UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED JANUARY 31, 2001.

     [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT FOR THE
TRANSITION PERIOD FROM __________________ to



                         Commission file number 0-25614


                              GLOBUS WIRELESS, LTD.
              (Exact name of Small Business Company in its charter)


        NEVADA                                       88-0228274
(State or other jurisdiction of         (I.R.S. Employer incorporation or
                                        organization Identification No.)


          1955 Moss Court, Kelowna, British Columbia, Canada , V1Y 9L3
          (Address of principal executive offices, including zip code)

                Company's Telephone number, including area code:
                                 (250) 860-3130

     Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and Exchange Act
of 1934 during the preceding twelve months (or such shorter period that the
Registrant was required to file such reports), and (2) has been subject to file
such filing requirements for the past thirty days.

         Yes        x            No
                  -------                --------

     As of the end of the period covered by this report, the Company had
13,001,304 outstanding shares of Common Stock, par value $.001, and 1,500 shares
of Series A Preferred Convertible Stock.

Transitional Small Business Disclosure Format  (check  one):

         Yes          x             No
                  -------                  --------



<PAGE>


                                     PART I

ITEM 1.  FINANCIAL STATEMENTS






















                      Consolidated Financial Statements of

                              GLOBUS WIRELESS LTD.

                    Three month period ended January 31, 2001
                      (Unaudited - Prepared by Management)




<PAGE>
GLOBUS WIRELESS LTD.
Consolidated Balance Sheets

$ United States

January 31, 2001 and October 31, 2000
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------------------
                                                                    January 31, 2001      October 31, 2000
                                                               (Unaudited - Prepared
                                                                      by Management)
--------------------------------------------------------------------------------------------------------------------------------

Assets
Current Assets
<S>                                                                   <C>                   <C>
Cash and cash equivalents                                             $      564,564        $      319,511
Accounts receivable                                                        1,707,162             4,873,877
--------------------------------------------------------------------------------------------------------------------------------
Loans and other advances                                                         -                  82,508
Inventories                                                                3,878,750             1,143,891
Prepaid expenses                                                             110,822                18,576
                                                                           6,261,298             6,438,363

Fixed assets                                                                 543,011               428,738
Website development                                                           28,366                32,119
Patents and trademarks                                                        23,598                20,643
Goodwill                                                                   3,982,831             1,355,409

--------------------------------------------------------------------------------------------------------------------------------
                                                                      $   10,839,104        $    8,275,272
--------------------------------------------------------------------------------------------------------------------------------

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued liabilities                              $    1,953,083        $    4,214,534
Loans payable to related parties                                             628,413               780,375
Bridge financing payable (note 3)                                                -                 500,000
Due to stockholders                                                          323,486               489,717
Unearned rebate (note 4)                                                   1,965,233
--------------------------------------------------------------------------------------------------------------------------------
                                                                           4,870,215             5,984,626
Stockholders' equity
 20,000,000  preferred shares, issuable in series with a par value
             of $0.001 per share authorized, 1,500 Series A
             convertible preferred shares issued                                   2                   -
100,000,000  common shares with a par value of
             $0.001 per share authorized, 13,001,304 shares issued
             (October 31, 2000 - 12,777,621shares issued)                     13,001                12,778
Additional paid-in capital                                                10,029,007             7,840,973
Exchangeable shares of subsidiary (note 2)                                 2,215,354                   -
Deficit                                                                  (6,275,874)           (5,550,504)
--------------------------------------------------------------------------------------------------------------------------------
Accumulated other comprehensive income                                      (12,601)              (12,601)
                                                                           5,968,889             2,290,646
Contingencies (note 7)
--------------------------------------------------------------------------------------------------------------------------------
                                                                      $   10,839,104        $    8,275,272
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to consolidated financial statements.

On behalf of the Board:
_______________________  Director

_______________________  Director

<PAGE>
GLOBUS WIRELESS LTD.
Consolidated Statements of Loss and Comprehensive Loss

$ United States
<TABLE>
<CAPTION>

Three month  periods  ended  January 31, 2001 and 2000
(Unaudited - Prepared by Management)
--------------------------------------------------------------------------------------------------------------------------------

                                                                                    2001              2000
--------------------------------------------------------------------------------------------------------------------------------

<S>                                                                       <C>               <C>
Sale of products                                                          $   11,121,652    $          -
--------------------------------------------------------------------------------------------------------------------------------
Cost of sales                                                                 10,052,135               -
                                                                               1,069,517               -

Engineering revenue                                                              106,390               -
--------------------------------------------------------------------------------------------------------------------------------
                                                                               1,175,907               -
Expenses
Amortization                                                                      90,113            20,500
General and administrative                                                     1,330,481           161,729
--------------------------------------------------------------------------------------------------------------------------------
Research and development                                                          12,467            30,371
Interest                                                                         473,450             5,027
                                                                               1,906,511           217,627

--------------------------------------------------------------------------------------------------------------------------------
Loss, before other income                                                       (730,604)         (217,627)

Other income                                                                       5,234             2,307

--------------------------------------------------------------------------------------------------------------------------------
Loss                                                                      $     (725,370)   $     (215,320)
--------------------------------------------------------------------------------------------------------------------------------

Weighted average number of common shares for basic and
 diluted loss per share                                                       12,910,600        11,515,921
Basic and diluted loss per share                                                   (0.06)            (0.02)
--------------------------------------------------------------------------------------------------------------------------------

Comprehensive loss
Loss                                                                      $     (725,370)         (215,320)
Foreign currency translation adjustment                                              -               1,360

--------------------------------------------------------------------------------------------------------------------------------
Comprehensive loss                                                        $     (725,370)   $     (213,960)
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to consolidated financial statements.



