UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 30549




                                   FORM 10-QSB




(MarkOne)

[X]  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934
                                   For the quarterly period ended March 31, 2005

[  ] TRANSACTION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
                        For the transition period from            to
                                                       ----------    -----------

                                                 Commission file number: 0-27489
                                                                         -------

                                 DuraVest, Inc.
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           Florida                                               59-2624574
-------------------------------                              -------------------
(State or Other Jurisdiction of                                 (IRS Employer
Incorporation or Organization)                               Identification No.)


      37 Prince Arthur Avenue, Suite 300, Toronto, Ontario, Canada M5R 1B2
      --------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (416) 961-1409
                           ---------------------------
                           (Issuer's telephone number)


                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a Court. Yes [X] No [ ]


                      APPLICABLE ONLY TO CORPORATE ISSUERS

The number of shares outstanding of each of the issuer's classes of common
equity, as of May 1, 2005 was 46,766,640 shares of common stock.

Transitional Small Business Disclosure Format (Check one):  Yes [X]  No [  ]


<PAGE>

                                      INDEX

                                                                            Page
                                                                            ----
Part I.  Financial Information

     Item 1.  Financial Statements                                            3

              Balance Sheet as of March 31, 2005                              3

              Statements of Operations for the Three Months Ended
              March 31, 2005 and March 31, 2004, and from August 5,
              1980 (inception) to March 31, 2005                              4

              Statements of Cash Flows for Three Months Ended
              March 31, 2005 and September 30, 2003 and from
              August 5, 1980 (inception) to March 31, 2005                    5

              Notes to Financial Statements                                   6

     Item 2.  Plan of Operation                                              11


Part II. Other Information

         Item 1.  Legal Proceedings                                          17

         Item 2.  Changes in Securities                                      17

         Item 3.  Defaults in Senior Securities                              17

         Item 4.  Submission of Matters to a Vote of Securities Holders      17

         Item 5.  Other Information                                          17

         Item 6.  Exhibits and Reports on Form 8-K                           17

Signature                                                                    19





                                       2
<PAGE>




                         PART I - FINANCIAL INFORMATION



Item 1.  Financial Statements

DuraVest, Inc.
(A development stage enterprise)
Consolidated Balance Sheets
As at March 31, 2005


                                                                           2005
                                                                    -----------
                                                                              $
ASSETS
Current assets
     Cash and cash equivalents                                        6,433,760
     Accounts receivable                                                 25,351
     Tax credits receivable                                             418,493
     Prepaid expenses                                                   251,672
                                                                    -----------
                                                                      7,129,276
                                                                    -----------
     Goodwill and intangible assets                                   7,452,436
                                                                    -----------
                                                                     14,581,712
                                                                    ===========

LIABILITIES
Current liabilities
     Accounts payable and accrued liabilities                           845,630
     Accrued interest - related party                                     8,236
     Notes payable - related parties (Note 6)                           100,000
                                                                    -----------
                                                                        953,866
Notes payable - unrelated parties (Note 7)                              325,000
Non-controlling interest                                              3,226,731
                                                                    -----------
                                                                      4,505,597
                                                                    -----------
STOCKHOLDERS' DEFICIT
Preferred stock, $0.0001 par value, 20,000,000 shares
authorized, 0 share issuedand outstanding

Common stock, $0.0001 par value, 80,000,000 shares
authorized, 46,766,640 shares issued and outstanding                     13,680

Additional paid-in capital                                           10,907,657

Deficit accumulated during the development stage                       (845,222)
                                                                    -----------
Stockholders' equity, net                                            10,076,115
                                                                    -----------
                                                                     14,581,712
                                                                    ===========
Commitment and contingencies (Note 8)



The accompanying notes are an integral part of the financial statements.

                                       3
<PAGE>

DuraVest, Inc.
(A development stage enterprise)
Consolidated Statements of Operations
<TABLE>
<CAPTION>


                                                                                                                        From
                                                                      For the three-month    For the three-month      1980-08-05
                                                                         period ended           period ended        (inception) to
                                                                          2005-03-31             2004-03-31            2005-03-31
                                                                      --------------------   -------------------    ----------------
<S>                                                                      <C>                     <C>                 <C>
                                                                                     $                      $                    $
Interest income                                                                 26,587                                      26,587

Research and development expenses                                               99,040                                      99,040
Selling, general and administrative                                            107,440                 27,191              775,167
                                                                         --------------          -------------        -------------
Loss from operations                                                          (179,893)               (27,191)            (847,620)
                                                                         --------------          -------------        -------------

Other income (expenses)
     Recovery of bad debt                                                                                                   20,000
     Interest expense                                                           (4,135)                  (857)             (14,749)
     Other                                                                        (827)                     8               (2,853)
                                                                         --------------          -------------        -------------
Net loss                                                                      (184,855)               (26,342)            (845,222)
                                                                         ==============          =============        =============

Net loss per common share, basic and diluted                                     (0.00)                 (0.00)
                                                                         ==============          =============

Weighted average number of common shares
outstanding                                                                 45,118,288             36,766,640
                                                                         ==============          =============

</TABLE>

The accompanying notes are an integral part of the financial statements.




