US SECURITIES & EXCHANGE COMMISSION
              WASHINGTON, DC 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, 2005.

( ) Transition report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
for the transition period from                 to         .

Commission File Number 0-24185

CENTRAL AMERICAN EQUITIES CORP.
Florida                               65-0636168
(State or other jurisdiction of    (IRS Employer Identification Number)
incorporated or organization)

Hotel Alta, Alto de las Palomas
Santa Ana, Costa Rica
Mailing Address: Interlink 964, PO Box 02-5635, Miami, FL   33102
 (Address of Principal Executive Offices)

+011 (506) 282-4160
(Registrant's telephone number, including area code)

Securities registered under Section 12(b) of the Exchange Act:
                      None
Securities registered under Section 12(g) of the Exchange Act:

Common Stock, $.001 Par Value

Check whether the issuer (1) filed all reports required
to be filed by Section 13 or 15(d)
of the Exchange Act during the preceding
twelve (12) months  (or for such shorter period
that registrant was required to file such reports),
and (2) has been subject to such filing
requirements for the past ninety (90) days.  YES ( X )  NO (   ).


The number of shares outstanding on March 31, 2005
of each of the issuer's classes of
common equity:

19,864,268 shares of Common Stock, $001 par value and

Transitional Small Business disclosure format (check one)
YES [ X ]  NO [   ]

DOCUMENTS INCORPORATED BY REFERENCE
Annual Report on Form 10-KSB of Registrant for the
year ended December 31, 1998,
1999, 2000, 2001, 2002, 2003, and  2004.



PART I: FINANCIAL INFORMATION


ITEM 1. FINANCIAL INFORMATION

Central American Equities Corp. (the "Company" or "CAE")
is a US hospitality company,
based in Santa Ana, Costa Rica and incorporated in the
State of Florida.  The Company owns
and operates hotels, restaurants, and real property in
Costa Rica.   All CAE activities are
related to the Company's hotels in Costa Rica, and, as
such, are reported as one operating
segment (per FASB Statement No. 131).  Financial
statements follow.


CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
       Consolidated Balance Sheet


						March 31, 2005

ASSETS

Current assets
  Cash and cash equivalents		    106,351

  Account receivable					90,763
  Inventory						23,844
  Prepaid expenses					 1,762
 Total Current Assets			    222,720

Buildings and equipment,
  Net of depreciation			  5,466,956

Total Assets 					  5,689,676

	LIABILITY & STOCKHOLDER EQUITY

Current liabilities
  Accounts payable					88,888
  Note Payable Current Portion			88,000
  Accrued expenses	   			    148,066
 Total Current Liabilities		    324,954

Long-Term Liabilities
  Long term debt 				    201,176
  Due to officers					93,275
 Total Long-Term Liabilities		    294,451

Total Liabilities 				    619,405

Stockholders' equity
 Common stock - $.001 par value;
  25,000,000 authorized, 19,864,268
  issued and outstanding				19,864
 Preferred stock - $.001 par value;
  1,000,000 shares authorized,
  1,000,000 issued and outstanding		 1,000
	Additional paid-in capital	 10,366,516
	Accumulated other comprehensive
  Income 							35,974
Retained deficit				(5,353,083)
							  5,070,271

Total liabilities &
 stockholders' Equity 			  5,689,676




            See Notes to Consolidated Financial Statements


CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
       Consolidated Statement of Operations

For the three month period ended March 31,


                         2004                                   2005


Revenues            $   434,293                           $   441,433

Cost of Services        144,835                               110,610
Gross Profit            289,458                               330,823

Operations
 General &
  Administrative        191,574                               199,440
 Depreciation            43,486                                42,930

                        235,060                               242,370

Other Expense
  Interest Expense       18,602                                72,088

                         18,602                                72,088

Income taxes                0                                     0

NET INCOME (Loss)    $   35,796                             $   16,366

Weighted Average
 share of
 Common Stock
 Outstanding           19,789,268                           19,864,268

Net Gain (Loss)
 per Common Share     $    .01                             $      .01

Net Gain (Loss)
per Fully
Diluted Share         $    .01	                               $   .01





See Notes to Consolidated Financial Statements


CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
          Statements of Cash Flow
    For the Three Months Ended March 31,

