SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended ~~May~~August 31, 2009

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

From the transition period from ____________ to ___________.

Commission File Number 33-55254-40

LATIN AMERICAN TELECOMMUNICATIONS

VENTURE COMPANY - LATVCO.

(Exact name of small business issuer as specified in its charter)

Nevada		87-0485311
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

1981 Marcus Avenue No. C 129, Lake Success N.Y. 11042

(Address of principal executive offices)

(516) 488-4444

(Issuer's telephone number)

N/A

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

Indicate by check mark whether the registrant (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 o

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

Yes o No x

Class	~~Shares Outstanding~~	~~Date~~Shares Outstanding		Date
Common, $.001 par value	~~41,860,000~~	~~July 17~~41, ~~2009~~860,000		October 9, 2009

LATIN AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO.

INDEX

PART I - FINANCIAL INFORMATION	Page Number
	Page Number
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets – May 31, 2009 (unaudited) and November 30, 2008	3
Condensed Consolidated Balance Sheets – August 31, 2009 (unaudited) and November 30, 2008	3
Condensed Consolidated Statements of Operations - unaudited - For the three and six months ended May 31, 2009 and 2008
Condensed Consolidated Statements of Operations - unaudited - For the three and nine months ended August 31, 2009 and 2008	4
Condensed Consolidated Statements of Cash Flows - unaudited - For the six months ended May 31, 2009 and 2008	6
Condensed Consolidated Statements of Deficiency in Stockholders’ Equity - For the Nine Months Ended August 31, 2009	5
Condensed Consolidated Statements of Cash Flows - unaudited - For the nine months ended August 31, 2009 and 2008	6
Notes to unaudited Condensed Consolidated Financial Statements	7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	1312
Item 3. Quantitative and Qualitative Disclosures About Market Risks	15
Item 4. Controls and Procedures	15
Item 4(T). Controls and Procedures	15
PART II - OTHER INFORMATION	16
Item 1. Legal Proceedings	16
Item 1A. Risk Factors	16
Item 2. Changes in Securities	16
Item 3. Defaults Upon Senior Securities	16
Item 4. Submission of Matters to a Vote of Security Holders	16
Item 5. Other Information	16
Item 6. Exhibits	16
SIGNATURES	17
CERTIFICATIONS

LATIN AMERICAN TELECOMMUNICATION COMPANY - LATVCO.

CONDENSED CONSOLIDATED BALANCE SHEETS

	May 31,			November 30,
	August 31,			November 30,
	2009			2008
	(Unaudited)			(Audited)
ASSETS
Current Assets:
Cash and cash equivalents	$	-294		$	-
Total Current Assets		-294			-
TOTAL ASSETS	$	-294		$	-
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities:
Loans payable - related parties (Note 3)	$	4650,~~000~~600		$	54,500
Accounts payable and accrued expenses		5250,~~768~~685			47,672
Total Current Liabilities		98101,~~768~~285			102,172
Commitments and contingencies		-			-
Stockholders' Equity (Deficit)
Common stock (Note 4)		41,860			33,093
Paid-in capital		693,600			702,367
Accumulated deficit		(~~834~~836,~~228~~451	)		(837,632	)
Total Deficiency Stockholders' Equity		(98100,~~768~~991	)		(102,172	)
TOTAL LIABILITIES AND DEFICIENCY IN STOCKHOLDERS' EQUITY	$	-294		$	-

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

LATIN AMERICAN TELECOMMUNICATION COMPANY - LATVCO.