                                       4
<PAGE>

DuraVest, Inc.
(A development stage enterprise)
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>


                                                                                                                        From
                                                                      For the three-month    For the three-month      1980-08-05
                                                                         period ended           period ended        (inception) to
                                                                          2005-03-31             2004-03-31            2005-03-31
                                                                      --------------------   -------------------    ----------------
<S>                                                                     <C>                 <C>                    <C>
                                                                                    $                     $                     $
OPERATING ACTIVITIES
Net loss                                                                     (184,855)              (28,040)             (845,222)
Net change in non-cash working capital items
     Receivable - related party                                                   710                                     (14,376)
     Prepaid expenses                                                          82,071                                      82,071
     Other assets                                                            (209,191)                                   (209,191)
     Tax credits receivable                                                    (3,228)                                     (3,228)
     Accounts payable                                                         (10,747)                  858                16,640
     Accrued interest - related party                                           4,135                 9,212                 8,236
                                                                        --------------       ---------------        --------------
Cash flows used in operating activities                                      (321,105)              (17,970)             (965,070)
                                                                        --------------       ---------------        --------------

FINANCING ACTIVITIES
Cash from acquisition of subsidiaries                                       6,521,329                                   6,521,329
Proceeds from issuance of debt to related parties                                                    20,000               180,000
Repayment of debt to related parties                                                                                      (80,000)
Proceeds from issuance of debt to unrelated party                             200,000                                     325,000
Proceeds from issuance of debt to a shareholder                                                                             2,100
Repayment of debt to a shareholder                                                                                         (2,100)
Proceeds from issuance of common stock                                                                                    452,500
                                                                        --------------       ---------------        --------------
Cash flows provided by financing activities                                 6,721,329                20,000             7,398,829
                                                                        --------------       ---------------        --------------
Net increase (decrease) in cash and cash
equivalents                                                                 6,400,223                 2,030             6,433,759
Cash and cash equivalents, beginning of period                                 33,536                 1,201
                                                                        --------------       ---------------        --------------
Cash and cash equivalents, end of period                                    6,433,760                 3,231             6,433,759
                                                                        ==============       ===============        ==============
Supplemental disclosure is as follows:
     Cash paid for interest                                                         -                     -                     -
     Cash paid for taxes                                                            -                     -                     -
                                                                        --------------       ---------------        --------------
                                                                                    -                     -                     -
                                                                        ==============       ===============        ==============
Noncash investing and financing activities:
     Stock options issued to acquire business                                 468,837                                     468,837
     Common stock issued to acquire business                               10,004,000                                  10,004,000
                                                                        --------------       ---------------        --------------
                                                                           10,472,837                     -            10,472,837
                                                                        ==============       ===============        ==============

</TABLE>

The accompanying notes are an integral part of the financial statements.




                                       5
<PAGE>

DuraVest, Inc.
(A development stage enterprise)
Notes to Financial Statements
As at March 31, 2005


1 - STATUTES, NATURE OF OPERATIONS AND GOING CONCERN

Nature of operations

DuraVest, Inc. (the "Company") was incorporated on August 5, 1980 under the laws
of the State of Florida as Ronnie Interior Designs, Inc. for the purpose of
merging with or acquiring another company. On March 13, 1998, the Company
amended and restated its articles of incorporation and changed its name to Great
Wall Food and Beverage Corporation. On November 9, 2001, the Company amended and
restated its articles of incorporation and changed its name to DuraVest, Inc.

The Company has been operating as a development stage enterprise since its
inception and is devoting substantially all its efforts to the ongoing
development of the Company.

Going concern

The accompanying financial statements were prepared assuming that the Company
will continue as a going concern. This basis of accounting contemplates the
realization of assets and the satisfaction of its liabilities in the normal
course of operations. Since inception, the Company has incurred losses of
approximately $845,222 and has never generated revenues from operations, and has
been dependent on investor capital and related party loans to sustain its
activities. These issues all raise substantial doubt about the Company's ability
to continue as a going concern.

The Company's continued existence is dependent upon its ability to meet its cash
needs for its activities, principally by obtaining additional debt financing and
equity capital. The Company presently has no source of additional capital. There
are no assurances that the Company will be able to continue as a going concern

The financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the inability of the
Company to continue as a going concern.

2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and accounting estimates

The accompanying unaudited consolidated financial statements of Duravest, Inc.
(the Company) have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Item 310(b) of Regulation S-B. Accordingly, they do not include
all of the information and footnotes required by accounting principles generally
accepted in the United States of America for complete financial statements. All
adjustments which, in the opinion of management, are considered necessary for a
fair presentation of the results of operations for the periods shown are of a
normal recurring nature and have been reflected in the unaudited consolidated
financial statements. There are no additional material subsequent events or
material contingencies that require disclosure. The results of operations for
the periods presented are not necessarily indicative of the results expected for
the full fiscal year or for any future period. The information included in these
unaudited consolidated financial statements should be read in conjunction with




                                       6
<PAGE>

DuraVest, Inc.
(A development stage enterprise)
Notes to Financial Statements
As at March 31, 2005


2 - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Basis of presentation and accounting estimates (Continued)

Plan of operation contained in this report and with the financial statements and
accompanying notes included in the annual report on Form 10-KSB for the fiscal
year ended December 31, 2004.

