UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-K

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

For the fiscal year ended December 31, 2010

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

For the transition period from to

Commission File Number: 000-54142

Credex Corporation
(Exact name of registrant as specified in its charter)

Florida 16-1731286
(State of Incorporation) (IRS Employer ID Number)

454 Treemont Drive, Orange City, FL 32763
(Address of principal executive offices and Zip Code)

Registrant's telephone number, including area code (386) 218-6823

Securities to be registered pursuant to 12(b) of the Act:

Title of each class Name of each exchange on which
to be so registered each class to be registered

Not applicable Not applicable

Securities to be registered pursuant to 12(g) of the Act:

Title of each class Name of each exchange on which
to be so registered each class to be registered

Common Stock, Par Value $0.001 Not Applicable

Indicate by check mark whether the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act.
( ) yes ( ) no

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.
( ) yes ( ) no

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. [ X ]yes [ ]no

Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T(232.405 of
this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).
[ ] yes [ X ] no

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer,"
"non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.

Large accelerated filer [] Accelerated filer []
Non-accelerated filer [] Smaller reporting company [X]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act). [X]yes [ ]no

APPLICABLE TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
[ ] yes [ ] no

APPLICABLE ONLY TO CORPORATE ISSUERS:

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

5,899,250

TABLE OF CONTENTS

Part I.

Item 1. Business....................................................... 5

Item 1A. Risk Factors.................................................. 14

Item 1B. Unresolved Staff Comments..................................... 17

Item 2. Properties..................................................... 17

Item 3. Legal Proceedings.............................................. 17

Item 4. (Removed and Reserved)

Part II.

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities.............................. 18

Item 6. Selected Financial Data........................................ 18

Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.................................................. 20

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.... 20

Item 8. Financial Statements and Supplementary Data.................... 20

Item 9. Changes in and Disagreements with Accountants on Accounting
Financial Disclosure................................................... 20

Item 9A. Controls and Procedures....................................... 20

Item 9A(T). Controls and Procedures. .................................. 20

Item 9B. Other Information............................................. 20

Part III

Item 10. Directors, Executive Offices and Corporate Governance......... 20

Item 11. Executive Compensation. ...................................... 20

Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters. ...................................... 20

Item 13. Certain Relationships and Related Transactions, and Director
Independence........................................................... 20

Item 14. Principal Accounting Fees and Services........................ 20

Part IV

Item 15. Exhibits, Financial Statement Schedules....................... 20

PART I

Item 1. Business.

The Company

CREDEX CORPORATION, a Florida corporation formed on September 2, 2005,
hereinafter referred to as the ("Company"), was formed for the purpose of
raising the necessary funds for purchasing, servicing, managing and reselling
of non-performing (defaulted) unsecured credit card debt portfolios to be
acquired from financial institutions and distressed debt wholesalers. Since its
inception, the Company, on a limited basis, has derived minimal income from the
purchase collection and resale of a portfolio of non-performing credit card
debt. The Company has had minimal revenues to date. It has an accumulated
deficit of $170,133. When adequate funds become available, the Company will
direct its full attention to the purchase and management of portfolios of
non-performing credit card debt. The Company is filing this Registration
Statement voluntarily. Management believes by filing a Form 10 and subsequent
S-1 the company will be able to gain access to small investors by providing
easily obtainable information about the Company through the required public
filings. The Company is a voluntary reporting company.

The Company has attempted to raise funds for its stated purpose by two
different methods previously. 1)The Company has attempted to attract private
placement investment by discussions with individual potential investors. The
Company sold some of its stock through its own effort to various individuals.
These sales were pursuant to a private placement memorandum and not part of a
public solicitation or public offering. The Company believes now, with its
Form 10 and S-1 filings it can attract smaller investments from a wider public
population. 2) The Company has tried to sell its stock with the use of
Regulation D, Rule 506. This was unsuccessful. The Reg D closed on
December 31, 2008. Although the Company was formed on September 2, 2005, it
did not develop its business plan until 2008. The Company has diligently
striven to raise equity capital. It has not yet implemented its plan nor begun
operations because it has not yet been successful in raising the equity capital
necessary to implement the plan.

The Company has filed an S-1 to register the shares now in the hands of the
shareholders. This will allow the shareholders an opportunity to profit from
their investment if a market develops in the stock. By registering the stock,
there is a much greater

chance that the investment will be liquid. We intend to also file an S-1 not
later than May 16, 2011 to register authorized but unissued stock to raise
capital for the Company. By filing the Form 10 and S-1 in the manner proposed
the Company will be able to obtain a trading symbol and have an established
market for the stock prior to filing the S-1 to register the new issue.

Narrative Description of the Business

The Company will purchase all rights, title and interest in the non-performing
accounts receivable at deeply discounted rates, (approximately 10% or less of
face values), develop a portfolio of restructured debt with recurring monthly
payments for future collection or resale and sell the residual portfolio.

Non-performing portfolios accumulate in the normal course of operations, when
a credit grantor from time to time charges-off from its books, accounts which
are delinquent. Because the outstanding balance remains the obligation of the
defaulting customer, a group of charged-off accounts (a portfolio) contains a
value which can be obtained through various collection techniques. This value
or yield is dependent upon several variables such as creditor standards,
geographical stratification of the portfolio, age of the charge-offs, stages
of internal and external collection efforts, elapsed time since collection was
last worked, elapsed time since last activity, past recovery obtained from
collection efforts and whether the debt is within the statute of limitations.
These portfolios may be acquired at significant discounts of their face value,
ranging from $.01 to $.05 on the dollar, with an expected return expressed as
a percentage of face value, ranging from 9% to 12% of face.

Number of Employees

The Company intends to operate for the foreseeable future without employees.
Credex has entered into a management contract with Cypress Bend Executive
Services, LLC ("Cypress"). This contract provides that Cypress will provide
operational support to Credex and to take Credex Public through Form 10 and
S-1 filings with the Securities and Exchange Commission. Cypress will return
the shares it holds to Treasury Stock upon completion of its contract
obligations and receiving payment in full for its services.

On July 9, 2010, the Company entered into an agreement for services with
Cypress Bend Executive Services, LLC ("Cypress"),

a related party, whereby Cypress acts as consultant to:

1. Raise the necessary money for the Company to operate in the short term,
2. Prepare and file documents with the SEC to take the Company public,
3. Secure a transfer agent and market maker broker-dealer for the Company's
stock,
4. Secure the necessary audits for the required filing documents, and
5. Provide day-to-day operational management of the Company.

In exchange for these services, which the Company anticipates will last for a
ten month period, the Company agreed to pay Cypress cash fees of $200,000 as
well as provide Cypress with 2,958,625 shares of its stock, which effectively
transfers control of the Company to Cypress during this period. Also, as part
of the contract Steven G. Salmond, a member of Cypress Bend was installed as
Secretary, Treasurer, CFO and Director of Credex. Because the consulting
services began August 1, 2010, amortization into Professional Fees was
$100,000 in 2010 and $0 in 2009 resulting in net unearned capital of $100,000
as of December 31, 2010. Upon receipt of the cash payment of $200,000, Cypress
is to return the shares to the Company's treasury.

PRODUCTS AND SERVICES

The Company's products are the credit card portfolios it purchases. The higher
the quality of the product, generally determined by age and consumer
demographics, the greater the cost and resulting recovery rate. The age of the
product, which typically is six months to two years old, will also determine
the value of the portfolio at the end sale, or how much the remaining portfolio
will recover in terms of price.

A given group of credit card delinquencies occurring in one month contain many
facets of delinquency causes. Generally, these causes for default will fall
within three categories; 1) non-financial impact (as in a dispute perceived to
be legitimate, or arguments over liability amid dissolving marriages);
2) one-time financial impact (temporary lay-off, major home or auto repair, a
death in the family); and 3) permanent financial reversal (disability,
retirement, benefits loss or reduction). Because a debtor's financial position
changes over a period of time, usually for the better, a certain

6
portion of a portfolio will be deemed collectable, at least partially.

This aging process is a well known an exploited fact in the collection
industry. Lending institutions have identified three distinct periods of time
over which collection efforts are initiated. These three periods are commonly
referred to as Primary (first collection effort lasting 3 to 12 months),
Secondary (second collection effort lasting from12 to 24 months), Tertiary
(third collection effort, also lasting from 24 to 36 months or longer) and
Quads (forth collection effort lasting from approximately 36 months to when the
accounts become "out of statute". The stage or age, of a portfolio is an
important component in determining its value. The Company intends to buy
portfolios that are "One Agency or Two Agency Accounts," which means that the
accounts have previously been sent to one or two another collection agencies
for collection and then retrieved.

Credex will buy the debts it will collect through debt collection agencies.
Once the original creditor sells the debt the only way for them to "retrieve"
it is to buy it back. The terms "One or Two Agency Accounts" is language
commonly used in the industry to indicate that the accounts have been purchased
by one buyer, "One Agency," or second buyer "Two Agency." One Agency is the
same as the primary and Two Agency is the same as secondary and Three Agency is
the same as tertiary accounts. Original creditors can retain ownership and
have more than one agency try and collect the accounts. The Original creditor
can sell the debt at any time in the collection process. It can sell the debt
as One Agency, Two Agency and etc. depending on prior collection efforts.

All purchase agreements entered into, will allow for replacement or
reimbursement of accounts deemed uncollectible, as in the case of bankruptcies
death of the debtor or fraud, but only if the act occurred less than 30 days
after the purchase closing date. Payments made directly to the seller are
forwarded to the Company on a timely basis if payments overlap.

PRODUCT SERVICING/OUTSOURCING DESCRIPTION

The Company intends to out-source all collection activities to established
collection agencies that have expertise in collecting non-performing credit
card debt. We can rely on the collecting performance history of the collectors
with whom we contract. We can also rely on information available from

from Kaulkin and Ginsberg and Inside ARM.

Management personnel of potential collection agencies will be personally
interviewed by Credex. The agency's collection performance and business
references will be obtained prior to signing any agreement with the agency.
Credex intends to sign agreements that contain a provision that allows
cancellation at any time with 30 days notice to the non-canceling party.
For your information we have attached a copy of an agreement we propose to
use.

Kaulkin and Ginsberg is one of the leading and most reliable sources of data
and information in the debt collection business.