CONDENSED CONSOLIDATED ~~UNAUDITED~~ STATEMENTS OF ~~LOSSES~~OPERATIONS – UNAUDITED

FOR THE THREE AND ~~SIX~~ NINE MONTHS ENDED ~~MAY~~AUGUST 31, 2009 AND ~~MAY 31,~~ 2008

	Three			Three
	Three Months			Three Months			Nine Months			Nine Months
	Months			Months			Six Months			Six Months
	Ended			Ended			Ended			Ended
	May 31,			May 31,			May 31,			May 31,
	August 31,			August 31,			August 31,			August 31,
	2009			2008			2009			2008
Net sales	$	-		$	293,~~001~~888		$	36,239		$	4649,~~066~~954
Cost of Goods Sold		-			~~10,834~~-			2,400			1724,~~831~~828
Gross Profit		-			183,~~167~~888			33,839			2825,~~235~~126
Operating expenses:
Media advertising		-			63,~~049~~116			-			912,~~187~~303
Selling, general and administrative expenses		51,~~112~~296			4623,~~988~~755			2830,~~869~~165			83100,~~290~~048
Total operating expenses		51,~~112~~296			5326,~~037~~871			2830,~~869~~165			92112,~~477~~351
Income (loss) from operations		(51,~~112~~296	)		(3422,~~870~~983	)		43,~~970~~674			(6487,~~242~~225	)
Other expenses
Interest expense		(~~760~~927	)		(~~770~~741	)		(12,~~537~~464	)		(67,~~395~~136	)
Total other expenses		(~~760~~927	)		(~~770~~741	)		(12,~~537~~464	)		(67,~~395~~136	)
Net income (loss) before provision for income tax		(52,~~872~~223	)		(3523,~~640~~724	)		31,~~433~~210			(7094,~~637~~361	)
Provisions for income tax		29-			-			29			-
Net Income (Loss)	$	(52,~~901~~223	)	$	(3523,~~640~~724	)	$	31,~~404~~181		$	(7094,~~637~~361	)
Net Income (Loss) Per Common Share (basic and diluted)	$	(0.0001	)	$	(0.~~0011~~0007	)	$	0.~~0001~~0000		$	(0.~~0021~~0028	)
Weighted average of common shares outstanding		41,860,000			33,092,500			41,860,000			33,~~673~~478,~~156~~900

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

LATIN AMERICAN TELECOMMUNICATION COMPANY - LATVCO.

CONDENSED CONSOLIDATED STATEMENTS OF DEFICIENCY IN STOCKHOLDERS' EQUITY

FOR THE ~~SIX~~ NINE MONTHS ENDED ~~MAY~~AUGUST 31, 2009

	Common Stock						Additional
	Number of						Paid in			Accumulated
	Shares			Amount			Capital			Deficit			Total
Balance at December 1, 2008		33,092,500		$	33,093		$	702,367		$	(837,632	)	$	(102,172	)
Issuance of shares		10,830,000			10,830			(10,830	)					-
Cancellation of shares		(2,062,500	)		(2,063	)		2,063						-
Net Income		-			-			-			31,~~404~~181			31,~~404~~181
Balance at May 31, 2009		41,860,000		$	41,860		$	693,600		$	(834,228	)	$	(98,768	)
Balance at August 31, 2009		41,860,000		$	41,860		$	693,600		$	(836,451	)	$	(100,991	)

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

LATIN AMERICAN TELECOMMUNICATION COMPANY - LATVCO.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE ~~SIX~~NINE MONTHS ENDED ~~MAY~~AUGUST 31, 2009 AND ~~MAY~~AUGUST 31, 2008

(Unaudited)

	May 31,			May 31,
	August 31,			August 31,
	2009			2008
Cash Flows From Operating Activities:
Net income (loss)	$	31,~~404~~181		$	(7094,~~637~~361	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Changes in operating assets and liabilities:
Decrease in accounts receivable		-			12,~~387~~025
Decrease in inventory		-			24,828
Increase (decrease) in accounts payable and accrued expenses		53,~~096~~013			~~390~~20,820
Cash Provided by (Used in) Operating Activities		84,~~500~~194			(4446,~~032~~688	)
Cash Flows From Investing Activities:
Repayment of note receivable		-			30,000
Cash Used In Investing Activities		-			30,000
Cash Flows From Financing Activities:
Repayment of loans payable - related parties		(20,000	)		(19,604	)
Proceeds from loans payable - related parties		1116,~~500~~100			2829,~~365~~136
Cash Provided By (Used In) Financing Activities		(83,~~500~~900	)		89,~~761~~532
Increase In Cash And Cash Equivalents		-294			(57,~~271~~156	)
Cash and cash equivalents: beginning of period		-			8,530
Cash and cash equivalents: end of period	$	-294		$	31,~~259~~374
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	$	-		$	11,~~612~~644
Cash paid during the period for taxes	$	29		$	-
Supplemental Disclosure of Noncash Transactions:
Repayment of loan payable - related parties with treasury stock	$	-		$	146,736
Retirement of treasury stock	$	-		$	16,370

