financial Information

Item I.  Financial Statements
-----------------------------

The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
in accordance with the instructions for Form 10-QSB. Accordingly, they do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements.

In the opinion of management, the financial statements contain all material
adjustments, consisting only of normal recurring adjustments necessary to
present fairly the financial condition, results of operations, and cash flows of
the Company for the interim periods presented.

The results for the three and nine month periods ended March 31, 2008 are not
necessarily indicative of the results of operations for the full year. These
financial statements and related footnotes should be read in conjunction with
the financial statements and footnotes thereto included in the Company's Form
10-KSB, filed with the Securities and Exchange Commission for the year ended
June 30, 2007.



                                  Page 3 of 14
                                  Form 10-QSB

<PAGE>
<TABLE>
<CAPTION>

                            CAMBRIDGE HOLDINGS, LTD.
                                 BALANCE SHEETS

                                                               March 31,
                                                                  2008        June 30,
                                                              (Unaudited)       2007
                                                              -----------    -----------
                                     ASSETS
                                     ------

CURRENT ASSETS:
<S>                                                           <C>            <C>
  Cash and cash equivalents                                   $    98,241    $   241,243
  Investment securities available for sale, net                 1,823,624      1,390,842
  Prepaid and other assets                                         74,218         55,962
                                                              -----------    -----------

       Total current assets                                     1,996,083      1,688,047

  Property and equipment, net                                       7,993         10,400
                                                              -----------    -----------

                                                              $ 2,004,076    $ 1,698,447
                                                              ===========    ===========


                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES:
  Accounts payable and accrued expenses                       $       494    $     7,808
  Line of credit                                                       --         75,000
  Deferred income tax liability                                   631,000        458,000
                                                              -----------    -----------

       Total current liabilities                                  631,494        540,808
                                                              -----------    -----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  Common stock - $.025 par value, 15,000,000 shares
       authorized:  3,509,877 shares issued and outstanding        87,747         87,747
  Additional paid-in capital                                    1,707,132      1,707,132
  Retained (deficit)                                             (422,297)      (637,240)
                                                              -----------    -----------

  Total stockholders' equity                                    1,372,582      1,157,639
                                                              -----------    -----------

                                                              $ 2,004,076    $ 1,698,447
                                                              ===========    ===========
</TABLE>

            SEE ACCOMPANYING NOTES TO UNAUDITED FINANCIAL STATEMENTS


                                  Page 4 of 14
                                  Form 10-QSB

<PAGE>
<TABLE>
<CAPTION>
                            CAMBRIDGE HOLDINGS, LTD.
            STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
                                   (UNAUDITED)


                                             Three months ended             Nine months ended
                                                  March 31,                      March 31,
                                              2008           2007            2008          2007
                                           -----------    -----------    -----------    -----------
<S>                                        <C>            <C>                <C>        <C>
Revenues:
Net realized gains (losses) on sales of
   investment securities                   $  (747,065)   $        --        432,781    $    21,326
Interest and dividend income                       780            257          5,573          8,489
                                           -----------    -----------    -----------    -----------

Total revenues                                (746,285)           257        438,354         29,815
                                           -----------    -----------    -----------    -----------

Expenses:
   Operating, general and administrative        20,267         23,896         75,410         99,208
                                           -----------    -----------    -----------    -----------

Income (loss) before income taxes             (766,552)       (23,639)       362,944        (69,393)
                                           -----------    -----------    -----------    -----------

Income tax (benefit) expense (Note 3)         (385,000)            --        148,000        (13,000)
                                           -----------    -----------    -----------    -----------

Net income (loss)                          $  (381,552)   $   (23,639)   $   214,944    $   (56,393)

Other comprehensive income,
  net of income tax:
  Unrealized holding gains                          --        199,876             --        808,127
                                           -----------    -----------    -----------    -----------

Comprehensive income (loss)                $  (381,552)   $   176,237    $   214,944    $   751,734
                                           ===========    ===========    ===========    ===========


Basic and diluted income (loss)
   per common share:                       $      (.11)   $      (.01)   $       .06    $      (.02)
                                           ===========    ===========    ===========    ===========

Weighted average number of common
  shares outstanding                         3,509,877      3,509,877      3,509,877      3,509,877
                                           ===========    ===========    ===========    ===========
</TABLE>

