---------------------------------------------------------------------------
              UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                 FORM 10-QSB
                      QUARTERLY OR TRANSITIONAL REPORT

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

                For the Quarterly Period Ended June 30, 2001

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

                   Commission File Number          0-20549

                      BRAVO! FOODS INTERNATIONAL CORP.
       (Exact name of registrant as specified in its amended charter)

                                  formerly
                       China Premium Food Corporation

            Delaware                                        62-1681831
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

           11300 US Highway 1, North Palm Beach, Florida 33408 USA
                  (Address of principal executive offices)

                               (561) 625-1411
                        Registrant's telephone number

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

Check whether the issuer

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

The number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date is as follows:

  Date                         Class                   Shares Outstanding
08/10/01                    Common Stock                   13,195,414

<PAGE>


BRAVO! FOODS INTERNATIONAL CORP.

TABLE OF CONTENTS

PART I.  FINANCIAL INFORMATION

Item 1.  Financial statements                                           F-1

         Consolidated balance sheets as of                              F-1
         June 30, 2001 (unaudited) and December 31, 2000

         Consolidated statements of operations                          F-3
         (unaudited) for the three and six months ended
         June 30, 2001 and 2000

         Consolidated statements of cash flows                          F-4
         (unaudited) for the six months ended
         June 30, 2001 and 2000

         Notes to consolidated financial statements (unaudited)         F-5

Item 2.  Management's Discussion and Analysis of Financial                8
         Condition and Results of Operations

PART II - OTHER INFORMATION

Item 2.  Changes In Securities and Use of Proceeds                       11

Item 6.  Exhibits and reports on Form 8-K                                12

SIGNATURES                                                               12

<PAGE>


             BRAVO! FOODS INTERNATIONAL, CORP. AND SUBSIDIARIES

                         CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                              December 31,        June 30,
                                                  2000              2001
                                              ------------        --------


                                           <c>               <c>
Assets

Current assets:
  Cash and cash equivalents                   $    35,376       $    15,280
  Restricted cash (Note 1)                        161,000           161,004
  Accounts receivable                              30,061           114,268
  Note receivable                                 716,000                 -
  Other receivable                                 16,549            15,726
  Advance to vendor                                13,703            24,890
  Inventories                                     192,574           106,613
  Deferred interest                                28,500                 -
  Other                                                 -               587
  Prepaid expenses                                 26,153            23,973
                                              -----------------------------

Total current assets                            1,219,916           462,341

Furniture and equipment, net                      162,877           145,694
License rights, net                               655,982           490,089
Deposits                                           10,000            10,000
                                              -----------------------------

Total assets                                  $ 2,048,775       $ 1,108,124
                                              =============================

Liabilities and Shareholders' Equity

Current liabilities:
  Bank loan - Fujian Bank (Note 1)            $   142,557       $   142,560
  Current portion of note payable                 202,743           187,743
  Current portion of note payable to
   Warner Brothers                                335,000           368,750
  Other payables                                   48,274            29,650
  Accrued liabilities                             695,243         1,185,478
                                              -----------------------------

Total current liabilities                       1,423,817         1,914,181

Note payable to Warner Brothers, less
 current portion                                  163,750           105,000
Dividends payable                                 154,342           232,252
                                              -----------------------------
Long-term liabilities                             318,092           337,252
                                              -----------------------------

Total liabilities                               1,741,909         2,251,433
                                              -----------------------------