About Kaulkin and Ginsberg:
Experience
* Completed more industry M&A transactions than anyone else
- over 125 for a total value of over $3 billion
* Delivered hundreds of industry valuations
- dozens of valuation assignments each year
* Keynoted all of the major industry conferences
* Chaired three conferences, including the industry's largest, plus two
M&A conferences

Access
* Established relationships with the industry's senior decision makers
since 1991
* Our advisory board consists of the most senior persons in their industry
segments
Information
* We conduct comprehensive original research on the industry
* Publisher of seven editions of The Kaulkin Report since
1994
- a seminal research study that has been cited in the
public filings of leading corporations, in The Wall Street
Journal, and in many documents supporting private
transactions in the industry
* Our research also includes The Global Debt Buying Report,
Healthcare ARM Report, and countless custom research
projects
* Acquisition criteria for financial, strategic, and industry
buyers seeking entry or expansion within the industry

About Inside ARM publication:

Kaulkin Media is the most credible publisher of specialized news and
information for the accounts receivable management (or "debt collection")
industry. With over 60,000

subscribers including collection agencies and law firms, debt buyers,
creditors, suppliers of technology and services to these groups, regulators,
industry investors, and many other interested parties.

Once the portfolio has been acquired, the collection work effort begins
The Company will supervise the collection contractor to see the following steps
are taken.

An initial written notice is sent to each debtor informing them of the change
in ownership of the debt owed and that the Company is entitled to the full
amount of principal and accrued interest due and that payment(s) are to be sent
to the collection agency as directed by the Company.

Initial Review. The object of this review is to isolate that part of the
portfolio that could most likely produce the highest earned revenue initially or
possessing the greatest means with which to provide initial revenue. Much can
be determined about a debtor and his ability to pay larger sums, when
considering the area in which he resides, whether he holds real estate, current
job status, the amount of unsecured debt he owes, and the status of same. These
are among the several criteria used to decide which accounts should be
prioritized initially. By this review, the collection agencies would be
concentrating heavily on the accounts most likely to pay in a short time-frame.

It is important to note that the review process usually takes place prior to the
actual purchase of the portfolio when a spreadsheet of the portfolio can be
examined for many of the criteria described above. Following the review of all
of the accounts in the portfolio, the Company can either reject the
portfolio of purchase it.

Collection Efforts. The collection process is responsible for the majority of
the recovery in the shortest period of time. This can best be described as an
intense and concentrated focus by the collectors on all accounts as prioritized
in the previous step. The higher the priority the greater the efforts. In this
phase, approximately 8% to 10% of the original portfolio face amount is deemed
recoverable in the first six months. Skip tracing (locating some of the debtors)
accounts may be utilized by the collector. Offers of settlements may be made to
the debtors of up to fifty percent of the debt to entice payment.

Restructuring. When the collection efforts are exhausted on accounts, usually 4
to 6 months after purchase, a new effort is

initiated to restructure the existing debt. Debtors are encouraged to
restructure the outstanding debt at lower monthly payments than previously
expected to pay; by forgiving accrued interest to date.

Correspondence. Regular collection notices and demand notices are mailed,
generating a fluctuating degree of response and remittance. An initial notice
is sent to the entire portfolio base, which notifies the debtors of the change
of debt holder, and further warns of the possibility of other collection
remedies for continued non-payment. From there, notices are collector generated
befitting the individual circumstances.

Portfolio Sale. Approximately 70% of the original portfolio will be sold, which
includes all of the accounts that are determined to be uncollectible at that
time. In order to improve cash flows, the Company intends to sell these
accounts every 120 to 160 days from the date of the portfolio purchase. The
company has developed several outlets to sell this residual product, which
represents 1% to 2% of remaining face amount.

MISSION

The Company intends to purchase non-performing credit card debt portfolios from
debt resellers and brokers. The Company intends to produce earned revenue equal
to a return of 9% to 12% of the face of the portfolio within 6 months. The
Company intends to sell the uncollected portion of the portfolio for 1% to 2%
of the remaining face amount after 120 days from the purchase date.

KEYS TO SUCCESS

1. Purchase portfolios at or near 1.5% to 3% of face value.
2. Collect 9% to 12% of the face value.
3. Sell uncollected portion of the portfolio for 1% to 2% of the
remaining face value (Included in # 2 above).
4. Keep cost of outsourced collections to 35% or less of
collections.

MILESTONES

File an S-1 to register and sell, if a public market develops, common
stock to raise up to $500,000.00. To become effective by May 15, 2011. We
estimate that, if a market develops, it will take 3 to 6 months to raise these
funds.

Once we have raised at least $250,000.00 we will hire a

management team member with debt collection experience to supervise our
contract collectors. We estimate that, if a market develops, it will take 4
months to raise these funds and hire this person. Date is now August 1, 2011.

Contract with debt collection firm or firms. The contracts with the
collections agencies used to collect the debt will contain a provision that the
agency will receive a percentage of the amounts collected on each account.
This fee will be a matter of negotiations. Credex will not agree to pay the
agency more than 35% of the amount collected on each account. We estimate this
to take 1 month. The date is now September 1, 2011.

Purchase portfolio(s) We estimate this to take 1 month. The date is
now October 1, 2011.

Collection efforts begin. The date is now October 1, 2011.

Purchase Primary and Secondary at a price not to exceed 3% of the face
value of the portfolios that is credit card debt only.

Use collection agencies for all collections with a fixed cost not to
exceed 35% of what is collected.

Create Planned Payment Arrangements (PPA) for up to six months.

Sell the remainder of the portfolio, deemed uncollectible, after six
months.

INDUSTRY ANALYSIS

Charge-off credit card debt volume has grown from $3 billion in 1991 to
$22 billion in 1999. From 1999 to 2002 it grew to $60 billion and as of
June, 2003 it reached $73 billion. The total credit card debt outstanding as of
March, 2009 was $939.6 billion dollars according to Federal Reserve data, of
which approximately 10% or approximately $94 billion was delinquent.
181 Million Americans hold an average of 5.4 credit cards with an average debt
of $1,157per card or $6,247 per person. The average household debt was $10,697
as of December, 2008. The above statistics were taken from Nilson Reports, dated
March and April, 2009, the census bureau and Experian, dated March, 2009.

INDUSTRY PARTICIPANTS

There are approximately 3,000 active buyers (including collection law firms) of
non-performing credit card debt. They range from companies that buy very large
blocks of charge-offs at different age levels to small companies that buy in
face amounts of $300,000 to $10 million portfolios. Small collection law firms
buy as few as forty accounts at a time. They typically buy them for debtors in
the Counties in which they normally practice and simply file a law suite against
the debtors immediately (usually small claims court up to $5,000). They use the
intimidation of the law suit to force collection in part or in full. The cost
of filing fees and service of process can easily add up to $100 to the cost of
the individual account.

The major publicly traded debt buyers and collectors are all listed on Nasdaq
and include Asta Funding (ASFI), Asset Acceptance Capital Corp. (AACC), Encore
Capital Group (ECPG), First City Financial (FCFC) and Portfolio Recovery
Associates (PRAA). These companies use a combination of inside collectors,
outside collection agencies and attorneys in their collection process.

The buyers of larger portfolios now include more brokers, wholesalers and debt
resellers that do not participate in the collection process. These companies
will segment the portfolios by states or regions, age, number of accounts and
account size so the accounts in the purchased portfolio can be sold to smaller
buyers, which now make up a large percentage of buying market. Many of these
portfolios can be seen and acquired over the internet.

COMPETITIVE COMPARISON

Competition occurs only in respect to purchasing the portfolios. The Company
will be able to be competitive in part because of the expertise of its proposed
collection agency vendors who will also review our proposed portfolio purchases
prior to our purchasing small portfolios. We can not compete in the purchase of
large portfolios because of our lack of large amounts of capital. Small
portfolios of debt are readily available from brokers and wholesalers at
competitive prices.

COMPETITION AND BUYING PATTERNS

The purchase of the large portfolios is usually by sealed bid. Some major buyers
do have certain credit card issuers tied up

with forward purchase agreements. However, now smaller portfolios are bought
through negotiation with the seller, rather than a sealed bid. All portfolios
accounts can be reviewed by the buyer prior to purchase. All portfolios are
reviewed and scored for yield probability before bidding. All of the accounts
that a buyer has agreed to purchase are scrubbed in order to eliminate accounts
that are in bankruptcy or the creditor is deceased.

MAIN COMPETITORS

There are over 3,000 debt buyers of varying size and capital capabilities that
buy credit card debt of small to medium portfolios. Because the Company intends
to negotiate with several debt sellers, the Company may not know who it is
competing against. On the other hand, the large debt buyers are not competitors
of the Company, because the Company does not intend to buy large portfolios.
However, some of the large buyers that segment the portfolios that they purchase
for resale could be future providers of portfolios to the Company.

MARKET ANALYSIS

The concept of buying and selling bad debts is not new, but technology and
better management methods have changed the practice, making it more attractive
for the investor. This analysis will examine the fundamentals of this business
and some of the key issues that determine success or failure.

The availability of non-performing credit card debt can be characterized as
unending. So long as the American economy is credit based, there will always
be delinquency to varying degrees. If delinquency rates of credit card issuers
were to decline (implying less product for sale), market forces would move to
increase their share by lowering standards thereby once again increasing
delinquency rates. This cycle of tightening and loosening standards would
inversely affect the price paid for product.

Businesses that generate consumer debt have always been faced with the problem
of delinquent accounts or charge-offs and write-offs and for years assigned
these accounts to collection agencies. These agencies collect a fee of
approximately 33% to 35% of the amount they collect. For the owner of the
"paper" though, this system has drawbacks. Although the costs are fixed, it may
take months or years to recover a portion of the debt.

The result has been that companies increasingly prefer to sell their debts
rather than assign it, and that has created opportunity for those skilled at
collection methods. In a typical purchase of bad debts, a block of accounts are
acquired at a very steep discount. The price might range from 1 cent to 10
cents on the dollar, for instance. The new owner then collects as much as he
can, keeping all of the proceeds.

Since these accounts have usually been worked by someone else, it is vital that
the purchaser have a professional approach to the classification and management
of the accounts in order to maximize return. For instance, computers are now
used extensively to analyze the collect ability of accounts. The seller provides
to the buyer a database of accounts on tape, disk or email, which is then fed
into the buyer's computer. This, in turn, reads the files, producing a
statistical profile which management can evaluate, based on their experience and
knowledge of the industry.

The end result is that a value is assigned to the portfolio, representing the
likely ultimate collection possible. This enables the buyer to fix a price on
the accounts that will yield the desired profit. If the seller agrees, ownership
changes hands and the buyer begins to work the accounts.

The following table, published by "Inside ARM" on March 24, 2009, by Kaulkin
and Ginsberg, shows the rate decline ranges in portfolio pricing from 2008 to
2009 and the 2009 price predictions. The price ranges are based on confirmed
transactions as well as anecdotal discussions with debt buyers and credit
issuers.