            SEE ACCOMPANYING NOTES TO UNAUDITED FINANCIAL STATEMENTS


                                  Page 5 of 14
                                  Form 10-QSB




<PAGE>
<TABLE>
<CAPTION>

                            CAMBRIDGE HOLDINGS, LTD.
                      STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                             Nine months ended March 31,
                                                                 2008          2007
                                                               ---------    ---------
CASH FLOWS FROM (TO) OPERATING ACTIVITIES:
<S>                                                            <C>          <C>
Net income (loss)                                              $ 214,944    $ (56,393)
  Adjustments to reconcile net income (loss) to cash
       provided (used) by operating activities:
         Depreciation and amortization                             2,407        1,672
         Deferred income taxes                                   173,000           --
         Unrealized (gains) on trading investment securities    (432,782)          --
         Changes in:
         Other assets                                            (18,256)     (15,170)
         Accrued expenses and other                               (7,315)    (332,159)
                                                               ---------    ---------


         Cash flows (used) by operating activities               (68,002)    (402,050)
                                                               ---------    ---------
CASH FLOWS FROM (TO) INVESTING ACTIVITIES:
  Purchase of marketable securities                                   --     (209,022)
  Purchase of fixed assets                                            --       (8,696)
                                                               ---------    ---------

         Cash flows (used) by investing activities                    --     (217,718)

                                                               ---------    ---------
CASH FLOWS FROM (TO) FINANCING ACTIVITIES:
  Repayment of debt                                              (75,000)          --
                                                               ---------    ---------

         Cash flows (used) by financing activities               (75,000)          --
                                                               ---------    ---------

NET INCREASE (DECREASE)
  IN CASH AND CASH EQUIVALENTS                                  (143,002)    (619,768)

CASH AND CASH EQUIVALENTS, beginning of period                   241,243      636,893
                                                               ---------    ---------



CASH AND CASH EQUIVALENTS, end of period                       $  98,241    $  17,125
                                                               ---------    ---------


Supplemental disclosure of cash flow information:
     Cash paid during the period for interest                  $   2,000    $      --
     Cash paid during the period for income taxes              $      --    $ 340,000
</TABLE>


            SEE ACCOMPANYING NOTES TO UNAUDITED FINANCIAL STATEMENTS


                                  Page 6 of 14
                                  Form 10-QSB


<PAGE>



                            Cambridge Holdings, Ltd.
                          Notes to Financial Statements

Note 1 - Investments in Common Stock and Other

At March 31, 2008 the Company's investment securities consisted of the
following:
<TABLE>
<CAPTION>


                                                                  Gross        Estimated
                                                                Unrealized       Fair
               Description                           Cost       Gain (Loss)      Value
----------------------------------------------   -----------   ------------   -----------
Equity securities:
<S>                                              <C>           <C>            <C>
       Security With Advanced Technology, Inc.   $     9,153   $    (5,149)   $     4,004
       AspenBio Pharma, Inc.                         237,143     1,582,477      1,819,620
       Totals                                    $   246,296   $ 1,577,328    $ 1,823,624
</TABLE>


Commencing in March 2002, the Company made a series of investments in Security
With Advanced Technology, Inc. ("SWAT"). SWAT, which completed an initial public
offering of its securities in July 2005, develops and markets non-lethal and
personal protection devices and facility and mobile security systems for the
security and surveillance industries, including consumers. The Company currently
owns 6,007 common shares and 5,000 publicly tradable warrants in SWAT. These
residual holdings result primarily from the remainder of prior distributions due
to fractional share differences. Greg Pusey, president of the Company, serves as
chairman of the SWAT board of directors and Jeffrey G. McGonegal, chief
financial officer of the Company, serves as SWAT's chief executive officer and
chief financial officer.

Commencing in December 2001, the Company made a series of investments in
AspenBio Pharma, Inc. ("AspenBio"). Previous shares owned in AspenBio had been
distributed to the Company's shareholders in 2005. The current common shares
held, arose from the 2007 exercise of options and warrants owned in AspenBio
that were expiring or being redeemed for nominal consideration if not exercised,
and the value of the common shares significantly exceeded the exercise prices.
The Company currently owns 293,487 common shares of AspenBio. In conjunction
with a private offering by AspenBio in December 2007, the Company was required
to execute a lock-up agreement covering its investment in AspenBio common shares
for a period ending in July 2008. In order to realize maximum shareholder value,
the Company continues to evaluate the best way to obtain the highest value from
this investment, including possible orderly liquidation or a distribution to
shareholders. Greg Pusey, president of the Company, serves as chairman of the
AspenBio board of directors and Jeffrey G. McGonegal, chief financial officer of
the Company, serves as AspenBio's chief financial officer.