<PAGE>
GLOBUS WIRELESS LTD.
Consolidated Statement of Stockholders' Equity

$ United States
<TABLE>
<CAPTION>
Three month period ended January 31, 2001
(Unaudited - Prepared by Management)

------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             Accumulated     Total
                                                                  Exchangeable   Additional                    Other        Stock-
                             Common Shares    Preferred Shares      Shares of      Paid-in      Accumulated Comprehensive   holders'
                           Number    Amount   Number   Amount      Subsidiary      Capital       Deficit       Income       Equity
------------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>          <C>         <C>    <C>       <C>            <C>            <C>           <C>         <C>
Balance, October
  31, 2000 ........... 12,777,621   $ 12,778     --    $  --     $     --       $ 7,840,973    $(5,550,504)  $(12,601)   $2,290,646
Exchangeable
  shares of sub-
  sidiary issued
  to acquire PCI
  (note 2) ...........       --           --     --       --       2,215,354           --              --          --     2,215,354
Preferred shares
  issued upon
  conversion of
  bridge financing
  (note 3) ...........       --           --    1,500      2           --         1,499,998            --          --     1,500,000
Common  shares
  issued for notes
  receivable
  (note 5(a))83,333 ..         83         --     --       --         108,250           --              --          --       108,333
Notes receivable .....       --           --     --       --           --         (108,333)            --          --      (108,333)
Common shares
  issued for wages
  (note 5(b))35,000 ..         35         --     --       --         100,590           --              --          --       100,625
Common shares
  issued for share
  issue costs
  (note 5(c)) ........     19,000         19     --       --           --           36,803             --           --       36,822
Share issue costs ....       --           --     --       --           --          (36,822)            --           --      (36,822)
Common shares
  issued for
  services
  (note 5(d))33,350 ..         33         --     --       --          63,866           --              --           --       63,899
Common shares
  issued for prepaid
  leasehold
  improvements
  (note 5(e)) ........     43,000         43     --       --           --           73,874             --           --       73,917
Vested common
  shares issued for
  services (note 5(f))     10,000         10     --       --           --              (10)            --           --          --
Beneficial
  conversion
  feature of bridge
  financing (note 3) .       --           --     --       --           --           50,500             --           --       50,500
Fair value of
  warrants granted
  to non-employees
  (note 3) ...........       --           --     --       --           --          304,000             --           --      304,000
Compensation cost
  of options granted
  to employees
  (note 6) ...........       --           --     --       --           --           95,318             --           --       95,318
Loss  for the
  three month
  period ended
  January 31, 2001 ...       --           --     --       --           --             --          (725,370)         --     (725,370)
------------------------------------------------------------------------------------------------------------------------------------
Balance, January
  31, 2001
 (Unaudited) ......... 13,001,304   $ 13,001    1,500    $ 2     $ 2,215,354   $10,029,007    $ (6,275,874)   $(12,601)  $5,968,889
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
GLOBUS WIRELESS LTD.
Consolidated Statements of Cash Flows

$ United States
<TABLE>
<CAPTION>

Three month  periods  ended  January 31, 2001 and 2000  (Unaudited - Prepared by
Management)
--------------------------------------------------------------------------------------------------------------------------------
                                                                                    2001              2000
--------------------------------------------------------------------------------------------------------------------------------

<S>                                                                       <C>               <C>
Net cash flows used in operating activities:                              $    (269,462)    $    (368,470)

Cash flows from financing activities:
Common shares issued for cash, net of share issue costs                              -              50,000
Reduction of loans payable to related parties                                  (151,962)               -
Reduction of due to stockholders                                               (166,231)               -
Proceeds from bridge financing                                                 1,000,000               -
                                                                                 681,807            50,000

Cash flows used in investing activities:
Purchase of fixed assets                                                       (104,760)          (87,171)
Purchase of patents and trademarks                                               (3,554)                -
Business combination (note 2)                                                   (58,978)              -
--------------------------------------------------------------------------------------------------------------------------------
                                                                               (167,292)          (87,171)

--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents                                 245,053         (405,641)

Cash and cash equivalents, beginning of period                                   319,511           487,562

--------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                                  $      564,564    $       81,921
--------------------------------------------------------------------------------------------------------------------------------

Supplementary information
Interest paid                                                             $       60,810    $        5,027
Income taxes paid                                                                    -                 -
--------------------------------------------------------------------------------------------------------------------------------


See accompanying notes to consolidated financial statements.

Non-cash financing and investing activities:
  Exchangeable shares of subsidiary issued upon business combination           2,215,354               -
  Preferred shares issued upon conversion of bridge financing                  1,500,000               -
  Common shares issued for notes receivable                                      108,333               -
  Common shares issued for wages                                                 100,625               -
  Common shares issued for share issue costs                                      36,822               -
  Common shares issued for services                                               63,899            88,150
  Common shares issued for prepaid leasehold improvements                         73,917               -
--------------------------------------------------------------------------------------------------------------------------------
  Beneficial conversion feature of preferred shares                               50,500               -
  Compensation cost of warrants granted to non-employees                         304,000               -
  Compensation cost of options granted to employees                               95,318               -
</TABLE>
<PAGE>
GLOBUS WIRELESS LTD.
Notes to Consolidated Financial Statements

$ United States

Three month period ended January 31, 2001
(Unaudited - Prepared by Management)

--------------------------------------------------------------------------------

1.       Significant accounting policies:

a) The  accompanying  financial  statements  as at January  31, 2001 and for the
   three  month  period  then ended are  unaudited;  however,  in the opinion of
   management,  all adjustments (consisting of normal recurring items) necessary
   for  the  fair  presentation  of  these  unaudited  financial  statements  in
   conformity with generally accepted accounting principles in the United States
   of America have been made.

b) The  Company's  subsidiaries,  operate  in Canada  and their  operations  are
   conducted in Canadian currency.  However,  their functional currency has been
   determined to be United States dollars.  The method of translation applied is
   as follows:

i)       Monetary  assets and liabilities are translated at the rate of exchange
         in effect at the balance  sheet date,  being US $1.00 per Cdn $1.503 at
         January 31, 2001 ($1.5315 at October 31, 2000);

ii)      Non-monetary assets and liabilities are translated at the exchange rate
         in effect at the transaction date;

iii)     Revenues and expenses are translated at the exchange rate in effect  at
         the transaction date; and

iv)      The  net  adjustment  arising  from  the translation is included in the
         statement of loss and comprehensive loss.

c)       Basic loss per share

   Basic loss per share has been calculated using the weighted average number of
   common  shares  outstanding  during the period.  The effect of stock  options
   outstanding  during  the  period  has not been  included  in the  computation
   because to do so would be anti-dilutive.


