U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB

                             Quarterly Report Under
                       the Securities Exchange Act of 1934

                       For Quarter Ended: August 31, 2001

                        Commission File Number: 000-32909


                            Saguaro Industries, Ltd.
        (Exact name of small business issuer as specified in its charter)


                                    Colorado
         (State or other jurisdiction of incorporation or organization)


                                   84-1377873
                        (IRS Employer Identification No.)

                              2221 Lafayette Street
                                Denver, Colorado
                    (Address of principal executive offices)

                                      80205
                                   (Zip Code)

                                 (303) 861-8168
                           (Issuer's Telephone Number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 of the registrant's only class of common stock issued and
outstanding, as of August 31, 2001, was 2,180,000 shares.



<PAGE>



                                     PART I

ITEM 1. FINANCIAL STATEMENTS.

     Our unaudited  financial  statements  for the six month period ended August
31, 2001 are attached hereto.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

     The following  discussion  should be read in conjunction with our unaudited
financial  statements and notes thereto included herein. In connection with, and
because  we desire to take  advantage  of the "safe  harbor"  provisions  of the
Private  Securities  Litigation Reform Act of 1995, we caution readers regarding
certain forward looking statements in the following  discussion and elsewhere in
this report and in any other statement made by, or on our behalf, whether or not
in future filings with the Securities and Exchange  Commission.  Forward looking
statements are statements not based on historical  information  and which relate
to future  operations,  strategies,  financial  results  or other  developments.
Forward looking  statements are necessarily based upon estimates and assumptions
that are inherently  subject to significant  business,  economic and competitive
uncertainties and  contingencies,  many of which are beyond our control and many
of which,  with  respect to future  business  decisions,  are subject to change.
These  uncertainties and contingencies can affect actual results and could cause
actual results to differ  materially from those expressed in any forward looking
statements  made by, or on our behalf.  We  disclaim  any  obligation  to update
forward looking statements.

Overview

     We were incorporated on July 19, 1996, as a Colorado  corporation under the
name  Sheffield  Rounds,  Ltd.  Our  original  business  was to produce and sell
literary  publications  concerning  the archery  industry.  This purpose did not
prove profitable or worth pursuing.

     In December  2000,  we elected to pursue a different  line of business.  On
December 4, 2000,  we acquired our one  subsidiary  company,  Saguaro Sky,  Ltd.
("Old Saguaro") for $6,000 in cash, which included $4,151 of goodwill.  Prior to
this  acquisition,  Old  Saguaro  was  engaged  in the start up of the  business
described herein and there was no relationship between us and Old Saguaro at the
time of the acquisition of Old Saguaro.  At the time we acquired Old Saguaro, it
had  approximately  $4,500 in assets,  approximately  $3,600 in liabilities  and
approximately  $1,000 in shareholder  equity. On December 18, 2000, our name was
changed  to Saguaro  Industries,  Ltd.  pursuant  to the  affirmative  vote of a
majority  of our  shareholders.  As a result,  we now engage in the  business of
sales and marketing of southwestern art jewelry and

                                        2

<PAGE>



Native American Indian arts and crafts. The sales of such products are generated
through our wholly owned  subsidiary,  Saguaro  Sky,  Ltd.  (our  "Subsidiary").
Together with our Subsidiary, we should be considered a start-up enterprise.

     Following  are our results of  operations  for the six month  period  ended
August  31,  2001,  along  with our Plan of  Operation  for the next 12  months.
Because we did not commence our current business operations until December 2000,
no comparable figures are provided to our current results of operations.

Results of Operations

     During the six month period ended August 31, 2001, we generated revenues of
$5,530.  Cost of sales during the six month  period ended August 31, 2001,  were
$1,609. Selling,  general and administrative expense during the six month period
ended  August 31, 2001,  were  $25,826,  primarily as a result of our  incurring
$17,479 in legal and accounting fees during the applicable  period,  which costs
related to our filing of a  Registration  Statement  pursuant to the  Securities
Exchange  Act of  1934,  as  amended,  in  order  to  establish  ourselves  as a
"reporting  company"  under  said Act.  As a result,  we  incurred a net loss of
$22,023 ($0.01 per share) during the six month period ended August 31, 2001.