                                  Page 7 of 14
                                  Form 10-QSB


<PAGE>
In connection with a 2005 regular review of our filings under the Securities
Exchange Act of 1934, by the SEC, we received correspondence from the SEC
asking, among other points, whether we should be registered as an investment
company under the Investment Company Act of 1940. Generally, an issuer is deemed
to be an investment company subject to registration if its holdings of
"investment securities" exceed 40% of the value of its total defined assets.
Following our receipt of correspondence from the SEC, we engaged special legal
counsel with significant experience related to the Investment Company Act to
assist us about the Investment Company Act issues raised by the SEC's letter.
Based upon the investigation undertaken by our management and board, including
work by our legal counsel and special legal counsel, the Company has determined
that the Company did in fact meet the definition of an "investment company" as
provided in Section 3(a) (1) of the Investment Company Act and accordingly
should have been registered and reporting as an investment company. After such
discussions, the board on June 9, 2005, unanimously concluded that the best way
to maximize shareholder value would be to liquidate the Company. Management and
the Company's counsel then developed a plan of liquidation to be completed on an
orderly basis to maximize value to the shareholders that was unanimously
approved by the board of directors on June 9, 2005. At a special meeting of the
Company's shareholders held November 3, 2005, the shareholders approved the plan
of liquidation of the Company and the distribution of substantially all of the
Company's cash and investment assets, except for a reasonable operating reserve
amount. This distribution was completed during December 2005.

In connection with prior investments in AspenBio, the Company received warrants
to acquire common shares of AspenBio. During the year ended June 30, 2007 these
warrants were exercised partly for cash and partly on a cashless basis, as
allowed under the warrant terms. The exercise was completed since the warrants
were expiring or being redeemed for nominal consideration if not exercised, and
the value of the common shares significantly exceeded the exercise prices. As a
result of the significant continued increase in value of the AspenBio common
shares, the Company may be deemed to be an investment company subject to
registration due to this holding of "investment securities". Our management and
board in consideration of this situation did in fact sell just over 25% of the
common shares acquired upon the warrant exercise for cash to an unrelated party
during 2007. Subsequent to this sale, the AspenBio registration statement that
the Company used to sell these shares is no longer effective. The Company
continues to evaluate the most effective means to turn these investment assets
into cash while best enhancing the value for its shareholders. Such plans
consider the upcoming ability to sell such common shares under the recently
revised Rule 144 regulations of the SEC. The Company anticipates implementing a
plan to substantially reduce the level of these investment assets during 2008
(subject to the lock-up of these shares described above).

Note 2 - Stock Options

At March 31, 2008 no stock options are outstanding.


                                  Page 8 of 14
                                  Form 10-QSB

<PAGE>

Note 3 - Income Tax Expense (Benefit)

At March 31, 2008 the Company had a deferred tax liability of $631,000,
related primarily to the unrealized gain on investment securities available for
sale.

Income tax expense (benefit) consisted of:

                                                     Nine Months Ended March 31,
                                                        2008             2007
                                                     ---------        ---------
Current income tax (benefit):
        Federal                                      $ (22,000)       $ (11,000)
        State                                           (3,000)          (2,000)
                                                     ---------        ---------
                                                       (25,000)         (13,000)
                                                     ---------        ---------
 Deferred income tax expense:
        Federal                                      $ 151,000        $      --
        State                                           22,000               --
                                                     ---------        ---------
                                                       173,000               --
                                                     ---------        ---------

Total Income tax expense (benefit)                   $ 148,000        $ (13,000)
                                                     =========        =========


NOTE 4 - Related Party Transactions

In addition to the related party transactions disclosed elsewhere in these
financial statements, the Company had the following related party transactions.

The Company shares corporate office space and administrative staff with an
affiliate of the Company. The Company paid its affiliate $500 per month for
these facilities and services.

Greg Pusey, president, receives $5,000 per month for consulting services.


Note 5 - Recently Issued Accounting Pronouncements

In December 2007, the FASB issued Statement of Financial Accounting Standard No.
141 (R), Business Combinations ("SFAS 141 (R)"), which becomes effective for
fiscal periods beginning after December 15, 2008. SFAS No. 141 (R) requires all
business combinations completed after the effective date to be accounted for by
applying the acquisition method (previously referred to as the purchase method).
Companies applying this method will have to identify the acquirer, determine the
acquisition date and purchase price and recognize at their acquisition date fair
values of the identifiable assets acquired, liabilities assumed, and any
non-controlling interests in the acquiree. In the case of a bargain purchase the
acquirer is required to reevaluate the measurements of the recognized assets and
liabilities at the acquisition date and recognize a gain on that date if an
excess remains. The Company does not expect the adoption of this statement to
have a material impact on its financial statements.



