UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


            Date of Report (Date of earliest reported) May 25, 2002


                      Century Pacific Financial Corporation
             (Exact name of registrant as specified in its chapter)

    Delaware                         0-16075                     86-0449546
(State or other                    (Commission                 (IRS Employer
jurisdiction of                    File Number)              Identification No.)
 incorporation)

          1505 E. Weber Street, Suite 120, Tempe, AZ          85281
           (Address of principal executive offices)         (Zip Code)


        Registrant's telephone number, including area code 480-966-6115


                   1422 N. 44th Street, #211, Phoenix AZ 85008
          (Former name or former address, if changed since last report)

                      CENTURY PACIFIC FINANCIAL CORPORATION

                                    FORM 8-K

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
PART I

     ITEM 1. CHANGES IN CONTROL OF REGISTRANT...............................  2
     ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS...........................  3
     ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE .....................  9

SIGNATURES.................................................................. 10

                                   ----------

                 CAUTIONARY STATEMENT REGARDING "FORWARD LOOKING
                                   STATEMENTS"

     Statements  contained in this filing that are not based on historical fact,
including without limitation  statements  containing the words "believe," "may,"
"will,"  "estimate,"  "continue,"  "anticipate,"  "intend," "expect" and similar
words, constitute "forward-looking statements". These forward-looking statements
involve known and unknown risks,  uncertainties and other factors that may cause
the actual results,  events or developments to be materially  different from any
future   results,   events  or   developments   expressed  or  implied  by  such
forward-looking statements.  These factors include, among others, the following:
general economic and business conditions,  both nationally and in the regions in
which  Century  Pacific  Financial  Corporation  and its  subsidiaries  operate;
technology changes; the competition we face; changes in our business strategy or
development  plans;  existing  governmental  regulations  and changes in, or our
failure to comply with,  governmental  regulations;  liability  and other claims
asserted against us; our ability or the ability of our third-party  suppliers to
take  corrective  action in a timely manner with respect to changing  government
regulations; and other factors referenced in our filings with the Securities and
Exchange Commission.

GIVEN THESE UNCERTAINTIES,  READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON
FORWARD-LOOKING  STATEMENTS.  Other than as required  by law,  we  disclaim  any
obligation to update  information  concerning the factors  mentioned above or to
publicly  announce  the result of any  revisions  to any of the  forward-looking
statements  contained  in this  filing  to  reflect  future  results,  events or
developments.

                                       1

ITEM 1. CHANGES IN CONTROL OF REGISTRANT.

(a)  Century Pacific Financial Corporation ("Century") is a holding company that
was  formed  in 1982  and  commenced  operations  in  1984.  In the past we have
generated revenues through our principal  subsidiaries which provided a range of
financial  and  commercial  services.  We  and  our  three  subsidiaries  may be
sometimes hereinafter referred to as the "Company".  The remaining  subsidiaries
of Century include  Century Pacific  Fidelity  Corporation  (Fidelity),  Century
Pacific  Investment  Management  Corporation  (Century  Management)  and  Global
Medical Technologies Inc. DBA Tempe Medical Equipment (Global Medical).

In the past,  we received  revenue  from an  investment  banking and  securities
brokerage business operated under our former principal officer's license through
an independent  contractor agreement with a regional securities firm. Our former
principal officer was registered as a securities  registered  representative and
principal in several states and primary  activities  included  acting as a stock
broker in most types of investment securities and options.

In early 2002, we completed our  reorganization to eliminate all  stockbrokerage
operations  from our  business  and in the future we shall  focus  primarily  on
medical  equipment  sales and service and hospital  design  consultation.  A new
Board of  Directors  was selected on May 15, 2002 (as  previously  reported in a
Form  8-K),  and  plans  for  aggressively   acquiring  more  medically  related
businesses have been approved.  As reimbursements to medical services  providers
in the United  States  continue  to remain  low,  the  demand for  reconditioned
medical  equipment and repairing  medical  equipment is increasing.  This factor
coupled  with  an  expanding  demand  for  medical  equipment   worldwide  leads
management  to believe this is the area in which the business  should be focused
at this  time.  In  addition  to the sales and  service  of  medical  equipment,
management  plans to use funds derived from future  offerings to finance medical
equipment.  Changes in economic trends, war, and other unforeseen  situations or
developments  may result  because of  domestic or foreign  political  pressures.
Readers  are  cautioned  not to place undue  reliance  on these  forward-looking
statements, which reflect management's plans and analysis as of the date hereof.