                                                       2004           2005

Cash flows from operating activities:             $    35,796    $  16,366

Net Income
Adjustments to reconcile net loss to
net cash provided by operating activities:
  Unrealized Loss on Foreign Exchange                       0       (6,023)
  Depreciation and amortization                        43,486       42,930

Decrease (increase) in:
  Accounts receivable                                  (2,654)      (2,013)
  Inventory                                             5,679          845
  Prepaid expense and other                             1,362        4,451

(Increase) decrease in:
  Accounts payable                                      2,376      (10,206)
  Accrued expenses                                     15,298      (65,613)

Net cash used in operating activities:                101,345      (19,263)

Cash flows from investing activities:
  Capital expenditures                                 (8,669)     (23,857)

Net cash used in investing activities                  (8,669)     (23,857)

Cash flows from financing activities:
  Proceeds from loans                                 (35,999)     (36,000)
  Proceeds from loans from officers                   (15,092)      56,505

Net cash provided by financing activities:            (51,091)       20,505

Net increase (decrease) in cash                        41,584       (22,615)

Cash - beginning of period                             85,955       128,966

Cash - end of period                                  127,540       106,351

Supplemental Disclosures of cash flow information:

Cash Paid for Interest                                 18,602        72,088
Cash Paid for Income Taxes                                0              0

Non-cash Transactions:

Shares Issued for Services                                0              0


See Notes to Consolidated Financial Statements

        CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
          Notes to Consolidated Financial Statements

Note 1 -Summary of Accounting Policies

Nature of Business
Central American Equities Corp. and Subsidiaries (the "Company")
was incorporated under the laws of the State of Florida on
January 23, 1996.  The Company provides an integrated eco-
vacation experience in Costa Rica, and is in the business of
owning and operating hotels and real property in Costa Rica.

Financial Statement Presentation

The consolidated unaudited interim financial statements of the
Company as of March 31, 2005 and for the three month periods
ending March 31, 2005, included herein, have been prepared in
accordance with the instructions for Form 10QSB under the
Securities Exchange Act of 1934, as amended, and Article 10 of
Regulation S-X under the Securities Act of 1933, as amended. The
December 31, 2004 Consolidated Balance Sheet was derived from
audited financial statements, but does not include all
disclosures required by generally accepted accounting
principles. Certain information and note disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations relating to
interim consolidated financial statements.

In the opinion of management, the accompanying consolidated un-
audited interim financial statements reflect all adjustments,
consisting only of normal recurring adjustments, necessary to
fairly present the financial position of the Company as of March
31, 2005, and the results of their operations for the three
month periods ending March 31, 2005 and 2004, and their cash
flows for the three months ending March 31, 2005 and 2004.

The results of operations for such periods are not necessarily
indicative of results expected for the full year or for any
future period. These financial statements should be read in
conjunction with the audited consolidated financial statements
as of December 31, 2003 and related notes included in the
Company's Form 10-KSB filed with the Securities and Exchange
Commission.

Cash and Cash Equivalents
For purposes of the statement of cash flows all certificates of
deposits with maturities of 90 days or less, were deemed to be
cash equivalents.

Property and Equipment
Property and equipment are recorded at cost less accumulated
depreciation. Depreciation is computed provided using the
straight-line method over the estimated useful lives of five for
equipment, seven years for furniture and fixtures and forty years
for buildings and improvements.


  CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
    Notes to Consolidated Financial Statements

Note 1 -Summary of Accounting Policies (continued)

Repairs and maintenance costs are expensed as incurred while
additions and betterments are capitalized.  The cost and related
accumulated depreciation of assets sold or retired are eliminated
from the accounts and any gain or losses are reflected in
earnings.

Estimates
Preparation of financial statements in conformity with generally
accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.

Revenue Recognition
The Company records revenue at the point of service and maintains
its corporate records for both financial statement and tax return
purposes on the accrual method of accounting.

Foreign Exchange
Assets and liabilities of the Company, which are denominated in
foreign currencies, are translated at exchange rates prevailing
at the balance sheet date.  Non-monetary assets and liabilities
are translated at historical rates.  Revenues and expenses are
translated at average rates throughout the year.  The unrealized
translation gains and loses are accumulated in a separate
component of stockholders' equity translation exchange gains and
losses are reflected in net earnings.