Commitments and contingencies
</TABLE>

<PAGE>  F-1


             BRAVO! FOODS INTERNATIONAL, CORP. AND SUBSIDIARIES

                         CONSOLIDATED BALANCE SHEETS

<TABLE>

                                           <c>               <c>
Shareholders' Equity (Note 2):
  Series A convertible preferred stock,
   par value $0.001 per share, 500,000
   shares authorized, no shares outstanding             -                 -
  Series B convertible, 9% cumulative,
   and redeemable preferred stock, stated
   value $1.00 per share, 1,260,000 shares
   authorized, 107,440 and 107,440 shares
   issued and outstanding, redeemable
   at $107,440                                    107,440           107,440
  Series C convertible, 8% cumulative and
   redeemable preferred stock, stated value
   $3.00 per share, no shares outstanding               -                 -
  Series D convertible, 6% cumulative and
   redeemable preferred stock, stated value
   $10.00 per share, 110,250 and 110,250
   shares issued and outstanding                1,060,178         1,060,178
  Series E convertible, 6% cumulative and
   redeemable preferred stock, stated value
   $2.50 per share, 330,000 shares issued
   and converted into common stock, no
   shares outstanding                                   -                 -
  Series F convertible and redeemable
   preferred stock, stated value $10.00
   per share, 174,999 and 174,999 shares
   issued and outstanding                       1,616,302         1,616,302
  Series G convertible, 8% cumulative and
   redeemable preferred stock, stated value
   $10.00 per share, 100,000 and 100,000
   shares issued and outstanding                  888,953           888,953
  Common stock, par value $0.001 per share,
   20,000,000 shares authorized, 13,095,414
   and 13,195,414 shares issued and
   outstanding                                     13,095            13,195
  Stock Subscribed                                      -           550,000
  Additional paid-in capital                   14,870,754        14,945,654
  Accumulated deficit                         (18,249,856)      (20,333,291)
  Translation adjustment                                -             8,260
                                              -----------------------------

Total shareholders' equity                        306,866        (1,143,309)
                                              -----------------------------

Total liabilities and shareholders' equity    $ 2,048,775       $ 1,108,124
                                              =============================
</TABLE>

See accompanying notes to consolidated financial statements.

<PAGE>  F-2


              BRAVO! FOODS INTERNATIONAL CORP. AND SUBSIDIARIES

                    CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                        Three Months Ended                   Six Months Ended
                                                             June 30,                            June 30,
                                                      ----------------------              ---------------------
                                                      2000              2001              2000              2001
                                                      ----              ----              ----              ----
                                                   (Unaudited)       (Unaudited)       (Unaudited)       (Unaudited)


                                                <c>               <c>               <c>               <c>
Sales                                              $         -       $   158,683       $         -       $   330,774
Cost of goods sold                                           -            20,335                 -           143,431
                                                   ----------------------------------------------------------------
Gross margin                                                 -           138,348                 -           187,343
Selling expense                                         90,000            70,710            90,000           146,952
General and administrative expense                     811,509           787,890         1,496,692         2,017,144
                                                   ----------------------------------------------------------------
Loss from operations                                  (901,509)         (720,252)       (1,586,692)       (1,976,753)

Other expense:
  Interest expense, net                                 (1,438)          (14,220)           (6,347)          (28,772)
  Loss on investment in Meilijian                      (72,497)                -          (119,829)                -
                                                   ----------------------------------------------------------------
Loss before income taxes                              (975,444)         (734,472)       (1,712,868)       (2,005,525)
Income tax provision                                         -                 -                 -                 -
                                                   ----------------------------------------------------------------
Net loss                                              (975,444)         (734,472)       (1,712,868)       (2,005,525)
Dividends accrued for Series B preferred stock          (5,458)           (2,417)          (33,808)           (4,834)
Dividends accrued for Series C preferred stock               -                 -              (883)                -
Dividends accrued for Series D preferred stock        (191,574)          (16,538)         (532,105)          (33,076)
Dividends accrued for Series F preferred stock        (421,755)                -          (421,755)                -
Dividends accrued for Series G preferred stock        (146,167)          (20,000)         (146,167)          (40,000)
                                                   ----------------------------------------------------------------

Net loss applicable to common shareholders         $(1,740,398)      $  (773,427)      $(2,847,586)      $(2,083,435)
                                                   =================================================================

Weighted average number of common shares
 outstanding                                        11,531,337        13,195,414        11,019,257        13,194,862
                                                   =================================================================

Basic and diluted loss per share                   $     (0.15)      $     (0.06)      $     (0.26)      $     (0.16)
                                                   =================================================================

Comprehensive loss and its components
 consist of the following:
  Net loss                                         $(1,740,398)      $  (773,427)      $(2,847,586)      $(2,083,435)
  Foreign currency translation adjustment                  753             8,260                99             8,260
                                                   ----------------------------------------------------------------

Comprehensive loss                                 $(1,739,645)      $  (765,167)      $(2,847,487)      $(2,075,175)
                                                   =================================================================
</TABLE>

See accompanying notes to consolidated financial statements.