The medical equipment  subsidiary purchases for resale used and occasionally new
medical  equipment.  Global  Medical  employs  personnel  that  are  technically
qualified  to refurbish  both the  electronic  apparatus  as well as  structural
elements of "hi-tech" medical instruments and machines.

We have maintained our corporate headquarters in a leased office located at 1422
N. 44th Street,  Suite 211,  Phoenix,  AZ 85008, but our headquarters are now at
the  offices  of Global  Medical at 1505 E.  Weber  Street,  Suite 120 in Tempe,
Arizona 85281.

(b) The following  table contains  information  regarding  share holdings of our
immediate  past  directors and executive  officers and those persons or entities
who beneficially  owned or controlled more than 5% of our common stock after the
completion of  acquisition  of Global Medical and prior to the 7 to 1 reverse of
our common stock which was approved on May 25, 2002:

                                                       Amount and
                                                        nature of        Percent
Title of      Name and Address of                      Beneficial          of
 Class         Beneficial Owner        Title            Ownership         class
 -----         ----------------        -----            ---------         -----
Common        Carlton V. Phillips    None               3,186,925         6.19%

Common        David L. Hadley (1)    President,
                                     Director and
                                     Chief Executive
                                     Officer           19,825,505        38.50%

(1)  David L. Hadley is the  controlling  shareholder  and a director of Natural
     Technologies, Inc., the owner of record of the shares.

                                       2

After the reverse on May 25, 2002,  Carlton V. Phillips  owned 455,275 shares of
common stock and David L. Hadley owned and/or controlled  directly or indirectly
2,832,215 shares of common stock.

ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

In May 1996,  we filed a Chapter  11  reorganization  proceeding  in the  United
States  Bankruptcy Court seeking  reorganization  of our company and relief from
our  debts  in  Bankruptcy,  No.  96-09598-PHX-GBN.  During  the year  1999,  we
presented a plan to the Bankruptcy  Court which received  approval for us to pay
our debts with our stock. As part of this plan, we issued  18,329,444  shares of
stock  for our  debt and we  emerged  from  bankruptcy.  At that  time,  we also
purchased  inventory to invest into our newly formed subsidiary,  Global Medical
Technologies, Inc. The Company issued 19,825,505 shares of stock for $200,000 of
used medical  equipment.  We have utilized  Natural  Technologies,  Inc., as our
primary  contractor  for equipment  repair,  a company that is owned by David L.
Hadley,  one of our major  shareholders  and our President.  We also have a Note
Receivable from Natural Technologies for $138,973.

The  used/refurbished  medical  equipment  industry  is a  multi-billion  dollar
industry  which is growing  rapidly  due to the need for medical  technology  in
developing  countries  and the  need  for cost  containment  here in the  United
States.  The steady demand for lower priced medical technology and the increased
reliance upon it by healthcare  professionals  suggest this market will continue
to be viable for many years to come.

In recent years,  the medical supply industry of new equipment has experienced a
dramatic  change as large national  companies have acquired  smaller local ones.
Thus, it is rare to find a small,  privately  owned supply  company  selling new
medical equipment because of its inability to compete with the larger companies.
National  purchase  contracts allow the bigger companies to sell products to end
users at prices  nearly equal to or below normal  dealer  purchase  price.  As a
result,  smaller companies are forced to either merge with the larger ones or be
forced out of business.

Unlike the new medical  equipment and supply industry,  the used and refurbished
segment of the industry has not yet experienced this  transformation.  There are
literally  thousands of small and medium sized providers of used and refurbished
medical  equipment  spread across the country,  with virtually no single company
dominating the market outside of its local area of influence. One of the reasons
for this is the fact that most of these companies are privately held and usually
run by a single  entrepreneur  who has gained years of  experience in a specific
field of the medical equipment industry,  has developed contracts and has carved
a niche for his company in a particular area of the country.  The issue of other
large  companies  coming  into the market and taking over has not  occurred  yet
because  the  industry  is  primarily  made up of small,  very  specialized  and
privately  held  companies.  The bigger,  publicly  held  companies  with larger
amounts of capital have not realized the significance of the market for used and
refurbished medical equipment until just recently.

                                       3

In the past few years,  we have seen major  companies  like Steris,  Stryker and
Hill Rom enter the refurbished medical equipment market. However, their presence
has been of little  significance  because their scope of products  available for
buyers has been too limited and their refurbished equipment prices have not been
competitive  compared  to other  refurbished  equipment  dealers in the  market.
Although  there are  always  buyers  for  single  pieces of  equipment  in every
specialty,  the demand for supplying complete hospitals in developing  countries
is giving  those  companies  capable of  providing a wider scope of  refurbished
equipment a definite advantage.