                                  Page 9 of 14
                                  Form 10-QSB

<PAGE>
In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in
Consolidated Financial Statements, an Amendment of ARB 51 ("SFAS 160") which
becomes effective for fiscal periods beginning after December 15, 2008. This
statement amends ARB 51 to establish accounting and reporting standards for the
non-controlling interest in a subsidiary and for the deconsolidation of a
subsidiary. The statement requires ownership interests in subsidiaries held by
parties other than the parent be clearly identified, labeled, and presented in
the consolidated statement of financial position within equity, but separate
from the parent's equity. The statement also requires consolidated net income to
be reported at amounts that include the amounts attributable to both the parent
and the non-controlling interest with disclosure on the face of the consolidated
statement of income, of the amounts of consolidated net income attributable to
the parent and to the noncontrolling interest. In addition this statement
establishes a single method of accounting for changes in a parent's ownership
interest in a subsidiary that do not result in deconsolidation and requires that
a parent recognize a gain or loss in net income when a subsidiary is
deconsolidated. The Company does not expect the adoption of this statement to
have a material impact on its financial statements.

In February 2007, the FASB issued Statement No. 159, The Fair Value Option for
Financial Assets and Financial Liabilities -- Including an amendment to FASB
Statement No. 115.This statement permits companies to choose to measure many
financial instruments and other items at fair value. The objective is to improve
financial reporting by providing entities with the opportunity to mitigate
volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply complex hedge accounting
provisions. This Statement is expected to expand the use of fair value
measurement of accounting for financial instruments. This statement applies to
all entities, including not for profit. The fair value option established by
this statement permits all entities to measure eligible items at fair value at
specified election dates. This statement is effective as of the beginning of an
entity's first fiscal year that begins after November 15, 2007. The Company does
not expect the adoption of this statement to have a material impact on its
financial statements.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurement. This
statement defines fair value, establishes a framework for measuring fair value
in generally accepted accounting principles, and expands disclosures about fair
value measurements. This statement applies under other accounting pronouncements
that require or permit fair value measurements. SFAS No. 157 is effective for
fiscal years beginning after November 15, 2007. The Company does not expect the
adoption of this statement to have a material impact on its financial
statements.

In December 2007, the FASB ratified EITF No. 07-1, Accounting for Collaborative
Arrangements. EITF 07-1 defines collaborative arrangements and establishes
reporting requirements for transactions between participants in a collaborative
arrangement and between participants in the arrangement and third parties. EITF
07-1 also establishes the appropriate income statement presentation and
classification for joint operating activities and payments between participants,
as well as the sufficiency of the disclosures related to these arrangements.
EITF 07-1 is effective for fiscal years beginning after December 15, 2008, and
would be applied retrospectively as a change in accounting principle for
collaborative arrangements existing at the effective date. The Company does not
expect the adoption of this statement to have a material impact on its financial
statements.


                                 Page 10 of 14
                                  Form 10-QSB

<PAGE>

Item 2.

                      Management's Discussion and Analysis

The information set forth in "Management's Discussion and Analysis" below
includes "forward looking statements" within the meaning of Section 27A of the
Securities Act, and is subject to the safe harbor created by that section.
Factors that could cause actual results to differ materially from these
contained in the forward looking statements are set forth in "Management's
Discussion and Analysis."

Liquidity and Capital Resources
-------------------------------

At March 31, 2008, the Company had cash and cash equivalents of $98,200 and
working capital of $1,364,600.

In connection with a 2005 regular review of our filings under the Securities
Exchange Act of 1934, by the SEC, we received correspondence from the SEC
asking, among other points, whether we should be registered as an investment
company under the Investment Company Act of 1940. Generally, an issuer is deemed
to be an investment company subject to registration if its holdings of
"investment securities" exceed 40% of the value of its total defined assets.
Following our receipt of correspondence from the SEC, we engaged special legal
counsel with significant experience related to the Investment Company Act to
assist us about the Investment Company Act issues raised by the SEC's letter.
Based upon the investigation undertaken by our management and board, including
work by our legal counsel and special legal counsel, the Company has determined
that the Company did in fact meet the definition of an "investment company" as
provided in Section 3(a) (1) of the Investment Company Act and accordingly
should have been registered and reporting as an investment company. After such
discussions, the board on June 9, 2005, unanimously concluded that the best way
to maximize shareholder value would be to liquidate the Company. Management and
the Company's counsel then developed a plan of liquidation to be completed on an
orderly basis to maximize value to the shareholders that was unanimously
approved by the board of directors on June 9, 2005. At a special meeting of the
Company's shareholders held November 3, 2005, the shareholders approved the plan
of liquidation of the Company and the distribution of substantially all of the
Company's cash and investment assets, except for a reasonable operating reserve
amount. This distribution was completed during December 2005.