2.       Business combination:


On December 31, 2000, the Company acquired PCI Marketing &  Communications  Inc.
("PCI") for a total purchase price of $2,330,635 in a transaction  accounted for
under the purchase  method of accounting in accordance  with APB Opinion No. 16.
PCI's  principal  activity is the online  retail sale of wireless  communication
products.   Pursuant  to  the  terms  of  an  amalgamation  and  re-organization
agreement,  PCI amalgamated  with 906548 Alberta Inc., a wholly owned subsidiary
of the Company,  and formed  Globus Online Inc. The former  stockholders  of PCI
received 9,481,100 Class A non-voting exchangeable shares of Globus Online Inc.,
valued at $0.23366 per share, in exchange for all of the  outstanding  shares of
PCI on a one for one basis upon  amalgamation.  The former PCI  stockholders may
exchange  their Class A shares of Globus  Online Inc.  for common  shares of the
Company,  at the option of the  holder,  at any time for a period of three years
from the date of  issuance.  The  number of common  shares of the  Company to be
exchanged  for each  Class A share of Globus  Online  Inc.  will be based on the
market value of the Company's  common shares at the date of exchange,  such that
an equal value of the  Company's  common  shares will be issued for the value of
the Class A shares  exchanged,  valued at $0.23366  per share.  Any  unexchanged
Class A shares of Globus  Online Inc.  outstanding  at December 31, 2003 will be
automatically  exchanged  for common  shares of the  Company.  Accordingly,  the
acquisition  has been  recorded at  $2,330,635  being the cost of the  9,481,100
Class A shares of $2,215,354 plus direct acquisition costs of $115,281.

None of the Class A shares of Globus Online Inc. held by the former shareholders
of PCI have been exchanged for common shares of the Company at January 31, 2001.
Accordingly,  the  cost of the  Class A shares  issued  of  $2,215,354  has been
disclosed as a separate component of stockholders'  equity called  "Exchangeable
shares of subsidiary".
<PAGE>
GLOBUS WIRELESS LTD.
Notes to Consolidated Financial Statements

$ United States

Three month period ended January 31, 2001
(Unaudited - Prepared by Management)
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------------------


2.       Business combination (continued):

Had the Class A shares of Globus Online Inc. been exchanged for common shares of
the Company at the acquisition date, pro forma loss per share would have been:

<S>                                                                                          <C>
   Loss per share as stated                                                                  $      (0.06)
   Loss per share pro forma                                                                  $      (0.05)

The purchase  price  allocation  is based on  management's  estimate of the fair
values of PCI's tangible assets and liabilities.

Allocation of the purchase price is as follows:
   Cash                                                                                      $      56,303
   Accounts receivable                                                                               7,388
   Inventory                                                                                         4,257
   Fixed assets                                                                                     49,968
   Accounts payable and accrued liabilities                                                       (307,327)
   Due to shareholders                                                                              (5,778)
   Due to Globus Wireless Ltd.                                                                    (146,904)
   Goodwill                                                                                      2,672,728
--------------------------------------------------------------------------------------------------------------------------------
   Net assets acquired                                                                       $  2,330,635
--------------------------------------------------------------------------------------------------------------------------------

The purchase consideration is summarized as follows:
   Exchangeable Class A shares of Globus Online Inc.                                         $   2,215,354
   Acquisition costs                                                                               115,281
--------------------------------------------------------------------------------------------------------------------------------
   Total purchase price                                                                      $   2,330,635
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

The pro forma  consolidated  financial  information  for the three month periods
ended  January 31, 2001 and 2000,  determined as if the  acquisition  of PCI had
occurred on November 1 of each period, would have resulted in the following:
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------------------
                                                                                    2001              2000
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>               <C>
Sales                                                                      $  11,693,747     $     383,329
Loss                                                                       $    (850,272)    $    (334,011)
Basic and diluted loss per share                                           $       (0.06)    $       (0.03)
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

This unaudited pro forma information is presented for illustrative purposes only
and is not necessarily indicative of the results of operations in future periods
or results that would have been  achieved had the Company and PCI been  combined
during the specified periods.
<PAGE>
GLOBUS WIRELESS LTD.
Notes to Consolidated Financial Statements

$ United States

Three month period ended January 31, 2001
(Unaudited - Prepared by Management)

--------------------------------------------------------------------------------

3.       Bridge financing:

On November 21, 2000, the Company  received bridge financing of $250,000 bearing
interest at 18% per annum and was due December 21, 2000. On January 2, 2001, the
Company received an additional  $750,000 which, along with the $250,000 referred
to  above  and  $500,000  received  prior  to  October  31,  2000,   aggregating
$1,500,000,  was converted into 1,500 Series A convertible  preferred shares and
415,236 common share purchase warrants of the Company.

The  Series  A  convertible  preferred  shares  are  entitled  to a  liquidation
preference  amount of $1,000  per share and a 12%  annual  cumulative  dividend,
calculated  on the  liquidation  preference  amount,  payable  quarterly and are
convertible into common shares of the Company after April 28, 2001 determined by
the following formula:

$1,500,000 plus any accrued and unpaid dividends divided by the lessor of:

a) $1.8062; or

b) 80% of the  average of the three  lowest bid prices of the  Company's  common
   stock for the twenty days immediately prior to the conversion.

The Series A convertible  preferred  shares are  convertible  until December 29,
2003 at which time any  shares  not  converted  shall  automatically  convert to
common shares at a price determined by the above formula.

The common share purchase  warrants have an exercise price of $1.9862 per common
share and expire on January 2, 2006.