Price Range Price Range Price 2009 Price
Jan. 2008 Jan. 2009 Decline Predictions

Fresh $.09 - $.12 $.055 - $.075 33% - 40% $.04 -$.06
Primary (Firsts) $.08 - $.08 $.035 - $.05 20% - 40% $.025 -$.04
Secondary (Seconds) $.03 - $.05 $.02 - $.03 20% - 33% $.015 -$.025
Tertiary (Thirds) $.0125- $.03 $.01 - $.02 20% - 33% $.0075-$.015
Quads $.005 - $.0125 $.004 - $.01 20% - 33% $.003-$.0075

In addition to the purely statistical exercise of establishing value, a buyer
must also consider a number of subjective factors before acquiring a portfolio.

* Age of debt. Generally, the older the debt, the more difficult

it may be to find the debtor.
* Source of debt. The underwriting standard of the original issuer has a
bearing on the ability to collect effectively.
* Proof of debt. The original documentation may be lost, but some form of proof
is preferable, but not always available.
* Location of debtor. Debtors who reside in areas where a high concentration of
homeowners are found are more desirable than those living in areas with high
turnover.
* History of work on the account. Accounts that have been extensively worked
are less likely to be profitable to a buyer.

A number of legal considerations attend the purchase of bad debts. These
include assurance of available documentation, representations that balances are
correct, identification of the debtors and the ability to return accounts to the
seller where debtors are found to be bankrupt, deceased or the account has been
satisfied by the debtor. The time period in which such accounts can be returned
is negotiable, usually 30 days after purchase.

The determination of which accounts to keep and which to sell, and at what
stage of development to sell, now becomes critical to the profitability of the
venture. Once a portfolio of accounts has been acquired, the accounts are
classified: those which will require a disproportionate amount of collection
effort are typically resold to collection agencies, attorneys and others at
below cost. Those which will return the greatest net proceeds are retained.

The next task is to work the accounts. Generally, this means contacting the
debtor by mail and by phone. Most of the accounts purchased will have been sold
because normal mail and phone contact has failed. This would be due to the
debtors having "skipped," because of incomplete data, or the fact that the
account has somehow deteriorated to the point that legal action or resale of
the account may be necessary.

Once the debtor has been contacted, the collection representative makes
arrangement for repayment of the debt. In many cases the reasons why the account
went into default have now been resolved. These include loss of job, divorce,
illness with extensive medical bills and over extension of credit. The task of
the collector is to use an approach that will be

effective with the debtor, such as:

* recognition of settlements and debt refinancing that may aid the debtor by
restoring credit.
* focusing on a relationship approach rather than strong arm tactics.
* capitalizing on the debtors improved circumstances that may allow the debtor
to apply for a credit to resolve prior debts.

Item 1A. RISK FACTORS

THE SHARES ARE HIGHLY SPECULATIVE, INVOLVE A HIGH DEGREE OF RISK AND SHOULD BE
PURCHASED ONLY BY PERSONS WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT.
PROSPECTIVE INVESTORS IN THE SHARES SHOULD CAREFULLY CONSIDER THE FOLLOWING RISK
FACTORS IN ADDITION TO THE OTHER INFORMATION CONTAINED IN THIS PROSPECTUS.

BECAUSE CREDEX LACKS OPERATING HISTORY, IT POSSIBILY MAY GO OUT OF BUSINESS.

New ventures are inherently more risky than seasoned operating ventures.
Although Credex has not operated pursuant to its business plan, in 2005 Credex
purchased a portfolio of defaulted credit card debt to test the feasibility of
its business plan. On a trial basis accounts from the portfolio were collected.
The remainder of the portfolio was then sold. These transactions are shown in
the statement of operation in Item 8.

BECAUSE CREDEX IS A DEVELOPMENT STAGE COMPANY, IT POSSIBLY MAY GO OUT OF
BUSINESS.

Credex is a development stage company. The Company will be reliant upon
additional funding of $250,000 during the next twelve (12)
months to initiate its business. This money may not be raised.

IF IT IS NOT SUCCESSFUL IN SELLING ITS SHARES, WHEN OFFERED, CREDEX MAY GO OUT
OF BUSINESS.

When it offers its shares for sale to the public, Credex may be unsuccessful
because it has no operations, it has no public market for its shares, and it
has not implemented its business plan.

IF CREDEX DOES NOT ATTAIN ITS GOALS FOR GROWTH, THE COMPANY MAY GO OUT OF
BUSINESS.

Credex has not implemented its business plan, has not hired needed key
personnel, and has not ontained the required funding for implementation of
planned operations. Because of these factors, Credex may not achieve its
business goal for growth.

BECAUSE OF UNCERTAINTY OF SIGNIFICANT ASSUMPTIONS FOR FUNDING FROM STOCK SALES
NOT HEPPENING, CREDEX MAY GO OUT OF BUSINESS.

Credex is a development stage company. The Company will be reliant upon
additional funding of $250,000 during the next twelve (12)
months to initiate its business. This money may not be raised.

The Company's plans for financing and implementing its planned business
operations and the projection of the Company's potential for profitability from
its intended operations are based on the experience, judgment and certain
assumptions of management and upon certain available information concerning
availability of non-performing credit card debt. Funds anticipated through
stock sales may not be realized. The Company's plans are based on the following
assumptions: That all or any Shares in future offerings will be sold; that the
Company will be successful in adhering to its planned formula for growth; and
that sales will reach a minimum level to allow profitability. The Risk is that
this money may not be raised.

THE COMPETITION FACED BY CREDEX MAY CAUSE CREDEX NOT TO ATTAIN ITS GROWTH PLANS
RESULTING IT GOING OUT OF BUSINESS.

Competitors of the Company include traditional consumer debt buyers and sellers
such as Portfolio Recovery Associates, Collins Financial Services, Inc.,
Oliphant Financial Corp., US Credit Corp., and many other financial
institutions. Competitors have an advantage over the Company primarily due to
the fact that they have more funds to invest in portfolio purchases. These
competitors also have lengthy profitable operating histories.

BECAUSE OF UNCERTAINTY OF ADEQUACY OF FINANCIAL RESOURCES FROM PROFITABLE
OPERATIONS, CREDEX MAY GO OUT OF BUSINESS.

Credex is a development stage company. The Company will be

reliant upon additional funding of $250,000 during the next twelve (12) months
to initiate its business as set forth in its continuing strategic plan for
growth.

Credex may not reach profitability from operations because of the competition
it faces, funding needed for key personnel and implementation of the planned
operations, and meeting of its milestones in the next twelve months.

BECAUSE OF DEPENDENCE ON KEY PERSONNEL, CREDEX MAY GO OUT OF BUSINESS.

The Company has been significantly dependent on the services of Cypress, Denise
Leonardo, Chairman, President/CEO and Steven G. Salmond, Treasurer/CFO and,
Secretary. In the future, the Company will be dependent upon their services and
outside consultants in distressed debt purchasing, managing and re-selling and
any future employees of the Company for the continued development of the
Company's services. The loss of services of senior management could have a
substantial adverse effect on the Company. The success of the Company's
business will be largely contingent on its ability to attract and retain highly
qualified corporate and operations level management team.

POTENTIAL LIABILITY AND INSURANCE COSTS MAY CAUSE CREDEX TO GO OUT OF BUSINESS.

As with all businesses operating in today's somewhat litigious atmosphere, the
Company's intended operations could expose it to a risk of liability for legal
damages arising out of its operations. The Company intends to carry acceptable
levels of liability insurance for its industry.

BECAUSE OF NO HISTORICAL BASIS FOR MANAGEMENT'S OPINION, EVALUATION OF CREDEX
IS DIFFICULT.

Although all of the Company's Officers, Directors, and its management team have
experience in and have been involved in the daily operations of the Company,
which to this point have involved almost exclusively the securing of capital so
the Company can execute it's business plan. There is no basis, other than the
judgment of the Company's management, on which to estimate, (i) the level of
market acceptance or the amount of revenues which the Company's planned
operations may generate, or (ii) other aspects of the Company's proposed
operations.

NO TRADING HISTORY OF COMMON STOCK MAKES STOCK TRADING PRICE IF ANY NOT POSSIBLE
TO ESTIMATE.

The Company's Common Shares have not been traded publicly. Recent history has
shown that the market price of Common Stock fluctuates substantially due to a
variety of factors, including market perception of a company's ability to
achieve its planned growth, quarterly operating results of the Company or other
similar companies, the trading volume in the Company's Common Stock, changes in
general conditions in the economy or other developments affecting the Company or
its competitors. In addition, the stock market is subject to extreme price and
volume fluctuations. Volatility has had a significant effect on the market
prices of securities issued by many companies for reasons unrelated to the
operating performance of these companies.

BECAUSE CREDEX HAS NOT COMMENCED PLANNED OPERATIONS, WHICH MUST BE PROFITABLE
FOR DIVIDEND PAYMENTS, DIVIDENDS CANNOT BE ESTIMATED OR PAID.

No dividends have been paid on the Shares and the Company does not anticipate
the payment of cash dividends in the foreseeable future. If the operations of
the Company become profitable, it is anticipated that, for the foreseeable
future, any income received would be devoted to the Company's future operations
and that cash dividends would not be paid to the Company's Shareholders.
(See "Business - Dividend Policy.")

BECAUSE OF LACK OF MANAGEMENT EXPERIENCE NEEDED FOR PLANNED OPERATIONS, CREDEX
MAY GO OUT OF BUSINESS.

None of the officers or directors has any experience in management of a company
providing the services Credex proposes to offer.

Mr. Salmond, the Company's CFO, has experience managing and operating a public
company. Failure to comply or adequately comply with any laws, rules, or
regulations applicable to our business may result in fines or regulatory actions
which may materially adversely affect our business, results of operation, or
financial condition and could result in delays in the development of an active
and liquid trading market for our stock.

IF WE FAIL TO MAINTAIN AN EFFECTIVE SYSTEM OF INTERNAL CONTROL OVER FINANCIAL
REPORTING, OUR ABILITY TO ACCURATELY AND TIMELY

REPORT OUR FINANCIAL RESULTS OR PREVENT FRAUD MAY BE ADVERSELY AFFECTED AND
INVESTOR CONFIDENCE AND THE MARKET PRICE OF OUR COMMON STOCK MAY BE ADVERSELY
IMPACTED.

