U.S. SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, D.C.  20549

                             FORM 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     FOR THE QUARTERLY PERIOD ENDED:  March 31, 2000

                                  OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                  COMMISSION FILE NUMBER:  333-83125

                     FIRST GROWTH INVESTORS, INC.
        (Exact name of registrant as specified in its charter)


           NEVADA                                   87-0569467
     (State or other jurisdiction                 (I.R.S. Employer
     of incorporation or organization)            Identification No.)


           2508 South 1300 East, Salt Lake City, Utah 84106
               (Address of principal executive offices)

                            (801) 466-7808
         (Registrant's telephone number, including area code)


(Former name, former address and former fiscal year, if changed since
last report)

Check whether the issuer (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 report(s), and (2) has been subject to such filing
requirements for the past 90 days.      YES [X]   NO [ ]

The number of $.001 par value common shares outstanding at March 31, 2000:
2,000,000

<PAGE>

                    PART I - FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS

     See attached.

<PAGE>















                    FIRST GROWTH INVESTORS, INC.
                   (A Development Stage Company)

                        FINANCIAL STATEMENTS

                 THREE MONTHS ENDED MARCH 31, 2000
                            (UNAUDITED)

                                AND

                    YEAR ENDED DECEMBER 31, 1999

                                WITH

               INDEPENDENT ACCOUNTANT'S REVIEW REPORT







<PAGE>





  INDEPENDENT ACCOUNTANT'S REVIEW REPORT

  Board of Directors and Stockholders
  FIRST GROWTH INVESTORS, INC.


  I have reviewed the accompanying balance sheet of First Growth
  Investors, Inc. as of March 31, 2000, and the related statements of
  operations, and cash flows for the three months ended March 31, 2000 and
  1999. These financial statements are the responsibility of the
  management of First Growth Investors, Inc.

  I conducted my review in accordance with standards established by the
  American Institute of Certified Public Accountants.  A review of interim
  financial statements consists principally of applying analytical
  procedures to financial data and making inquiries of persons responsible
  for financial and accounting matters.  It is substantially less in scope
  than an audit conducted in accordance with generally accepted auditing
  standards, the objective of which is the expression of an opinion
  regarding the financial statements taken as a whole.  Accordingly, I do
  not express such an opinion.

  Based on my review, I am not aware of any material modifications that
  should be made to the accompanying financial statements in order for
  them to be in conformity with generally accepted accounting principles.

                                          /s/ David T. Thomson, P.C.



  Salt Lake City, Utah
  May 10, 2000


<PAGE>
                         FIRST GROWTH INVESTORS, INC.
                         (A Development Stage Company)

                                BALANCE SHEETS

                                    ASSETS

                                                       March 31,  December 31,
                                                          2000       1999
                                                      (Unaudited)

CURRENT ASSETS:
  Cash                                                     $3,193     $10,703
  Deferred cost - warrant registration                     14,476      14,476
  Inventory                                                45,500      45,500
                                                       __________ ___________

    Total Current Assets                                   63,169      70,679
                                                       __________ ___________

TOTAL ASSETS                                              $63,169     $70,679
                                                       ========== ===========

                     LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                                             $0          $0
  Accrued interest payable                                    145          70
  Income tax payable                                        1,905       1,905
  Stockholder loan payable                                  3,000       3,000
  Short term advance                                            0       6,100
                                                       __________ ___________

    Total Current Liabilities                               5,050      11,075
                                                       __________ ___________

STOCKHOLDERS' EQUITY:
  Preferred stock; $.001 par value, 1,000,000 shares
    authorized, no shares issued and outstanding                0           0
  Common stock; $.001 par value, 24,000,000 shares
    authorized, 2,000,000 shares issued and                 2,000       2,000
    outstanding both periods
  Capital in excess of par value                           47,362      47,362
  Earnings (deficit) accumulated during the                 8,757      10,242
    development stage                                  __________ ___________

    Total Stockholders' Equity                             58,119      59,604
                                                       __________ ___________

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                $63,169     $70,679
                                                       ========== ===========

                      See Notes to Financial Statements.
                  See Independent Accountant's Review Report

<PAGE>
                         FIRST GROWTH INVESTORS, INC.
                         (A Development Stage Company)

                           STATEMENTS OF OPERATIONS
                                  (Unaudited)