The accompanying financial statements are prepared on the accrual basis of
accounting in accordance with accounting principles generally accepted in the
United States of America ("GAAP"). The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. These
estimates are based on management's best knowledge of current events and actions
that the Company may undertake in the future. Actual results could differ from
those estimates.

Cash and cash equivalents

The Company considers all highly liquid investments with a maturity of three
months or less when purchased to be cash equivalents.

Fair value of financial presentation

The carrying amounts of the Company's financial assets and liabilities,
including cash and cash equivalents, approximate fair value because of their
short maturities.

Income taxes

The Company accounts for income taxes pursuant to the provisions of Statement of
Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes,
which requires, among other things, a liability approach to calculating deferred
income taxes. The asset and liability approach requires the recognition of
deferred tax liabilities and assets for the expected future tax consequences of
temporary differences between the carrying amounts and the tax bases of assets
and liabilities.

Foreign currency translation

During 1999, the Company opened a bank account denominated in a foreign currency
which is used to pay for some operational expenses. The bank account is
translated using rates of exchange at year-end; expenses are translated at
weighted average exchange rates in effect during the year. The cumulative effect
resulting from such translation is recorded as remeasurement gain or loss in the
financial statements.



                                       7
<PAGE>

DuraVest, Inc.
(A development stage enterprise)
Notes to Financial Statements
As at March 31, 2005


2 - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Earnings per share

The Company follows the provisions of SFAS No. 128, Earnings per Share, which
requires companies with complex capital structures or common stock equivalents
to present both basic and diluted earnings (loss) per share ("EPS") on the face
of the statements of operations. Basic EPS is calculated as income available to
common stockholders divided by the weighted average number of common shares
outstanding during the period. Diluted EPS is calculated using the treasury
stock method for common stock equivalents.

The Company, as of March 31, 2005, has 600,000 stock options outstanding.

Comprehensive income

In accordance with SFAS No. 130, Reporting Comprehensive Income, the Company is
required to separately report its comprehensive income (loss). The Company has
no items of other comprehensive income or loss, therefore, net loss and
comprehensive loss are the same for all periods presented.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current
period presentation.

3 - CHANGES IN ACCOUNTING POLICIES

Accounting pronouncements not yet implemented

In December 2004, the Financial Accounting Standards Board ("FASB") revised
Statement No. 123, Share-Based Payment. SFAS No. 123 (revised 2004) focuses
primarily on accounting for transactions in which an entity obtains services in
exchange of share-based payment transactions and requires that such transactions
be accounted for using the fair value-based method and that compensation expense
be recorded in the statement of operations. The Company is currently assessing
the impact of adoption of this pronouncement.

4 - BUSINESS ACQUISITIONS

On January 14, 2005, the Company issued to Hunter Fund LTD, a British Virgin
Islands' Corporation ("Hunter Fund"), 10,000,000 shares of Duravest's common
stock in exchange for the transfer from Hunter Fund to Duravest of all of the
outstanding stock of Cardio Management Systems, Inc., a corporation organized
under the Canada Business Corporations Act ("Cardio"). Pursuant to this
transaction, Cardio becomes a wholly-owned subsidiary of Duravest. Hunter Fund
had provided the CDN $7,500,000 to Cardio, which it used to make its second
investment in Estracure, a corporation organized under the Canada Business
Corporations Act ("Estracure"). This second investment made on January 14, 2005
consists of the acquisition by Cardio of an additional 482,966 shares of
Estracure, making Cardio the majority shareholder of Estracure with 50.10% of
all the issued and outstanding common shares. In exchange for its CDN $7,500,000



                                       8
<PAGE>

DuraVest, Inc.
(A development stage enterprise)
Notes to Financial Statements
As at March 31, 2005


4 - BUSINESS ACQUISITIONS (Continued)

provided to Cardio, Hunter Fund had received 9,000,000 shares of newly issued
stock of Cardio and an assignment of 1,000,000 outstanding shares of Cardio from
the president and director of the Company. Thus, at the time of the Duravest
acquisition of Cardio, Hunter Fund owned all of Cardio's outstanding stock.

On January 14, 2005, Duravest entered into an option agreement with Estracure
and all the owners of all the outstanding stock of Estracure except for the
stock held by Cardio (the "Estracure Minority Shareholders"). Under the
agreement, the Estracure Minority Shareholders have the collective right and
option, at any time before September 30, 2005, to exchange all their shares in
Estracure with Duravest for shares of Duravest's common stock if the human
clinical trials presently being conducted with Estradiol meet certain
conditions.

Except for those under the agreement, there is no material relationship between
Duravest, its affiliates, and the Estracure Minority Shareholders who are
parties to the agreement.

On January 14, 2005, the Company entered into a stock option agreement with a
director of Estracure who was the beneficial of an option to buy special common
shares of Estracure under Estracure's Stock Option Plan. Under this agreement,
Duravest has granted this director the right and option to acquire up to 600,000
shares of its common stock at an exercise price of $0.76. Except for those under
this agreement, there is no material relationship between Duravest, its
affiliates and this director of Estracure.