<PAGE>  F-3


              BRAVO! FOODS INTERNATIONAL, CORP. AND SUBSIDIARIES

                    CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                          Six Months Ended June 30,
                                                        -----------------------------
                                                           2000              2001
                                                           ----              ----
                                                       (Unaudited)       (Unaudited)


                                                    <c>               <c>
Cash flows from operating activities
  Net loss                                             $(1,712,868)      $(2,005,525)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
    Depreciation and amortization                           90,139           188,201
    Issuance of stock in exchange for services             112,486            75,000
    Issuance of common stock for penalty expenses           37,500                 -
    Investment loss - Meilijian                            119,928                 -
    Amortization of deferred interest                            -            28,500
    Increase (decrease) from changes in:
      Other receivable                                           -            12,962
      Prepaids expenses                                    (64,096)            2,180
      Accounts receivable                                        -           (84,207)
      Advance to vendors                                         -           (11,187)
      Inventories                                                -            85,961
      Other deferred charges                                     -              (587)
      Accrued liabilities                                  (45,455)          459,471
                                                       -----------------------------

Net cash used in operating activities                   (1,462,366)       (1,249,231)
                                                       -----------------------------

Cash flows from investing activities
  Purchase of equipment and machinery                      (10,837)           (5,125)
  Note receivable                                         (255,618)          716,000
  Advance to Shanghai                                     (279,728)                -
  Purchase of licensing rights from WB                     (50,000)                -
                                                       -----------------------------

Net cash used in investing activities                     (596,183)          710,875
                                                       -----------------------------

Cash flows from financing activities
  Proceeds from stock subscription                               -           550,000
  Proceeds from issuance of Preferred Series D             490,000                 -
  Proceeds from issuance of Preferred Series F           1,480,000                 -
  Proceeds from issuance of Preferred Series G             675,000                 -
  Proceeds from issuance of common stock                   244,303                 -
  Borrowings from note payable                              63,750                 -
  Repayments of note payable                              (119,120)          (40,000)
                                                       -----------------------------

Net cash provided by financing activities                2,833,933           510,000
                                                       -----------------------------

Effect of exchange rate changes on cash                       (638)           (8,260)
                                                       -----------------------------

Net increase in cash and cash equivalents                  774,746           (20,096)

Cash and cash equivalents, beginning of period              16,854            35,376
                                                       -----------------------------

Cash and cash equivalents, end of period               $   791,600       $    15,280
                                                       =============================

Cash paid during the period:
  Interest                                             $     9,380       $         -
                                                       =============================
</TABLE>

See accompanying notes to consolidated financial statements.

<PAGE>  F-4


             BRAVO! FOODS INTERNATIONAL, CORP. AND SUBSIDIARIES

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 (UNAUDITED)

Organization and Business

China Premium Food Corporation (the Company) was incorporated under the
laws of the State of Delaware on April 26, 1996.  In March 2001, the
Company changed its name to Bravo! Foods International Corp.

The Company and its subsidiaries, Hangzhou Meilijian (Meilijian), China
Premium Food (Shanghai) Co. Ltd. and Bravo! Foods, Inc. are engaged in the
co-production, marketing and distribution of branded dairy and snack food
products in the People's Republic of China and the United States.

