SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

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

For the quarterly period ended: April 30, 2001
Commission File No.: 000-27097

BUSINESSWAY INTERNATIONAL CORPORATION
(Name of small business as specified in charter)

|Florida(State or other jurisdictionof incorporation) | 980215778(IRS Employer IdentificationNumber)
|---------------------------------------------------- | --------------------------------------------

117 Gun Avenue, Pointe-Claire, Quebec, Canada H9R 3X2
(514) 693-0877
(Address and telephone number of principal executive offices)

Indicate by check mark 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

State the number of shares outstanding of each of the issuer's classes of common
equity, as of June 12, 2001
(latest practicable date):

(a) Common Stock: 60,847,218 shares
(b) Class A Special Voting Shares: 37,923,891 shares

Transitional Small Business Disclosure Format (check one):
Yes           No   X

ITEM 1. FINANCIAL STATEMENTS

BusinessWay International Corp.
Consolidated Balance Sheet
As At April 30, 2001
(Unaudited)

`April 30,                  July 31,
                                                2001                       2000
ASSETS
Current Assets
     Cash                                          $0                         $0
     Accounts Receivable                      651,553                    548,003
     Inventory                                270,286                    209,030
     Prepaid Expenses                          23,862                      7,045
                                           -------------------------------------
Total Current Assets                         $945,701                   $764,078

Deferred Income Taxes                             208                        214

Capital Assets                                146,594                     56,153

Long term assets - franchisor rights          394,339
                                           -------------------------------------
                                           $1,486,842                   $820,445
                                           =====================================


LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
     Bank indebtedess                        $191,140                    $49,725
     Accounts Payable and accruals            324,979                    461,311
     Income Taxes Payable                       1,750                      4,876
     Advance from a director                        0                     63,902
     Current Portion of Long Term Debt          6,192                      7,625
                                           -------------------------------------
Total Current Liabilities                    $524,061                   $587,439

Long Term debt                                      0                      1,975

Due to shareholder                             70,938                    116,492

TOTAL LIABILITIES                            $594,999                    705,906

STOCKHOLDERS' EQUITY
     Share Capital                           $859,055                        $14
     Additional paid-in capital                     0                          0
     (Deficit)Retained Earnings                32,788                    114,525

TOTAL EQUITY                                  891,843                    114,539

                                           -------------------------------------
                                           $1,486,842                   $820,445
                                           =====================================`

See accompanying notes to financial statements

BusinessWay International Corp.
Consolidated Income Statement
(Unaudited)

`3 Month         3 Month        9 Month        9 Month
                                              Period         Period         Period          Period
                                               ended           ended          ended          ended
                                              April 30,       April 30,      April 30,      April 30,
                                                2001            2000           2001            2000
------------------------------------------------------------------------------------------------------
Sales                                         $725,042       $233,960     $2,174,640      $1,629,450
Cost of Sales                                  586,579        199,010      1,809,101       1,448,467
                                        --------------------------------------------------------------
Gross Profit                                   138,463         34,950        365,539         180,983

Operating expenses
     Communication                                   0              0          3,751               0
     Rent                                        8,607         11,158         17,092          18,300
     Transport and delivery                      1,493          3,690         24,386          18,990
     Advertising and business promotion         11,173         11,972         20,450          33,705
     Store expenses                             15,660          2,690         16,073           4,023
     Automobile and travel                         913          9,410          3,253           9,851
     Salaries, commissions and benefits          2,442         20,276        137,950          83,946
     Amortization                                6,184        (2,386)         21,433           3,581
     Interest and bank charges                   5,159          3,503          8,798          10,105
     Office expenses and general                 1,373          6,498         10,290          10,100
     Professional                               11,334          3,099        156,139           3,099
     Travel expenses                                 0              0          1,874               0
     Utilities                                   3,856          4,380         14,593           9,334
     Taxes ,licenses and insurance                   0          1,722         13,791           5,213
                                        --------------------------------------------------------------
Total Expenses                                 $80,699        $76,012       $449,873        $210,247

Net Income(Loss) Before Taxes                  $57,764      ($41,062)      ($84,334)       ($29,264)

Provision for Taxes
     Current                                         0              0              0               0
     Deferred                                        0              0              0               0
                                        --------------------------------------------------------------
                                                     0              0              0               0
                                        --------------------------------------------------------------
Net Income(Loss)                               $57,764      ($41,062)      ($84,334)       ($29,264)
                                        ==============================================================
Net loss per share - basic and diluted           $0.001       ($0.003)       ($0.001)        ($0.002)

Weighted average number of shares            56,275,673     13,100,000     56,275,673      13,100,000
outstanding
                                        ==============================================================`

See accompanying notes to financial statements

BusinessWay International Corp.
Consolidated Cash Flows Statement
(Unaudited)