Plan of Operation

     Our plan of  operation  during the next  twelve  months is to  acquire  and
market the following merchandise:

1.       Kachina Dolls and other carvings by Native American Indian
         carvers of the Hopi Indian Tribe;
2.       Silver jewelry;
3.       Beaded items with southwestern styling;
4.       Southwestern U.S. style pottery and glass items; and
5.       Unique crafts designed and manufactured in the southwestern
         United States.

     Our products are currently being sold in special art exhibits, street fairs
and  western  arts and  crafts  shows  throughout  our  current  target  markets
consisting of the Rocky Mountain states of Colorado, New Mexico,  Arizona, Utah,
Wyoming, Idaho and Montana. We expect that we will also sell our products on our
Internet site,  www.saguarosky.com;  however,  as of the date of this Report, we
have not engaged in any sales of our products on our website.

     Our products are generally  hand made.  Our  inventory of products  changes
from time to time as we acquire and sell them.  Our inventory of items for sale,
including the style, price and current listings of consigned items, may be found
on our  Internet  site which is  updated as  appropriate  following  sales.  Our
initial intention was to acquire most of the products we sell on

                                        3

<PAGE>



consignment from the artisans.  However,  based upon the response to our initial
consignment  concept from artists,  we no longer attempt to acquire our products
on a consignment basis, but purchase the relevant products for cash.

     We have made  application  to join the Indian  Arts and Crafts  Association
("IACA") and abide by their code of ethics. The IACA is an elite, not-for-profit
organization with  approximately 700 members worldwide and which was established
in 1974 to support the ethical  promotion  and  protection  of authentic  Native
American art and  culture.  IACA works to stop fraud and abuse within the market
for Indian art through education, publicity,  authentication and use of its logo
to indicate  certified ethical  businesses.  IACA sponsors the largest wholesale
trade shows of handmade Indian art in the world twice annually.  Members include
Native American artists,  wholesale and retail dealers, museums,  collectors and
others who support the goals of the  organization  and has members in the United
States, Canada, Germany, Japan, Italy and Australia.

     We have been in contact with the IACA  concerning our  application and were
listed in the June/July 2001 IACA newsletter for current member comments, but as
of the date of this  Report  we  cannot  definitively  state  when,  or if,  our
application  will be accepted.  Current  members had 30 days to provide  written
comments  following  dissemination  of the aforesaid  newsletter  and we hope to
receive  confirmation  of our  membership  on or about  October  2001. If we are
accepted, we intend to advertise our products on the IACA website as part of our
marketing  program,  provided  that the cost of the same is  within  our  budget
constraints.

     As of the date of this Report,  we believe we can continue to implement our
business plan without the need to raise any additional cash. While no assurances
can be  provided,  we believe  that we have  sufficient  capital to satisfy  our
capital requirements for the next 12 months. This is due to our limited overhead
requirements.  However,  if we believe that an opportunity  becomes available to
expand our operations, we will attempt to raise either additional debt or equity
capital.  We do not have any commitments from any investment  banking or venture
capital  firms to provide us with  additional  capital and we are not engaged in
any  discussions  with  such  firms  to do so in  the  future.  There  can be no
assurances  that any  additional  capital,  either  debt or equity,  will become
available to us in the foreseeable future.

     Based on our current sales  activities,  we see our business  evolving into
two market categories, including:

         (a)      High-end southwestern art and crafts and authentic Indian
                  art for sale on the Internet.
         (b)      Direct sales by "Hostess Party" of manufactured sterling
                  silver jewelry.