The acquisitions were accounted for using the purchase method and the operations
of the companies acquired are included in the consolidated earnings since the
acquisition date. The preliminary purchase price allocation is as follows:

     Current assets                                              763,984
     Goodwill and intangible assets (a)                        7,243,245
     Current liabilities                                        (828,990)
     Non-controlling interest                                 (3,226,731)
                                                              ----------
                                                               3,951,508
     Cash at acquisition                                       6,521,329
                                                              ----------
                                                              10,472,837
                                                              ==========

     Stock options issued                                        468,837
     Stock issuance                                           10,004,000
                                                              ----------
     Total consideration                                      10,472,837
                                                              ==========

     (a) This purchase price allocation is preliminary since the Company has not
     yet completed the evaluation of the identifiable intangible assets,
     in-process research and development and other elements resulting from this
     acquisition. The in-process research and development would probably be
     expensed if identified as part of the purchase price allocation.



                                       9
<PAGE>

DuraVest, Inc.
(A development stage enterprise)
Notes to Financial Statements
As at March 31, 2005


5 - CAPITAL STOCK

The total number of shares of capital stock which the Company has the authority
to issue is 100,000,000 shares, consisting of 80,000,000 shares of common stock
having a par value of $0.0001 per share and 20,000,000 shares of preferred stock
having a par value of $0.0001 per share. Each share of common stock entitles the
holder to one vote, without any right of cumulative voting. With regard to the
preferred stock, the Board of Directors has the authority to classify any
unissued shares by setting or changing in any one or more respects the
preferences, conversion or other rights, voting powers, restrictions,
limitations as to dividends, qualifications or terms or conditions of redemption
of such shares.

6 - RELATED PARTY TRANSACTIONS

Funds disbursed

Disbursements totaling $16,816 and $413 have been paid to officers, companies
owned by shareholders, and other related parties during the periods ended March
31, 2005 and 2004 for administrative fees, consulting services rendered and
reimbursement of expenses paid on behalf of the Company.

Notes payable

On June 1, 2004, with the Board of Directors' approval, the Company borrowed a
total of $100,000 from Fulton Partners, a related company. The control person of
Fulton Partners is a former officer of the Company and is also the owner of
Herne Financial Limited, a shareholder of the Company. The note is unsecured,
bears interest at a rate of 6% per annum, with the interest and principal
payable on demand. No interest has been paid on the note during 2004.

7 - NOTES PAYABLE - UNRELATED PARTIES

On November 24, 2004, with the Board of Directors' approval, the Company
borrowed a total of $125,000 from an unrelated company. The note is unsecured,
bears interest at a rate of 4% per annum, with the interest and principal
payable in monthly instalments of $3,689 beginning December 24, 2004. The final
payment is due November 2007. No payments were made on this note during 2004.

On January 27, 2005, with the Board of directors' approval, the Company borrowed
a total of $200,000 from an unrelated company. The note is unsecured, bears
interest at a rate of 4 % per annum, with the interest and principal payable in
monthly instalments of $5,905 beginning February 27, 2005. The final payment is
due January 2008. No payments have been made on this note as at March 31, 2005.

8 - COMMITMENT AND CONTINGENCIES

The Company conducts its operations from leased facilities, under operating
leases on a month-to-month basis, which can be terminated by either party upon
giving notice 60 days in advance. Lease rent expense for the periods ended March
31, 2005 and 2004 amounted to $1,330 and $823. At March 31, 2005, future minimum
lease payments and rent usage tax were $0.



                                       10
<PAGE>


Item 2   Plan of Operation
-------  -----------------

     DuraVest was organized in 1980 as a Florida corporation named Ronnie
Interior Designs, Inc. (which was changed to Ronnie Systems, Inc. on 1997). It
was formed to engage in the interior design business. These business operations
became dormant in 1995.

     In March of 1998, DuraVest was reorganized. Its Articles of Incorporation
were amended to: (i) change its name to Great Wall Food and Beverage
Corporation; (ii) change its authorized capital to its present structure; and
(iii) reverse split its then outstanding 100,000 shares of Common Stock into
10,000 shares (one new share for each ten old shares).

     On November 9, 2001 DuraVest amended its Articles of Incorporation to
change its name to DuraVest, Inc. and to complete a forward split of its
outstanding Common Stock in the basis of ten shares of the new stock for each
then outstanding share. This resulted in an increase of its total then
outstanding shares of Common Stock to 36,766,640 shares. All future references
herein to DuraVest's outstanding Common Stock have been adjusted to reflect the
2001 stock split.

