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

                                   FORM 10-QSB

(Mark One)

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

     For the quarterly period ended:  March 31, 2001
                                     ----------------

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

      For the transition period from               to

                        Commission file number 000-27959

                             Laredo Investment Corp.
        (Exact name of small business issuer as specified in its charter)


  Nevada                                                      77-0517964
--------------------------------------------------------------------------------
(State or other jurisdiction                                (IRS Employer
of incorporation or organization)                          Identification No.)

        Suite 11405 - 201A Street, Maple Ridge, British Columbia V2X 0Y3
                    (Address of principal executive offices)

                                 (604) 460-8440
                            Issuer's telephone number


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

                      APPLICABLE ONLY TO CORPORATE ISSUERS

     State the number of shares  outstanding of each of the issuer's  classes of
common  equity,  as of the latest  practical  date:  March 31,  2001  32,200,000

     Transitional Small Business  Disclosure Format (check one). Yes ; No X ----




<PAGE>




                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements



                         INDEPENDENT ACCOUNTANT'S REPORT



Laredo Investment Corp.


     We have reviewed the accompanying balance sheets of Laredo Investment Corp.
as of March 31,  2001 and  December  31,  2000,  and the related  statements  of
operations,  and cash flows for the three month periods ended March 31, 2001 and
2000.  These  financial  statements  are  the  responsibility  of the  Company's
management.

     We conducted our review in accordance  with  standards  established  by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statement taken as a whole.
Accordingly, we do not express such an opinion.

     Based on our review,  we are not aware of any material  modifications  that
should  be made  to the  accompanying  financial  statements  for  them to be in
conformity with generally accepted accounting principles.

                                                Respectfully submitted



                                                /s/ ROBISON, HILL & CO.
                                                Certified Public Accountants

Salt Lake City, Utah
May 10, 2001










<PAGE>



                             LAREDO INVESTMENT CORP.
                                 BALANCE SHEETS





                                                  March 31,        December 31,
                                                    2001              2000
                                                  -----------       -----------
ASSETS
Current Assets:
Cash and cash equivalents ..................      $      --         $      --
Receivables ................................          511,544           658,834
Inventory ..................................          438,701           432,276
Prepaid expense ............................              970             1,664
                                                  -----------       -----------

     Total Current Assets ..................          951,215         1,092,774
                                                  -----------       -----------

Fixed Assets:
Manufacturing Equipment ....................          456,025           456,025
Office Equipment ...........................           16,747            16,747
Furniture & Fixtures .......................            2,752             2,752
Leasehold improvements .....................           41,814            41,814
                                                  -----------       -----------
                                                      517,338           517,338
Less Accumulated Depreciation ..............          (81,038)          (69,332)
                                                  -----------       -----------
                                                      436,300           448,006
                                                  -----------       -----------

Other Assets:
Intangible Assets, Net .....................           19,167            21,667
                                                  -----------       -----------

     TOTAL ASSETS ..........................      $ 1,406,682       $ 1,562,447
                                                  ===========       ===========




















<PAGE>



                             LAREDO INVESTMENT CORP.
                                 BALANCE SHEETS
                                   (Continued)




                                                     March 31,     December 31,
                                                        2001          2000
                                                      -----------   -----------
LIABILITIES
Current Liabilities:
Accounts Payable and Accrued Liabilities ...........  $   494,542   $   496,267
Bank Overdraft .....................................       60,358       289,943
Bank Line ..........................................       50,717        43,328
Short-Term Loans & Notes Payable ...................      560,836       553,802
Related Party Loans ................................       67,854        69,248
Current Portion Long-Term Debt .....................       20,435        20,951
                                                      -----------   -----------

     Total Current Liabilities .....................    1,254,742     1,473,539
                                                      -----------   -----------

Long-Term Debt .....................................       85,203        95,655
                                                      -----------   -----------

     Total Liabilities .............................    1,339,945     1,569,194
                                                      -----------   -----------

STOCKHOLDERS EQUITY
Common Stock - $0.001 par value, 100,000,000
   shares authorized, 100 and 32,200,000 shares
   issued and outstanding at March 31, 2001 and ....       32,200        32,200
   December 31, 2000
Additional Paid-in Capital .........................       28,150        28,150
Currency Translation Adjustment ....................       62,782         5,155
Retained Earnings (Deficit) ........................      (56,395)      (72,252)
                                                      -----------   -----------

     Total Stockholders' Equity ....................       66,737        (6,747)
                                                      -----------   -----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .........  $ 1,406,682   $ 1,562,447
                                                      ===========   ===========












                 See accompanying notes and accountants' report.