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<PAGE>



High end market

     We classify  the high end market of our business to be those items sold for
$100 or more. One of the problems associated with the advancement of this aspect
of the business is the  development  of  relationships  with new artists and the
acquisition of their products.  Because we are dealing with  individual  artists
who do not  always  have an  established  commercial  outlet,  it takes  time to
develop a relationship  of trust with them. Our standards are extremely high and
the work we choose to showcase will reflect those standards. The Indian Arts and
Crafts  Association  hosts two shows  annually and,  while no assurances  can be
provided,  our attending  these shows should provide an opportunity to meet with
the artists  that are members and develop  contacts  for  additional  purchases.
However,  we do not know how many  artists  attend these  functions,  nor are we
privy to whether those attending artists have any existing relationship with any
of our competitors.  We will also continue to develop  existing  contacts in the
Native  American  Indian  community  by going  directly  to the artists on their
respective  reservation.  We have  recently  been  invited  to  visit  the  Hopi
reservation in Arizona to continue this effort.

     Of great  interest to  collectors of Native  American  Indian art are items
known as "old pawn." Old pawn describes  items that have been used as collateral
for  loans.  These  items are  usually  pawned at  trading  posts near or on the
reservation.  While we have not  acquired any "old pawn" items as of the date of
this Report,  we may do so in the future.  We recognize  that great care must be
taken in the purchase of these items, as authenticity is the prime concern, i.e.
artist,  materials  and date of  creation.  If we do locate  these  items in the
future,  the item will be examined by a third party Navajo  silversmith prior to
acquisition in order to confirm  authenticity.  Due to customer  interest in old
pawn we continue to search for and acquire these items.

     At the present time our sales are primarily in the targeted  states.  Based
upon information which we have obtained from other vendors and artists,  as well
as a review  of the  current  membership  in the  IACA,  we  believe  that  many
purchasers  and  collectors in Germany and Japan have an unusually high interest
in the art of the  southwestern  United  States,  and in  particular  the Native
American  Indian art. Our recent  offering on EBay attracted over 200 "hits" and
17 actual bids. We are in the process of revising our website to directly target
this market in Japan and  Germany.  We do not believe that there is any specific
requirement  to  do  business  internationally  and  sell  our  items  in  these
jurisdictions.

     In order to reach an international market, we have concentrated much of our
effort on the creation and  maintenance of our website,  www.saguarosky.com.  We
have contracted with  Bigstep.com to host our site,  which includes an extensive
catalogue of our merchandise. In order to be successful on the Internet,

                                        5

<PAGE>



customers must be able to purchase directly from our site.  Towards that end, we
have arranged with  CardService  International  to enable credit card purchases.
This arrangement requires us to pay $24.95 per month. Additionally,  we pay them
2.53% on each transaction,  plus $.20, plus $.15 per batch, limited to one batch
per day. In order to allow for potential customers to find us, in April 2001 for
a one  time  flat  fee of $99 we  retained  NetMechanic  in  order  for  them to
institute an Internet search engine registration program which alleged to notify
100 search providers of our keywords and pertinent information.  This has turned
out to be a slow and  unsatisfactory  process,  as some providers take up to six
weeks to update their databases and others,  who were represented to contain our
company name in response to various  keywords,  failed to include our company as
represented. We therefore intend to emphasize auction sites in the future and do
not  intend  to  apply  for  any  search  engine  registration  programs  in the
foreseeable future.

     Our agreement with Bigstep.com  provides for them to provide hosting of our
website, including 12 megabytes of disk space, web page templates, communication
tools and statistical reports.  Bigstep has the right to terminate the agreement
at any time,  without notice,  if we breach the terms, or if they determine,  in
their sole and exclusive  judgment,  that  termination is necessary for security
purposes.  They  may,  upon 30 days  notice,  modify or  discontinue  any or all
aspects  of their  service.  Should we wish to  terminate,  we are  required  to
provide them with 5 days notice prior to the next billing period.

     Our agreement with CardService International allows us to sell our products
on the Internet and collect the  purchase  price paid per item  purchased on our
Internet site. To date, we have not made any sales from our site. The agreement,
which is for a six month  term,  may be  terminated  earlier  by us for a fee of
$300. We do incur any monthly minimum charge,  other than $24.95 per month for a
customer  support fee. Any transactions  processed by CardService  International
will bear  discount  fees for credit card sales to be  determined  in the future
once we commence Internet sales activity.