The Company purchased a 52% equity interest in Hangzhou Meilijian Dairy
Products Co., Ltd. (Meilijian) from American Flavors China, Inc. in 1998 in
exchange for consideration of approximately $2,000,000, including shares of
the Company's common stock valued at $1,531,685.  On November 12, 2000, the
Company signed an agreement with the Chinese partner in Meilijian pursuant
to which the Company's 52% interest in Meilijian was sold to the Chinese
partner for cash consideration of $895,000.  Of the $895,000, $179,000 was
received in November 2000 with the remaining $716,000 being received in
January 2001.

In December 1999, the Company obtained Chinese government approval for the
registration of China Premium Food Corp. (Shanghai) Co. Ltd., a wholly
owned subsidiary, in the Wai Gao Qiao "free trade zone" in Shanghai, China.
This subsidiary was formed to import, export and distribute food products
and market and distribute branded dairy products and snack foods on a
wholesale level in China.  In December 1999, the Company formed Bravo!
Foods, Inc. in Delaware, a wholly owned subsidiary, to market and
distribute branded dairy products in the United States.  Both of these
subsidiaries market and distribute branded milk products through supply
contracts or production with regional dairy processors in the US and China.

Note 1 - Basis of Presentation

The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X.  All significant inter-company accounts and
transactions have been eliminated in consolidation. The consolidated
financial statements are presented in U.S. dollars.  Accordingly, the
accompanying financial statements do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements.  In the opinion of management, all adjustments
(consisting of normal recurring adjustments) considered necessary for fair
presentation have been included.  Operating results for the three-month
period ended June 30, 2001 are not necessarily indicative of the results
that may be expected for the year ending December 31, 2001.  For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Company's annual report for the year ended December
31, 2000.

<PAGE>  F-5


             BRAVO! FOODS INTERNATIONAL, CORP. AND SUBSIDIARIES

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 (UNAUDITED)

During 2000, the Company wired $161,000 to a Chinese commercial bank in
Shanghai as collateral to borrow RMB loans from the bank.  With the
$161,000 of time deposit as collateral, the bank agreed to loan CPFC
Shanghai the maximum RMB amount not to exceed 90% of the value of
certificate of deposit.  The bank loans bear interest at 6.435% per annum
and mature on September 11, 2001 for RMB1,180,000 (equivalent of
US$142,557) at March 31, 2001.  The proceeds of RMB loans from the bank can
be used only for working capital purposes.

Note 2 - Transactions in Shareholders' Equity

On January 2, 2001, the Company hired a new President and Chief Operating
Officer and entered into an employment agreement with him pursuant to which
the Company granted the individual 100,000 shares of its common stock and
options to purchase an additional 400,000 shares of common stock at a per
share price of $0.75.  Accordingly, the Company recognized a non-cash
compensation expense of $75,000.

On March 6, 2001, a sophisticated and accredited investor deposited
$250,000 with the Company as consideration for 25,000 shares of Series H
convertible preferred stock to be issued.   Through the period ended June
30, 2001 the Company received an additional $300,000. The Series H
convertible preferred stock is priced at $10.00 per unit.  The Series H
convertible preferred stock has a stated value of $10.00 per share and a
conversion feature of $0.50 per share.  The Series H convertible preferred
stock will be issued pursuant to an exemption to registration provided by
Regulation D, Rule 506 and Section 4(2) of the 1933 Act.  The gross
proceeds of $550,000 were part of a total offering of Series H convertible
preferred stock having aggregate gross proceeds of $1,100,000.  As of June
30, 2001 the Series H Preferred Stock had not been issued to the investor.

Note 3 - Recent Accounting Pronouncements

In June 2001, the Financial Accounting Standards Board finalized FASB
Statements No. 141, Business Combinations (SFAS 141), and No. 142, Goodwill
and Other Intangible Assets (SFAS 142).

SFAS 141 requires the use of the purchase method of accounting and
prohibits the use of the pooling-of-interests method of accounting for
business combinations initiated after June 30, 2001. SFAS 141 also requires
that the Company recognize acquired intangible assets apart from goodwill
if the acquired intangible assets meet certain criteria. SFAS 141 applies
to all business combinations initiated after June 30, 2001 and for purchase
business combinations completed on or after July 1, 2001. It also requires,
upon adoption of SFAS 142, that the Company reclassify the carrying amounts
of intangible assets and goodwill based on the criteria in SFAS 141. The
adoption of SFAS 141 is not expected to have a material impact on the
consolidated financial statements.