The bridge financing  contains a beneficial  conversion  feature as the Series A
convertible preferred shares are convertible at prices that are less than market
price at the date of issuance.  Accordingly,  interest  expense of $50,500 and a
corresponding  increase in additional  paid-in  capital has been recorded in the
statements of loss and comprehensive loss and stockholders' equity.

In addition,  interest expense of $304,000, being the fair value of the warrants
granted,  has been included in the loss for the three month period ended January
31, 2001. The fair value of the warrants  granted was determined using the Black
Scholes  method using the five year life of the warrants,  volatility  factor of
55%, risk free rate of 6.5% and no assumed dividend rate.

The Securities and Exchange  Commission is currently  reviewing the  transaction
involving the  conversion of the above bridge  financing to Series A convertible
preferred shares and share purchase warrants. In particular, the exercise price,
number and exercise dates of the warrants granted may change.  Once a change, if
any,  to the above  terms is  determined,  the  above  amounts  will be  amended
appropriately.

4.       Unearned rebate

In  addition  to the  sell-thru  credit  disclosed  in note 7 (b),  the  Company
received a purchase  rebate of $2,600,000.  The rebate is being  recognized over
the total  purchase  commitment  of 730,000  phones.  Accordingly,  the unearned
portion,  aggregating  $1,965,233  representing  the  remaining  commitment  for
551,777  phones,  has been deferred and  recognized as a liability as at January
31, 2001.

5.       Issuance of common shares:

During the three month period ended  January 31,  2001,  the Company  issued the
following common shares:

a) 83,333 shares for notes  receivable of $108,333 upon the exercise of employee
   stock options. The notes receivable do not bear interest,  are due within 364
   days and are secured by the common shares issued;
b) 35,000 shares as payment for amounts  payable for wages;
c) 19,000 shares for share issue costs;
d) 33,350 shares for services;
e) 43,000 shares as prepayment for leasehold improvements to be constructed  for
   the Company.
<PAGE>
GLOBUS WIRELESS LTD.
Notes to Consolidated Financial Statements

$ United States

Three month period ended January 31, 2001
(Unaudited - Prepared by Management)

--------------------------------------------------------------------------------

5.       Issuance of common shares (continued):

f) During the year ended October 31, 2000,  the Company issued 40,000 shares for
   services to be received.  The shares vest in  increments  of 10,000 shares of
   which  20,000 had vested prior to October 31, 2000 and 10,000  vested  during
   the three month period ended January 31, 2001.  The  remaining  10,000 shares
   vest on May 1, 2001.


6.     Stock options:

The Company  applies APB Opinion No. 25 in accounting for employee stock options
whereby  compensation  cost is recorded only to the extent that the market price
exceeds  the  exercise  price  at  the  date  of  grant.   Options   granted  to
non-employees are accounted for at their fair value.


During the three month  period  ended  January  31,  2001,  the Company  granted
204,333  common share  options with  exercise  prices fixed at 85% of the market
value  of  the  Company's   common  shares  at  the  grant  date.   Accordingly,
compensation cost of $95,318, representing the excess of the market price at the
grant date over the exercise price of the options granted,  has been included in
the determination of the loss for the period.


7.       Contingencies:

a) Pursuant to a technology licensing agreement, the Company is required to make
   periodic  payments  to an  individual  who is the  Company's  founder,  major
   stockholder and former President. Technology license payments owing under the
   agreement amounted to approximately $360,000 at October 31, 2000 and $390,000
   at January 31, 2001.

   During 1999, the Company  launched a lawsuit against its former President for
   breach of his  fiduciary  duties.  As part of its claims  against  its former
   President, the Company contends that its obligations under the agreement have
   been eliminated. Consequently, no accrual for technology license payments has
   been made as at October 31, 2000 and January 31, 2001.

b) As  disclosed  in note  11(d)  of its  October  31,  2000  audited  financial
   statements,  the Company  signed an  agreement to purchase  730,000  cellular
   phones with an aggregate cost of $40,199,200 by October 31, 2001. Pursuant to
   the terms of the  agreement,  the  Company is eligible to receive a sell-thru
   credit of $3.305 per phone  purchased.  To January 31, 2001,  the Company has
   purchased  178,223 phones under the agreement and thus has earned a credit of
   $589,027.  However,  the Company is not  eligible to receive the credit until
   the entire purchase commitment is completed.  Accordingly, no amount has been
   recorded in the accounts of the Company as at January 31, 2001.


8.       Subsequent event:

On  February  26,  2001 the Company  received  $625,000  in  exchange  for three
promissory notes. The notes bear interest at 30% per annum payable monthly,  are
due on May 26, 2001, and are secured by a pledge by the Company, in the event of
default,  to issue an amount of its  common  stock with a value of two times any
outstanding principal and unpaid interest.

The proceeds from the  promissory  notes were used to repay the loans payable to
related parties.
<PAGE>
Item  2. Management's Discussion and Analysis of Financial
         Condition and  Results of Operations:

Forward Looking Statements

     The  Private   Securities   Litigation   Reform  Act  of  1995  provides  a
"safe-harbor"  for  forward-looking   statements.   This  report  includes  both
historical  and  forward-looking   statements.  Any  forward-looking  statements
contained herein are based on the current expectations and projections of Globus
Wireless,   Ltd.  (the  "Company")  about  future  events.  All  forward-looking
statements  are  subject  to risks,  uncertainties,  and  assumptions  about the
Company,  including  anticipated  growth  strategies,  anticipated trends in the
business,   including   trends  in   technology   and  growth  of  the  wireless
communication  industry,  and future  business  directions  for the  Company and
associated  financial  commitments.  Should  one  or  more  of  these  risks  or
uncertainties materialize, or should underlying assumptions prove incorrect, the
Company's  actual  results may differ  materially  from those  described in this
report as anticipated, believed, estimated or expected.