`3 Month         3 Month        9 Month        9 Month
                                                          Period         Period         Period          Period
                                                          ended           ended          ended          ended
                                                        April 30,       April 30,      April 30,      April 30,
                                                           2001           2000           2001            2000

Cash provided by (used in) operating activities
     Net income ( loss)                                       $57,764      ($41,062)       (84,334)          -29264
     Items not requiring cash outlay
        Amortization                                            6,184        (2,386)         21,433           3,581

       sub-total                                               63,948       (43,448)       (62,901)        (25,683)

Changes in non-cash working capital items
       Accounts receivable                                    272,546         30,400      (103,550)          12,315
       Inventory                                               73,593          2,010       (61,256)           5,220
       Prepaid Expenses                                      (19,389)          1,050       (16,817)           5,408
       Accounts Payable and accruals                        (108,919)         17,638      (136,332)          10,200
       Income Taxes Payable                                       (8)              0        (3,126)               0
       Translation adjustment                                   (246)              0          1,070               0

       Funds generated  from operations                       135,339          7,650      (383,912)           7,460

Cash provided by (used in) financing

       Advance from a director                                      0              0       (63,902)               0
       Share capital                                                0              0        859,041               0
       Increase( decrease) long term debt                           0        (2,550)        (1,975)         (7,650)
       Due to shareholders                                     70,938              0       (45,554)               0

       Funds generated  from financing                         70,938        (2,550)        747,610         (7,650)

Cash provided by  (used in) investments

       Acquisition of capital assets                        (436,665)              0      (506,113)               0

Funds (used in) generated from  investments                 (436,665)              0      (506,113)               0

Net change for the year                                    ($230,388)         $5,100      (141,415)           (190)

Cash (deficiency) beginning of year                           $39,248     ($110,200)       (49,725)       (104,910)

Cash end of year                                           ($191,140)     ($105,100)     ($191,140)      ($105,100)
                                                     ==============================================================`

See accompanying notes to financial statements

BusinessWay International Corp.
Consolidated Statement of Changes in Stockholders' Equity
For the  Nine Months Ended April  30, 2001
(Unaudited)

`OTHER                      TOTAL
                                                                    ADDITIONAL     COMPRE-     RETAINED       STOCK-
                                                COMMON STOCK         PAID IN       HENSIVE     EARNINGS      HOLDERS'
                                               SHARES AMOUNT         CAPITAL       INCOME     (DEFICIT)       EQUITY




Balance, July 31, 2000                      15,853,128        $14              $0     ($872)      $114,539      ($13,749)

Common stock issued for acqusition
of Cor-Bit Perpherals Inc. and
BusinessWay Computer Center Inc.            40,000,000    668,896                                                 668,910

Translation adjustment                                                                 3,043                        3,043

Net Loss for the period                                                                          (145,212)      (145,212)

Balance , October 31, 2000                  55,853,128   $668,910              $0     $2,171     ($29,815)       $641,266

Proceeds of private placement                  422,545    190,145                                                 190,145

Translation adjustment                                                                 (195)                        (195)

Net Income for the period                                                                            3,113          3,113

Balance , January 31, 2001                  56,275,673    859,055               0      1,976      (26,702)        834,329

Translation adjustment                                                                  -250                         -250

Net Income for the period                                                                            57764          57764

Balance , April  30, 2001                   56,275,673   $859,055              $0     $1,726       $31,062       $891,843
                                          ===============================================================================`

See accompanying notes to financial statements

BUSINESSWAY INTERNATIONAL CORP.

Notes to Consolidated Financial Statements
Three-month period ended April 30, 2001Unaudited
[Prepared in accordance with accounting principles generally
accepted in the United States and in U.S. dollars]

1. ACCOUNTING POLICIES

The accompanying unaudited
consolidated financial statements of BusinessWay International Corporation (the
Company) have been prepared by the Company in accordance with
accounting principles generally accepted in the United States on a basis
consistent with those followed in the most recent audited consolidated annual
financial statements and generally accepted accounting principles for interim
financial information and with the instructions to SEC Form 10-QSB. Accordingly,
these unaudited consolidated condensed financial statements do not include all
of the information and footnotes required by generally accepted accounting
principles for complete financial statements and therefore should be read in
conjunction with the audited consolidated annual financial statements and notes
included in the Companys Form 10-KSB for the year ended July 31, 2000. In
the opinion of management, all adjustments (consisting only of normal recurring
accruals) considered necessary for a fair presentation of the results for the
interim period ended April 30, 2001 have been included. Operating results for
the three month and nine month periods ended April 30, 2001 are not necessarily
indicative of the results that may be expected for the full year. All
capitalized terms used in these notes to unaudited consolidated financial
statements that are not defined herein have the meanings given to them in such
unaudited consolidated financial statements and notes thereto.