                                                 For the Three     Cumulative
                                                 Months Ended      During the
                                                   March 31,       Development
                                                  2000    1999       Stage

REVENUE
  Sales                                             $0 $76,138       $87,938
  Cost of goods sold                                 0 (54,588)      (70,268)
                                              ______________________________

    Gross profit                                     0  21,550        17,670
                                              ______________________________

EXPENSES
  Professional fees                              1,380       0         4,073
  Fees and licenses                                 30       0         1,616
  Amortization expense                               0      50           250
                                              ______________________________

    Total expenses                               1,410      50         5,939
                                              ______________________________

INCOME (LOSS) FROM OPERATIONS-                  (1,410) 21,500        11,731

OTHER INCOME (EXPENSE)
  Other income                                       0       0         1,000
  Interest expense                                 (75)      0        (1,319)
                                              ______________________________

NET INCOME BEFORE INCOME TAXES                  (1,485) 21,500        11,412
  Provision for income taxes                         0  (3,225)       (1,905)
                                              ______________________________

NET INCOME (LOSS) BEFORE CUMULATIVE
EFFECT OF ACCOUNTING CHANGE                     (1,485) 18,275         9,507
  Cumulative effect of accounting change for
  organization costs                                 0       0         (750)
                                             ______________________________

NET INCOME (LOSS)                              $(1,485)$18,275       $8,757

EARNINGS (LOSS) PER SHARE BEFORE
ACCOUNTING CHANGE                                $0.00   $0.01        $0.00
                                             ==============================

CUMULATIVE EFFECT OF ACCOUNTING CHANGE           $0.00   $0.00        $0.00
                                             ==============================
EARNINGS (LOSS) PER SHARE                        $0.00   $0.01        $0.00
                                             ==============================


                      See Notes to Financial Statements.
                  See Independent Accountant's Review Report

<PAGE>
                         FIRST GROWTH INVESTORS, INC.
                         (A Development Stage Company)

                           STATEMENTS OF CASH FLOWS
                                  (Unaudited)

                                                 For the Three     Cumulative
                                                 Months Ended      During the
                                                   March 31,      Development
                                                  2000     1999      Stage

CASH FLOWS FROM OPERATING ACTIVITIES
  Sales                                              $0   $30,420    $87,938
  Organization costs                                  0         0     (1,000)
  Cash paid for inventory and related costs           0         0   (115,698)
  Cash paid to suppliers and others              (1,410)     (500)    (4,699)
  Cash paid for interest                              0         0       (984)
                                               _____________________________

     Net Cash Provided(Used) by                  (1,410)   29,920    (34,443)
     Operating Activities                      _____________________________

CASH FLOWS FROM INVESTING ACTIVITIES                  0         0          0
                                               _____________________________

CASH FLOWS FROM FINANCING ACTIVITIES
  Stockholder loan                                                     3,000
  Sale of common stock                                0         0     55,050
  Direct costs of common stock sale                   0         0     (5,688)
  Direct costs of warrants registration               0         0    (14,476)
  Proceeds from short term advance and loan           0         0     27,100
  Loan payment                                   (6,100)  (11,000)   (27,350)
                                               _____________________________

    Net Cash Provided (used) by Financing        (6,100)  (11,000)    37,636
    Activities                                 _____________________________

NET INCREASE (DECREASE) IN CASH                  (7,510)   18,920      3,193

CASH  -  BEGINNING OF PERIOD                     10,703     1,234          0
                                               _____________________________

CASH  -  END OF PERIOD                           $3,193   $20,154     $3,193
                                               =============================

RECONCILIATION OF NET INCOME(LOSS)TO NET
CASH PROVIDED(USED) BY OPERATING ACTIVITIES

NET INCOME (LOSS)                              $(1,485)   $18,275     $8,757
                                               _____________________________

Adjustment to reconcile net income(loss)to net
  cash provided(used) by operating activities
    Amortization of organization costs               0         50        250
    Cumulative change in accounting principle        0          0        750
    Changes in assets and liabilities
      (Increase) in accounts receivable              0    (45,718)         0
      (Increase) decrease in inventory               0     54,588    (45,500)
      Decrease in prepaid expenses                   0       (500)         0
      (Increase) in organization costs               0          0     (1,000)
      Increase (decrease) in accrued interest       75          0        145
      Increase in income tax payable                 0      3,225      1,905
      Increase in note payable                       0          0        250
                                               _____________________________