SFAS 142 requires, among other things, that companies no longer amortize
goodwill, but instead test goodwill for impairment at least annually. In
addition, SFAS 142 requires that the Company identify reporting units for
the purposes of assessing potential future impairments of goodwill,
reassess the useful lives of other existing recognized intangible assets,
and cease amortization of intangible assets

<PAGE>  F-6


             BRAVO! FOODS INTERNATIONAL, CORP. AND SUBSIDIARIES

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 (UNAUDITED)

with an indefinite useful life. An intangible asset with an indefinite
useful life should be tested for impairment in accordance with the guidance
in SFAS 142. SFAS 142 is required to be applied in fiscal years beginning
after December 15, 2001 to all goodwill and other intangible assets
recognized at that date, regardless of when those assets were initially
recognized.  SFAS 142 requires the Company to reassess the useful lives of
other intangible assets within the first interim quarter after adoption of
SFAS 142. The implementation of SFAS 142 did not have a material effect on
the consolidated financial statements.

<PAGE>  F-7


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2001

RESULTS OF OPERATIONS

The Company grants production and marketing rights to regional dairies to
produce Looney Tunes(TM) flavored milk and generates revenue primarily
through the sale of "kits" to these dairies.  The price of the "kits"
consists of an invoiced price for a fixed amount of flavor ingredients per
kit used to produce the flavored milk and a fee charged to the diaries for
the production, promotion and sales rights for the branded flavored milk.
New dairies participating in this program typically submit an initial order
that is larger than subsequent orders to create an inventory of flavor
ingredients sufficient to meet current production needs and a "pipeline"
reserve for production needs on a continuing basis.  The creation of
"pipeline" reserves has the potential effect of increasing revenues in
those quarters in which new dairies initiate kit orders.

Financial Condition June 30, 2001

As of June 30, 2001, the Company had an accumulated deficit of $20,333,291.
As of June 30, 2001, the Company had cash on hand of $15,280 and reported
negative total shareholders' equity of $1,143,309. For this same period of
time, the Company had revenues of $330,774 and general and administrative
expenses of $2,017,144.

Revenues decreased by approximately $14,000 in the three months ended June
30, 2001 compared to the three months ended March 31, 2001.  The Company's
U.S. operation reported a revenue increase of approximately $7,000, while
the China operation revenues decreased by $21,000 for this later period.
The decreased revenues of the China operation resulted from the Company's
continued transition to the Looney Tunes(TM) branded milk "kit" business
model from a direct production based business model.  The extent of
increases in ongoing kit orders in the U.S. during the three months ended
June 30, 2001 is not apparent in the reported revenue owing to a large
initial order from a new dairy in the three months ended March 31, 2001.

The continued increase in general and administrative expenses from prior
periods is a result of intensified activities in establishing a branded
flavored milk business in China and the United States.  Advances were made
to the Company's wholly owned subsidiaries, China Premium Food Corp.
(Shanghai) Co., Ltd., and Bravo! Food, Inc., to fund expenses associated
with the operational logistics, travel, promotion and marketing associated
with the production of Looney Tunes(TM) branded milk products by regional
dairies under contract with the Company or its subsidiaries.

After net interest expense of $28,772 and selling expenses of $146,952, the
Company had a net loss of $2,005,525.

Six Months Ended June 30, 2001, Compared to Six Months Ended June 30, 2000

The Company generated revenue of $330,774 for the six months ended June 30,
2001 compared to $0 for the same period of 2000.  The revenue consisted of
two parts: $271,500 was generated in the Company's US operation and $59,274
was generated in the China operation.  The overall gross profit ratio was
approximately 56.6%.