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

LATIN AMERICAN TELECOMMUNICATION VENTURE COMPANY – LATVCO

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~SIX~~NINE MONTHS ENDED ~~MAY~~AUGUST 31, 2009 AND

~~MAY~~AUGUST 31, 2008

(UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business:

Latin American Telecommunications Venture Company - LATVCO (The “Company” or “LATVCO”) is incorporated under the laws of the state of Nevada. The Company through its wholly owned subsidiary, Avallon 7, Inc. (“Avallon”) designs, develops, imports and distributes health and beauty care products to internet and mass market retailers, general merchandisers and directly to consumers through direct response marketing campaigns.

Basis of Presentation:

The accompanying interim financial information, as of ~~May~~August 31, 2009, for the ~~six~~nine month periods ended ~~May~~August 31, 2009 and ~~May~~August 31, 2008 has been prepared ~~without~~ without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote 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. The company believes that the disclosures made are adequate to provide for fair presentation. These financial statements should be read in conjunction with the company’s 2008 Financial Statements and the notes thereto, included in the company's 2008 Form 10-K.

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of financial position as of ~~May~~August 31, 2009 and results of operations and cash flows for the ~~six~~nine months ~~ended~~ ~~May~~ended August 31, 2009 and ~~May~~August 31, 2008 have been made. The results of operations for the ~~six~~ nine months ended ~~May~~August 31, 2009, are not necessarily indicative of the operating results for the full fiscal year or any future periods.

The condensed consolidated financial statements include the accounts of LATVCO and its fully-owned subsidiary, Avallon. All significant inter-company transactions and balances have been eliminated in consolidation.

Revenue Recognition:

For revenue from product sales, the Company recognizes revenue in accordance with Staff Accounting Bulletin No. 104, Revenue Recognition (“SAB104”), which superseded Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements (“SAB101”). SAB 101 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectibility is reasonably assured. Determination of criteria (3) and (4) are based on managements’ judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product was not delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

SAB 104 incorporates Emerging Issues Task Force 00-21 (“EITF 00-21”), Multiple-deliverable Revenue Arrangements. EITF 00-21 addresses accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets. The effect of implementing EITF 00-21 on the Company’s financial position and results of operations was not significant.

Allowance for Doubtful Accounts:

The Company maintains an allowance for doubtful accounts equal to the estimated uncollectible amounts. The company’s estimate is based on historical collection experience and review of the current status of the accounts receivable.

LATIN AMERICAN TELECOMMUNICATION VENTURE COMPANY – LATVCO

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~SIX~~NINE MONTHS ENDED ~~MAY~~AUGUST 31, 2009 AND

~~MAY~~AUGUST 31, 2008

(UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Allowance for Doubtful Accounts:

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures accordingly. Actual results could differ from these estimates.

Cash Equivalents:

For purposes of the Statement of Cash Flows, the Company considers all highly liquid debt instrument purchases with a maturity time of three months or less to be cash equivalents.

Income Taxes:

The Company accounts for income taxes using the liability method under which deferred tax assets and liabilities are determined based upon the differences between financial statements carrying amounts and the tax basis of existing assets and liabilities. During the periods ended ~~May~~August 31, 2009 and ~~May~~August 31, ~~2008~~ 2008 there were no material differences that required deferred tax asset or liability.

LATIN AMERICAN TELECOMMUNICATION VENTURE COMPANY – LATVCO

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED MAY 31, 2009 AND

MAY 31, 2008

(UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Advertising Costs:

The Company expenses advertising costs as incurred according to SOP 93-7.

Inventories:

Inventories are stated at the lower of cost or market using first in, first out (FIFO) method of valuation.

Research and Development:

The company accounts for research and development costs in accordance with the Financial Accounting Standard Board’s Statement of Financial Standard No. 2 (“SFAS 2”), “Accounting for Research and Development Costs”. Under SAFS 2 all research and development costs must be charged to expenses as incurred. Accordingly, internal research and development costs are expenses as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred.