     On January 14, 2005, DuraVest acquired all of the outstanding stock of
Cardio Management Systems, Inc., a corporation organized under the Canada
Business Corporation Act ("Cardio") in exchange for 10,000,000 newly issued
shares of DuraVest's common stock. Cardio's only material asset is a majority of
the outstanding stock (742,966 out of 1,482,966 outstanding shares) of
Estracure, Inc., a corporation organized under the Canada Business Corporation
Act ("Estracure"). Estracure is involved in the research, development and
commercialization of the use of "Estradiol" to reduce restenosis after
angioplasty ("Estradiol Project"). This acquisition was completed under the
Conditional Stock Exchange Agreement between DuraVest, Cardio and Cardio's
Shareholders dated April 4, 2002 (filed as Exhibit 12(d) to DuraVest's Form
10-QSB for the three-month period ended March 31, 2002) and the Amendment to it
dated March 29, 2004 (filed as Exhibit 12(d)(1) to DuraVest's Form 10-KSB for
the year ended December 31, 2003). The 10,000,000 shares of DuraVest issued to
the Cardio shareholder were issued as "restricted securities" as such are
defined under the Securities Act of 1933, as amended ("Securities Act").

     Additional information with respect to the acquisition of Cardio and
related contractual arrangements between DuraVest and the shareholders of
Estracure other than Cardio and a former Estracure stock option holder under
which DuraVest may acquire all of the minority stock interest in Estracure is
set forth below.

     Estracure's Estradiol Project has been developed by a team of Canadian
medical researchers working under the auspices of the Montreal Heart Institute.
They began research in 1997 to determine why arteriosclerosis and other diseases
creating indurations of the arteries occurred more frequently in men than women.
They focused their efforts on the potential role of naturally occurring hormones
unique to women in blocking the onset of arteriosclerosis or other indurations
of the arteries. After preliminary trials they focused their efforts on a form
of Estradiol (17-beta Estradiol), a female sex hormone of the estrogen family.
At this point their goal was to develop a product and treatment which would
reduce the recurrence of blockage following an angioplasty procedure, a
non-surgical interventional procedure using a tiny balloon to open blocked
arterial passages and the use of intravascular stents. The Estracure treatment
involves the application or injection of Estradiol during the angioplasty
procedure to impede the re-blocking of the arterial passage.

     The results of the research to date have been promising. The initial
studies have been followed by work in a clinically relevant animal model, the
stent porcine coronary artery model, where there was confirmation that local
delivery of 17-beta Estradiol significantly decreases neointimal hyperplasia and
significantly enhances re-endothelialization and endothelial function after
PTCA.

                                       11
<PAGE>


     Under the approval of Canadian Health authorities, Estracure has been
proceeding with Phase IIb human clinical trials. The 360 patients multicenter
study (10 centers) aimed to determine the effects of local perfusion of
17-8-Estradiol in the restenosis process following PTCA and/or stent
implementation. A dose of 17-8-is infused locally by a catheter simultaneously
with the PTCA procedure. Patients will be followed for a period of one year with
an angiographic control at six months to evaluate restenosis. A 60 patients
sub-group will be submitted to an angiographic evaluate endothelial function.
This study was initiated in the third quarter of 2002 and recruitment was
completed by the end of 2004. Trial results are being compiled and analyzed and
are expected before the end of 2005. During the course of the trial, no
secondary effects were ever observed.

     Contrary to other anti-restenosis drugs presently in clinical evaluation,
17-8-Estradiol is a non-toxic naturally occurring hormone that has been shown by
Estracure's scientific team to have a dual beneficial effect in improving
vascular healing and preventing restenosis after angioplasty. Animal studies
have demonstrated that local delivery of 17-8-Estradiol significantly decreases
neointimal hyperplasia after PTCA without secondary effects.

     Estracure believes that $7,500,000 CND invested by Cardio in January of
2005 will provide sufficient funds for its pre-clinical and clinical programs
(including the development and clinical evaluation of an Estradiol drug eluting
stent) for at least the next 18 months. There is no assurance these funds will
be sufficient to develop Estradiol as a marketable product.

     In addition, the acquisition by Cardio of Estracure will greatly increase
DuraVest's administrative and operating costs. Since DuraVest has no revenue
source, it will have to obtain additional working capital to cover these
expenses, and if necessary to provide additional funding to Estracure. There are
no present definitive arrangements under which DuraVest can obtain additional
funding and no assurance it will be able to do so.

     Cardio was formed in 2001 to provide funds to and acquire an investment in
Estracure. On May 8, 2002 it acquired 260,000 shares of Estracure (stated after
giving effect to a forward stock split of 10,000 to 1 on September 8, 2004) for
which it paid $2,500,000 (Canadian Dollars - hereinafter "CND"). On January 14,
2005, Cardio acquired an additional 482,966 shares of Estracure for which it
paid $7,500,000 (CND). The 10,000,000 shares of DuraVest issued for all the
Cardio stock were issued to Hunter Fund, LTD., a British Virgin Islands'
corporation ("Hunter Fund"). Hunter Fund provided the $7,500,000 to Cardio which
it used to make its second investment in Estracure. In exchange for its
$7,500,000 provided to Cardio, Hunter Fund received 9,000,000 shares of newly
issued stock of Cardio and an assignment of the other 1,000,000 outstanding
shares of Cardio from Patti Cooke, President and director of DuraVest. Thus, at
the time of the DuraVest acquisition of Cardio, Hunter Fund owned all of
Cardio's outstanding stock and received all of the 10,000,000 shares issued by
DuraVest in exchange for the Cardio stock.