The future of the used and refurbished medical equipment supply industry belongs
to the company  which can provide a full  spectrum of both  refurbished  and new
equipment,   the  service  organization  required  to  support  it,  the  expert
consultants to assist in new project design and the Internet  communications and
advertising system necessary to alert the world of its presence.  Global Medical
is prepared to be, and intends to be, the leader in this industry.

Our business does involve the use, handling, storage and disposal of potentially
toxic  substances  or wastes  from  time to time.  However,  these are  isolated
incidences   which  we  deal  with  in  accordance   with  applicable  laws  and
regulations.  Accordingly,  we are not subject to regulation by federal,  state,
and  local  authorities  establishing  requirements  for  the  use,  management,
handling,  and disposal of these materials and health and environmental  quality
standards, liability related to those standards, and penalties for violations of
those  standards.  We  believe  that we do not have any  material  environmental
liabilities.  Compliance with environmental laws, ordinances and regulations has
not had, and we do not expect such compliance to have, a material adverse effect
on our business, financial condition, or results of operations.

We maintain an insurance  policy that covers our  property and provides  general
liability coverage of $1,000,000 per occurrence with a $2,000,000 aggregate.  We
believe our insurance coverage is adequate.

As of June 1, 2002, we had 5 employees in our corporate structure (which include
2 in management and  administration,  2 in production  and 1 in sales).  We have
experienced  no work  stoppages  and are not a party to a collective  bargaining
agreement. We believe that we maintain good relations with our employees.

RISK FACTORS

You should carefully  consider the following risk factors,  in addition to those
discussed elsewhere in this Report, in evaluating our business.

UNLESS WE RAISE ADDITIONAL CAPITAL TO EXPAND OUR BUSINESS, WE MAY NOT BE ABLE TO
ACHIEVE THE GOALS OF OUR BUSINESS PLAN.

Global Medical has secured equity funding for operations and the  acquisition of
additional inventory and equipment from and through our principal officer, David
L. Hadley.  We will be required to seek  additional  equity or debt financing to
expand our operations and to finance future  acquisitions or develop new product
lines,  to obtain  equipment and inventory or to provide funds to take advantage
of other  business  opportunities.  The timing  and  amount of any such  capital
requirements  cannot be predicted at this time.  There can be no assurance  that
such  financing  will be available on  acceptable  terms in the future.  If such
financing is not available in sufficient  amounts or on satisfactory  terms, our
operating  results  may  be  adversely  affected  and  we  may  be  required  to

                                       4

restructure our business and  operations,  which could  significantly  interfere
with our efforts to expand our business at the desired  rate. We desire to raise
needed  capital  only from equity  sources,  but if business  opportunities  are
available that require debt financing,  serious  consideration  will be given to
incurring debt,  which will increase our expenses and must be repaid  regardless
of operating results from those opportunities.  Equity financing could result in
additional dilution to our existing stockholders.

OUR LIMITED OPERATING HISTORY MAY CAUSE FUTURE INVESTORS A PROBLEM IN EVALUATING
OUR POTENTIAL FOR FUTURE  SUCCESS.  THIS IN TURN COULD CAUSE US  DIFFICULTIES IN
RAISING NEEDED CAPITAL.

Global  Medical  was  formed in 1999.  Global  Medical  has a limited  operating
history and limited historical financial information upon which you can evaluate
our existing  business and our  potential for future  success.  We face numerous
risks,  expenses,  delays,  and  uncertainties  associated  with  establishing a
profitable business. Some of these risks and uncertainties relate to our ability
to

*    increase customer acceptance of our products and services,
*    develop and renew strategic relationships,
*    obtain access to new distribution channels,
*    provide  or  contract   for   satisfactory   customer   service  and  order
     fulfillment, and
*    integrate any acquired businesses, technologies and services.

We may not be  successful  in  addressing  these  risks and  uncertainties.  The
failure to do so would materially and adversely affect our business.

As a result of our limited operating history,  our plan for rapid growth and the
increasingly  competitive  nature  of the  markets  in  which  we  compete,  our
historical  financial data is of limited value in anticipating  future operating
expenses.  Our planned expense levels will be based in part on our  expectations
concerning  future revenue,  which is difficult to forecast  accurately based on
our stage of development. We may be unable to adjust spending in a timely manner
to  compensate  for any  unexpected  shortfall  in  revenue.  Further,  business
development  and  marketing  expenses  may increase  significantly  as we expand
operations.  To the  extent  that  these  expenses  precede  or are not  rapidly
followed by a corresponding increase in revenue, our business, operating results
and financial condition may be materially and adversely affected.