        Total Adjustments                           75     11,645    (43,200)
                                               _____________________________

NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES $(1,410)   $29,920   $(34,443)
                                               =============================

                      See Notes to Financial Statements.
                  See Independent Accountant's Review Report

<PAGE>

                    FIRST GROWTH INVESTORS, INC.
                   (A DEVELOPMENT STAGE COMPANY)

              NOTES TO UNAUDITED FINANCIAL STATEMENTS

  NOTE 1  -  CONDENSED FINANCIAL STATEMENTS

       The Company, without audit, has prepared the accompanying
       financial statements. In the opinion of management, all
       adjustments (which include only normal recurring adjustments)
       necessary to present fairly the financial position, results of
       operation and cash flows at March 31, 2000 and 1999 and for all
       periods presented have been made.

       Certain information and footnote disclosures normally included in
       financial statements prepared in accordance with generally
       accepted accounting principles have been condensed or omitted.  It
       is suggested that these condensed financial statements be read in
       conjunction with the financial statements and notes thereto
       included in the Company's December 31, 1999 audited financial
       statements.  The results of operations for the periods ended March
       31, 2000 and 1999 are not necessarily indicative of the operating
       results for the full year.

       .
<PAGE>


ITEM 2:  MANAGEMENT'S DISCUSSION & ANALYSIS OR PLAN OF OPERATIONS

     The Company was incorporated September 9, 1997. Upon inception, the
Company issued 1,750,000 shares of common stock to its founding stockholders.
On October 15, 1997, the Company commenced a public offering of up to 250,000
shares of its common stock, in reliance upon Rule 504 of Regulation D,
promulgated by the U.S. Securities & Exchange Commission under the Securities
Act of 1933.  The offering closed in November, 1997.  Pursuant thereto, the
Company sold 250,000 shares, increasing the total issued and outstanding
common stock to 2,000,000 shares.  In July, 1999, the Company filed a
registration statement on Form SB-2 with the U.S. Securities & Exchange
Commission under the Securities Act of 1933, to register the distribution and
exercise of warrants.  This registration statement was declared effective on
October 8, 1999.  At that time the Company became subject to the information
requirements of the Securities Exchange Act of 1934.  Accordingly, the Company
will file annual and quarterly reports and other information with the
Commission, starting with this report on Form 10-QSB.  No securities have yet
been sold pursuant to this offering.

PLAN OF OPERATIONS.

     Management's plan of operation for the next twelve months is to continue
using existing capital and any funds from exercise of warrants in the offering
to acquire another inventory of select wines to hold for investment and
resale, and also to provide general working capital during the next twelve
months.  Under this plan of operations First Growth Investors has no specific
capital commitments and the timing of capital expenditures will depend upon
the receipt of additional funds from warrant exercise or elsewhere, none of
which is assured.  Cash flows will also depend upon the timing of sale of the
wines, which is also not assured, and receipt of the proceeds from these
sales. We have not determined how long existing capital can satisfy any cash
requirements, but we do not presently anticipate that we will have to raise
additional funds within the next twelve months.  While we do not anticipate
any need to raise additional capital, we believe First Growth Investors will
have the opportunity to invest whatever additional funds may be received from
the exercise of warrants in purchasing additional vintages of investment grade
wines. We do not anticipate any capital commitments for product research and
development or significant purchases of plant or equipment, or any change in
the number of employees.

     Initially, we purchased eleven different vintages of investment grade
wines at a cost of $54,588. During the first quarter of 1999, we sold these
wines for $76,138.  We made these purchases, and all purchases to date, from
non affiliated third parties.  We did not purchase any of the inventory from,
or sell any of the inventory to, persons affiliated with First Growth
Investors.


<PAGE>

                     PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     None.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

     (a)  None.

     (b)  None.

     (c)  See Part I, Item 1 (financial statements) and Item 2 (management's
          discussion) for financial information and a discussion regarding
          use of proceeds.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     None.

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

     None.

ITEM 5.  OTHER INFORMATION

     None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     None

<PAGE>

                              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.


                              FIRST GROWTH INVESTORS, INC.



Date:  May 12, 2000                by:   /s/ Pam Jowett
                                   Pam Jowett, President & Director