     Prior to November 14, 2004, the contractual arrangement between Cardio and
Estracure (which arrangements were made when Cardio made its first investment of
$2,500,000 (CND) in Estracure) provided that Cardio had a first option right to
provide any additional investments in Estracure, but that Cardio could not, in
any event, acquire 50% or more of Estracure's outstanding stock. Hunter Fund was
not willing to provide the requisite financing unless Estracure would end up as
a majority-owned subsidiary of Cardio. Accordingly, the agreements between
Cardio and Estracure were re-negotiated and revised. As a result of these
revisions, DuraVest has entered into and has agreed to enter into contractual
agreements with the shareholders of Estracure other than Cardio ("Estracure
Minority Shareholders") and with an individual who had held an option to
purchase stock of Estracure ("Estracure's Option Holder").

     On January 14, 2005, DuraVest entered into an "Option Agreement" with
Estracure and the Estracure Minority Shareholders. (A copy of this agreement was
filed as Exhibit 12(e) with DuraVest Report on Form 8-K for January 14, 2005.)
Under the Option Agreement, the Estracure Minority Shareholders have the


                                       12
<PAGE>


collective right and option to exchange all of their Estracure shares with
DuraVest for shares of its common stock ("Exchange Option") if the human
clinical trials presently being conducted with Estradiol have: (i) had a
positive scientific outcome; (ii) provided proof of validation; and (iii)
established that the science of Estracure is commercially viable. The Estracure
Minority Shareholders may collectively exercise the Exchange Option in
accordance with the following:

     An "Independent Committee" shall be organized to evaluate the Estradiol
     Project. The Independent Committee shall consist of three members. One
     member shall be named by each of DuraVest and the Estracure Minority
     Shareholders as a group. The third member shall be selected by the initial
     two members.

     The Estracure Minority Shareholders may, at any time before September 30,
     2005, exercise their Exchange Option by giving collective written notice of
     exercise to DuraVest concurrently with the delivery by Estracure to the
     Independent Committee of the information necessary to enable it to make its
     evaluation of the Estradiol Project under the Option Agreement.

     Within 15 days of the receipt of the information on the Estradiol Project
     the Independent Committee shall deliver a written report containing its
     majority or unanimous opinion that either:

     (1)  The human clinical trials presently undertaken by Estracure have: (i)
          had a positive scientific outcome; (ii) provided proof of validation;
          and (iii) established that the Estracure science involved in the
          trials is commercially viable; or

     (2)  The human clinical trials presently undertaken by Estracure have: (i)
          not had a positive scientific outcome; (ii) not provided proof of
          validation; or (iii) not established that the Estracure science
          involved in the trials is commercial viable.

     If the Independent Committee's report concludes that the human clinical
     trials being undertaken by Estracure have: (i) not had a positive
     scientific outcome; (ii) not provided proof of validation; or (iii) not
     established that the Estracure science involved in the trials is commercial
     viable, the Exchange Option and the Option Agreement will terminate.

     If the Independent Committee's report concludes that the human clinical
     trials being undertaken by Estracure have: (i) had a positive scientific
     outcome; (ii) provided proof of validation; and (iii) established that the
     Estracure science involved in the trials is commercially viable, then the
     Exchange Option shall be deemed to have been effectively exercised by the
     Estracure Minority Shareholders as of the date the report of the
     Independent Committee is delivered to them and DuraVest.

     If the Independent Committee's report is positive and the Exchange Option
     effectively exercised, the appraised "Fair Market Value" of Estracure shall
     then be determined as follows:

     (1)  The two appraisers shall be selected by a random drawing from the
          following: Demers Beaulne, KPMG, Ernst & Young, Samson Belair Deloitte
          & Touche and Pricewaterhouse Coopers;

     (2)  During the 30 day period following receipt of the Independent
          Committee's report each of the two selected appraisers shall prepare a
          report under the guidelines set out in the Option Agreement containing
          their opinion of the Fair Market Value of Estracure and deliver it to
          DuraVest and the Estracure Minority shareholders; and

     (3)  For the purpose of the Exchange Option the Fair Market Value of
          Estracure shall be the average of the Fair Market Values contained in
          the opinions of the two selected appraisers.


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<PAGE>


     The exchange of the Estracure shares held by the Estracure Minority
     Shareholders for shares of DuraVest's common stock shall be completed by
     the Closing of the Option Agreement to be held within 30 days of the
     receipt of the appraisals of the Fair Market Value of Estracure.

     For purposes of the stock exchange, the "Market Price" of the DuraVest
     common stock shall mean the 60 day weighted average trading price of the
     stock on the Over-the-Counter Bulletin Board with the last of the 60 days
     being the thirtieth day following the date of delivery of the positive
     report from the Independent Committee.

     For purposes of the stock exchange the "DuraVest Market Capitalization"
     shall be the Market Price of the DuraVest common stock multiplied by the
     number of outstanding shares as of the Closing and adjusted to Canadian
     dollars.

     For purposes of the stock exchange the "Minority Shareholders Percentage"
     shall be the percentage of Estracure's outstanding stock as of the Closing
     calculated on a fully-diluted basis held by the Estracure Minority
     Shareholders.