     This  Management's  Discussion  and  Analysis of  Financial  Condition  and
Results  of  Operations  should  be read in  conjunction  with the  accompanying
condensed  financial  statements  and notes  thereto  attached and the Company's
consolidated  financial  statements and notes thereto  attached in the Company's
Annual Report on Form 10-KSB as of and for the year ended October 31, 2000.

Overview

     Globus Wireless, Ltd., with its wholly owned subsidiaries Celltech Research
Inc.  (B.C.),  Globus Wireless  Canada Ltd.  (Federal) and Globus Online Inc. is
engaged in the research,  design,  manufacture,  marketing and  distribution  of
wireless communication products. We have three primary objectives:

o    to become a leading  provider of SAR technology  solutions for OEM wireless
     products.  SAR, or Specific  Absorption Rate, is a measurement to determine
     the amount of microwave  radiation  absorbed by human tissue.  We strive to
     lower SAR in products without affecting, or alternatively enhancing,  their
     desired performance.
o    to become a major  distributor and supplier of high performance and quality
     OEM  handsets  and  accessories,   aftermarket  and  proprietary   wireless
     accessories, to carrier clients and distributors globally and to dealers in
     North America.
o    to secure new marketing,  manufacturing and technology opportunities in the
     wireless  communication  industry  that  further our  commitment  to market
     products  that  enhance   performance,   reduce  operating  costs,  improve
     efficiency, and provide us with significant earnings.


     The  Company  currently  maintains  offices  at 1955 Moss  Court,  Kelowna,
British Columbia,  Canada V1Y 9L3, which also serve as primary  headquarters for
Celltech  Research and Globus  Canada.  We operate  marketing  and  distribution
centers in Kelowna, British Columbia, Los Angeles, California, Markham, Ontario,
and Seoul, South Korea.

     During fiscal 2000, the Company  established  its position as a leading SAR
solutions   provider  in  the  global  wireless   telecommunications   industry,
transcending  from its research and development focus to marketing SAR solutions
to an expanding customer base. Additionally,  the Company successfully undertook
diversification  of  its  operational  base  to  include  marketing,  sales  and
warehouse  distribution  of  wireless  devices  and  accessories,  primarily  by
acquiring Edge Continental Inc., located in Markham,  Ontario,  and by launching
warehouse/distribution operations in Los Angeles, CA. The Company's multi-portal
distribution services include purchasing,  marketing,  selling, warehousing, and
delivery of wireless handsets and accessories.
<PAGE>
     The Company was incorporated  under the laws of the State of Nevada in June
1987, under the name Daytona Pacific  Corporation.  In October 1994, the Company
acquired all the assets of Globus Cellular & User  Protection Ltd.  (Canada) and
changed its name to Globus  Cellular and User Protection Ltd. In September 1995,
the  company  became  a  publicly  traded  corporation,   trading  on  the  NASD
Over-the-Counter  (OTC) Bulletin  Board. In August 1997, the Company changed its
name to Globus Cellular,  Ltd. In December 1999, the Company changed its name to
Globus  Wireless,  Ltd.,  the  name  being  more  indicative  of  the  Company's
expertise, technologies, and new product lines.

     In  September  2000,  the  Company  acquired  Edge  Continental  Inc.,  and
Ontario-based  international  distributor of OEM wireless  phones,  accessories,
leading  edge  aftermarket  products  and  certain  proprietary  design  handset
accessories.  On January 1, 2001,  Edge was  amalgamated  with  Globus  Wireless
Canada Ltd. (B.C.  registered)  and was registered  federally as Globus Wireless
Canada Ltd. (Federal).

     On December 31, 2000,  subject to a  successful  ratification  vote held on
January  26,  2001 and a final  purchase  audit to be  completed  during the 2nd
quarter of fiscal 2001, the Company completed the acquisition of PCI Marketing &
Communications  Inc.,  d.b.a.  Shop  Wireless.Com.  The Company  amalgamated the
acquired  business into 906548  Alberta Inc., a  wholly-owned  subsidiary of the
Company, to form the new entity Globus On-Line Inc., d.b.a. Shop Wireless.Com.

     The  Company  is  currently  listed on the OTC  Bulletin  Board,  under the
trading symbol GBWL.  Mr.  Bernard Penner is President,  CEO and Chairman of the
Board of Directors.  Mr. Nick Wizinsky  serves as Chief Financial and Operations
Officer as well as  Secretary  and  Treasurer.  Mr. Cary  Tremblay now serves as
Senior Vice President  International  & Carrier Sales.  Mr. Gord Walsh is Senior
Vice President Marketing & Sales, Wireless Devices.

     Additional key staff include Mr. Shawn McMillen,  General Manager, Celltech
Research Inc; Mr. Y.S. Lee, General Manager for Globus Korea branch office;  Mr.
Randy Aquino,  Vice President  Distribution,  OEM Devices;  Mr. Leonard Seidman,
Vice  President  Marketing & Sales  Globus  On-Line  Inc;  Mr.  Richard  Raymer,
Director of Operations, Globus On-Line Inc.

     Globus,  with  Celltech  serving as the  Company's  SAR  solutions  center,
continues to pursue  pioneering  research in SAR solutions  for radio  frequency
(RF)  emitting  devices.  The  Company  is also  focused on  profitable  product
distribution  opportunities that compliment the Company's approach and expertise
with SAR,  looking to  capitalize  on higher  margin  product to fill a building
distribution system for wireless products. A program to examine opportunities in
polymer  lithium ion (PLi) battery  technology  continues,  as there is a direct
relationship  on SARs  emitted from  RF-emitting  devices  with  enhanced  power
sources.

     Globus,  and Globus Wireless  Canada,  and Globus On-Line Inc.  provide the
Company with an  international  distribution  engine  providing  product through
several distributor channels, domestic and international,  including direct from
an OEM supply,  to providing  product under value added dealer programs in North
America and direct to consumer through web-based marketing and sales.
<PAGE>
Results of Operations

     Three months ended January 31, 2001 and 2000

     In the quarter  ending  January  31,  2001 the  Company  incurred a loss of
$725,370 compared to a loss of $213,960 for the quarter ending January 31, 2000.
The increased loss reflects increasing  operations costs incurred by the Company
during the current planned growth in all operations.