     As of the date of this Report,  we have not determined any further  details
of our  advertising  campaign over the next twelve months.  Such programs in the
future,  if any, will be dependent upon cost and any available  capital which we
may have, which is not expected to be significant.

Hostess Party Plan

     In  seeking  additional  venues  for  the  sale  of our  products,  we have
determined that the method commonly known as the "Tupperware  Method" works very
well for the sale of manufactured  sterling silver jewelry.  In this method,  an
individual  (hostess)  invites  friends  and  neighbors  to  their  home for the
occasion.  One of our distributors  brings a variety of jewelry for direct sale.
In

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<PAGE>



return for  hosting  the party,  the  hostess  receives  10% of the gross  sales
generated at the respective gathering,  which is provided in product only, based
upon  retail  cost.  We  retain  100% of the cash  proceeds  from  these  sales.
Historically,  these gatherings  consist of between 10 and 20 people.  As of the
date of this Report,  we have generated  approximately  50% of our revenues from
these events.

     As this  portion of our  business  grows,  we plan to create a category  of
"hostesses"  who will have a direct  relationship  with us. These hostesses will
organize and conduct the parties in their local  geographical  area.  To date we
have made contact with persons in Kansas,  South  Dakota,  Virginia and Maryland
who have indicated an interest in becoming  hostesses.  These people are friends
or  relatives of  management  and our efforts to recruit  additional  hostess is
expected to come from  referrals,  as well as networking with attendees of prior
parties.  There is no written  agreement  between us and these  hostesses at the
date of this  Report and none are  expected  in the  future.  We expect that the
terms of these  relationships  will be  consistent  with those  described in the
paragraph above.

                           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 A VOTE OF SECURITY HOLDERS -

     NONE.

ITEM 5. OTHER INFORMATION - NONE.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -

     (a) Exhibits - NONE

     (b) Reports on Form 8-K - NONE

                                        7

<PAGE>


Saguaro Industries, Ltd. and Subsidiary
(A Company in the Development Stage)
Consolidated Balance Sheets (Unaudited)
---------------------------------------


                                                       August 31,  February 28,
                                                          2001         2001
                                                       ----------  ------------

ASSETS

Current assets:
  Cash                                                 $   10,370  $     21,992
  Inventory, at lower of cost or market                     1,648         1,176
  Web site                                                    600             -
                                                       ----------  ------------
       Total current assets                                12,618        23,168

Goodwill, net                                               2,594         3,632
                                                       ----------  ------------

            Total assets                               $   15,212        26,800
                                                       ==========  ============

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

  Note payable, related party (Note 2)                 $   10,000             -
  Accounts payable                                          2,664         1,819
  Due to related party                                        300           800
  Other accrued liabilities                                   251           161
                                                       ----------  ------------
       Total current liabilities                           13,215         2,780
                                                       ----------  ------------

Shareholders' equity:
  Preferred stock, no par value, 5,000,000 shares
   authorized; 35,000 and 50,000 shares issued
   and outstanding, respectively                       $    5,000         5,000
  Common stock, no par value, 50,000,000 shares
   authorized; 2,180,000 shares issued and outstanding      1,090         1,090
  Additional paid-in capital                               30,000        30,000
  Deficit accumulated during the development stage        (34,093)      (12,070)
                                                       ----------  ------------
       Total shareholders' equity                           1,997        24,020
                                                       ----------  ------------

          Total liabilities and shareholders' equity   $   15,212        26,800
                                                       ==========  ============


                                       8

<PAGE>


Saguaro Industries, Ltd. and Subsidiary
(A Company in the Development Stage)
Consolidated Statements of Operations (Unaudited)
-------------------------------------------------

                                            Three Months     Three Months
                                                Ended           Ended
                                             August 31,       August 31,
                                                2001             2000
                                            ------------     ------------


Sales revenue                               $      2,988     $          -
Cost of goods sold                                   591                -
                                            ------------     ------------
       Gross profit                                2,397                -
                                            ------------     ------------