Earnings per share:

The Company presents basic and diluted earnings (loss) per common share pursuant to the provisions of Statement of Financial Accounting Standards No. 128, “Earnings per Share” (“SFAS 128”), and certain other financial accounting pronouncements. Basic earnings (loss) per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding during each period. The calculation of diluted earnings (loss) per common share is similar to that of basic earnings (loss) per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares, such as those issuable upon the exercise of warrants, were issued during the period.

LATIN AMERICAN TELECOMMUNICATION VENTURE COMPANY – LATVCO

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED AUGUST 31, 2009 AND

AUGUST 31, 2008

(UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Recently Issued Accounting Pronouncements:

In June 2009, the FASB issued SFAS No. 166, Accounting for Transfers of Financial Assets – An Amendment of FASB Statement No. 140. This statement is a revision to SFAS No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and will require more disclosure about transfers of financial assets, including securitization transactions, and where entities have continuing exposure to the risks related to transferred financial assets. It eliminates the concept of a “qualifying special-purpose entity,” changes the requirements for derecognizing financial assets, and requires additional disclosures.

It also enhances information reported to users of financial statements by providing greater transparency about transfers of financial assets and an entity’s continuing involvement in transferred financial assets. This statement will be effective at the start of a reporting entity’s first fiscal year beginning after November 15, 2009. Early application is not permitted. The Company does not expect this pronouncement to have a material effect on the financial statements.

In May 2009, the FASB issued SFAS No. 165, Subsequent Events, which establishes (I) the period after the balance sheet date during which management shall evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements; (II) the circumstances under which an entity shall recognize events or transactions occurring after the balance sheet date in its financial statements; and (III) the disclosures that an entity shall make about events or transactions that occurred after the balance sheet date. This statement if effective for interim or annual financial periods ending after June 15, 2009, and shall be applied prospectively. There were no events occurring subsequent to the balance sheet date that would have a material impact on the financial statements.

In April 2009, the FASB issued FSP SFAS 115-2 and SFAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments. This FSP amends the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This FSP does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities. FSP SFAS 115-2 and SFAS 124-2 if effective for interim and annual periods ending after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009. An entity may early adopt this FSP only if it also elects to early adopt FSP FAS 157-4. The Company does not expect this pronouncement to have a material effect on the financial statements.

SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles

In May 2008, the FASB issued SFAS No. 162 “The Hierarchy of Generally Accepted Accounting Principles”. The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally accepted accounting principles (GAAP) for nongovernmental entities. Prior to the issuance of SFAS 162, GAAP hierarchy was defined in the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standards (SAS) No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles.

Prior to the issuance of SFAS 162, GAAP hierarchy was defined in the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standards (SAS) No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. SFAS 162 is effective 60 days following the SEC’s approval of the Public Company Accounting Oversight Board Auditing amendments to AU Section 411, The Meaning of Present fairly in Conformity with Generally Accepted Accounting Principles. The Company is currently evaluating the impact adoption of SFAS 162 may have on the financial statements if any.

LATIN AMERICAN TELECOMMUNICATION VENTURE COMPANY – LATVCO

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~SIX~~NINE MONTHS ENDED ~~MAY~~AUGUST 31, 2009 AND

~~MAY~~AUGUST 31, 2008

(UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -– Continued

~~SFAS 162~~Recently isIssued ~~effective 60 days following the SEC’s approval of the Public Company~~ Accounting ~~Oversight~~Pronouncements: Board Auditing amendments to AU Section 411, The Meaning of Present fairly in Conformity with Generally Accepted Accounting Principles. The Company is currently evaluating the impact adoption of SFAS 162 may have on the financial statements if any.continued

SFAS No. 161, Disclosures about Derivative Instruments

In March 2008, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities. The new standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position, financial performance, and cash flows. FASB Statement No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. The company does not expect adoption of this standard will have a material impact on its financial position, operation or cash flow.

SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements

In December 2007, FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB 51, which changes the accounting and reporting for minority interests. Minority interests will be recharacterized as noncontrolling interests and will be reported as a component of equity separate from the parent’s equity, and purchases or sales of equity interests that do not result in a change in control will be accounted for as equity transactions. In addition, net income attributable to the noncontrolling interest will be included in consolidated net income on the face of the income statement and, upon a loss of control, the interest sold, as well as any interest retained, will be recorded at fair value with any gain or loss recognized in earnings. SFAS No. 160 is effective for annual periods beginning after December 15, 2008. The company does not expect adoption of this standard will have a material impact on its financial position, operation or cash flow.

LATIN AMERICAN TELECOMMUNICATION VENTURE COMPANY – LATVCO

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED MAY 31, 2009 AND

MAY 31, 2008

(UNAUDITED)

NOTE 2. INVENTORY

Inventory is stated at the lower of cost or market using first in, first out (FIFO) method of valuation. At ~~May~~August 31, 2009 components of inventories comprise of the following:

Finished goods	$	21,900
Less: write downs		(21,900	)
Total	$	-

NOTE 3. LOANS PAYABLE – RELATED PARTIES

Loans payable at ~~May~~August 31, 2009 and ~~May~~August 31, 2008 represents unsecured demand loans to to related parties. Interest on the loans accrues at a rate of 7% per annum.

NOTE 4. STOCKHOLDERS’ EQUITY

The ~~Company~~company is authorized to issue 99,000,000, $0.001 par value, common shares. There were 41,860,000 shares issued and outstanding at ~~May~~August 31, 2009. In April 2009, the Company issued 10,830,000 shares pursuant to an agreement dated April 1, 2008, which called for the conversion of debt owed to a related party. In In addition, the Company cancelled 2,062,500 shares of common stock it received in connection with the February 27, 2008 Settlement Agreement between Bennoti, Inc and the Company. The holders of the ~~Company~~company’s common shares have no cumulative voting rights or preemptive rights.

~~NOTE 5. INCOME TAX~~10

The Company has adopted Financial Accounting Standards No. 109, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes are insignificant.

Management estimates that at May 31, 2009, the Company has available for federal income tax purposes, a net operating loss carry forward of approximately $813,000, beginning to expire in the year 2023, that may be used to offset future taxable income. The company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the limited earning history of the company; it is more likely than not that the benefit may not be realized. Components of deferred tax assets as of May 31, 2009 are as follows:

Net Operating losses carry forward	$	813,000
Valuation allowance		(813,000	)
Net deferred tax assets	$	-

LATIN AMERICAN TELECOMMUNICATION VENTURE COMPANY – LATVCO

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE ~~SIX~~NINE MONTHS ENDED ~~MAY~~AUGUST 31, 2009 AND

~~MAY~~ AUGUST 31, 2008

(UNAUDITED)

NOTE 5. INCOME TAX

Management estimates that at August 31, 2009, The company has available for federal income tax purposes, a net operating loss carry forward of approximately $813,000, beginning to expire in the year 2023, that may be used to offset future taxable income. The company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the limited earning history of the company; it is more likely than not that the benefit may not be realized.

Components of deferred tax assets as of August 31, 2009 are as follows:

Net Operating losses carry forward	$	813,000
Valuation allowance		(813,000	)
Net deferred tax assets	$	-

NOTE 6. CONCENTRATION OF RISK

The Company maintains cash in deposit accounts in federally insured banks. At times, the balance in the accounts may be in excess of federally insured limits.

NOTE 7. GOING CONCERN

The accompanying statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements as of ~~May~~August 31, 2009 the ~~Company~~company has a $98100,~~768~~991 working capital deficit. This factor and the fact that the ~~Company~~company has very limited sources of income, among others, may indicate that the Company will be unable to continue as a going concern for a reasonable period of time.

The Company's existence is dependent upon management's ability to develop profitable operations and resolve its liquidity problems. Management anticipates the Company will be able to attract a strategic acquirer to improve its liquidity through additional equity investment in the Company. The accompanying financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern. In order to improve the Company's liquidity, the Company is seeking additional working capital or a strategic acquirer. There can be no assurance the Company will be successful in its efforts.