     Consolidated   revenues  for  the  period  ending  January  31,  2001  were
$11,228,042.  The company had no revenues for the same period ending January 31,
2000.  The  increase  in  revenues  reflects  the  growth in  wireless  products
distribution  in  Canada  and the US,  and the  increasing  testing  and  filing
revenues generated at Celltech Research Inc.

     Increased demand for services from OEMs of wireless handsets,  coupled with
expanded  testing  services  for a variety of RF emitting  devices,  resulted in
revenues at Celltech increasing $106,390 or 100% over the same quarter in fiscal
year 2000.

     Globus On-Line Inc., d.b.a. Shop Wireless.Com  generated  $188,432 in sales
revenues  during  the one  month  period  ended  January  31,  2001,  since  its
amalgamation into our operations.

     Gross margins for wireless  products  during the period were  $1,069,517 or
9.6% of revenue,  a decline  from the 4th quarter of fiscal 2000 gross margin of
15.4%.  The Company  attributes the decline in gross margins to a general market
downturn in the wireless  handset sector.  The Company did not have any earnings
for wireless products in same period in fiscal 2000.

     Gross margins  earned by Globus On-line  remained  fairly  consistent  with
historical  performance  for the company  and the month of January at 7.1%.  The
strategy of the Company for Globus On-Line  remains to increase sales and expand
the consumer data base, looking to enhance margins through product opportunities
secured by the Company's other distribution operations.

     Selling,  general,  and administrative costs for the quarter ending January
31,  2001 were  $1,906,511  or 17.1% of revenue.  This  compares  with  selling,
general,  and administrative  costs of $217,627 for the same period in 2000. The
increase in selling,  general, and administrative costs is directly attributable
to the continuing  expansion of all Company operations and integration of recent
acquisitions.

     Accounts  receivable  at January  31,  2001 was  $1,707,162,  a decrease of
$3,166,715  from $4,873,877 at October 31, 2000. The decrease is attributable to
the timing of initial  sales of wireless  products near the end of October 2000,
with the initial launch of the US wireless sales of the Company.

     Inventory  at January 31, 2001 was  $3,878,750,  an increase of  $2,734,859
from  $1,143,891 at October 31, 2000. The increase in inventory is  attributable
to the initial product purchases and inventory buildup for the US wireless sales
launch,  including  expansion of the dealer program.  Inventories held by Globus
On-Line Inc. are nominal,  with the majority of sales being shipped  directly to
consumer from the supplier.

     Prepaid  expenses at January 31, 2001 were  $110,822 an increase of $92,246
from $18,576 at October 31, 2000. This increase is attributable to prepaid costs
for leasehold improvements for a new location for Celltech Research Inc.
<PAGE>
     Fixed assets were $543,011 (net of accumulated amortization) at January 31,
2001,   compared  to   $428,738   at  October  31,  2000  (net  of   accumulated
amortization).  The  increase is  attributable  primarily  to  expenditures  for
warehouse infrastructure and computer equipment purchases.

     Goodwill was $3,982,831 at January 31, 2001 an increase of $2,627,422  from
$1,355,409  at October 31, 2000.  The increase is directly  attributable  to the
business combination of PCI Marketing and Communications Inc.

     Accounts  payable  and  accrued   liabilities  at  January  31,  2001  were
$1,953,083,  a decrease of $2,261,451  from $4,214,534 at October 31, 2000. This
decrease is  attributable  to the  reduction  of  payables  of initial  wireless
product  purchases for  distribution in the United States that occurred near the
end of October 2000.

     Loans  payable at January  31, 2000 were  $628,413,  a decrease of $151,962
from $780,375 at October 31, 2000. The decrease is  attributable to repayment of
debt due to  certain  lenders of Edge  Continental  Inc.  Subsequent  to the 1st
quarter the Company has paid in full all notes held by certain  lenders of Edge.
There were no outstanding note loans as of January 31, 2000.

     Bridge  financing was converted to preferred  shares during the quarter and
resulted in a decrease of $500,000 from the amount reported at October 31, 2000.

     Due to  stockholders  at January  31,  2001 was  $323,486,  a  decrease  of
$166,231  from $ 489,717 at October 31,  2000.  This  represents  the  scheduled
payment to the former  shareholders  of Edge  Continental  Inc.  pursuant to the
purchase agreement.

     Unearned  rebate at January  31, 2000 was  $1,965,233  and  represents  the
deferred  component  of a rebate  to the  Company  by a  supplier  for  wireless
devices.

     Net losses were  $725,370,  or $(0.06) per share,  for the first quarter of
fiscal 2001, compared to net losses of $213,960 or $(0.02) per share in the same
quarter in 2000.


     Capital Resources & Liquidity

     During the quarter  ended  January 31, 2001,  the Company  repaid loans and
debts totaling  $318,193.  These repayments  combined with the proceeds received
from the bridge  financing of $1,000,000  resulted in cash flows from  financing
activities of $ 681,807.

     During the quarter  ended  January 31, 2001,  the Company  purchased  fixed
assets, paid costs pertaining to a business combination of $58,978, and incurred
patent and trademark costs resulting in cash flows used in investing  activities
of $167,292.

     During the  quarter,  the  Company  issued  exchangeable  shares  valued at
$2,215,354 of its  wholly-owned  subsidiary,  Globus Online Inc., to acquire PCI
Marketing & Communications,  Inc. The shares are exchangeable into common shares
of the  Company,  at the option of the holder,  for three years from the date of
issuance,  and are  automatically  exchanged for common shares of the Company at
the end of three years.