The unaudited consolidated
financial statements have been prepared by management in accordance with
accounting principles generally accepted in the United States on a going concern
basis, which contemplates the realization of assets and the discharge of
liabilities in the normal course of business for the foreseeable future. The
Company has incurred significant losses and negative cash flow from operations
in each of the last two years and during the nine month period ended April 30,
2001. The Companys ability to continue as a going concern is in
substantial doubt and is dependent upon sustaining a profitable level of
operations and obtaining additional financing. Management plans to seek
additional capital in connection with appropriate business opportunities
including business combinations. There can be no assurance the Company can
attain profitable operations in the future. These unaudited consolidated
condensed financial statements do not give effect to any adjustments which would
be necessary should the Company be unable to continue as a going concern and,
therefore, be required to realize its assets and discharge its liabilities in
other than the normal course of business and at amounts different from those
reflected in the accompanying unaudited consolidated condensed financial
statements.

The Company has changed its
fiscal year-end to July 31 of each year. For this quarter the last fiscal year
being shown is that of July 31, 2000. As well, figures for the comparative
quarter April 30, 2000 are being shown for the statement of income and
operations.

2. ORGANIZATION AND BUSINESS ACTIVITIES:

The Company was organized
on October 30, 1980, under the laws of the State of Florida as C.N.W. Corp. On
February 1, 1981, the Company issued 1,000 shares of its $1 par value common
stock for services of $1,000. The Company did not have any activity before 1998
and, accordingly, commencement of its development stage is considered to be at
the beginning of 1998.

On July 21, 1998, the Company increased its capitalization from 1,000 common shares to
50,000,000 common shares. The par value was changed from $1 to $0.001.
On July 21, 1998, the Company changed its name to C.N.W of Orlando Inc., and on December 28,
1998 it changed its name to GlobalNetCare, Inc.

On February 3, 1998, the
Company incorporated its wholly-owned subsidiary, 3423336 Canada Ltd., a
Canadian company, to develop a medical Website. However, the anticipated plans
and operations of the Company for its medical Website have not and will not be
achieved or pursued further. Due to its inability to generate sufficient
revenues from these operations, the Company has decided to pursue a different
line of business. The Corporation continues to operate the medical Website on a
scaled down basis.

With the completion of the acquisition of Corbit Perpherals Inc. and BusinessWay Computer Center
Inc. on September 12, 2000 (the "Acquistion"), the Company is no longer considered a development
stage enterprise since Corbit Perpherals Inc. has a income stream that has been established for many
years.

Under the terms of a Share
Exchange Agreement signed September 12, 2000 (the Exchange
Agreement), the Company incorporated another wholly-owned subsidiary,
3739007 Canada Ltd., for the purpose of acquiring Cor-Bit Perpherals Inc. and
BusinessWay Computer Center Inc. Under the Exchange Agreement, the Company
acquired the shares of Cor-Bit Perpherals Inc. and BusinessWay Computer Center
Inc. in exchange of 40,000,000 exchangeable Preferred Shares (the
Preferred Shares ) of 3739007 Canada Ltd. (which are exchangeable
for the same number of shares of the Companys common stock), and
37,923,891 Class A Special Voting Shares in the capital of the Company (the
Special Voting Shares). The Special Voting Shares, which have no
right to dividends and will be outstanding only until the Preferred Shares are
exchanged, were issued to the principal owners of the acquired companies.

Subsequently, Cor-Bit Perphreals Inc., a wholly owned subsidiary of BusinessWay International
Corp., acquired for $1.00, all of the outstanding voting shares of Le Group BusinessWay Inc., which
owns franchisor rights for future sale of franchises bearing the name BusinessWay.

3. SHARE CAPITAL:

There were no additional
issues of share capital other than those reported on in prior filings.

ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

Forward-Looking Statements

Statements included in this
Managements Discussion and Analysis and elsewhere in this document that do
not relate to present or historical conditions are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21F of the Securities Exchange Act of 1934. Additional oral or
written forward-looking statements may be made by the Company from time to time,
and such statements may be included in documents that are filed with the
Securities and Exchange Commission. The accuracy of such forward-looking
statements are subject to risks and uncertainties that could cause results or
outcomes to differ materially from those expressed in the forward-looking
statements. Forward-looking statements may include, without limitation,
statements relating to the Companys plans, strategies, objectives,
expectations, and intentions and are intended to be made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. Words
such as believes, forecasts, intends,
possible, expects, estimates,
anticipates, or plans, and similar expressions are
intended to identify forward-looking statements. Among the important factors
which such statements are based are assumptions concerning the anticipated
growth of the information technology industry, the market for and availability
of components for the Companys computers, the availability of
institutional lending or capital financing, and the success of the Company in
maintaining and increasing the number of franchised retail outlets that carry
its products.