Recently, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,
which became effective on July 21, 2010, has amended Section 404 of the
Sarbanes-Oxley Act of 2002 (the "Act"). The rules adopted by the SEC pursuant to
the Act require an annual assessment of our internal control over financial
reporting. The SEC extended the compliance dates for non-accelerated filers, as
defined by the SEC. Accordingly, we believe that the annual assessment of our
internal controls requirement will first apply to our annual report for the 2010
fiscal year. The standards that must be met for management to assess the
internal control over financial reporting as effective are new and complex, and
require significant documentation, testing and possible remediation to meet the
detailed standards. We may encounter problems or delays in completing activities
necessary to make an assessment of our internal control over financial
reporting. Pursuant to the amended Act, as neither a "large accelerated filer"
nor an "accelerated filer", we are exempt from the requirements of Section
404(b) of the Act to obtain an auditor's report on management's assessment of
the effectiveness of the Company's internal control over financial reporting.
The expense of compliance may prohibit the Company from becoming operational.

CREDEX NEEDS FOR ADDITIONAL EMPLOYEES IF SUITABLE EMPLOYEES ARE NOT FOUND CREDEX
MAY GO OUT OF BUSINESS.

The Company's future success also depends upon its continuing ability to attract
and retain highly qualified personnel. Expansion of the Company's business and
operation will require additional managers and employees with industry
experience, and the success of the Company will be highly dependent on the
Company's ability to attract and retain skilled management personnel and other
employees. There can be no assurance that the Company will be able to attract or
retain highly qualified personnel. Competition for skilled personnel in the
construction industry is significant. This competition may make it more
difficult and expensive to attract, hire and retain qualified managers and
employees.

THERE IS LIMITED LIQUIDITY ON THE BULLETIN BOARDS WHICH LIMITS THE POTENTIAL
MARKET FOR ITS STOCK..

We intend to have our stock quoted on the OTC Bulletin Board or through the Pink
Quotation System Bulletin Board. The OTC Bulletin Board is a significantly more
limited market than the New York Stock Exchange or NASDAQ system. When fewer
shares of a security are being traded on the OTCBB, volatility of prices may
increase and price movement may outpace the ability to deliver accurate quote
information. Due to lower trading volumes in shares of our Common Stock, there
may be a lower likelihood of one's orders for shares of our Common Stock being
executed, and current prices may differ significantly from the price one was
quoted at the time of one's order entry.

IN ORDER TO RAISE SUFFICIENT FUNDS TO EXPAND OUR OPERATIONS, WE MAY HAVE TO
ISSUE ADDITIONAL SECURITIES AT PRICES WHICH MAY RESULT IN SUBSTANTIAL DILUTION
TO OUR SHAREHOLDERS THUS LIMITING THE MARKET FOR OUR STOCK.

If we raise additional funds through the sale of equity or convertible debt, our
current stockholders' percentage ownership will be reduced. In addition, these
transactions may dilute the value of our common shares outstanding. We may have
to issue securities that may have rights, preferences and privileges senior to
our common stock. We cannot provide assurance that we will be able to raise
additional funds on terms acceptable to us, if at all. If future financing is
not available or is not available on acceptable terms, we may not be able to
fund our future needs, which would have a material adverse effect on our
business plans, prospects, results of operations and financial condition.

WE NEED ADDITIONAL CAPITAL TO FUND OUR OPERATIONS. WE MAY NOT BE ABLE TO OBTAIN
SUFFICIENT CAPITAL AND MAY BE FORCED TO LIMIT THE SCOPE OF OUR PROPOSED
OPERATIONS.

If adequate additional financing is not available on reasonable terms, we may
not be able to carry out our corporate strategy and we would be forced to modify
our business plans accordingly.

In connection with our growth strategies, we may experience increased capital
needs and accordingly, we may not have sufficient capital to fund our future
operations without additional capital investments. Our capital needs will depend
on numerous factors, including (i) our profitability; (ii) the release of
competitive products by our competition; (iii) the level of our investment in
research and development; and (iv)

the amount of our capital expenditures, including acquisitions. We cannot
assure you that we will be able to obtain capital in the future to meet our
needs.

In recent years, the securities markets in the United States have experienced
a high level of price and volume volatility, and the market price of securities
of many companies have experienced wide fluctuations that have not necessarily
been related to the operations, performances, underlying asset values or
prospects of such companies. For these reasons, our securities can also be
expected to be subject to volatility resulting from purely market forces over
which we will have no control. If we need additional funding we will, most
likely, seek such funding in the United States and the market fluctuations
affect on our stock price could limit our ability to obtain equity financing.

IF WE CANNOT OBTAIN ADDITIONAL FUNDING, WE MAY BE REQUIRED TO: (I) LIMIT OUR
EXPANSION; (II) LIMIT OUR MARKETING EFFORTS; AND (III) DECREASE OR ELIMINATE
CAPITAL EXPENDITURES. SUCH REDUCTIONS COULD MATERIALLY ADVERSELY AFFECT OUR
BUSINESS AND OUR ABILITY TO COMPETE.

Even if we do find a source of additional capital, we may not be able to
negotiate terms and conditions for receiving the additional capital that are
favorable to us. Any future capital investments could dilute or otherwise
materially and adversely affect the holdings or rights of our existing
shareholders. We cannot give you any assurance that any additional financing
will be available to us, or if available, will be on terms favorable to us.

BECAUSE OF PENNY STOCK REGULATIONS, CREDEX MAY NOT BE ABLE TO INTEREST THE
NEEDED BROKER-DEALERS TO MAKE A MARKET FOR ITS SHARES.

The stock registered hereby are subject to "Penny Stock" regulations.
Broker-dealer practices in connection with transactions in "penny stock" are
regulated by certain penny stock rules adopted by the Commission. Penny stocks
generally are equity securities with a price of less than $5.00 (other than
securities registered on certain national securities exchanges or quoted on
Nasdaq provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or systems) or to
other than establish customers or accredited investors. [In general,

"accredited investors" are defined as institutions with assets in excess of
$5,000,000 or individuals with net worth in excess of $1,000,000 or annual
income exceeding $200,000 or $300,000 with their spouses.]

The penny stock rules require a broker-dealer, prior to transaction in a penny
stock not otherwise exempt from the rules, to deliver a standardized disclosure
document that provided information about penny stocks and the risks in penny
stock market. The broker-dealer also must provide the customer with current
bid and offer quotations for the penny stock, the compensation of the
broker-dealer and its sales person in connection with the transaction, and
monthly account statements showing the market value of each penny stock held in
the customer's account. In addition, the penny stock rules generally require
that prior to a transaction in a penny stock, the broker-dealer must make a
special written determination that the penny stock is a suitable investment for
the purchaser and receive the purchaser's written agreement to the transaction.
These disclosure requirements may have the effect of reducing
the level of trading activity in the secondary market for a stock that becomes
subject to the penny stock rules. If the Company's securities become subject
to the penny stock rules, investors in the Offering may find it more difficult
to sell their securities.

Item 1B. Unresolved Staff Comments.

The SEC staff is still commenting on the S-1 Third Amendment. As soon as soon
as the 2010 year end audit is complete, we will file an S-1 Fourth Amendment to
register stock in the hands of current shareholders.

Item 2. Properties.

From 2009 and the first 6 months of 2010 the company operated out of the
residence of the past President who is now deceased with no rents paid.

The Company now rents fully equipped office space at 454 Treemont Drive, Orange
City, FL 32763.

Item 3. Legal Proceedings.

Credex is not involved in any litigation or any material legal proceeding. No
Officer or Director is involved in any litigation or any material legal
proceeding.

Item 4. (Removed and Reserved).

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities.

Market Information

There is no market

Holders

As of March 7, 2011, the Company has approximately 40 holders of record of its
common stock.

Dividends

The Company has never declared or paid any cash dividends on its common stock
nor does the Company anticipate paying any in the foreseeable future.

Securities Authorized for Issuance under Equity Compensation Plans

The Company does not have any equity compensation plans.

Performance Graph

Not Applicable

Recent Sales of Unregistered Securities

The authorized equity of Credex Corporation consists of 100 million Shares,
$.001 par value per share, of which 5,899,250 shares are issued and outstanding
to officers, directors and private individuals for cash and services rendered
from inception (September 2, 2005) through November 19, 2010.

The sale of all of this unregistered stock was not pursuant to any public
offering. The stock was not advertised in any media. No solicitation in any
form was made to the general public.

Credex Corporation
Sale of Investment

Title of Shares Share Amount
Stock Date Issued Price Paid Subscribed Services
Common 09/09/2005 10,000 $0.100 $1,000
Common 10/24/2007 2,240,000 $0.010 $16,131
Common 10/24/2007 250,000 $0.010 $1,800
Common 04/04/2008 50,000* $0.020 $1,000
Common 07/07/2008 25,000* $0.020 $500
Common 07/28/2008 25,000* $0.020 $500
Common 08/16/2008 15,000* $0.020 $300
Common 09/06/2008 50,000* $0.020 $1,000
Common 09/21/2008 10,000* $0.020 $200
Common 10/01/2008 10,000* $0.020 $200
Common 10/17/2008 15,000* $0.020 $300
Common 12/31/2008 150,000* $0.020 $3,000
Common 06/22/2009 10,000 $0.020 $200
Common 06/22/2009 10,000 $0.020 $200
Common 06/29/2009 50,000 $0.020 $1,000
Common 06/29/2009 50,000 $0.020 $1,000
Common 06/29/2009 100,000 $0.020 $2,000
Common 06/29/2009 50,000 $0.020 $1,000
Common 06/29/2009 50,000 $0.020 $1,000
Common 06/29/2009 100,000 $0.020 $2,000
Common 07/22/2009 10,000 $0.020 $200
Common 08/04/2009 100,000 $0.020 $2,000
Common 09/19/2009 10,000 $0.020 $200
Common 10/07/2009 10,000 $0.020 $200
Common 10/07/2009 50,000 $0.020 $1,000
Common 10/07/2009 50,000 $0.020 $1,000
Common 11/19/2009 45,500 $0.020 $910
Common 12/15/2009 20,000 $0.020 $400
Common 02/22/2010 30,000 $0.020 $600
Common 03/16/2010 12,500 $0.020 $250
Common 04/14/2010 100,000 $0.020 $2,000
Common 04/30/2010 125,000 $0.020 $2,500
Common 07/12/2010 1,500,000 $0.113 $0 $0 $200,000**
Common 08/30/2010 12,500 $0.040 $500
Common 08/30/2010 25,000 $0.040 $1,000
Common 08/23/2010 125,000 $0.040 $5,000
Common 09/03/2010 25,000 $0.040 $1,000
Common 09/03/2010 62,500 $0.040 $2,500
Common 09/03/2010 25,000 $0.040 $1,000
Common 09/03/2010 25,000 $0.040 $1,000
Common 09/03/2010 25,000 $0.040 $1,000
Common 10/05/2010 56,250 $0.040 $2,250
Common 10/05/2010 10,000 $0.040 $400
Common 11/04/2010 150,000 $0.040 $6,000
Common 11/06/2010 25,000 $0.040 $1,000
5,889,250 $68,241 $0 $200,000*

* Shares sold under Reg D. The remaining shares were sold under the Private
Placement Memorandum.