<PAGE>



                             LAREDO INVESTMENT CORP.
                            STATEMENTS OF OPERATIONS





                                                    For the three months ended
                                                          March 31,
                                                   ----------------------------
                                                      2001            2000
                                                   ------------    ------------
REVENUES
Sales ..........................................   $    566,001    $    571,139
Cost of Sales ..................................        359,406         404,366
                                                   ------------    ------------
Gross Margin ...................................        206,595         166,773

EXPENSES
   Selling & Marketing .........................         16,836          11,303
   General & Administrative ....................        145,162          95,650
                                                   ------------    ------------
                                                        161,998         106,953
                                                   ------------    ------------

Net Income from Operations .....................         44,597          59,820
                                                   ------------    ------------

Other Income (Expense)
   Interest, Net ...............................        (23,944)         (9,643)
   Currency Exchange, Net ......................         (4,796)           --
                                                   ------------    ------------

Net Income Before Income Taxes .................         15,857          50,177
Income Tax Expense .............................           --            (7,527)
                                                   ------------    ------------

NET INCOME .....................................   $     15,857    $     42,650
                                                   ============    ============

Basic and Diluted Earnings Per Common Share ....   $       0.00    $       0.00
                                                   ============    ============

Weighted Average Number of Common Shares .......     32,200,000      16,092,308
                                                   ============    ============













                 See accompanying notes and accountants' report.


<PAGE>



                             LAREDO INVESTMENT CORP.
                            STATEMENTS OF CASH FLOWS



                                                     For the three months ended
                                                                March 31,
                                                          ---------------------
                                                            2001        2000
                                                          ---------   ---------
Cash Flows From Operating Activities
   Net income (loss) for the period ....................  $  15,857   $  42,650
Adjustments to reconcile net income (loss) to net cash
   Provided by (Used in) operating activities
     Currency translation adjustment ...................     57,626        --
     Depreciation and Amortization .....................     14,206       8,873
     Currency Exchange .................................      4,796        --
     (Increase) in Receivables .........................    147,291     (86,023)
     Decrease (Increase) in Inventory ..................     (6,425)     39,933
     (Increase) in Prepaid Expense .....................        693        --
     Increase in Accounts Payable & Accrued Liabilities      (1,864)    (75,605)
     Increase in Bank Overdraft ........................   (229,585)       --
                                                          ---------   ---------
Net Cash Provided by (Used in) Operating Activities ....      2,595     (70,172)
                                                          ---------   ---------

Cash Flows From Investing Activities
   Purchase of property and equipment ..................       --      (183,683)
                                                          ---------   ---------
Net Cash Provided by Investing Activities ..............       --      (183,683)
                                                          ---------   ---------

Cash Flows From Financing Activities
   Proceeds/Payment on Bank Line .......................      7,389        --
   Payments on short-term notes payable ................       --       (26,497)
   Proceeds from short-term notes payable ..............       --       414,175
   Principle payment on long-term debt .................     (4,794)     (7,326)
                                                          ---------   ---------

Net Cash Provided by Financing Activities ..............      2,595     380,352
                                                          ---------   ---------

Increase (Decrease) in Cash ............................       --       126,497
Cash at beginning of period ............................       --          --
                                                          ---------   ---------

Cash at End of Period ..................................  $    --     $ 126,497
                                                          =========   =========


Supplemental Disclosure of Interest and Income Taxes Paid
   Interest paid during the period                        $   2,762   $   4,544
                                                          =========   =========
   Income taxes paid during the period                    $    --     $    --
                                                          =========   =========

Supplemental Disclosure of Non-cash Investing and Financing Activities:     None



                 See accompanying notes and accountants' report.


<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     This  summary of  accounting  policies  for  Laredo  Investment  Corp.  and
Subsidiaries  ( the  "Company")  is  presented  to assist in  understanding  the
Company's  financial  statements.  The accounting  policies conform to generally
accepted  accounting  principles  and  have  been  consistently  applied  in the
preparation of the financial statements.