LOSS OF KEY PERSONNEL OR  MANAGEMENT  COULD CAUSE  FURTHER  MONETARY  LOSSES AND
THEREBY JEOPARDIZE OUR FUTURE SUCCESS.

We depend upon the expertise and business  connections of our executive officers
and other key  personnel,  particularly  David L. Hadley,  our  Chairman,  Chief
Executive  and Operating  Officer and  President.  Our future  success also will
depend upon our ability to attract and retain qualified  personnel.  The loss of
Mr.  Hadley's  services  or the  services  of our  other key  personnel,  or our
inability to attract and retain qualified personnel in the future,  could have a
material adverse effect on our business.

WE MAY  NOT BE  COMPETITIVE  IF WE FAIL  TO  ENHANCE  OUR  PRODUCT  AND  SERVICE
OFFERINGS AND DISTRIBUTION CHANNELS.

                                       5

The failure to acquire new or enhanced products, services, distribution channels
and online  features and functions  could have a material  adverse effect on our
business. To remain competitive, we must continue to

*    expand our  product  and  service  offerings  and  develop  or acquire  new
     distribution and acquisition channels,
*    attract and retain additional staff, and
*    improve the knowledge and purchasing experience of our products.

Developing,   launching,  and  promoting  new  product  and  service  offerings,
establishing  new  distributing  arrangements or expanding into new markets will
require  us to  make  significant  investments  of  financial,  management,  and
operational  resources.  These  efforts also could strain our ability to support
our existing business and product and service  offerings.  Our business could be
materially and adversely affected if we fail to achieve these goals.

CHANGES IN ECONOMIC CONDITIONS AND MEDICAL REVENUE RECEIPTS MAY ADVERSELY AFFECT
OUR BUSINESS.

Our  success  depends  in part upon a number of  economic  factors  relating  to
discretionary   business   spending,   including   employment  rates,   business
conditions,  future  economic  prospects,  interest  rates  and  tax  rates  and
collection of medical services  provided.  We are unable to estimate the impact,
if any, of the acts of terrorism  recently unleashed on the United States on our
business.

WE MAY INCUR  SIGNIFICANT  EXPENSES  IN AN  UNSUCCESSFUL  ATTEMPT TO PROMOTE AND
MAINTAIN RECOGNITION OF GLOBAL MEDICAL WHICH WOULD CAUSE LOSSES.

Our success depends in part on our ability to build the brand identity of Global
Medical.  We may incur  significant  marketing costs in our effort to create and
maintain a strong brand identity. We will require significant additional capital
to build our brand identity and  successfully  grow our business.  Our business,
operating  results and financial  condition  could be  materially  and adversely
affected if we cannot obtain sufficient capital for these purposes.

OUR FAILURE TO CONTINUE  TO DEVELOP AND GROW OUR SALES AND  MARKETING  FORCE AND
EFFORTS COULD ADVERSELY  AFFECT OUR BUSINESS AND RESULT IN DECREASING  SALES AND
LOSSES.

Until just recently we did not employ an experienced  sales and marketing  team,
other than our senior management, and relied on outside consultants.  We need to
employ  additional  experienced  sales  and  marketing  personnel  to  assist in
increasing  sales.  Establishing  our sales and  marketing  team will  involve a
number of risks, including the following:

*    we may not have adequate financial and marketing resources to establish and
     maintain such a team,
*    we may be  unable  to  hire,  retain,  integrate  and  motivate  sales  and
     marketing personnel and their support staff, and
*    new sales and marketing  personnel may require a substantial period of time
     to become productive.

                                       6

OUR FAILURE TO EFFECTIVELY MANAGE OUR GROWTH COULD IMPAIR OUR BUSINESS.

Our  failure  to manage  our growth  effectively  could have a material  adverse
effect on our business,  operating results and financial condition.  In order to
manage our growth, we must take various steps, including the following:

*    arrange necessary capital to expand our facilities and equipment,
*    obtain products and services from third parties on a timely basis, and
*    successfully hire, train, retain and motivate additional employees.