1211

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OROF ~~PLAN~~FINANCIAL OFCONDITION AND RESULTS OF OPERATIONS

~~Material~~The ~~Changes~~following discussion and analysis should be read in ~~Result~~conjunction with our audited consolidated financial statements and related notes included in this report. This report contains “forward-looking statements” within the meaning of ~~Operations~~the Private Securities Litigation Reform Act of 1995. The statements contained in this report that are not historic in nature, particularly those that utilize terminology such as “may,” “will,” “should,” “expects,” “anticipates,” “estimates,” “believes,” or “plans” or comparable terminology are forward-looking statements based on current expectations and assumptions.

Various risks and uncertainties could cause actual results to differ materially from those expressed in forward-looking statements. Factors that could cause actual results to differ from expectations include, but are not limited to, those set forth under the section “Risk Factors” set forth in this report.

The forward-looking events discussed in this annual report, the documents to which we refer you and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. For these statements, we claim the protection of the “bespeaks caution” doctrine. All forward-looking statements in this document are based on information currently available to us as of the date of this report, and we assume no obligation to update any forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

General

Since our acquisition of Avallon 7, Inc. in April 2007, our operations have been focused on development and execution of the business of Avallon 7.

Avallon 7 was created in August 2006 to market and sell health and beauty care products, both branded and private label, to consumers. We believe that the market for health and beauty care products offers opportunities for new and unique products, with their efficacy backed by scientific clinical work and before-and-after testimonials. We are positioning our business to fill the demand for these types of product by using an integrated direct response and retail marketing model. Management seeks to identify new innovative health and beauty care products, negotiate exclusive distribution rights, and use proven direct response marketing tools such as television infomercials, print advertising and e-commerce to bring the products to market.

Our core competency and focus is selling and marketing strategies for health and beauty care products. Our initial focus was the identification of suitable products, negotiation of acceptable distribution and fulfillment agreements and development of a marketing strategy for those products. To that end, we entered into two separate exclusive distribution agreement pursuant to which were granted exclusive territorial marketing rights for the product lines of two manufacturers of health and beauty care products.

In February 2007, we began marketing our first product by purchasing national media airtime to broadcast a short form television infomercial that was produced specifically for the product. Management found the initial results to be promising and planned to expand the frequency of the infomercial broadcasts.

Despite the initial favorable marketing results enjoyed, both of our initial distribution agreements have been terminated and, during 2008 and 2009, we focused on selling the remaining inventory of products held. All unsold inventory has been written off.

At ~~May~~August 31, 2009, we were actively seeking opportunities to distribute health and beauty care products that meet our criteria with a view to rolling out a direct marketing program to both U.S. markets and international markets.

Critical Accounting Policies

Our discussion and analysis of our financial conditions and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of financial statements requires managers to make estimates and disclosures on the date of the financial statements. On an on-going basis, we evaluate our estimates, including, but not limited to, those related to revenue recognition. We use authoritative pronouncements, historical experience, and other assumptions as the basis for making judgments. Actual results could differ from those estimates. We believe the following critical accounting policies affect our more significant judgments and estimates in the preparation of our consolidated financial statements.

Going Concern

The accompanying statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements as of August 31, 2009 the company has a $100,991 working capital deficit. This factor and the fact that the company has very limited sources of income, among others, may indicate that the Company will be unable to continue as a going concern for a reasonable period of time.

Revenue Recognition

Advertising Costs

The Company expenses advertising costs as incurred according to SOP 93-7.

Inventories

Inventories are stated at the lower of cost or market using first in, first out (FIFO) method of valuation.

Material Changes in Result of Operations

Revenues

Revenues for the three months ended ~~May~~August 31, 2009 decreased by $293,~~001~~888 or 100% to $0 ~~from~~ from $293,~~001~~888 for the corresponding period of the prior year. Revenues for the nine ~~six~~ months ended ~~May~~August 31, 2009 decreased by $913,~~827~~715 or 2127% to $36,239 from $4649,~~066~~954 for the corresponding period of the prior year. Revenues for the ~~six~~ nine months ended ~~May~~August 31, 2009 consisted of a sale of our remaining inventory of of Avallon 8 hair regrowth product to a distributor. Revenues for the ~~six~~ ~~months~~nine months ended ~~May~~August 31, 2008 consisted of a mix of product sales to consumers ~~and~~ and distributors.