Interim Financial Statements

     The unaudited  financial  statements as of March 31, 2001 and for the three
months then ended reflect, in the opinion of management,  all adjustments (which
include  only  normal  recurring  adjustments)  necessary  to  fairly  state the
financial  position and results of operations  for the three  months.  Operating
results for interim periods are not necessarily  indicative of the results which
can be expected for full years.

Organization and Basis of Presentation

     The  Company  was  incorporated  under  the laws of the  State of Nevada on
December 18, 1996. The Company ceased all operating activities during the period
from December 18, 1996 to July 9, 1999 and was  considered  dormant.  On July 9,
1999,  the Company  obtained a Certificate  of renewal from the State of Nevada.
From July 9, 1999 to January 21, 2000, the Company was in the development stage.

Acquisition of Subsidiaries

     On January 21, 2000, the Company entered into an Acquisition Agreement with
GFR Nutritionals,  Ltd., a British Columbia  corporation,  (GFR), Richard Pierce
and Lucretia Schanfarber (the GFR Majority Shareholders) to acquire their shares
representing  100%  of the  outstanding  common  stock  of GFR in  exchange  for
19,000,000  newly issued shares of the Company's  restricted  common stock.  The
transaction has been recorded as a reverse merger.

     On June 21, 2000, the Company  entered into an  Acquisition  Agreement with
Nutritionals (USA) Direct.Com, a Washington corporation,  (NDC), to acquire 100%
of the outstanding  common stock of NDC in exchange for $1,000.  The transaction
has been recorded as a purchase.

     On July 12, 2000, the Company  entered into an  Acquisition  Agreement with
WST Web Search Technologies, Inc., a Saskatchewan corporation, (WST), to acquire
100% of the  outstanding  common stock of WST in exchange for  10,000,000  newly
issued shares of the Company's restricted common stock. The transaction has been
recorded as a purchase.

     On November 1, 2000, the Company entered into an Acquisition Agreement with
Prohealth  Nutritionals Ltd., a British Columbia corporation,  (PHN), to acquire
100%  of the  outstanding  common  stock  of  PHN in  exchange  for  $0.01.  The
transaction has been recorded as a purchase.


<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Continued)



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Principles of Consolidation

     The  consolidated  financial  statements for December 31, 2000 and the year
ended include the accounts of Laredo  Investment  Corp. and the following wholly
owned subsidiaries:

*          GFR Nutritionals, Ltd., a British Columbia corporation
*          Nutritionals(USA) Direct.com, a Washington corporation
*          WST Web Search Technologies, Inc., a Sasketchewan corporation
*          Prohealth Nutritionals Ltd.,  a British Columbia corporation

Nature of Business

     The Company specializes in formulating, blending, encapsulating and packing
nutritional  products.  The Company's  operations are located in the province of
British Columbia, Canada.

Cash and Cash Equivalents

     For purposes of the  statement  of cash flows,  the Company  considers  all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Inventories

     Raw materials  inventory is stated at a lower of weighted  average cost and
replacement  value.  Inventories  of work in  progress is stated at the lower of
weighted average cost and net realizable value.














<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Continued)


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Depreciation

     Fixed assets are stated at cost. Depreciation and amortization is
calculated  on a  straight-line  basis over the  estimated  useful  lives of the
assets as follows:


    Asset                                Rate
---------------------------  -----------------------------------

Manufacturing equipment                 10 years
Furniture and fixtures                   5 years
Office equipment                         5 years
Leasehold improvements           Lease Term or 5 years
Automobile                               3 years

     Maintenance  and  repairs  are  charged  to  operations;   betterments  are
capitalized.  The  cost  of  property  sold  or  otherwise  disposed  of and the
accumulated  depreciation  thereon are eliminated  from the property and related
accumulated depreciation accounts, and any resulting gain or loss is credited or
charged to income.