We anticipate  that our future growth in our operations will place a significant
strain on our management systems and resources.  We will be required to increase
staffing and other expenses as well as make expenditures on capital equipment to
attempt to meet the  anticipated  demand of our  customers.  We may increase our
expenditures  in anticipation  of future orders that do not  materialize,  which
would adversely affect our profitability.

WE MAY BE UNABLE TO IDENTIFY OR SUCCESSFULLY INTEGRATE POTENTIAL ACQUISITIONS.

We  desire  to  acquire  complementary   businesses,   products,   services  and
technologies in the future. We may not be able to identify suitable  acquisition
candidates  or  make   acquisitions  on  commercially   acceptable   terms.  Any
acquisitions  would be accompanied  by other risks commonly  encountered in such
transactions, including the following:

*    difficulties  related  to  integrating  the  operations  and  personnel  of
     acquired companies,
*    the  additional  financial  resources  required to fund the  operations  of
     acquired companies,
*    the potential disruption of our business,
*    the difficulty of maintaining uniform standards,  controls, procedures, and
     policies;
*    the potential loss of key employees of acquired companies,
*    the  impairment  of  employee  and  customer  relationships  as a result of
     changes in management, and
*    the incurrence of significant expenses in consummating acquisitions.

WE FACE INTENSE COMPETITION.

Our ability to compete  successfully  depends on a number of factors both within
and outside our control, including the following:

*    the quality, features, diversity, and prices of our products and services,
*    our ability to acquire used medical equipment,
*    our ability to refurbish used medical equipment,
*    our ability to generate customers to our Global Medical brand,
*    our ability to develop technology and service offerings,
*    our ability to develop and maintain effective marketing programs,
*    the quality of our customer service and training,
*    our ability to recognize  industry trends and anticipate shifts in consumer
     demands,
*    product introductions by our competitors,
*    the number, nature, and success of our competitors in a given market, and
*    general market conditions.

                                       7

Because these factors change rapidly, customer demand also can shift quickly. We
could  experience a material adverse effect on our business,  operating  results
and financial condition if we are unable to respond quickly to market changes or
a slowdown in demand for the products we sell and services we provide.

"PENNY STOCK" RULES MAY MAKE BUYING OR SELLING COMMON STOCK DIFFICULT.

Our common stock will be subject to the "penny stock" rules as promulgated under
the  Securities  Exchange Act of 1934.  These rules require any broker or dealer
engaging in a  transaction  in our common stock will be required to provide each
customer with a risk disclosure  document,  disclosure of market quotations,  if
any,  disclosure of the compensation of the broker-dealer and its salesperson in
the transaction, and monthly account statements showing the market values of our
securities  held in the  customer's  accounts.  The bid and offer  quotation and
compensation information must be provided prior to effecting the transaction and
must be contained on the customer's  confirmation.  Certain  brokers and dealers
are less willing to engage in transactions  involving "penny stocks" as a result
of the additional  disclosure  requirements  described above,  which may make it
more difficult for holders of our common stock to dispose of their shares.

SALES OF LARGE NUMBERS OF SHARES COULD ADVERSELY  AFFECT THE PRICE OF OUR COMMON
STOCK.

Sales of substantial  amounts of common stock by our  shareholders,  or even the
potential for such sales,  are likely to have a depressive  effect on the market
price of our common stock and could impair our ability to raise capital  through
the  sale  of  equity  securities.  Of the  7,353,120  shares  of  common  stock
outstanding  as of May 26,  2002  following  the 7 to 1  reverse,  approximately
4,065,630   shares  are  eligible  for  resale  in  the  public  market  without
restriction  unless  held by an  "affiliate"  of our  company,  as that  term is
defined under  applicable  securities  laws. The remaining  3,287,490  shares of
common stock currently outstanding are "restricted  securities," as that term is
defined  in Rule  144  under  the  securities  laws,  and  may be  sold  only in
compliance with Rule 144, pursuant to registration under the securities laws, or
pursuant to an exemption from the securities  laws.  Affiliates also are subject
to certain of the resale  limitations  of Rule 144.  Generally,  under Rule 144,
each person who beneficially owns restricted securities with respect to which at
least one year has elapsed  since the later of the date the shares were acquired
from us or an  affiliate  of ours may,  every  three  months,  sell in  ordinary
brokerage  transactions  or to market  makers  an amount of shares  equal to the
greater of 1% of our then-outstanding  common stock or, if the shares are quoted
on a stock  exchange or Nasdaq,  the average  weekly trading volume for the four
weeks prior to the proposed  sale of such shares.  Sales under Rule 144 also are
subject to certain manner-of-sale  provisions and notice requirements and to the
availability of current public  information  about our company.  A person who is
not an  affiliate,  who has not been an  affiliate  within three months prior to
sale, and who beneficially  owns restricted  securities with respect to which at
least two  years  have  elapsed  since  the  later of the date the  shares  were
acquired  from us or from an  affiliate  of ours is entitled to sell such shares
under  Rule  144(k)  without  regard to any of the volume  limitations  or other
requirements described above.