Fair Value of Financial Instruments
The carrying amount of the Company's financial instruments, which
principally include cash, note receivable, accounts payable and
accrued expenses, approximates fair value due to the relatively
short maturity of such instruments.

The fair value of the Company's debt instruments is based on the
amount of future cash flows associated with each instrument
discounted using the Company's borrowing rate.  At December 31,
2002 and 2001, respectively, the carrying value of all financial
instruments was not materially different from fair value.

Income Taxes
The Company has net operating loss carryovers of approximately
$5.4 million as of December 31, 2004, expiring in the years 2012
through 2023.  However, based upon present Internal Revenue
regulations governing the utilization of net operating loss
carryovers where the corporation has issued substantial

CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 1 -Summary of Accounting Policies (continued)

additional stock, most of this loss carryover may not be
available to the Company.

The Company adopted Statement of Financial Accounting Standards
(SFAS) No. 109, Accounting for Income Taxes, effective July 1993.
SFAS No.109 requires the establishment of a deferred tax asset
for all deductible temporary differences and operating loss
carryforwards.  Because of the uncertainties discussed in Note 2,
however, any deferred tax asset established for utilization of
the Company's tax loss carryforwards would correspondingly
require a valuation allowance of the same amount pursuant to SFAS
No. 109.  Accordingly, no deferred tax asset is reflected in
these financial statements.

Note 2 -Going Concern

As shown in the accompanying financial statements, the Company
incurred a net loss of approximately $238,000 during the year
ended December 31, 2004 that raise substantial doubt about the
entity's ability to continue as a going concern.

The Company has received additional financing through the sale of
a non-performing asset, continues to control expenses, and
evaluates the ongoing performance of the Company's assets.  The
ability of the Company to continue as a going concern is
dependent on the success of application and techniques.  The
financial statements do not include any adjustments that might be
necessary if the Company is unable to continue as a going
concern.

Note 3 -Property and Equipment

As of December 31, 2004 plant and equipment consisted of the
following:

Land                 	$249,547
Buildings	5,995,553
Machinery and equipment	125,535
Furniture and fixtures	286,635
Computer equipment      	 73,693
                        6,730,963

Less accumulated
 depreciation           1,231,434

                 	$  5,499,529


Depreciation expense in the amount of $171,722 and $183,292 has
been recorded for the years ended December 31, 2004 and 2003
respectively.




     CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
        Notes to Consolidated Financial Statements

Note 4 - Common Stock

A total of 19,864,268 shares of common stock was outstanding as
of December 31, 2004.

Note 5 -Notes Payable

The Company has $240,876 outstanding against a $500,000 line of
credit with Banco BCT, which bears interest at the prime rate
plus 3%.   In February 2002, the Company restructured the loan.
The new terms include a loan term of 70 months; an annual
interest rate of prime plus 3.75%, and monthly principal payments
that vary with the high and low occupancy periods of Hotel Alta.
Monthly principal payments in year one will vary from $3,000 to
$12,000.

The funds advanced under this line of credit were utilized to
supplement cash flow for operating expenses and construction
costs.  The note is collateralized by property of the Company.

Included in notes payable at March 31, 2005 is a note payable to
shareholder, dated July 21, 2000, of $48,300.  The note payable
bears interest at 20% and was due July 22, 2002.

Note 6 -Notes Payable - Related Parties

Notes payable as of December 31, 2004 are as follows:

Note payable to shareholder dated November 30, 2000
  with interest at 5% with no set
  terms for prepayment	        $ 93,275

Total Due to Officers 	        $ 93,275

Note 7 -  Commitments and Contingencies

The Company has a month-to-month lease for 1 acre of property.
Minimum rentals in the year ending December 31, 2004 are $18,000

Included as a liability on the balance sheet is an accrued
expenses in the amount of about $110,000 for non-payment of sales
taxes for Hotel Alta.  The amount listed in 2004 is an accurate
reflection on the amount past due at that time not including
penalties or interest.