**Stock issued as part of a service agreement for future services with Cypress
Bend Executive Services, LLC. Refer to "Disclosure of Contracted
Obligations."

Such shares were issued pursuant to the exemption from registration contained
in Section 4(2) of the Securities.

Item 6. Selected Financial Data.

Not Applicable to Smaller Reporting Companies.

Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations

The following discussion of our financial condition and results of operations
should be read in conjunction with our financial statements and the related
notes, and other financial information contained in this filing.

Overview

We are a development stage company. Although Credex has not operated pursuant
to its business plan, in 2005 Credex purchased a portfolio of defaulted credit
card debt to test the feasibility of its business plan. On a trial basis
accounts from the portfolio were collected. The remainder of the portfolio was
then sold. Our auditors have raised substantial doubt as to our ability to
continue as a going concern. We need a minimum of approximately $100,000
during the next 12 months to begin implementation of our business plan.

Since our inception, we have devoted our activities to the following:

Purchasing a debt portfolio;

Obtaining bids from professional collectors to collect the portfolio;

Developing contacts from whom to purchase portfolios;

Contracting for operational support; and

Securing enough capital to carry out these activities.

Plan of Operations

As discussed above we have not yet operated pursuant to our business plan. We
have generated no revenue in 2010 or 2009.

Development stage operating expenditures during the period from inception on
September 2, 2005 to December 31, 2010 were $193,583 which consisted primarily
of general and administrative

expenses related to legal, accounting and other fees related to our formation
and public statement filings with cumulative income from inception to
December 31, 2010 was $23,450 including finance income of $15,417, consulting
income of $8,000 and interested income of $33. Our net loss was $129,577 and
$15,015 for the years ended December 31, 2010 and 2009, respectively and
$170,133 from inception to December 31, 2010.

Liquidity and Capital Resources

Our capital resources have been acquired through the sale of shares of our
common stock.

At December 31, 2010 and 2009, we had total assets of $2,194 and $2,185,
respectively, consisting of cash.

At December 31, 2010 and 2009, our total liabilities were $4,086 and $2,500
respectively consisting primarily of accounts payable.

At January 31, 2011, two shareholders of the Company loaned $2,000 for
additional funding to assist the Company accomplice its operating goals. These
loans have twelve (12%) percent per annum interest rate with the loans payable
when funds are available. The Company will probably be required to obtain
additional interim financing for the costs of audit, transfer fees, and
operating before the S-1 becomes effective.

We anticipate taking the following actions during the next 12 months, assuming
we receive the required funding:

File an S-1 to register and sell, if a public market develops, common stock to
raise up to $500,000.00. The S-1 to become effective by April 1, 2011. We
estimate that, if a market develops, it will take 3 to 6 months to raise these
funds.

Once we have raised at least $250,000.00 we will hire a management team member
with debt collection experience to supervise our contract collectors. We
estimate that, if a market develops, it will take 4 months to raise these funds
and hire this person. Date is now August 1, 2011.

Contract with debt collection firm or firms. We estimate this to take 1 month.
The date is now September 1, 2011.

Purchase portfolio(s) We estimate this to take 1 month. The date is now
October 1, 2011.

Collection efforts begin. The date is now October 1, 2011.

Purchase Primary and Secondary at a price not to exceed 3% of the face value of
the portfolios that is credit card debt only.

Use collection agencies for all collections with a fixed cost not to exceed
35% of what is collected.

Create Planned Payment Arrangements (PPA) for up to six months.

Sell the remainder of the portfolio after six months deemed uncollectible at
the time of sale.

Cash Requirements

We intend to provide funding for our activities, if any, through a combination
of the private placement of the company's equity securities and the public
sales of equity securities.

We have no agreement, commitment or understanding to secure any funding from
any source.

Off-Balance Sheet Arrangements

We do not have any off balance sheet arrangements.

Credex has never been in bankruptcy or receivership. The Company is a new
venture.

Credex's executive office is located at 454 Treemont Drive,
Orange City, FL 32763. The telephone number is (386) 218-6823, and the fax
number is (386) 218-6823.

Credex is not operating its business plan until such time as capital is raised
for operations. To date its operation has involved only selling stock to meet
expenses.

DISCLOSURE OF CONTRACTED OBLIGATIONS

On July 9, 2010, the Company entered into a agreement for services with Cypress
Bend Executive Services, LLC ('Cypress"), a related party, whereby Cypress acts
as consultant to:

1. Raise the necessary money for the Company to operate in the short term,
2. Prepare and file documents with the SEC to take the

Company public,
3. Secure a transfer agent and market maker broker-dealer for the Company's
stock,
4. Secure the necessary audits for the required filing documents, and
5. Provide day-to-day operational management of the Company.

PROPOSED BUSINESS

The Company intends to purchase portfolios with all rights, title and interest
of non-performing accounts receivable (credit card debt) at deeply discounted
rates, (approximately 3% or less of face values), outsource the collection
process, develop a portfolio of restructured debt and sell the residual
portfolio.

Non-performing portfolios accumulate in the normal course of operations, when
a credit grantor from time to time charges-off from its books, accounts which
are delinquent. Because the outstanding balance remains the obligation of the
defaulting customer, a group of charged-off accounts (a portfolio) contains a
value which can be obtained through various collection techniques. This value
or yield is dependent upon several variables such as creditor standards,
geographical stratification of the portfolio, age of the charge-offs, stages of
internal and external collection efforts, elapsed time since collection was
last worked, elapsed time since last activity, past recovery obtained from
collection efforts and whether the debt is within the statute of limitations.
These portfolios may be acquired at significant discounts of their face value,
ranging from $0.01 to $0.07 on the dollar. According to Kaulkin Ginsberg
Whitepaper: Operational Efficiency in the ARM Industry dated October 2006, an
example shown of a debt buyer purchasing

a $100 million portfolio face value of delinquent receivables for 5 cents on
the dollar would spend $5 million for the acquisition of the portfolio.
Collection of $15 million on the portfolio over the next 5 years shows a 3X
return. Because the economy has declined from 2006, the management of the
Company believes 10% to 12% return of the face value of the portfolios is a
conservative position to have until full operations are attained with
experienced personnel. The Company intends to purchase portfolios of Primary,
Secondary and Tertiary distressed credit card debt from distressed debt
wholesalers and re-sellers because they offer smaller portfolios for sale and
re-purchase. These portfolios usually sell for $0.01 to $0.03 per dollar of
face value. The prices stated are for 2009. On average, approximately $800,000
of face value defaulted credit card debt can be purchased with $12,000.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

Not Applicable to Smaller Reporting Companies.

[Intentionally left blank]

Item 8. Financial Statements and Supplementary Data.

INDEX TO FINANCIAL STATEMENTS PAGE

Report of Independent Registered Certified
Public Accounting Firm 48

Balance Sheets 49

Statements of Operations 50

Statement of Stockholders' Equity (Deficit) 51

Statements of Cash Flows 52

Notes to Financial Statements 53

REPORT OF INDEPENDENT REGISTERED CERTIFIED
PUBLIC ACCOUNTING FIRM

To the Board of Directors
Credex Corporation
Orange City, Florida

We have audited the accompanying balance sheets of Credex Corporation (a
development stage company) as of December 31, 2010 and 2009, and the related
statements of operations, stockholders' equity (deficit), and cash flows for the
years then ended and for the period from inception, September 2, 2005, to
December 31, 2010. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards
as established by the Auditing Standards Board (United States) and in accordance
with the auditing standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. Our audit
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Credex Corporation as of
December 31, 2010 and 2009, and the results of its operations and its cash flows
for the years then ended and for the period from inception, September 2, 2005,
to December 31, 2010 in conformity with accounting principles generally accepted
in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note D to the
financial statements, the Company is in the development stage and has suffered
recurring losses from operations. These conditions raise substantial doubt about
its ability to continue as a going concern. Management's plans regarding those
matters are also described in Note D. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.

/s/ Moss, Krusick & Associates, LLC
March 15, 2011
Winter Park, Florida

Credex Corporation
(A Development Stage Company)
BALANCE SHEETS
December 31, 2010, and 2009

ASSETS

2010 2009
-------- ---------
CURRENT ASSETS:
Cash $ 2,194 $ 2,185
--------- --------
Total Assets $ 2,194 $ 2,185
======= ======

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
Accounts payable $ 4,086 $ 2,500
--------- --------
Total Current Liabilities 4,086 2,500
--------- --------
STOCKHOLDERS' DEFICIT:
Common stock, $0.001 par value; 100,000,000
authorized shares, 5,899,250 and 3,565,500
shares issued and outstanding December 31,
2010 and 2009, respectively 5,899 3,565
Additional paid in capital 262,342 36,676
Less unearned capital (see Note E) (100,000) 0
Accumulated deficit during the
development stage (170,133) (40,556)
--------- -------
Total Stockholders' Deficit (1,892) (315)
--------- -------
Total Liabilities and Stockholders'
Equity (Deficit) $ 2,194 $ 2,185
======= ======

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

Credex Corporation
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For Periods from Inception [September 2, 2005] to December 31, 2010

Years Ended Cumulative from
December 31 Inception to
-------------------- December 31,
2010 2009 2010
-------- -------- ----------
REVENUE:
Finance income $ 0 $ 0 $ 15,417
Consulting income 0 0 8,000
--------- -------- ---------
Total Revenue 0 0 23,417
--------- -------- ---------
EXPENSES:
Travel 0 2,050 6,882
Office expenses (see Note E) 2,738 1,765 8,779
Telephone (see Note E) 421 0 2,744
Professional fees (see Note E) 117,593 11,200 142,890
Advertising 0 0 350
Portfolio purchase 0 0 21,000
Seminar 0 0 1,585
Stock transfer agent fees (see Note E) 5,500 0 5,500
Rent (see Note E) 3,325 0 3,853
--------- -------- ---------
Total Expenses 129,577 15,015 193,583
--------- -------- ---------
Operating Loss (129,577) (15,015) (170,166)