<PAGE>  8


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2001
          (Continued)

General and administrative expenses increased by $520,452 to $2,017,144 for
the six months ended June 30, 2001, representing an increase of
approximately 35%, compared to $1,496,692 for the same period of 2000.
This increase reflects the costs associated with the continued
establishment and funding the daily operations of new businesses in China
and the United States.

The Company's net loss increased approximately 17% to $2,005,525 in 2001
from $1,712,868 in 2000.  The Company reported a loss per share of $0.26 in
2000 and $0.16 in 2001.  The decrease in the loss per share was due to the
increase in number of shares of common stock outstanding as of June 30,
2001.

Accrued and paid dividends decreased approximately 93% to $77,910 in 2001
from $1,134,718 in 2000.  This decrease was the result of deemed dividends
associated with the beneficial conversion features of three classes of
convertible preferred stock issued in the period ended June 30, 2000, and
the lack of the issuance of convertible preferred stock in the period ended
June 30, 2001.

As of June 30, 2001 there were 13,195,414 shares of common stock
outstanding compared with 12,915,242 shares of common stock outstanding as
of June 30, 2000. Due to the timing of the issuance of new shares, the
weighted average number of shares of common stock outstanding in 2000 was
11,019,257.  The loss per share in 2001 decreased by approximately 38%
compared with 2000.

Three Months Ended June 30, 2001 Compared to Three Months Ended
 June 30, 2000

The Company generated revenue of $158,683 for the three months ended June
30, 2001 compared to $0 for the same period of 2000: $139,500 was generated
in the US operations, and $19,183 was generated in the China operation.
The consolidated gross profit ratio was approximately 87%.

General and administrative expenses decreased by approximately 2.9% to
$787,890 in 2001 from $811,509 in 2000.  This minimal decrease reflects the
slightly reduced costs associated with the funding of the day to day
operations of the new business model in China from the costs of operating a
production business model in 2000 for the same period.

The Company's net loss decreased approximately 24.7% to $734,472 in 2001
from $975,444 in 2000.  The Company reported a loss per share of $0.15 in
2000 and $0.06 in 2001.  The decrease in the loss per share was due to the
increase in the number of shares of common stock outstanding as of June 30,
2001.

Accrued and paid dividends decreased approximately 94.9% to $38,955 in 2001
from $764,954 in 2000. This decrease was the result of deemed dividends
associated with the beneficial conversion features of three classes of
convertible preferred stock issued in the three month period ended June 30,
2000, and the lack of the issuance of convertible preferred stock in the
three month period ended June 30, 2001.

<PAGE>  9


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2001
          (Continued)

As of June 30, 2001 there were 13,195,414 shares of common stock
outstanding compared with 12,915,242 shares of common stock outstanding for
the same period ended June 30, 2000.  Due to the timing of issuance of new
shares, however, the weighted average number of shares of common stock
outstanding for the same period in 2000 was 11,531,337.  The loss per share
in 2001 decreased by approximately 60% compared with 2000.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2001, the Company reported that net cash used in operating
activities was $1,249,231, net cash used in investing activities was $710,785,
and net cash provided by financing activities was $510,000.

As of June 30, 2000, net cash used in operating activities was $1,717,984,
net cash used in investing activities was $596,183, and net cash provided
by financing activities was $2,833,933.

Net cash used in operating activities decreased by $213,135 to $1,249,231
for the six months ended June 30, 2001, representing a decrease of
approximately 15%.  The decrease in negative cash flow in operating
activities reflects the Company's receipt, in 2001, of the balance of the
proceeds from the sale of its 52% equity interest in Meilijian and the
deceased expenses associated with its China operations.

Net cash used in investing activities decreased by $1,307,078 to $710,875 for
the six months ended June 30, 2001, representing a 120% decrease, compared
to $596,183 for the same period of 2000.  The decrease mainly was due to
the equity method used to account for the advances made to the Company's
China subsidiary for the same period of 2000.