     During the quarter,  the Company received bridge financing of $250,000,  in
addition to the $500,000 received prior to October 31, 2000, which bore interest
at 18% per annum and was due December 21, 2000. On January 2, 2001,  the Company
received an additional  $750,000 which,  along with the $250,000 disclosed above
and the  $500,000  bridge  financing  payable at October 31,  2000,  aggregating
$1,500,000,  was converted into 1,500 12% series A convertible  preferred shares
<PAGE>
and 415,236 common share purchase warrants of the Company.  The preferred shares
are entitled to a 12% annual  cumulative  dividend,  payable  quarterly  and are
convertible into common shares of the Company after April 28, 2001. The warrants
have an  exercise  price of $1.9862  per  common  share and expire on January 2,
2006. As a result of beneficial  conversion  features of the finance  agreement,
the Company has incurred a one-time  interest expense of $354,500,  representing
the fair  value of the  warrants  of  $304,000,  and the  beneficial  conversion
feature of $50,500 related to the preferred shares,  pursuant to SEC guidelines.
The fair value of the warrants  granted was  determined  using the Black Scholes
method using the five year life of the warrants,  volatility factor of 55%, risk
free rate of 6.5% and no assumed dividend rate.

     During the quarter  ended  January 31, 2001,  the Company  issued 50,000 of
common  stock  pursuant to the  exercising  of options  granted in 1999 to a key
employee and 33,333 to an officer of the Company,  paid through  repayable loans
and promissory notes totaling $108,333. Additionally,  during the quarter ending
January 31, 2001,  the Company  issued 35,000 shares to employees for commitment
of their  services  for the next year for a cost of $100,625  Additionally,  the
Company issued 19,000 shares for share issue costs of $36,822, 33,350 shares for
professional services for $63,899, and 43,000 shares for $73,917, in advance for
leasehold improvements for a new facility for Celltech Research, to be opened in
the 3rd quarter.

     Pursuant  to a Share  Purchase  Agreement  between  the  Company and Victor
Abuharoon and Randolph  Ryan Aquino made in the 4th quarter of fiscal 2000,  the
Company  completed the second cash payment required on January 2, 2001 and which
will be followed by similar payments on March 31, 2001, and June 30, 2001.

     No dividends  have been  declared  since our inception nor does the Company
anticipate that dividends will be declared in the ensuing fiscal year.


Commitments & Contingencies

     As  disclosed  in note 11(d) of the  October  31,  2000  audited  financial
statements,  the Company signed an agreement to purchase 730,000 cellular phones
with an aggregate cost of $40,199,200 by October 31, 2001. Pursuant to the terms
of the  agreement,  the Company is  eligible  to receive a  sell-thru  credit of
$3.305 per phone  purchased.  To January 31,  2001,  the  Company has  purchased
178,223  phones  under the  agreement  and thus has earned a credit of $589,027.
However,  the Company is not  eligible  to receive  the credit  until the entire
purchase  commitment is completed.  Accordingly,  no amount has been recorded in
the accounts of the Company as at January 31, 2001.

     During the year ended  October 31, 2000,  the Company  issued 40,000 shares
for services to be received by Hayden Communications Inc. (South Carolina),  for
their  assistance in implementing a national  investor  relations  program.  The
shares vest in  increments  of 10,000 shares of which 20,000 had vested prior to
October 31, 2000 and 10,000 vested during the  three-month  period ended January
31, 2001. The remaining 10,000 shares vest on May 1, 2001.

     During the period ending January 31, 2001, the Company issued 43,000 shares
to a local  building  developer  as a deposit on  leasehold  improvements  to be
constructed  for the Company for a new  facility for  Celltech  Research,  to be
opened  in  the  3rd  quarter.  Subject  to  the  completion  of  the  leasehold
improvements,  an additional issuance of stock will be made to the developer for
any remaining unpaid balance.
<PAGE>
Plan of Operation

     Since the  commencement  of fiscal  2001,  the  Company has  initiated  the
following actions and strategies with regards to the on-going advancement of its
business opportunities through to end of the 1st quarter of fiscal year 2001:

o    In  November  2000, the  Company  moved to secure  additional  distribution
     resources in the US, and effective  December 1, 2000, it commenced setup of
     a new US based Marketing,  Procurement & Distribution Center in California,
     to serve as the  primary US sales and  distribution  center for OEM handset
     and accessory product,  aftermarket  product and our proprietary  accessory
     product. The center opened in early February 2001.

o    In  November  2000, the Company  announced that it had acquired 100% of all
     of the issued and outstanding  shares in Edge Continental  Inc., a wireless
     products  distribution  company, for a combination of shares, cash and debt
     totaling $1.55 million. An international distributor of wireless phones and
     OEM  accessories,  Edge joined our Wireless  Devices  Product  Distribution
     Group and the operations  center in Markham  Ontario was  amalgamated  into
     Globus Wireless Canada Ltd. in early January 2001.

o    In  December  2000,  the  Company  commenced  a  comprehensive  integration
     program for it recent  acquisition of Edge Continental,  in to the Wireless
     Product  Distribution Group and Markham operations  amalgamated into Globus
     Wireless Canada Ltd. The integration program is expected to be completed in
     the 2nd quarter of fiscal year 2001.

o    On   December  31,  2000,   subject  to  a  final  purchase  audit   to  be
     completed during the 2nd quarter,  the Company completed the acquisition of
     PCI Marketing & Communications Inc., d.b.a. Shop Wireless.Com,  amalgamated
     the business  into 906548  Alberta Inc., a  wholly-owned  subsidiary of the
     Company,   to  form  the  new  entity  Globus  On-Line  Inc.,  d.b.a.  Shop
     Wireless.Com. Globus On-Line Inc. will continue to operate as a stand-alone
     entity,  and will receive its planned growth funding from the Company.  The
     Company will also provide certain  products to Globus On-Line Inc. for sale
     on  the  site  with  greater  margins  than  in  the  other   volume-driven
     distribution channels.

o    In  January  2001,  the Company  announced the initiation of an engineering
     services agreement with Deltacom Co. Ltd. of Korea. The agreement calls for
     incorporation of the Company's  proprietary SAR solution  technologies into
     Deltacom's  planned  launch of a series  of CDMA  protocol  wireless  phone
     products.  Preliminary  analysis  was  completed  at  Celltech  in January.
     Subsequent to quarter end, the Company was advised that software  technical
     difficulties were delaying the product launch. As a result, the engineering
     program at Celltech is not anticipated to commence until the 3rd quarter.