OTHER INCOME:
Interest income 0 0 33
--------- -------- ---------
Net loss before income taxes (129,577) (15,015) (170,133)

INCOME TAXES 0 0 0
--------- -------- ---------
Net Loss $(129,577) $(15,015) $(170,133)
========= ======== =========
Basic net loss per share $ (0.05) $ (0.003)
========= ========
Weighted average number of shares
outstanding (000's) 3,143 2,589
========= =======

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

Credex Corporation
(A Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
For Periods from Inception [September 2, 2005] to December 31, 2010
<Table>
<Caption>
Total
Common Stock Additional Development Stockholders'
---------------- Paid-in Unearned Stage Equity
Shares Amount Capital Capital Deficit (Deficit)
--------- ------ -------- --------- --------- ----------
<c> <c> <c> <c> <c> <c>
September 2, 2005, Date of
Incorporation 0 $ 0 $ 0 $ 0 $ 0 $ 0
Shares purchased for cash
at $0.001 per share 10,000 10 990 0 0 1,000
Net loss for year ended
December 31, 2005 0 0 0 0 (8,397) (8,397)
--------- ------ -------- --------- --------- --------
Balances December 31, 2005 10,000 10 990 0 (8,397) (7,397)
Net loss for year ended
December 31, 2006 0 0 0 0 (8,056) (8,056)
--------- ------ -------- --------- --------- --------
Balances December 31, 2006 10,000 10 990 0 (16,453) (15,453)
Stockholder loan used to
purchase shares at
$0.0072 per share 2,490,000 2,490 15,441 0 0 17,931
Net loss for year ended
December 31, 2007 0 0 0 0 (2,087) (2,087)
Balances December 31, --------- ------ -------- --------- --------- --------
2007 2,500,000 2,500 16,431 0 (18,540) 391
Shares issued for cash
at $0.02 per share 350,000 350 6,650 0 0 7,000
Net loss for year ended
December 31, 2008 0 0 0 0 (7,001) (7,001)
Balances December 31, --------- ------ -------- --------- --------- --------
2008 2,850,000 2,850 23,081 0 (25,541) 390
Shares issued for cash
at $0.02 per share 715,500 715 13,595 0 0 14,310
Net loss for year ended
December 31, 2009 0 0 0 0 (15,015) (15,015)
Balances December 31, --------- ------ -------- --------- --------- --------
2009 3,565,500 3,565 36,676 0 (40,556) (315)
Shares issued for cash
at $0.02 per share 267,500 268 5,082 0 0 5,350
Shares issued for cash
at $0.04 per share 566,250 566 22,084 0 0 22,650
Shares issued for future
services at $0.113 per
share 1,500,000 1,500 198,500 (200,000) 0 0
Unearned capital amortized 0 0 0 100,000 0 100,000
Net loss for period ended
December 31, 2010 0 0 0 0 (129,577) (129,577)
Balances December 31, --------- ------ -------- ---------- --------- ---------
2010 5,899,250 $5,899 $262,342 $ (100,000) $(170,133) $ (1,892)
========= ====== ======== ========== ========= =========

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

</Table>

Credex Corporation
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For Periods from Inception [September 2, 2005] to December 31, 2010

Years Ended Cumulative from
December 31 Inception to
-------------------- December 31,
2010 2009 2010
-------- -------- ----------

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(129,577) $(15,015) $(170,133)

Add non-cash expenses to Net Loss:
Professional fees from consulting
agreement (see Note E) 100,000 0 100,000
Adjustments to reconcile net loss to net
cash used by operations:
Increase (decrease) in
accounts payable 1,586 (500) 4,086
--------- ------- ---------
Net Cash Used by
Operating Activities (27,991) (15,515) (66,047)
--------- ------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stockholder
loan 0 0 46,828
Repayment of stockholder
loan 0 0 (28,897)
Sale of common stock 28,000 14,310 50,310
--------- ------- ---------
Net Cash Provided by
Financing Activities 28,000 14,310 68,241
--------- ------- ---------
Net Increase (Decrease)
in Cash 9 (1,205) 2,194

Cash and Equivalents,
Beginning of Period 2,185 3,390 0
--------- ------- ---------
Cash and Equivalents,
End of Period $ 2,194 $ 2,185 $ 2,194
========= ======= =========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest $ 0 $ 0 $ 0
========= ======= =========
Cash paid for income taxes $ 0 $ 0 $ 0
========= ======= =========
SIGNIFICANT NON-CASH ACTIVITIES:
Stockholder loan contributed
to capital for common
Stock $ 0 $ 0 $ 17,931
========= ======= =========
Common stock issued as collateral
for future services / additional
capital not earned $ 200,000 $ 0 $ 200,000
========= ======= =========

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

Credex Corporation
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
December 31, 2010 and 2009

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Organization and Purpose

Credex Corporation, (the "Company") was incorporated in the State of Florida on
September 2, 2005. The Company is presently engaged in market research
regarding the cost and availability of non-performing credit card portfolios
including current market prices for the sales of portfolios deemed
non-collectable at the time of sale. The Company is exploring avenues for
raising capital in order to put its business plan into effect. The Company has
a December 31 year-end. The Company's principal office is in Orange City,
Florida.

2. Basis of Presentation

The accompanying financial statements have been prepared in accordance with the
instructions to Form 10-K and Article 10 of Regulation S-X, and, therefore, do
include all information and footnotes necessary for a complete presentation of
financial position, results of operations, cash flows, and stockholders' equity
in conformity with accounting principles generally accepted in the United States
of America. In the opinion of management, all adjustments considered necessary
for a fair presentation of the results of operations and financial position have
been included and all such adjustments are of a normal recurring nature.

3. Development Stage

The Company is currently a development stage entity as defined under accounting
standards, as it continues development activities related to non-performing
credit card portfolios. As required for development stage enterprises, the
statements of operations, cash flows and changes in stockholder's equity
(deficit) are presented on a cumulative basis from inception.

4. Revenue Recognition

The Company recognizes revenue from purchased non-performing receivables in
accordance with accounting standards on the accounting for certain loans or
debt securities acquired in a transfer. The Company will use the cost recovery
method and recognize income only after it has recovered its carrying value of
purchased non-performing receivables. There can be no assurance as to when or
if the carrying value will be recovered. Recognition of income using the
interest method would be dependent on the Company having the ability to develop
reasonable expectations of both the

timing and amount of cash flows to be collected. Due to uncertainties related
to the expected timing of the collections of older non-performing receivables
purchased as a result of the economic environment and the lack of validation of
certain account components, the Company determined that it will not have the
ability to develop reasonable expectations of timing of cash flows to be
collected.

5. Cash and Equivalents

For purposes of the statement of cash flows, the Company considers all highly
liquid investments with original maturities of less than three months to be cash
equivalents.

6. Financial Instruments

Financial instruments consist of bank deposits. The carrying amount of
financial instruments approximates fair value due to short-term maturities and
market interest rates.

7. Advertising

The Company expenses advertising and promotions costs as they are incurred.

8. Concentrations of Credit Risk

The Company maintains its cash in a bank deposit account in a bank which
participates in the Federal Deposit Insurance Corporation (FDIC) Transaction
Account Guarantee Program, which provides separate FDIC coverage on the full
balance of personal and non-personal checking accounts, so long as they are not
interest-bearing. Under that program, through June 30, 2010, all non-interest
bearing accounts were fully guaranteed by the FDIC for the full balance in the
account. Coverage is in addition to and separate from the $250,000 coverage
available under FDIC's general deposit insurance rules. After
December 31, 2013, balances up to $100,000 will be insured. As of
December 31, 2010 and 2009, the Company had no balances in excess of federally
insured limits.

9. Earnings per Share

Basic earnings per share is computed by dividing net income available to common
stockholders by the weighted average number of common stock shares outstanding
during the year. Diluted EPS is computed by dividing net income available to
common stockholders by the weighted average number of common stock shares
outstanding during the year plus potential dilutive instruments such as stock
options and warrants. The Company has no dilutive instruments outstanding.

10. Income Taxes

The Company follows Section 740-10-30 of the FASB Accounting Standards
Codification, which requires recognition of deferred tax assets and liabilities
for the expected future tax consequences of events that have been included in
the financial statements or tax returns.

Under this method, deferred tax assets and liabilities are based on the
differences between the financial statement and tax bases of assets and
liabilities using enacted tax rates in effect for the year in which the
differences are expected to reverse. Deferred tax assets are reduced by a
valuation allowance to the extent management concludes it is more likely than
not that the assets will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the
years in which those temporary differences are expected to be recovered or
settled. The effect on deferred tax assets and liabilities of a change in tax
rates is recognized in the Statements of Operations in the period that includes
the enactment date.

The Company adopted section 740-10-25 of the Codification ("Section 740-10-25")
which addresses the determination of whether tax benefits claimed or expected to
be claimed on a tax return should be recorded in the financial statements. Under
Section 740-10-25, the Company may recognize the tax benefit from an uncertain
tax position only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical
merits of the position. The tax benefits recognized in the financial statements
from such a position should be measured based on the largest benefit that has a
greater than fifty percent (50%) likelihood of being realized upon ultimate
settlement. Section 740-10-25 also provides guidance on de-recognition,
classification, interest and penalties on income taxes, accounting in interim
periods and requires increased disclosures. The Company had no material
adjustments to its liabilities for unrecognized income tax benefits according
to the provisions of Section 740-10-25.

11. Use of Estimates

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure 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.

NOTE B - STOCKHOLDERS' EQUITY (DEFICIT)

At inception on September 2, 2005, the Company was authorized to have
outstanding 10,000 shares of common stock at $0.10 par value per share. On
October 24, 2007, the Company amended its Articles of Incorporation to increase
the maximum number of authorized common shares to 100,000,000 and changed the
par value to $0.001 per share, which has been retro-actively restated to $0.001
in the accompanying financial statements.