                                 Page 11 of 14
                                  Form 10-QSB

<PAGE>
In connection with prior investments in AspenBio Pharma, Inc., ("AspenBio") the
Company had received warrants to acquire common shares of AspenBio, a publically
traded company. During the year ended June 30, 2007 these warrants were
exercised partly for cash and partly on a cashless basis, as allowed under the
warrant terms. The exercise was completed since the warrants were expiring or
being redeemed for nominal consideration if not exercised, and the value of the
common shares significantly exceeded the exercise prices. As a result of the
significant continued increase in value of the AspenBio common shares, the
Company may be deemed to be an investment company subject to registration due to
this holding of "investment securities". Our management and board in
consideration of this situation did in fact sell just over 25% of the common
shares acquired upon the warrant exercise for cash to an unrelated party during
2007. Subsequent to this sale, the AspenBio registration statement that the
Company used to sell these shares is no longer effective. The Company continues
to evaluate the most effective means to turn these investment assets into cash
while best enhancing the value for its shareholders. Such plans consider the
upcoming ability to sell such common shares under the recently revised Rule 144
regulations of the SEC. The Company anticipates implementing a plan to
substantially reduce the level of these investment assets during 2008. In
conjunction with a private offering by AspenBio in December 2007, the Company
was required to execute a lock-up agreement covering its investment in AspenBio
common shares for a period ending in July 2008.

For the nine-month period ended March 31, 2008 operating activities used cash of
$68,000. Unrealized gains on trading investment securities totaled $432,800. For
the nine-month period ended March 31, 2007 operating activities used cash of
$402,100. The cash was primarily used to pay accrued income taxes of $331,800.

There was no cash used by investing activities during the nine-month period
ended March 31, 2008. Cash used by investing activities was $217,700 during the
nine-month period ended March 31, 2007. The Company used $209,000 to purchase
marketable securities and $8,700 to purchase fixed assets.

Repayment of debt used cash of $75,000 in financing activities during the
nine-month period ended March 31, 2008. There were no financing activities
during the nine-month period ended March 31, 2007.

Comprehensive Income (Loss)
---------------------------

For the nine-month period ended March 31, 2007, other comprehensive income
(loss), net of tax, consisted of unrealized holding gains on investment
securities held for resale and on unrealized losses on LLCs. There was no effect
on income tax associated with the period end balances.

Results of Operations
---------------------

Nine-month period ended March 31, 2008 compared to nine-month period ended
--------------------------------------------------------------------------
March 31, 2007
--------------

The Company's revenues for the nine-month period ended March 31, 2008 totaled
$438,400 consisting primarily of unrealized gains on marketable securities of
$432,800.

The Company's revenues for the nine-month period ended March 31, 2007 totaled
$29,800 consisting primarily of realized gains on sales of marketable
securities.

Operating, general and administrative expenses totaled $75,400 in the 2008
period and $99,200 in the 2007 period.


                                 Page 12 of 14
                                  Form 10-QSB

<PAGE>


Item 3.   Controls and Procedures

     (a)  Evaluation of Disclosure Controls and Procedures

Our management, including our chief executive officer and the chief financial
officer, has conducted an evaluation of the effectiveness of our disclosure
controls and procedures (as defined in the Securities Exchange Act of 1934 Rules
13a-15(e) and 15d-15(e)) as of the last day of the period of the accompanying
financial statements (the "Evaluation Date"). Based on that review and
evaluation, our chief executive officer and chief financial officer have
concluded that, as of the Evaluation Date, our disclosure controls and
procedures were adequate and effective to ensure that material information
relating us would be made known to them by others within those entities in a
timely manner, particularly during the period in which this quarterly report on
Form 10-QSB was being prepared, and that no changes are required at this time.

                           Part II. Other Information

Item 6.  Exhibits

     (a)  Exhibits 31.1, 31.2 and 32 are furnished.




                                 Page 13 of 14
                                  Form 10-QSB


<PAGE>

                            Cambridge Holdings, Ltd.

                                   Form 10-QSB

                                 March 31, 2008



                                   Signatures

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


                                       CAMBRIDGE HOLDINGS, LTD.



May 15, 2008                      By:   /s/ Gregory Pusey
                                        ----------------------------
                                  Gregory Pusey
                                  President, Treasurer and Director


May 15, 2008                      By:   /s/ Jeffrey G. McGonegal
                                        -------------------------------
                                  Jeffrey G. McGonegal
                                  Senior Vice President-Finance,
                                  Chief Financial Officer and Director




                                 Page 14 of 14
                                  Form 10-QSB

<PAGE>