     The Company has adopted the Financial  Accounting Standards Board SFAS No.,
121,  "Accounting  for the  Impairment  of  Long-lived  Assets."  SFAS  No.  121
addresses  the  accounting  for (i)  impairment of  long-lived  assets,  certain
identified  intangibles and goodwill  related to assets to be held and used, and
(ii) long-live lived assets and certain identifiable  intangibles to be disposed
of.  SFAS No. 121  requires  that  long-lived  assets and  certain  identifiable
intangibles  be held and used by an entity be reviewed for  impairment  whenever
events or changes in circumstances indicate that the carrying amount of an asset
may not be  recoverable.  If the sum of the expected  future cash flows from the
used of the  asset  and its  eventual  disposition  (un-discounted  and  without
interest  charges) is less than the carrying  amount of the asset, an impairment
loss is recognized.

Revenue recognition

     Revenue is  recognized  from sales of  product at the time of  shipment  to
customers.










<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Continued)



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Foreign currency translation

     The Company's primary functional currency is the Canadian dollar.  Monetary
assets and liabilities  resulting from  transactions  with foreign suppliers and
customers  are  translated at year-end  exchange  rates while income and expense
accounts are  translated at average  rates in effect during the year.  Gains and
losses on translation are included in income.

Pervasiveness of Estimates

     The  preparation  of financial  statements  in  conformity  with  generally
accepted  accounting  principles  required  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. Actual results could differ from those estimates.

Concentrations of Credit Risk

     The Company has no significant  off-balance-sheet  concentrations of credit
risk such as foreign  exchange  contracts,  options  contracts or other  foreign
hedging arrangements.

Income Taxes

     The Company accounts for income taxes under the provisions of SFAS No. 109,
"Accounting  for Income  Taxes." SFAS No.109  requires  recognition  of deferred
income  tax  assets  and   liabilities   for  the  expected  future  income  tax
consequences,  based on enacted tax laws, of temporary  differences  between the
financial reporting and tax bases of assets and liabilities.

Reclassifications

     Certain  reclassifications  have been made in the 2000 financial statements
to conform with the 2001 presentation.









<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Continued)


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Earnings (Loss) per Share

     The  reconciliations of the numerators and denominators of the basic income
(loss) per share computations are as follows:


                                                              Per-Share
                                  Income        Shares         Amount
                                  ------        ------         ------
                                 (Numerator)   (Denominator)

                                 For the three months ended March 31, 2001
Basic & Diluted Loss per Share
Income to common shareholders    $       15,857   32,200,000   $       --
                                 ==============  ===========   ============

                                 For the three months ended March 31, 2000
Basic & Diluted Income per Share
Loss to common shareholders      $       42,650   16,092,308   $       --
                                 ==============  ===========   ============

     The Company has no outstanding  dilutive common stock equivalents for March
31, 2001 and 2000.

Stock Compensation for Non-Employees

     The Company  accounts for the fair value of its stock  compensation  grants
for  non-employees in accordance with FASB Statement 123. The fair value of each
grant is equal to the market price of the  Company's  stock on the date of grant
if an  active  market  exists  or  at a  value  determined  in  an  arms  length
negotiation between the Company and the non-employee.

NOTE 2 - INVENTORY

     As of March 31,  2001 and  December  31,  2000,  Inventory  consists of the
following:


                              2001                   2000
                       ---------------------  ---------------------
Raw materials          $             438,701  $             414,010
Work in process                            -                 18,266
                       ---------------------  ---------------------
Total Inventory        $             438,701  $             432,276
                       =====================  =====================






<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Continued)


NOTE 3 - INCOME TAXES

     As of December 31, 2001, the Company had a net operating loss  carryforward
for income tax reporting  purposes of approximately  $110,000 that may be offset
against future taxable income through 2020. Current tax laws limit the amount of
loss  available to be offset  against  future  taxable income when a substantial
change in ownership  occurs.  Therefore,  the amount  available to offset future
taxable income may be limited. No tax benefit has been reported in the financial
statements,  because the Company  believes  there is a 50% or greater chance the
carryforwards will expire unused. Accordingly, the potential tax benefits of the
loss carryforwards are offset by a valuation allowance of the same amount.

NOTE 4 - RELATED PARTY TRANSACTIONS

     As of March 31, 2001 and December 31, 2000,  accrued management fees of GFR
of approximately  $38,065 ($60,043 Canadian) and $40,096 ($60,151 Canadian) were
due to a major shareholder.