The Company has forty stockholders of record as of December 31, 2010. As of
December 31, 2010, the outstanding shares were 5,899,250. Share transactions
during the year ended December 31, 2010, resulted in a increase in shares
outstanding of 2,333,750 shares as follows:

Shares issued for cash at $0.02 per share 267,500
Shares issued for cash at $0.04 per share 566,250
Shares issued to Cypress Bend Executive
Services, LLC ("Cypress") for future services
to be performed valued at $200,000 ($0.113 per
share) 1,500,000
---------
2,333,750
=========

Additionally, ownership of 694,445 shares was transferred from a past
officer/director to Cypress. This former officer/director is a member of
Cypress. Another past officer/director who is deceased passed to his heirs
1,705,555 shares of which his heirs transferred 764,180 shares to Cypress. A
total of 2,958,625 shares have been transferred to Cypress under a consulting
management agreement with the Company. Upon completion of its services,
Cypress is to be paid $200,000 by the Company at which time Cypress will return
these shares. (Refer to Note E - Related Party)

NOTE C - INCOME TAXES

Deferred income taxes result from temporary differences between the basis of
assets and liabilities recognized for differences between the financial
statements and tax basis thereon, and for the expected future tax benefits to
be derived from net operations losses and tax credit carry-forwards. The
Company has net operating losses and has recorded a valuation allowance equal
to the tax benefit of the accumulated net operating losses, since it is
uncertain that future taxable income will be realized during the applicable
carry-forward periods. These benefits expire between 2025 and 2030.

The Company's deferred tax assets as of December 31, 2010 and 2009 were as
follows:
2010 2009
------------ ------------
Deferred tax asset $ 49,200 $ 15,300
Valuation allowance (49,200) (15,300)
--------- ---------
Net Deferred Tax Asset $ 0 $ 0
========= =========

NOTE D - GOING CONCERN

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company's financial position and
operating results raise substantial doubt about its ability to continue as a
going concern. The Company is in the development stage and has sustained losses
of $170,166 since inception which raises substantial doubt about its ability to
continue as a going concern. The ability of the Company to continue as a going
concern is dependent upon expanding operations and obtaining additional capital
and financing. Management's plan in this regard is to implement the Company's
business plan and to secure additional funds through equity or debt financing.
The financial statements do not include any adjustments that might be necessary
if the Company is unable to continue as a going concern.

NOTE E - RELATED PARTY

A past shareholder of the Company had received fees for service in the year
ended December 31, 2010 and 2009 in the amount of $2,400 and $4,200,
respectively.

A shareholder of the Company, Globex Transfer, LLC, a stock transfer agent, has
been engaged in November 2010 to provide stock transfer services. As of
December 31, 2010, $5,500 expenses were incurred with an outstanding balance
payable of $2,500.

On July 9, 2010, the Company entered into a agreement for services with
Cypress, a related party, whereby Cypress acts as consultant to:

In exchange for these services, which the Company anticipates will last for a
ten month period, the Company agreed to pay Cypress cash fees of $200,000 as
well as provide Cypress with 2,958,625 shares of its stock, which effectively
transfers control of the Company to Cypress during this period. Because the
consulting services began August 1, 2010, amortization into Professional Fee
was $100,000 in 2010 and $0 in 2009 resulting in net unearned capital of
$100,000 as of December 31, 2010. Upon receipt of the cash payment of $200,000,
Cypress is to return the shares to the Company's treasury. [Refer to Note
B - Stockholders' Equity (Deficit)] Also, as part of the contract with Cypress,
the Company is responsible for normal operating costs, which Cypress was
providing. These costs in operations paid to Cypress amounted to $8,910
[Office Expenses $1,346; Professional Fees for secretarial costs $3,818;
Rent $3,325; and Telephone $421].

On January 31, 2011, two shareholders of the Company loaned $2,000 for
additional funding to assist the Company accomplice its operating goals. These
loans have twelve (12%) percent per annum interest rate with the loans payable
when funds are available. (Refer to Note H - Stockholders' Loans [Subsequent
Event])

NOTE F - FILING WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION

The Company has completed filing with the U.S. Securities and Exchange
Commission one form to become public and is in the process of preparing a
filing to be able to sell shares to the public. The Company filed a Form 10
under the Securities and Exchange Act of 1934 to start reporting its operations.
In conjunction with the Form 10, the Company will file an S-1 under the
Securities Act of 1933 to allow its shareholders to sell their shares to the
public. The plan is for the Company to register part of the existing
shareholders' 2,940,625 shares outstanding with the shares to be sold to the
public at $0.25 per share. The costs for this offering are estimated to be
less than $10,000.

NOTE G - RESTATEMENT

The Statement of Operations for the periods ended September 30, 2010 was
restated for correction of an error in the amount of $40,000. This error was
for unrecorded amortization of consulting services of Cypress (refer to Note
E - Related Party) of $40,000. The Statement for Operations' Professional Fees
was increased by $40,000 for the three months, nine months, and from inception
[September 2, 2005] ended/to September 30, 2010. In Stockholders' Equity
section of the Balance Sheet at September 30, 2010, unearned capital balance of
$160,000 resulted from the amortization into Professional Fees. This contract
was entered into during the three months ended September 30, 2010. This
accounting change will result in the net loss to increase in each future
accounting period until the contract is completed when all of the $200,000 fees
will be due and payable.

ASC FASB 250-10-50-7 Disclosure

Effects on previously issued financial statements for the periods ended
September 30, 2010 are as follows:

Statement of Operations and Comprehensive Income for the Three Months Ended
September 30, 2010

Previously Reported Net Change Restated
------------------- ---------- --------
Professional Fees $ 6,268 $ 40,000 $ 46,268
Total Expenses 9,319 40,000 49,319
Total Loss from Operations (9,319) (40,000) (49,319)
Net Loss $(9,319) (40,000) $(49,319)
======= ========
Basic Loss per Share $(0.002) (0.007) $ (0.009)
======= ========

Statement of Operations for the Nine Months Ended September 30, 2010

Previously Reported Net Change Restated
------------------- ---------- --------
Professional Fees $ 8,668 $ 40,000 $ 48,668
Total Expenses 12,248 40,000 52,248
Total Loss from Operations (12,248) (40,000) (52,248)
Net Loss $(12,248) (40,000) $(52,248)
======== ========
Basic Loss per Share $ (0.003) (0.009) $ (0.012)
======== ========

Statement of Operations from Inception [September 2, 2005] to September 30, 2010

Previously Reported Net Change Restated
------------------- ---------- --------
Professional Fees $ 33,965 $ 40,000 $ 73,965
Total Expenses 76,254 40,000 116,254
Total Loss from Operations (52,837) (40,000) (92,837)
Net Loss $(52,804) (40,000) $(92,804)
======== ========

Statement of Cash Flows for Nine Months Ended September 30, 2010

Previously Reported Net Change Restated
------------------- ---------- --------
Cash Flows from Operating
Activities:
Net income $(12,248) $(40,000) $(52,248)
Add non-cash expenses to
Net Loss:

Increase Professional Fees
from consulting agreement 0 40,000 40,000
Net Cash Used by Operating
Activities $(12,248) $ 0 $(12,248)
======== ======== ========

Statement of Cash Flows from Inception [September 2, 2005] to September 30, 2010

Previously Reported Net Change Restated
------------------- ---------- --------
Cash Flows from Operating
Activities:
Net income $(52,804) $(40,000) $(92,804)
Add non-cash expenses to
Net Loss:
Increase Professional Fees
from consulting agreement 0 40,000 40,000
Net Cash Used by Operating
Activities $(50,304) $ 0 $(50,304)
======== ======== ========

NOTE H - STOCKHOLDERS' LOAN [SUBSEQUENT EVENT]

[Intentionally Left Blank]

Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

There are none.

Item 9A. Controls and Procedures.

Item 9A(T). Controls and Procedures.

Item 9B. Other Information.

Part III

Item 10. Directors, Executive Offices and Corporate Governance

Identification of Directors:

Position Held
Name Age with Company Elected
________________________________________________________________
Janine Weller 49 Director May 28, 2010
Denise Leonardo 48 Director October 24, 2007
Julie Ann Goodwin 49 Director May 28, 2010
Steven G. Salmond 61 Director August 21, 2010

Directors are elected by the shareholders at each annual meeting.

Identification of Officers:
Position Held
Name Age with Company Elected
________________________________________________________________

Denise Leonardo 48 President, CEO May 28, 2010*
Steven G. Salmond 61 Secretary and
Treasurer, CFO August 21, 2010

* Ms. Leonardo served as Treasurer, Chief Financial Officer and Director of the
Company from her appointment on October 24, 2007 until May 28, 2010 when she
was elected President. Her responsibilities included oversight over internal
controls, financial reporting and compliance with state and federal laws.

Officers of the Company serve at the will of the Board of Directors. Presently
the Company has no employment contract with any of its officers.

Brief biographies of the officers and directors of the Company are set forth
below. Each director holds office until the next annual meeting or until his
death, resignation, retirement, removal, disqualification or until a successor
has been elected and qualified. Vacancies in the existing board are filled by
a majority of the remaining directors.

None of the officers or directors hold directorships in any other Company.

Of the officers and directors only Mr. Salmond has any experience in management
of a public company.

Denise Leonardo, President - Ms. Leonardo served as Treasurer, Chief Financial
Officer and Director of the Company from her appointment on October 24, 2007
until May 28, 2010 when she was elected President. Her responsibilities included
oversight over internal controls, financial reporting and compliance with state
and federal laws.

Ms. Leonardo received the designation of CSOX (Certificate in Sarbanes-Oxley)
in December, 2006 from the SOX Institute of the Sarbanes-Oxley Group, Clifton,
New Jersey.

Ms. Leonardo has been the president of DL Consultants, Inc., Palm Beach, FL
from 2005 thru the present. She oversees all aspects of the business. The
Company provides direction to clients regarding the requirements of the
Sarbanes-Oxley Act of 2002 and aids clients in the way they communicate their
financial information by cultivating, edgarizing and filing SEC Form filings
and Private Placement Memorandum documents.

From 2003 thru 2005, Ms. Leonardo was employed with American Capital Holdings,
Inc. and IS Direct Agency, Palm Beach, FL. She assisted in the creation of ten
(10) public development stage companies and developed a human resource
department and financial department procedures. She implemented Sarbanes-Oxley
compliance and was responsible for compiling and formatting financial data into
SEC Form structure, edgarize and filing SEC documents.

She also created the insurance department at IS Direct Agency as a licensed
entity/producer and agent/producer in 39 and 48 states respectively. She was
also responsible for maintaining investor communications and relations.

From 1991 thru 2004, Ms. Leonardo owned and operated Leonardo

Yacht Maintenance, Palm Beach, FL. She developed a team to provide service for
detailing and maintenance of vessels throughout Palm Beach County, FL.

Ms. Leonardo was director of sales and service at Venus Interiors, Flagler
Beach, FL and sales rep at Sunflooring, Inc., Tampa, FL from 1981 thru 1991.
She was responsible for sales and service to the retail and wholesale markets.

Ms. Leonardo in 2006 was Sarbanes-Oxley Certified and attained from the State of
Florida, a Life, Health & Annuity Insurance License in 2005.