WE DO NOT PLAN TO PAY CASH DIVIDENDS IN THE IMMEDIATE FUTURE.

We have never paid any cash  dividends on our common stock and do not  currently
anticipate that we will pay dividends in the  foreseeable  future.  Instead,  we
intend to apply earnings to the expansion and  development  of our business.  To

                                       8

raise  additional  capital we may issue  some of our  preferred  stock,  and the
financial marketplace may require that we pay dividends on that stock.

CHANGE IN CONTROL PROVISIONS MAY ADVERSELY AFFECT EXISTING STOCKHOLDERS.

Our Articles of Incorporation and Delaware law contain  provisions that may have
the effect of making more  difficult  or  delaying  attempts by others to obtain
control of our company, even when those attempts may be in the best interests of
our  shareholders.  Our Articles of  Incorporation  also  authorize our board of
directors,  without  shareholder  approval,  to  issue  one or  more  series  of
preferred stock, which could have voting, liquidation,  dividend, conversion, or
other rights that adversely  affect or dilute the voting power of the holders of
our common stock.

OUR ACTUAL RESULTS MAY DIFFER FROM THE FORWARD-LOOKING  STATEMENTS  CONTAINED IN
THIS REPORT.

Certain  statements  and  information  contained in this Report  concerning  our
future, proposed, and anticipated activities, certain trends with respect to our
revenue, operating results, capital resources, and liquidity, or with respect to
the markets in which we compete,  and other statements  contained in this Report
regarding matters that are not historical facts are forward-looking  statements,
as  that  term  is  defined  in  the  Securities  Act of  1933.  Forward-looking
statements, by their very nature, include risks and uncertainties, many of which
are  beyond  our  control.  Accordingly,  actual  results  may  differ,  perhaps
materially,   from  those  expressed  in  or  implied  by  such  forward-looking
statements. Factors that could cause actual results to differ materially include
those discussed elsewhere under this Part 1.

AVAILABILITY OF MATERIALS FILED WITH THE SEC

The  public  may read and copy any  materials  we file with the SEC at the SEC's
Public  Reference  Room at 450 Fifth Street,  N.W.,  Washington,  DC 20549.  The
public may obtain  information on the operation of the Public  Reference Room by
calling the SEC at 1-8900-SEC-0330.  We will be an electronic filer, and the SEC
maintains  an  Internet  site  that  contains  reports,  proxy  and  information
statements,  and other information  regarding issurers that file  electronically
with the SEC at http://www.sec.gov.

ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE

On May 25,  2002,  we  effected  a 7 to 1  reverse  split  of our  common  stock
outstanding. This reduced our outstanding common stock from 51,471,843 shares to
7,353,120 shares.

We have previously reported that we have entered into a contract to purchase the
medical  equipment  repair business of Natural  Technologies,  Inc. The purchase
price was to have been $500,000 or shares of restricted  common stock at a value
of $0.10 per share  equal to the  $500,000  or unpaid  portion  thereof.  We are
delaying the acquisition of Natural  Technologies,  Inc., until such time as our
stock has  resumed  trading on NASD.  The price of the shares will be based upon
the bid price at the time of the closing of the acquisition.  Management expects
this purchase to be  consummated  before the end of this fiscal year,  but there
are no assurances that this can be achieved.

We are also in discussions  with All-Tech  Medical Resale and Go Sono Ultrasound
for their  acquisition.  While we are optimistic  that an acquisition  agreement
with each company can be reached,  there are no assurances  that the  agreements
will be entered into and if entered into subsequently closed.

                                       9

We plan to  undertake  a private  placement  of our stock in the near  future to
raise  $1,000,000  to  purchase  an  expanded  computer  system to  improve  our
inventory control system, the purchase of additional inventory,  the purchase of
cargo  trucks and  trailers  to reduce our  present  shipping  expenses  and for
additional operating capital.

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                            Registrant:    Century Pacific Financial Corporation
                                           Date: July 10, 2002

                                           /s/ David L. Hadley
                                           -------------------------------------
                                           David L. Hadley
                                           President

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