     For purposes of the stock exchange, the "Total Exchange Value" of all the
     Estracure shares to be exchanged will be the greater of: (i) $31,000,000
     CDN; or (ii) the Fair Market Value of Estracure, in either case multiplied
     by the Minority Shareholders Percentage; but in no event greater than 80%
     of the DuraVest Market Capitalization.

     The stock exchange will be completed at the Closing by:

     (i)  the transfer of all of their Estracure shares to DuraVest by the
          Estracure Minority Shareholders; and

     (ii) the issuance by DuraVest to the Estracure Minority Shareholders of a
          number of DuraVest's common shares equal to the Total Exchange Value,
          converted into U.S. Dollars, divided by the Market Price, i.e., if the
          Market Price of DuraVest's common stock is $1.00 U.S. per share and
          the Total Exchange Value converted to United States Dollars is
          $14,000,000 the Estracure Minority Shareholders would receive a total
          of 14,000,000 shares of Estracure

     The Option Agreement contains mutual representations and covenants common
     to such agreements. The foregoing is a summary of the Option Agreement, and
     does not purport to present all the information set out therein.

     Prior to January 14, 2005, Mr. Jacques-Oliva Belair of Montreal, Quebec
held a stock option from Estracure under which he had the option to acquire up
to 4% of its participating stock ("Estracure Option"). Since DuraVest was of the
opinion that the entire stock ownership of Estracure should be held by DuraVest
or Cardio, if the Estracure Minority Shareholder were to exercise their right to
exchange their Estracure Stock of DuraVest stock under the Option Agreement,
DuraVest and Mr. Belair entered into a "Stock Option Agreement" on January 14,
2005. Under the Stock Option Agreement, Mr. Belair has renounced and terminated
the Estracure Option. In exchange for this termination, DuraVest granted to Mr.
Belair the right and option to purchase up to 600,000 shares of its common stock
at an exercise price of $0.76 (USD) per share ("DuraVest Stock Option") on the
following additional terms and conditions:

     The right to exercise the DuraVest Stock Option will vest on the earlier
     of: (i) September 30, 2005; or (ii) the date the Estracure Minority
     Shareholders exercise their option to exchange their Estracure shares into
     DuraVest shares under the Option Agreement ("Vesting Date").


                                       14
<PAGE>


     The DuraVest Stock Option may be exercised at any time after the Vesting
     Date during its term which expires January 13, 2008. |X|

     It may be exercised in lots of at least 200,000 shares or its then
     remaining balance of unexercised shares.

     The exercise price may be paid in: (i) cash; (ii) in whole shares of
     DuraVest's common stock; (iii) by the withholding of shares of DuraVest
     common stock issuable upon its exercise; or (iv) by any combination of the
     foregoing agreeable to DuraVest's Board of Directors.

     The shares issued upon exercise of the DuraVest Stock Option will be issued
     by DuraVest as "restricted securities" under the Securities Act of 1933
     ("Securities Act") and acquired by Mr. Belair for investment.

     DuraVest has agreed to grant Mr. Belair certain rights to have a
     Registration Statement filed under the Securities Act for the sale of
     shares acquired under the DuraVest Stock Option pursuant to a "Registration
     Rights Agreement" hereinafter discussed.

     The grant of the DuraVest Stock Option has been approved by the Quebec
     Securities Commission.

     A copy of the DuraVest Stock Option Agreement was filed as Exhibit 12(f) to
     DuraVest's Form 8-K Report for January 14, 2005.

     DuraVest has agreed with the Estracure Minority Shareholders that if the
     Independent Committee issues a positive report on the Estradiol Project,
     DuraVest will enter into a "Registration Rights Agreement" with them and
     Mr. Jacques-Oliva Belair within five business days after receipt of the
     report. The Registration Rights Agreement will apply to all shares of
     DuraVest's common stock issued to the Estracure Minority Shareholders under
     the Exchange Offer and to Mr. Belair under the DuraVest Stock Option
     ("Covered Shares"). The Registration Rights Agreement provides that upon
     the written request of the holders of at least 25% of the total number of
     Covered Shares, DuraVest will file a Registration Statement under the
     Securities Act with respect to Covered Shares which the holders desire to
     sell. The Registration Rights Agreement also provides that:

     Its term will last until the holders of the Covered Shares are able to
     utilize the provisions of Rule 144 (k) for resale of the shares.

     The holders of the Covered Shares also have certain "piggyback rights" to
     have shares to be sold by them included in any future Registration
     Statement filed by DuraVest during its term.

     If the holders of 15% of the total Covered Shares so request, DuraVest will
     file a Registration Statement on Form S-3 for the desired sale of Covered
     Shares, if such Form S-3 is available to DuraVest.

     The right to demand a Registration Statement for the covered shares will
     expire, once DuraVest has filed two such Registration Statements.

     DuraVest will be responsible for the costs and expenses of the filing on
     any Registration Statements.

     The parties will indemnify each other for liabilities for certain
     violations of securities laws in any sales made pursuant to a Registration
     Statement filed under it.



                                       15
<PAGE>


     DuraVest has agreed with Mr. Jacques-Oliva Belair that, if the Registration
     Rights Agreement is not entered into with the Estracure Minority
     Shareholders under the Option Agreement, DuraVest will enter into an
     agreement with Mr. Belair granting him "piggyback rights" similar to those
     contained in the Registration Rights Agreement.