Operating expenses:
  Professional fees                               13,325              100
  General and administrative                       3,394               59
  Stock transfer fees                                265                -
  Occupancy costs                                      -                -
  Amortization expense                               719                -
                                            ------------     ------------
       Total operating expenses                   17,703              159
                                            ------------     ------------

Net loss from operations                         (15,306)            (159)

Other expense - interest                            (118)               -
                                            ------------     ------------

Net loss                                    $    (15,424)    $       (159)
                                            ============     ============

Basic and fully diluted
   net loss per common share                $      (0.01)               *
                                            ============     ============


Weighted average common
   shares outstanding                          2,180,000        2,180,000
                                            ============     ============

     *  Less than $.01 per share



                                       9
<PAGE>


Saguaro Industries, Ltd. and Subsidiary
(A Company in the Development Stage)
Consolidated Statements of Operations (Unaudited)
-------------------------------------------------

                                                             Period From
                                   Six Months  Six Months     Inception
                                     Ended       Ended     (July 19, 1996)
                                   August 31,  August 31,      Through
                                      2001       2000      August 31, 2001
                                   ----------  ----------  ---------------

Sales revenue                      $    5,530  $        -  $         5,782

Cost of goods sold                      1,609           -            1,922
                                   ----------  ----------  ---------------
       Gross profit                     3,921           -            3,860
                                   ----------  ----------  ---------------

Operating expenses:
  Professional fees                    17,479         250           22,539
  General and administrative            6,704          81            8,961
  Stock transfer fees                     405           -            3,375
  Occupancy costs                           -           -            1,200
  Amortization expense                  1,238           -            1,757
                                   ----------  ----------  ---------------
       Total operating expenses        25,826         331           37,832
                                   ----------  ----------  ---------------

Net loss from operations              (21,905)       (331)         (33,972)

Other expense - interest                 (118)          -             (121)
                                   ----------  ----------  ---------------

Net loss                           $  (22,023)       (331)         (34,093)
                                   ==========  ==========  ===============

Basic and fully diluted net
  loss per common share            $    (0.01) $        *
                                   ==========  ==========

Weighted average common
  shares outstanding                2,180,000   2,180,000
                                   ==========  ==========

     *  Less than $.01 per share


                                       10

<PAGE>

<TABLE>

Saguaro Industries, Ltd. and Subsidiary
(A Company in the Development Stage)
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
Period From Inception (July 19, 1996) Through August 31, 2001
-------------------------------------------------------------

<CAPTION>
                                               Preferred  Preferred   Common     Common  Additional
                                                 Stock      Stock      Stock     Stock     Paid-In
                                                Shares      Amount     Shares    Amount    Capital     Total
                                               ---------  ---------  ----------  ------  ----------  ---------
<S>                                            <C>        <C>        <C>         <C>     <C>         <C>
Balances, July 19, 1996 and February 28, 1997          -  $       -          -   $    -  $        -  $       -

  Common shares sold in private offering,
   February 3, 1998                                    -          -     200,000      100          -        100
  Sale of preferred shares, February 5, 1998      50,000      5,000           -        -          -      5,000
  Net loss                                             -          -           -        -          -       (175)
                                               ---------  ---------  ----------  -------  ---------  ---------

Balances, February 28, 1998                       50,000      5,000     200,000      100          -      4,925

  Common shares sold in private offering,
   April, 1998                                         -          -   1,980,000      990          -        990
  Net loss                                             -          -           -        -          -     (4,005)
                                               ---------  ---------  ----------  -------  ---------  ---------

Balances, February 28, 1999                       50,000      5,000   2,180,000    1,090          -      1,910

  Net loss                                             -          -           -        -          -     (3,594)
                                               ---------  ---------  ----------  -------  ---------  ---------

Balances, February 29, 2000                       50,000      5,000   2,180,000    1,090          -     (1,684)

  Return of 15,000 preferred shares
   and contribution of $30,000 by preferred
   shareholder, December 11, 2000                (15,000)         -           -        -     30,000     30,000
  Net loss                                             -          -           -        -          -     (4,296)
                                               ---------  ---------  ----------  -------  ---------  ---------