Ms. Leonardo attended Palm Beach Community College in 2005 for Financial
Accounting. From 2000 thru 2001, she attained an AS Degree in Computer
Programming and DB Design while being listed on the Dean's and president's
List.

Julie Goodwin, Director - Since 1999 to present, Mrs. Goodwin studies stock
market and economic trends using technical chart analysis methods while
successfully trading in self-directed accounts.

She was employed in opening investment accounts with Charlestown Savings Bank,
Boston 1980. She married and relocated to Nova Scotia, Canada 1981.
Mrs. Goodwin co-owned and managed a lobster and boat building businesses from
1981 to 2000. Through home-schooling, she educated her four children utilizing
Montessori Methodology from 1985-2005.

Mrs. Goodwin graduated with honors from Malden High School, class of 1978, then,
majored in French and Education at University of Massachusetts, Amherst
1978-1980. Mrs. Goodwin Attended Centre International d'Etudes Francais in
Angers, France, Spring 1980.

Janine Weller, Director - Ms. Weller has been National Graphic Design Director
for Sonoco CorrFlex, from 2007 to present, operating from the Glen Rock, NJ
sales & design office. She is responsible for creative leadership and
development of graphic designers and 3D rendering specialists, focused on
creating innovative, best in class, award-winning solutions for customers in
a variety of industries.

Through successful development and implementation of best practices, she has
unified designers of different disciplines, training and geographic locations
across the US to work as a

team, leveraging design resources to meet customer expectations.

Ms. Weller joined Sonoco CorrFlex, the point-of-purchase merchandising display
division of Sonoco, a global manufacturer of industrial and consumer products
and provider of packaging services in 2003, as senior graphic designer.

Starting in 2000, Ms. Weller served as graphic designer at ADC. Purchased by
Alliance/Rock-Tenn in 2001, she was retained as senior graphic designer through
March 2003. Prior to 2000, Ms. Weller has continuously held a variety of
positions in the graphic design and advertising fields including in-house,
agency, studio and consulting.

Ms. Weller is a 1983 graduate of Pratt Institute with a B.F.A. degree with
honors in art direction.

Steven G. Salmond - Mr. Salmond has consulted small businesses on accounting
and related systems including setup of accounting system, transfer of
accounting records to new systems, and training of staff in the new systems.
He has also in the private sector of accounting performed accounts receivable,
accounts payable, payroll, general journal adjustments and prepared financial
statements for both publicly and privately held companies. Mr. Salmond has been
Chief Financial Officer ("CFO") in several public companies reporting under the
1934 Securities Act. Mr. Salmond was the CFO in Lincoln Floorplanning Company,
Inc. and consulted the CFO of United Park City Mines for its 1934 filings.
Lincoln was a small company with no continous operations. United Park was a
New York Stock Exchange company with real estate development operation until it
was taken private. He has managed personnel in accounting departments as well
as work under the management of accounting to perform the work to be completed.
Mr. Salmond has experience in oil and gas, timber harvesting, mining, real
estate development, water purification equipment manufacture and service,
computer software training, marketing, and health spas. Mr. Salmond was an
audit partner in a small accounting practice. He audited oil and gas, mining,
health spas, printing, fast food and startup companies. Most of the audits were
for publicly traded companies with some filing with the U.S. Securities and
Exchange Commission. He graduated with a B.S. Degree in Accounting in 1975
from Weber State University located in Ogden, Utah.

Item 11. Executive Compensation

Description Name (1) Name (2) Name (3) Name (4) Name (5) Name (6)
Name and Principal Janine Denise Julie Ann Steven G. James H. Richard
Position (a) Weller Leonardo Goodwin Salmond Bashaw R. Cook

Year (b) 2009 2009 2009 2009 2009 2009
Salary ($) (c) $ 0 $ 0 $ 0 $ 0 $6,200 $ 0
Bonus ($) (d) 0 0 0 0 0 0
Stock Awards ($) (e) 0 0 0 0 0 0
Option Awards ($) (f) 0 0 0 0 0 0
Non-equity Incentive
Plan Compensation ($)
(g) 0 0 0 0 0 0
Change in pension
value and Non-
Qualified deferred
compensation earnings
($) (h) 0 0 0 0 0 0
All other
compensation ($) (i) 0 0 0 0 0 0
Total ($) (j) $ 0 $ 0 $ 0 $ 0 $6,200 $ 0

Year (b) 2010 2010 2010 2010 2010 2010
Salary ($) (c) $ 0 $ 0 $ 0 $ 0 $2,400 $ 0
Bonus ($) (d) 0 0 0 0 0 0
Stock Awards ($) (e) 0 0 0 0 0 0
Option Awards ($) (f) 0 0 0 0 0 0
Non-equity Incentive
Plan Compensation ($)
(g) 0 0 0 0 0 0
Change in pension
value and Non-
Qualified deferred
compensation earnings
($) (h) 0 0 0 0 0 0
All other
compensation ($) (i) 0 0 0 0 0 0
Total ($) (j) $ 0 $ 0 $ 0 $ 0 $2,400 $ 0

(1) Director from May 28, 2010
(2) President and Director (CEO) from May 28, 2010 and past Secretary/Treasurer
(CFO) from 2005 to May 28, 2010
(3) Director from May 28, 2010
(4) Secretary/Treasurer (CFO) and Director from August 21, 2010
(5) Past President and Director (CEO), died on May 15, 2010. President and
Director from 2005 to May 15, 2010 (Death Date)
(6) Past Secretary/Treasurer (CFO) from May 28, 2010 to August 21, 2010;
Director from 2005 to August 21, 2010

There was no compensation paid to Officers or Directors in 2008
(c) The named officer received payments in cash only

Future salaries of the officers and directors will be set by the Board of
Directors depending upon the financial condition of the company, and may include
bonuses, health insurance and other

compensation as the Board of Directors may award. Out-of-pocket expenses are
defined as the monies expended on behalf of the company while engaged in Company
Business such as travel expenses and items purchased for use by the Company.

Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters

The following table contains information as of the date of this filing as to
the beneficial ownership of shares of common Stock of the Company of each person
who was the beneficial owner of five (5%) percent or more of the outstanding
shares of the Company.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
_____________________________________________________________________________
Title of Class Name and Address of Amount and Nature Percent
Beneficial Owner of Beneficial Owner
______________________________________________________________________________
Common stock Steven G. Salmond* 2,958,625 50.15%
454 Treemont Drive
Orange City, FL 32763

Common stock Janine Weller 350,000 5.93%
415 Macopin Road
West Milford, NJ 07480

Common stock Renay Bashaw Werman 350,000 5.93%
100 Highland Acres Drive
Dingmans Ferry, PA 18328

Common stock Denise Leonardo 300,000 5.09%
9266 Keating Drive
Palm Beach Gardens, FL 33410

Common stock Julie Ann Goodwin 253,100 4.29%
232 Trickey Pond Road
Naples, ME 04055

* Shares being held as security for management contract to Cypress Bend
Executive Services, LLC, which Mr. Salmond is a member.

The following table contains information as of the date of this filing as to
the beneficial ownership of shares of common stock of the Company, as well as
all persons as a group who were then officers and directors of the Company.

SECURITY OWNERSHIP OF MANAGEMENT
______________________________________________________________________________
Title of Class Name and Address Amount Percent
______________________________________________________________________________

Common stock Steven G. Salmond 2,958,625 50.15%
454 Treemont Drive
Orange City, FL 32763

Common stock Denise Leonardo 300,000 5.09%
9266 Keating Drive
Palm Beach Gardens, FL 33410

Common stock Julie Ann Goodwin 253,100 4.29%
232 Trickey Pond Rd.
Naples, ME 04055

Common stock Janine Weller 350,000 5.93%
415 Macopin Road
West Milford, NJ 07480

Common stock Officers and Directors
as a group 3,861,725 65.46%

See also "Item 13 Certain Relationships and Related Transactions, and Director
Independence."

Item 13. Certain Relationships and Related Transactions, and Director
Independence

No officer or director is related to or has any relationship with any other
officer or director.

Credex has entered into a management contract with Cypress. This contract
provides that Cypress will provide operational support to Credex and to take
Credex Public through Form 10 and S-1 filings with the Securities and Exchange
Commission. Cypress will return the shares it owns to Treasury Stock upon
completion of its contract obligations and receiving payment in full for its
services. Cypress is a Nevada, LLC formed on July 7, 2010 with three members.
As part of the agreement Steven G. Salmond, a member of Cypress Bend, was
installed as Secretary, treasurer, CFO and Director of Credex. Cypress has a
business plan to provide services similar to those provided to Credex. Credex
is Cypress's first client.

The contract with Cypress Bend Executive Services, LLC was

negotiated between Credex's CEO, Denise Leonardo and Timothy L. Kuker of
Cypress. The Contract was approved by Credex's Board. None of the voting
members have any relationship with Cypress. Mr. Cook abstained from voting on
the matter of the agreement. Credex believes the negotiation was arms length
and the terms of the agreement are at least as favorable to Credex as could
have been obtained with an unrelated party.

The Company has entered into subscription agreements to sell its stock as shown
in Item 10.

Each purchaser of stock pursuant to the Private Placement Memorandum signed a
subscription agreement. All of these subscription agreements are the same. A
specimen is attached as Exhibit 10.2.

Item 14. Principal Accounting Fees and Services

The Company has engaged Moss, Krusick & Associates, LLC, 480 North Orlando
Avenue, Suite 218, Winter Park, FL 32789, to audit the annual financial
statements, review quarterly financial statements, and provide other services
required to comply with accounting and reporting rules and related guidelines.
The fees recorded in Professional Fees in operations were $8,875 and $5,000 in
2010 and 2009, respectively.

Part IV

Item 15. Exhibits, Financial Statement Schedules

Exhibit 3.(i) - Amended and Restated Articles of Incorporation
Exhibit 3.(ii)- Bylaws of Credex Corporation
Exhibit 31.1 - Certification of Chief Executive Officer of Credex Corporation
required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities
Exchange Act of 1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
Exhibit 31.2 - Certification of Chief Financial Officer of Credex Corporation
required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities
Exchange Act of 1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
Exhibit 32.1 - Certification of Chief Executive Officer of Credex Corporation
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and
Section 1350 of 18 U.S.C. 63.
Exhibit 32.2 - Certification of Chief Executive Officer of Credex Corporation
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and
Section 1350 of 18 U.S.C. 63.

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.

Credex Corporation

By: ___________________________ Date: March 16, 2011
Denise Leonardo,
Chief Executive Officer