     A copy of the form of Registration Rights Agreement was filed herewith as
     Exhibit 12(g) to DuraVest's Form 8-K Report for January 14, 2005.

     All of the shareholders of Estracure, including Cardio, have entered into a
"Shareholders Agreement", the principal provisions of which are as follows:

         (i) Cardio is entitled to nominate two of the five members of the Board
of Directors;

         (ii) The shareholders of Estracure benefit from a preemptive right to
subscribe, on a pro rata basis, to any additional shares issued by Estracure;

         (iii) A Shareholder of Estracure may only assign its shares therein in
the following circumstances:

              - The assignment is made to an affiliate, subsidiary, or holding
company of said shareholder; or

              - Such a shareholder has offered his shares to the other
shareholders who are entitled to acquire same on a pro rata basis.

         (iv) In the event that one or more shareholders holding, in the
aggregate, more than 45% of the issued and outstanding shares of Estracure wish
to assign their shares to a third party, the remaining shareholders may require
that their shares be purchased on the same terms and conditions. Inversely,
under the same circumstances, the shareholders controlling more than 45% of the
issued and outstanding shares of Estracure may compel the remaining shareholders
to sell to such a third party.

         (v) A Shareholder shall be deemed to sell all of its shares in
Estracure upon the occurrence of certain events, the following of which are
applicable to Cardio:

              - Change of control of Cardio except for its Acquisition by
DuraVest without the unanimous consent of the other shareholders of Estracure;

              - The seizure of a shareholder's shares in Estracure and such
seizure is not or contested within 30 days thereof;

              - The bankruptcy of a shareholder;

              - Fraud by a shareholder;

              - Criminal Act by a shareholder;

              - The default of a shareholder in respecting anyone of its
obligation under the terms of Shareholders Agreement in such default has not
been remedied within a reasonable time; and

         (vi) Decisions in respect of a number of matters have been made subject
to the consent of the shareholders, either by a 75% majority or by unanimous
approval.

     If the Estracure Minority Shareholders exercise their Exchange Offer and
DuraVest or Cardio acquire all of their Estracure shares, this Shareholders
Agreement will automatically terminate.


                                       16
<PAGE>


                           PART II - OTHER INFORMATION


Item 1.   Legal Proceedings

          Not Applicable

Item 2.   Changes in Securities

          Not Applicable

Item 3.   Defaults in Senior Securities

          Not Applicable

Item 4.   Submission of Matters to a Vote of Securities Holders

          Not Applicable

Item 5.   Other Information

          Not Applicable

Item 6.   Exhibits and Reports on Form 8-K

          (a)   Exhibit 31      Certificate Pursuant to Section 302 of the
                                Sabanes-Oxley Act

                Exhibit 32      Certificate Pursuant to Section 906 of the
                                Sabanes-Oxley Act

           (b)      Form 8-K

                    (1)  A Current Report on Form 8-K for January 14, 2005 was
                         filed by DuraVest on January 21, 2005. This Current
                         Report contained information on the following items:

                         (a)   Item 1.01    Entry into a Material Definitive
                                            Agreement;

                         (b)   Item 2.01    Completion of Acquisition or
                                            Disposition of Assets;

                         (c)   Item 3.02    Unregistered Sale of Equity
                                            Securities;

                         (d)   Item 5.01    Changes on Control of Registrant

                         (e)   Item 8.01    Other Events;  and

                         (f)   Item 9.01    Financial Statements and Exhibits.

                    (2)  Amendment No. 1 to the January 14, 2005 Current Report
                         on Form 8-K was filed on May 10, 2005.

                         It contains information for Item 9.01 Financial
                         Statements and Exhibits consisting of the following
                         financial statements:


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<PAGE>

                         For Estracure Inc.:

                         Independent Auditors' Report
                         Financial Statement
                            Operations
                            Deficit
                            Contributed Surplus
                            Cash Flows
                            Balance Sheets
                            Notes to Financial Statements

                         For Cardio Management Systems Inc.:

                         Independent Auditors' Report
                         Financial Statement
                            Operations
                            Cash Flows
                            Balance Sheets
                            Notes to Financial Statements

                    (3)  A Current Report on Form 8-K for February 23, 2005 was
                         filed on February 25, 2005.  This Current Report
                         contained information for:

                         (a)   Item 4.01    Changes in Registrant's Certifying
                                            Accountant;  and

                         (b)   Item 9.01    Financial Statements and Exhibits.

                    (4)  Amendment No. 1 to the February 23, 2005 Current Report
                         on Form 8-K was filed on March 22, 2005.

                         It contains information on:

                         (a)   Item 4.01    Changes in Registrant's Certifying
                                            Accountants;  and

                         (b)   Item 9.01    Financial Statements and Exhibits.







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<PAGE>


                                   SIGNATURES
                                   ----------

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

                                         DURAVEST, INC.

         Dated:  May 16, 2005            By: /s/ Patti Cooke
                                             -----------------------------------
                                             Patti Cooke, President, Principal
                                             Executive, Financial and Accounting
                                             Officer

































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