Cost of Sales

Cost of sales for the three months ended ~~May~~August 31, 2009 ~~decreased~~and by2008 ~~$10,834~~was ~~or 100% to~~ $~~0 from~~0and $100,~~834 for the corresponding period of the prior year~~ respectively. Cost of sales for the ~~six~~nine months ended ~~May~~August 31, 2009 decreased by $1522,~~431~~428 or 8790% to $2,400 from $1724,~~831~~828 for the corresponding period of the ~~prior~~ prior year. In the year ended November 30, 2008, we wrote off our inventory, therefore the entire amount of our sale of Avallon 8 hair regrowth product in the ~~six~~nine months ended ~~May~~August 31, 2009 is recognized as gross profit. For the nine ~~six~~ months ended ~~February 29~~August, 2008, we realized a 6150% gross profit percentage, which was typical for the mix of products sold to consumers and distributors.

Media Advertising

Media advertising for the three months ended ~~May~~August 31, 2009 decreased by $63,~~049~~116 or 100% to $0 from $63,~~049~~116 for the corresponding period of the prior year. ~~Media~~ Media advertising for the ~~six~~nine months ended ~~May~~August 31, 2009 decreased by $912,~~187~~303 or 100% to $0 from $912,~~187~~303 for the corresponding period of the prior year. ~~The~~ The decreases resulted principally from the lack of capital to fund an advertising budget and lack of product to advertise.

Other Selling, General and Administrative Expense

Other selling, general and administrative expense for the three months ended ~~May~~ August 31, 2009 decreased by $4122,~~876~~459 or 8995% to $51,~~112~~296 from $4623,~~988~~755 for the three months ended ~~May~~August 31, 2008. Other selling, general and administrative expense for the nine ~~six~~ months ended ~~May~~August 31, 2009 decreased by $5469,~~421~~883 or 6570% to $2830,~~869 from~~165 from $83100,~~290~~048 for the ~~six~~nine months ended ~~May~~August 31, 2008. Other selling, general and administrative expenses decreased in connection with the reduction in media advertising and management’s efforts to conserve working capital.

As a result of the foregoing, the Company ~~earned~~had a net ~~income~~loss from operations of $141,~~130~~ 296 for the three months ended ~~February~~August 2831, 2009 as compared to a net loss from operations of $22,983 for the three months ended August 31, 2009 and earned net income from operations of $293,~~372~~674 for the ~~three~~nine months ended ~~February~~August 2931, 2009 as compared to a net loss from operations of $87,225 for the nine months ended August 31, 2008.

Other Expense

For the three months ended ~~May~~August 31, 2009 and 2008, the Company incurred interest expense on notes to related parties of $~~760~~927 and $~~770~~2,464, respectively, and $~~1,537~~ 741 and $67,~~395~~136 for the ~~six~~ nine-month periods then ended, respectively. The interest ~~bearing~~ bearing balances of borrowings from related parties were lower during the three and ~~six~~ nine months ended ~~May~~August 31, 2009 than balances outstanding during the three ~~months~~ months ended ~~May~~August 31, 2008.

Income Taxes

Because of net losses in ~~prior~~the three month periods ended August 31, no2009 and 2008, no income ~~taxes~~tax ~~were~~expense ~~accrued~~was asrecognized for the periods then ended. For the nine months ended August 31, 2009 and 2008, the Company recognized $29 and $0 of income ~~May~~tax expense. The expense recognized for the nine months ended August 31, 2009~~. Because~~ ofrelated to the net ~~loss~~income earned in ~~the~~that period ~~ended~~which ~~February~~was ~~29,~~partial ~~2008,~~offset by nolosses ~~taxes~~realized ~~were~~in ~~accrued~~prior asperiods. ofThe ~~May~~Company realized a loss for the nine months ended August 31, 2008 and recognized no income tax expense as a result.