Penalties and interest were not included as the government had an
amnesty program that forgave penalties and interest on all past
taxes paid by April 30, 2003. The Company planned to have the
cash available to pay past taxes by selling a beach property
called Tropicana before April 30.  Instead, through negotiations


     CENTRAL AMERICAN EQUITIES CORP. AND SUBSIDIARIES
        Notes to Consolidated Financial Statements

Note 7 -  Commitments and Contingencies (continued)

with the government the Company offered part of the property to
the government in lieu of payment.  Before April 30 the
government accepted the property and began an appraisal to see
how much of the past taxes it would cover.  In August 2003, the
government reversed course on the offer to accept the property.
They demanded full payment of the back taxes including penalties
and interest.  As of December 31, 2004, the Company has paid down
the tax liability by about $130,000, but is disputing the
interest and penalties.




ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS

Central American Equities Corp. (the "Company" or "CAE") is a
US hospitality company,
based in Santa Ana, Costa Rica and incorporated in
the State of Florida on January 23,
1996. The Company specializes in providing high-quality
food and lodging in unique
natural settings in Costa Rica.  The Company is in the
business of owning and operating
hotels and restaurants and real property in Costa Rica.

As of March 31, 2005, CAE owned Hotel Alta in Santa Ana
(a suburb of the capital city of
San Jose) and Sunset Reef (on the Pacific Ocean in Mal
Pais near the protected Cabo
Blanco Reserve).  CAE also owned and operated La Luz
Restaurant (located in Hotel Alta)
and ATP-Costa Rica (a full-service reservation, travel
planning and in-bound tour operation
based in Costa Rica).  The Company sold Restaurant
Tropicana in June 2004.

The first year of full operation of the Company's hotels
was 1998.  On March 31, 2005, the
Company had approximately 61 full-time, part-time and
contract employees.

The following is management's discussion and analysis
of significant factors that affected
the Company's financial position during the three-month
period ended March 31, 2005.

Results of Operations

Comparison of Operations for the 3-Month Periods
Ended March 31, 2005 and 2004

During the first quarter of the year, the traditional
high season for tourism in Costa Rica, the
Company continued to improve.   Hotel Alta did
particularly well.  During the first three
months of 2005, occupancy at Hotel Alta increased
by 25% from the same period in 2004
growing from 72% to 89%. Occupancy for February and
March 2005, were Hotel Alta's
best months ever, exceeding 92% occupancy in each
month.  Sunset Reef's growth was
relatively flat.  During the first three months of
2005, occupancy at Sunset Reef increased
from 62% in 2004 to 63% in 2005.

Several factors contributed to the jump in occupancy
at Hotel Alta.   Importantly, the
number of tourists traveling to Costa Rica continued
to increase (official tourism statistics
for the first quarter of 2005 have not yet been released
but anecdotal evidence of strong
growth is apparent).  Several management programs over
the past two years have helped the
hotel capture more than its proportional share of this
increased flow.  Hotel Alta's
redesigned webpage (www.thealtahotel.com) and web-marketing
campaigns (including
search-engine positioning and strategic placement of
click-through advertisements) have
resulted in significant increases in on-line reservations.
Hotel Alta's listing on Hotels.com
and Expedia.com have increased the Hotel's exposure
world-wide.  Using web
advertisements, management has been better able to
control inventory by running single-day
specials during low occupancy periods.

Although occupancy has jumped dramatically, web specials
have also contributed to a lower
average room rate.  Average room rates at Hotel Alta
dropped by about nine dollars per
room.  The high occupancy levels of the hotel have
also made it difficult for business clients
to book space at the 23-room Alta.  These client
groups, which often make last-minute
reservations, can bring additional revenue to Alta
from event-related services.  As such,
although restaurant revenue from the leisure
traveler increased, event revenue declined from
the same period of the previous year.

Although revenue at Sunset Reef grew, it was
constrained somewhat by our change in
strategy to attract more guests through reduced
rates (including large groups associated
with the woman's surf camp that is run out of
the hotel).  Most significantly, quarter-on-
quarter revenue comparisons were inhibited as
the Company no longer receives income
from the Tropicana bar and disco it sold in June 2004.

During the first quarter of 2005 revenues
increased (although less rapidly than anticipated
for the reasons described above).   During
the three-month period ended March 31, 2005,
revenues were $441,433.  This represents an
increase of approximately $7,000 from the
same period in 2004.  Although revenues increased,
operational expenses (cost of services
and general and administrative costs) declined
sharply.  During the three-month period
ended March 31, 2005, total operational expenses
were about $310,000.  This represents a
decrease of approximately $26,400 or about 9%
from the same period in 2004.