Net cash provided by financing activities decreased by $2,323,933 to
$510,000 for the six months ended June 30, 2001, representing a 82%
decrease, compared to $2,833,933 for the same period of 2000.  The decrease
was due mainly to the decrease in fund raising.

Going forward, the Company's primary requirements for cash consist of (1)
the continued development of the new business model in China, the United
States and on an international basis; (2) general overhead expenses for
personnel to support the new business model activities; and (3) payments of
guaranteed royalty payments to Warner Bros. under existing licensing
agreements. The Company estimates that its needs for cash from financing
will continue until early 2002, when cash supplied by then current
operating activities will enable the Company to meet the anticipated cash
requirements for the 2002 fiscal year.

Through the three months ended June 30, 2001, the Company received $300,000
of a $1,100,000 investment in 30,000 shares of convertible preferred stock
to be issued.  The Company presently is negotiating with this single
investor for an additional $500,000 for possible funding in the period
ending September 30, 2001.

The Company currently has monthly working capital needs of approximately
$200,000. The Company anticipates 2001 revenues to exceed $100,000 per
month by August 2001 and $200,000 per month by the 2001 year end.

<PAGE>  10


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
          AND RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2001
          (Continued)

Debt Structure

During the first quarter of 2001, the Company paid $15,000 and $25,000 to
International Paper and Warner Brothers, respectively.  Since the note of
$187,743 payable to International Paper will be due in 2001, the Company
will seek to raise the necessary funds to pay off this note or to extend
this note again, if possible.  Regarding the note payable to Warner
Brothers, the Company believes that the cash flow generated through its
U.S. operation will be sufficient to satisfy its obligations to Warner
Bros. during 2001.

EFFECTS OF INFLATION

The Company believes that inflation has not had a material effect on its
net sales and results of operations.

EFFECT OF FLUCTUATION IN FOREIGN EXCHANGE RATES

The Company's operating subsidiary, China Premium Food Corporation
(Shanghai), is located in China.  It buys and sells products in China using
Chinese Renminbi as the functional currency.  Based on Chinese government
regulation, all foreign currencies under the category of current account
are allowed to be freely exchanged with hard currencies.  During the past
two years of operation, there were no significant changes in exchange
rates.  However, there is no assurance that there will be no significant
change in exchange rates in the near future.

PART II - OTHER INFORMATION

Item 2.   Changes in Securities and Use of Proceeds

      On January 2, 2001, an employment agreement with  a new President and
Chief Operating Officer became effective pursuant to which the Company
granted  100,000 shares of its common stock and options to purchase an
additional 400,000 shares of common stock at a per share price of $0.75.

On March 6, 2001, a sophisticated and accredited investor deposited
$250,000 with the Company as consideration for 25,000 shares of Series H
convertible preferred stock to be issued.   Through the period ended June
30, 2001 the Company received an additional $550,000. The Series H
convertible preferred stock is priced at $10.00 per unit.  The Series H
convertible preferred stock has a stated value of $10.00 per share and a
conversion feature of $0.50 per share.  The Series H convertible preferred
stock will be issued pursuant to an exemption to registration provided by
Regulation D, Rule 506 and Section 4(2) of the 1933 Act.  The gross
proceeds of $800,000 were part of a total offering of Series H convertible
preferred stock having aggregate gross proceeds of $1,100,000.  As of June
30, 2001 the Series H Preferred Stock had not been issued to the investor.

<PAGE>  11

Item 6.   Exhibits and Reports on Form 8-K

          Exhibits - Required by Item 601 of Regulation S-B.

          None

          (b)   Reports on Form 8-K

                Change of name to Bravo! Foods International Corp. and
                change of officers; filed April 11, 2001

                                 SIGNATURES

In accordance with the requirements of the Exchange Act of 1934, the
registrant caused this report to be signed on its behalf of the
undersigned, duly authorized.

BRAVO! FOODS INTERNATIONAL CORP.
(Registrant)

Date:  August 13, 2001


/s/Roy G. Warren
-----------------------------------
Roy G. Warren, Chief Executive Officer

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