Results of Operations

Revenues

Sales for the third quarter
and for the nine month period ended April 30, 2001 were significantly higher
than for the corresponding periods in the prior year due increase sales this
last quarter. The Company had increased in sales in part due to a sales program
in Quebec, Canada promoting purchase of computers. Revenues resulted from sales
of computers and accessories to retail outlets that carry the BusinessWay
franchise. Subsequent to the end of the period, the number of retail outlets
carrying the BusinessWay franchise was increased from five to seven, and the
Company anticipates that its future sales will increase as a result of these
additional outlets and others that it hopes to add in the future.

Cost of Sales

Cost of sales as a
percentage of sales decreased from 85.1% to 80.9% for the
corresponding quarter in the prior year. Cost of sales are primarily dependent
on the market conditions for and availability of components for the computers
and accessories sold by the Company. The Company anticipates that the increasing
volume of sales resulting from additional BusinessWay franchises will allow it
to obtain greater volume discounts and achieve other economies of scale and
thereby reduce the percentage cost of sales in the future.

Operating Expenses

Operating expenses were
impacted by a number of significant changes in expense items. Salaries and
commissions decreased from $20,276 in the third quarter of 2000 to $2,442 in the
present period primarily as a result of government reseach and develoment
credits confirmed. The number of employees increased in the number of paid
employees from eight to sixteen. Amortization expense increased to $6,184 as a
result the purchase of computer equipment during the period to meet the
Companys office and administrative needs. Professional expenses, which
were $3,099 for third quarter of fiscal 2000, increased to $11,334 during the
third quarter and $156,139 for the first nine months of 2001 as result of legal
and accounting fees incurred in connection with the acquisition of BusinessWay
Computer Center Inc. and Cor-Bit Peripherals Inc. by the Company, and as a
result of the costs of being a public company related to compliance with U.S.
federal securities law filings and disclosure.

Net income

Primarily as result of the
foregoing factors, the Companys net income increased to $57,764 during the
third quarter, and it recorded a net loss of $84,334 during the first nine
months of fiscal 2001.

Liquidity and Capital Resources

The Company has increased
its accounts receivable since the beginning of the fiscal year from $538,003 to
$651,553. The Company has obtained a line of credit facility with a banking
institution in Canada enabling it to borrow up to $231,000 based on accounts
receivable and inventory provided as security to the bank. At April 30, 2001,
the Company was using the credit for an amount of $191,140. Total current assets
have increased from $764,078 to $945,701, and the ratio of its current assets to
current liabilities has increased from 1.1 to1 to 1.8 to1.

In order to meet its
business plan for expanding its BusinessWay franchise operations, the Company
anticipates that it will need to raise approximately $350,000 of additional
capital during the next twelve month period, which it will seek to do through
private sales of its stock or through institutional borrowing. However, there
can be no assurance that additional capital of institutional lending will be
available when needed or available on terms that will be favorable to the
Company.

PART II - OTHER INFORMATION

Item 1.     Legal Proceedings

None.

Item 2.     Changes in Securities

None.

Item 3.     Defaults Upon Senior Securities

None.

Item 4.     Submission of Matters to Vote of Securities Holders

None.

Item 5.     Other Information

As of June 12, 2001, the Board of Directors consisted of  Mr. Faris Heddo, Mr. Fabrice
Zambito, Ms. Michele Scott and Mr. Yoland Dumas.  Mr. Faris Heddo is the President, Chief Executive Officer and one
of the Company's principal shareholders.  Ms. Scott is Vice President and a major shareholder of
the Company.  Mr. Zambito, Chairman of the Board, is a Vice President of Computer Associates of Canada in Quebec, Canada.  Mr. Dumas, 38, is the Director of
Investments for FondAction CSN, one of the Company's principal shareholders.

Item 6.     Exhibits and Reports on Form 8-K

| | (a) | The
following exhibits are filed as part of this report - None.                                    
| | --- | ---------------------------------------------------------------------------------------------------
| | (b) | The
following reports on Form 8-K were filed during the period covered by this report.             
| | (1) | Amendment
No. 3 to Form 8-K Report, dated September 12, 2000, filed with the SEC on April 11, 2001.
| | (2) | Amendment
No. 4 to Form 8-K Report, dated September 12, 2000, filed with the SEC on April 11, 2001.

SIGNATURES

Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed by the undersigned, thereunto duly authorized.

|                     | BUSINESSWAY INTERNATIONAL CORPORATION                                                                             
|-------------------- | ------------------------------------------------------------------------------------------------------------------
|Dated: June 14, 2001 | By:/s/ Michele Scott
Michele Scott
Vice President, Chief Operating Officer and Secretary
(chief financial officer)