Net Income

The Company realized a net loss of $52,~~901~~223 for the three months ended ~~May~~August 31, 2009 compared to a net loss of $3523,~~640~~724 for the corresponding period of the prior year. The Company earned net income of $31,~~404~~181 for the ~~six~~nine months ended ~~May~~ August 31, 2009 compared to a net loss of $7094,~~637~~361 for the corresponding period of the prior year. The improved results for the three and ~~six~~ nine month periods ended August ~~May~~ 31, 2009 as compared to the corresponding periods of the prior year reflect the atypical gross profit sale of our remaining inventory of Avallon 8 hair regrowth product as noted above and our reduced operating expenses while we consider new business opportunities.

Liquidity and Capital Resources

As of ~~May~~ August 31, 2009, the Company had cash and cash equivalents of $0294 and a deficit in in working capital of $98100,~~768~~991. This compares with cash and cash equivalents of $0 and a deficit in working capital of $102,172 as of November 30, 2008.

Cash provided by operating activities totaled $84,~~500~~194 for the ~~six~~nine months ended ~~May~~ August 31, 2009 compared to $4446,~~032~~688 of cash used in operating activities for the corresponding period of the prior year. The funds provided in the current period consist of the net income of $31,~~404~~181 and a $53,~~096~~013 increase in accounts payable and accrued expenses. Our cash flow used in operations in the prior period is primarily attributable to the net loss of $7094,~~637~~361 partially offset by a $24,828 decrease in inventory, a $2,025 decrease in accounts receivable and a $20,820 increase in accounts payable and accrued expenses.

We had no investing activities in the ~~six~~nine months ended ~~May~~August 31, 2009. Cash flows provided by investing activities totaled $30,000 for the ~~six~~nine months ended ~~May~~ August 31, 2009, all from the repayment of a note receivable.

14Cash flows used in financing activities totaled $3,900 for the nine months ended August 31, 2009, consisting of net repayments of borrowings under loans payable to related parties. For the corresponding period of the prior year, the Company’s financing activities provided $9,532, which consisted of net borrowings on the loans payable to related parties.

Cash flows used in financing activities totaled $8,500 for the six months ended May 31, 2009, consisting of a repayment of borrowings under loans payable to related parties. For the corresponding period of the prior year, the Company’s financing activities provided $8,761, which consisted of net borrowings on the loans payable to related parties.

Inflation

In the opinion of management, inflation will not have an impact on the Company’s financial condition and results of its operations.

Off-Balance Sheet Arrangements

The Company does not maintain off-balance sheet arrangements nor does it participate in any non-exchange traded contracts requiring fair value accounting treatment.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

The Company does not own or trade any financial instruments about which disclosure of quantitative and qualitative market risks are required to be disclosed.

ITEM 4(T). CONTROLS AND PROCEDURES

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our CEO and CFO concluded, as of the end of such period, our disclosure controls and procedures were effective in ensuring that the information required to be filed or submitted under the Exchange Act is recorded, processed, summarized and reported as specified in the Securities and Exchange Commission's rules and forms, and accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. .

Changes in Internal Control over Financial Reporting

There were no changes in internal controls over financial reporting that occurred during the period covered by this report that have affected, or are reasonably likely to ~~effect~~materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEDINGS

None

ITEM 1A. RISK FACTORS

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide the information required by this item.

ITEM 2. CHANGES IN SECURITIES

In April 2009, the Company issued 10,830,000 shares pursuant to an agreement dated April 1, 2008, which called for the conversion of debt owed to a related party. In addition, the Company cancelled 2,062,500 shares of common stock it received in connection with the February 27, 2008 Settlement Agreement between Bennoti, Inc and the Company.None

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

a)	Exhibits
	31.1	Certification of Chief Executive Officer pursuant to Section 302, of the Sarbanes- Oxley Act of 2002.
	31.2	Certification of Chief Financial Officer pursuant to Section 302, of the Sarbanes- Oxley Act of 2002.
	32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibits

31.1

Certification of Chief Executive Officer pursuant to Section 302, of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Section 302, of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

	LATIN AMERICAN TELECOMMUNICATIONS VENTURE COMPANY - LATVCO.
	LATIN AMERICAN TELECOMMUNICATIONS
Date: July 17, 2009	By:	/s/ David Bakhshi
	VENTURE COMPANY - LATVCO.
Date: October 9, 2009	By:	/s/ David Bakhshi
		David Bakhshi
		Principal Executive Officer and Principal Financial Officer

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