Income jumped considerably as the Company sold
products (rooms) with better
margins. During the three-month period ended
March 31, 2005 the Company earned
approximately $131,400 before depreciation of
about $43,000 and interest costs of about
$72,000.  Approximately $66,000 of this increase
represents the accrued interest on loans
to officers since 2000 (see Note 6 in Notes to
Financial Statements). The net income,
including depreciation and interest, was $16,366.
This is a decrease of about $19,000 over
2004.

The Company balance sheet also improved.   The
Company continued to pay down its
$500,000 note to BCT.  As of March 31, 2004, the
loan to BCT had a balance of about
$240,000, a reduction of $36,000 during the period
(some of the balance is accounted for in
the "Note Payable: Current Portion" of the balance
sheet).  Accrued expenses (which
includes taxes owed to Tributacion, the Costa Rica
tax authority) declined by 65,000.  Total
liabilities declined by about $55,000.  The balance
sheet does not, however, show a
contingency in the event that Hotel Alta loses its
suit against Tributacion (see Item 1 below
for a full discussion).

Future Direction

During its annual meeting held on May 15, 2004
management discussed the advantages and
disadvantages of continuing to operate its
current business while remaining a publicly
trading company.  Foremost was the cost to the
Company of remaining a publicly trading
company, as it is expensive and time consuming.
For this reason, the board has questioned
the value of remaining a publicly trading Company
and is reviewing whether it is in the best
interests of the shareholders to operate the hotels
as a public entity. As such, we are
exploring the idea of selling the hotels and seeking
out business opportunity candidates to
merge into the Company.  There is no assurance,
however, that management will do this.

Liquidity and Capital Resources

During the first three months of 2005, the Company
recorded positive net income of
approximately $16,000.   However, prior to this
iling, Company operations had resulted in
losses. The Company has limited, albeit improving,
cash liquidity and capital resources.
The Company plans to hold sufficient cash in reserve
to protect against cash flow needs
during 2005.




PART II: OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

Occasionally in the past there have been actions
against Central American Equities'
subsidiaries in the Costa Rican Labor Court that
had been brought by former employees
who had been dismissed by the Company due to poor
performance or insubordination.
These employees dispute the reason for their dismissal
and, as such, claim they are entitled
to additional monetary compensation.  The Company
considers these actions to be routine
litigation that is incidental to the business (as
defined under Reg. Section 228.103). It is
anticipated that any contingent liability stemming
from these claims would be immaterial to
the Company.  In the first quarter of 2005 there were
no such claims brought against the
Company.

Potential Legal Proceeding and Liability

On November 2002, Hotel Alta owed Tributacion (the
Costa Rican taxing authority)
approximately $240,000 in unpaid sales taxes.  These
taxes have been listed on past balance
sheets as an accrued expense and had been fully
reported to the government of Costa Rica.
The Costa Rica government offered to all companies in
Costa Rica amnesty from interest
and penalties for back taxes paid by April 30, 2003.
Prior to April 30, 2003, CAE, unable to
pay these taxes in cash, proposed that the debt be
resolved with the exchange of property
worth an equivalent value  (part of the parcel in Playa
Carmen where Restaurante Tropicana
is located).  It is the Company's contention that Tributacion
accepted this offer on or before
April 30, 2003 and began a process of appraising the property
to determine how much of
the tax liability was to be cancelled.  However, in August
2003, Tributacion notified the
Company that it would not accept the property in lieu of
payment (in whole or in part) and
demanded that the Company immediately pay the past due
taxes with interest and penalties.

Between August 2003 and August 2004 the Company attempted
to negotiate with
Tributacion concerning the amount of taxes owed and the
applicability and legality of
interest and penalties related to those taxes.  These
negotiations were unsuccessful.  As
such, on September 13, 2004 the Company brought suit
against Tributacion in the Costa
Rican constitutional court for not accepting the offer
of property in exchange for the
outstanding tax liability.  The refusal of the offer
denied the opportunity for the Company
to successfully meet the tax amnesty deadline.

In December 2004, the Company was notified that the
constitutional court had declined to
accept the case, directing the Company to first present
the case in the lower civil courts.  In
February 2005, the Company initiated the process of
filing this case in Costa Rica's civil
courts.  Believing it has been denied due process and
equal treatment under Costa Rican
law, management plans to pursue the case vigorously.