Balances, February 28, 2001                       35,000      5,000   2,180,000    1,090     30,000     24,020

  Net loss                                             -          -           -        -          -    (22,023)
                                               ---------  ---------  ----------  -------  ---------  ---------

Balances, August 31, 2001                         35,000  $   5,000   2,180,000  $ 1,090  $  30,000  $   1,997
                                               =========  =========  ==========  =======  =========  =========

</TABLE>

                                       11
<PAGE>

<TABLE>

Saguaro Industries, Ltd. and Subsidiary
(A Company in the Development Stage)
Consolidated Statements of Cash Flows (Unaudited)
-------------------------------------------------

<CAPTION>
                                                                                  Period From
                                                        Six Months  Six Months     Inception
                                                           Ended       Ended    (July 19, 1996)
                                                         August 31,  August 31,     Through
                                                            2001        2000     August 31, 2001
                                                         ----------  ----------  ---------------
<S>                                                      <C>         <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                               $  (22,023) $     (331) $       (34,093)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
     Amortization                                             1,238           -            1,757
     Increase in inventory                                     (472)          -           (1,228)
     Increase in web site                                      (800)          -             (800)
    (Decrease) increase in accounts payable                     845           -            2,664
     Increase (decrease) in other accrued liabilities            90           -              251
                                                         ----------  ----------  ---------------
          Net cash used in operating activities             (21,122)       (331)         (31,449)
                                                         ----------  ----------  ---------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchase of subsidiary, net of cash received                 -           -           (3,971)
                                                         ----------  ----------  ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Increase (decrease) in due to related party               (500)          -             (300)
     Proceeds from note payable                              10,000           -           10,000
     Issuance of preferred stock                                  -           -            5,000
     Issuance of common stock                                     -           -            1,090
     Capital contributed by preferred shareholder                 -           -           30,000
                                                         ----------  ----------  ---------------
          Net cash provided by financing activities           9,500           -           45,790
                                                         ----------  ----------  ---------------

NET INCREASE (DECREASE) IN CASH                             (11,622)       (331)          10,370

CASH, at beginning of period                                 21,992         366                -
                                                         ----------  ----------  ---------------

CASH, at end of period                                   $   10,370          35           10,370
                                                         ==========  ==========  ===============


</TABLE>

                                       12

<PAGE>


Saguaro Industries, Ltd. and Subsidiary
(A Company in the Development Stage)
Notes to Consolidated Financial Statements (Unaudited)
------------------------------------------------------


Note 1 -  Unaudited Financial Information
-----------------------------------------

The unaudited financial  information  included for the three month and six month
interim  periods  ended  August  31,  2001 and 2000 was taken from the books and
records  without  audit.  However,  such  information  reflects all  adjustments
(consisting only of normal,  recurring adjustments,  which are in the opinion of
management,  necessary to reflect  properly  the results of the interim  periods
presented).  The results of operations for the six month period ended August 31,
2001 are not necessarily  indicative of the results expected for the fiscal year
ended February 28, 2002.

Note 2 - Note Payable, Related Party
------------------------------------

The note payable on the accompanying balance sheet is a note to a related party,
is dated July 26, 2001 and bears  interest at 12% per annum.  The  principal and
interest  is due no later  than  twelve  months  from the date of the note.  The
Company  has not made any  payments  of  principal  or interest as of August 31,
2001.

Note 3 - Financial Statements
-----------------------------

For a complete set of footnotes,  reference is made to the  Company's  Report on
Form 10-SB for the period from inception  through May 31, 2001 as filed with the
Securities and Exchange Commission and the audited financial statements included
therein.



                                       13

<PAGE>



                                   SIGNATURE


     Pursuant to the  requirements  of Section 12 of the Securities and Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                        SAGUARO INDUSTRIES, LTD.
                                        (Registrant)

                                        Dated: October 15, 2001



                                        By:  s/Patricia L. Manning
                                           ------------------------------------
                                           Patricia L. Manning,
                                           President



                                       14