     Expertise in providing SAR solutions for wireless phone  manufacturers  and
identifying  new solutions,  processes and products to address the issues of SAR
and product performance remain a strategic priority for the Company.  During the
1st quarter,  the Company was focused primarily on OEM SAR solution sales and on
expansion  of  marketing  efforts  for a  growing  range of  wireless  products,
including new business opportunities in this area.

     The business  focus will remain on SAR and  performance  products in fiscal
2001,  with greater  emphasis on higher  margin  product  sales as  distribution
channels become more firmly established.  The Company is actively examining both
market opportunities and market fluctuations for wireless product  distribution,
particularly in light of turbulent market conditions.
<PAGE>
     The Company  remains  committed to market research into polymer lithium ion
battery  technology and is also exploring research and technologies in the audio
spectrum of wireless  communication  devices. Any new technologies and resulting
products that the Company may later elect to  participate  in will have relevant
SAR  implications  and as  well  adhere  to the  Company's  commitment  to  high
performance products.

     The  Company,  including  its  subsidiaries,   currently  has  thirty-eight
employees and officers. The Company's monthly salary cost for all operations and
subsidiaries is $98,250.  A significant  amount of the monthly  expenses are for
corporate  development,  including marketing,  travel and professional fees, and
product research.

     The  Company  may have to secure  additional  capital  to meet its  ongoing
requirements and to meet its stated objectives throughout the fiscal year ending
October 31, 2001. The Company is identifying  potential investors in conjunction
with its  current  finance  partners,  and will  seek to secure  new  investment
banking in the 2nd quarter of fiscal 2001,  subject to general market conditions
and reaching an agreement  for such  services  that is favorable to the Company.
Based on current market  conditions  and given the Company's  success in raising
private  financing  in the past,  the  Company  expects  that it will be able to
complete  financings  as  required  for growth and  operations.  The  Company is
continuing to review all  opportunities  for both long-term  equity  programs as
well as debt  financing.  Any  significant  capital  expenses  or  increases  in
operating costs will be dependent upon the Company's ability to raise additional
capital,  debt  financing  or  generate  revenue  from sales of our  products or
services.

     Historically,  the Company has not generated  sufficient revenue from sales
of its products or solutions  and testing  services to sustain  operations.  The
sales cycle to OEMs of the Company's  proprietary SAR solution  process has been
lengthy with the Company just  recently  generating  interest from industry with
one OEM committing to a SAR solutions agreement in January 2001. Additional OEMs
are expected to utilize the Company's  expertise in SAR research in fiscal 2001.
Furthermore, the Wireless Devices Product Group only recently saw its sales grow
in the 4th  quarter  of fiscal  2000.  This  growth  trend in  wireless  devices
distribution  revenues  continued  in  the  1st  quarter  fiscal  2001,  however
declining  margins were experienced in some products.  Recent  acquisitions Edge
Continental  and  Shop  Wireless  support  an  aggressive  growth  strategy  for
distribution  and the Company's  plans call for the  generating  of  significant
sales  revenue by fiscal  year end.  Subject to market  conditions,  the Company
anticipates  that it will be able to self-finance  some of the expansion  plans,
and will continue to examine product offerings to improve margins.
<PAGE>
                                     PART II
                                OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     The Company is not currently  involved in any legal  proceeding  that could
have a material  adverse  effect on the results of  operations  or the financial
condition of the Company.  From time to time,  the Company may become a party to
litigation incidental to its business. There can be no assurance that any future
legal proceedings will not have a material adverse affect on the Company.


ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

     On November 21 and January 2, 2001, the Company  received bridge  financing
of $250,000 and $750,000,  respectively. The aforementioned $1,000,000 financing
and an additional  $500,000  received  prior to October 31, 2000,  was converted
into 1,500  Series A  convertible  preferred  shares and  415,236  common  share
purchase warrants of the Company.

     The Securities and Exchange  Commission  recently informed the Company that
its grant of effectiveness for the Company's pending registration statement will
require a material  restructuring of this  transaction,  among other things.  In
particular,  the Company expects material changes  affecting the warrants issued
in conjunction  with the conversion.  The Company  currently is working with its
financing  partners to resolve  these  issues and intends to disclose  the final
material  terms  of these  financing  and  conversion  transactions  upon  their
clarification.

     The Series A  convertible  preferred  shares are entitled to a  liquidation
preference  amount of $1,000  per share and a 12%  annual  cumulative  dividend,
calculated  on the  liquidation  preference  amount,  payable  quarterly and are
convertible into common shares of the Company after April 28, 2001 determined by
the following formula:

     $1,500,000 plus any accrued and unpaid dividends divided by the lessor of:

     a)  $1.8062; or
     b)  80% of the  average of the three  lowest  bid  prices of the  Company's
         common stock for the twenty days immediately prior to the conversion.

     The Series A convertible  preferred  shares are convertible  until December
29, 2003 at which time any shares not converted shall  automatically  convert to
common shares at a price  determined by the above formula.  The bridge financing
contains a beneficial  conversion feature as the Series A convertible  preferred
shares are  convertible at prices that are less then market price at the date of
issuance.  As currently  structured,  the common share purchase warrants have an
exercise  price of  $1.9862  per  common  share and  expire on  January 2, 2006,
although the Company expects that this may change.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None
<PAGE>
ITEM 5.  OTHER INFORMATION

         None


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

  (a)  Exhibits

         Exhibit 27:  Financial Data Schedule

  (b)  Reports on Form 8-K

         None



<PAGE>
                                   SIGNATURES

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



                                              GLOBUS WIRELESS, INC.

Date:  March 19, 2001                       By: /s/ Bernard D. Penner
                                                    Bernard D. Penner, President

Date:  March 19, 2001                       By: /s/ Benjamin Hewson
                                                    Benjamin Hewson, Controller

                         13