It is difficult to evaluate the likelihood of an unfavorable
outcome in this case but we
estimate it to be at or below 50%.  If an unfavorable outcome
results, the Company may be
liable for interest and penalties of more than $175,000.


ITEM 2. CHANGES IN SECURITIES

No common stock or preferred shares were sold or issued
during this three-month period.
As of March 31, 2005 the Company had 19,864,268 shares of
Common Stock issued and
outstanding and one million shares of Class "A" Convertible
Preferred Stock  issued and
outstanding.

Post-March 31, 2005

In early April 2005, Medical Ventures Group, the holder
of 1,000,000 shares of Class "A"
Convertible Preferred Stock elected to convert those
shares to Common Stock. At the time
of conversion, board director P. James Voloshin held
controlling interest in Medical
Ventures Group.  Subsequent to the conversion, Mr.
Voloshin sold the shares of Common
Stock to Richard Wm. Talley, a board director of the
Company.  In March 2005, the board
awarded Michael Caggiano, the CEO of the Company, 500,000
options to purchase
common stock at $0.04 per share.  Mr. Caggiano exercised
those options.  As such, as of
May 15, 2005 there were 21,364,268 Shares of Common Stock
at $.001 par value and no
(0) shares of Class "A" Convertible Preferred Stock issued
and outstanding.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES

The Company did not default upon any securities of any kind
during the three-month
period that ended on March 31, 2005.


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

The Company submitted no matter to a vote of its security
holders during the three-month
period ended March 30, 2005.


ITEM 5. OTHER INFORMATION

There is no other information to be filed here.


ITEM 6.  EXHIBITS AND REPORTS

No exhibits are filed with this Form 10-QSB.
Additional information may be found in the
Annual Report on Form 10K of the Registrant for
the year ended December 31, 1998,
1999, 2000, 2001, 2002, 2003, and 2004.  No reports
were filed on Form 8-K during the
quarter of the period covered by this report.




VERIFICATION SIGNATURES

In accordance with Section 12 of the Securities and
Exchange Act of 1934, the registrant
caused this registration to be signed on its behalf
by the undersigned, thereunto duly
authorized.


CENTRAL AMERICAN EQUITIES CORP.




BY: Michael N. Caggiano, President/CEO

MICHAEL N. CAGGIANO, President/CEO


CENTRAL AMERICAN EQUITIES CORP.




BY: Richard Wm. Talley, Director

RICHARD WM. TALLEY, DIRECTOR




CENTRAL AMERICAN EQUITIES CORP.




BY: P. James Voloshin, Director

P. James Voloshin, DIRECTOR,



SARBANES-OXLEY ACT Section 302 CERTIFICATIONS

 I, Michael Caggiano, President and Chief Executive
Officer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of
Central American Equities Corporation;

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

3. Based on my knowledge, the financial statements, and
other financial information included in this report,
fairly present in all material respects the financial
condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;

4. I am responsible for establishing and maintaining
disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:

(a) Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material
information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in
which this report is being prepared;

(b) Designed such internal control over financial
reporting, or caused such internal control over
financial reporting to be designed under our
supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the
preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles;

(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the
disclosure controls and procedures; and

(d) Disclosed in the report any change in the
registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal
quarter (the registrant's fourth fiscal quarter in the
case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the
registrant's internal control over financial reporting;

5.  I have disclosed, based on our most recent
evaluation of internal control over financial reporting,
to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing
the equivalent functions):

(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over
financial reporting which are reasonably likely to
adversely affect the registrant's ability to record,
process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant's internal control over financial
reporting.

/s/ Michael N. Caggiano
----------------------------------------------
Michael N. Caggiano
President and Chief Executive Officer
May 21, 2005


SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

I Michael N. Caggiano, President and Chief Executive
Officer of Central American Equities Corporation, hereby
certify that:

1. The annual report of the registrant on Form 10-Q for
the quarter ended March 31, 2005 fully complies with the
requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

2. The information contained in the annual report fairly
presents, in all material respects, the financial
condition and results of operations of the registrant as
of the dates and for the periods expressed in the
quarterly report.

/s/ Michael N. Caggiano
----------------------------------------------
Name: Michael N. Caggiano
Title: President and Chief Executive Officer
Date:   May 21, 2005