NOTE 5 - SHORT-TERM OBLIGATIONS


                                                          March 31, December 31,
                                                                2001      2000
                                                              --------  --------
Promissory note, repayable to related parties upon
   demand, including interest at 12% .......................  $ 67,854  $ 69,248
Working Capital Loans, repayable in stock or options upon
    demand including interest at 1% over prime (8.5%) ......   560,836   553,802
                                                              --------  --------

Total ......................................................  $628,690  $623,050
                                                              ========  ========

     The Company has a bank line of credit with a total  amount owing of $50,717
and 43,328 as of March 31, 2001 and  December 31, 2000  respectively.  This line
carries an  interest  rate of 9% a total  available  credit of $53,887  ($85,000
Canadian) at March 31, 2001.













<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Continued)


NOTE 6 - LONG-TERM DEBT


                                                         March 31,  December 31,
                                                            2001         2000
                                                           --------     --------
TDBank Small  Business  loan,  repayable
  in monthly  instalments  $2,519 ($3,973
  Canadian),  including interest at 10.15%,
  maturing March 15, 2004, secured by certain
  manufacturing  equipment of the Company ............     $105,638     $116,606

Less current portion of long-term debt ...............       20,435       20,951
                                                           --------     --------

                                                           $ 85,203     $ 95,655
                                                           ========     ========

     Principal  payments  due on  long-term  debt  for  each of the  five  years
subsequent to December 31, 2000 and thereafter are as follows:


         Year ending:                    Amount
-------------------------------   --------------------

             2001                 $             20,951
             2002                               23,179
             2003                               25,644
             2004                               28,371
             2005                               18,461
          Thereafter                                 -
                                  --------------------
             Total                $            116,606
                                  ====================

NOTE 7 - ECONOMIC DEPENDENCE

     During 2001 and 2000, the Company sold  approximately  53% and 94% of sales
to Prairie Naturals Inc. Future operations of the Company depend on continuation
of the manufacturing arrangement with Prairie Naturals Inc.












<PAGE>



                             LAREDO INVESTMENT CORP.
                          NOTES TO FINANCIAL STATEMENTS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Continued)


NOTE 8 - COMMITMENTS

     The Company has entered into a lease  agreement for its  manufacturing  and
office  facilities with the Company's major  shareholder and other parties.  The
rental charges are approximately  $38,000 ($60,000 Canadian) per year. The lease
expires December 31, 2001.

     The minimum  future  lease  payments  under these  leases for the next five
years are:


         Year Ended                      Real Property
        December 31,
-----------------------------           --------------------
           2001                         $             38,000
           2002                                   -
           2003                                   -
           2004                                   -
           2005                                   -
           Thereafter                             -
                                        --------------------

Total minimum future lease payments     $             38,000
                                        ====================

     The leases generally provides that insurance,  maintenance and tax expenses
are  obligations  of the Company.  It is expected  that in the normal  course of
business,  leases  that  expire  will be renewed or  replaced by leases on other
properties.

NOTE 9 - STOCK INCENTIVE PLAN

     The Board of Directors has authorized and the Company has  established  the
2001 Incentive and  Non-qualified  Stock Option Plan. Under the plan the Company
is  authorized to issued up to 6,000,000  shares of the  Company's  common stock
with such exercise price and vesting  periods as the Board of Directors Deems to
be in the best  interest of the Company.  As of March 31,  2001,  no option have
been granted.














<PAGE>



Item 2.  Management's Discussion and Analysis or Plan of Operation.

General

This discussion should be read in conjunction with  Management's  Discussion and
Analysis of  Financial  Condition  and Results of  Operations  in the  Company's
annual report on Form 10-KSB for the year ended December 31, 2000.

Plan of Operations

The  Company  is  currently  working  on  securing   additional   private  label
manufacturing  contracts.  The key target for private  label sales are wholesale
distributors  of  health  food  nutrition  products.  Laredo  is  also  pursuing
opportunities for direct sales to consumers through the Internet.

Liquidity and Capital Resources

Laredo's  working  capital  ratio was 0.76:1 as at March 31,  2001  compared  to
0.74:1 at December 31, 2000. The key  contributing  factors for this increase is
improved  cash flow for the quarter and the resulting  $229,585  decrease in the
bank overdraft.

Current liabilities include a $67,854 promissory note payable to a party related
to the  shareholder,  which  bears  interest  at 12%  annually.  These funds are
repayable on demand however, the request for repayment occurring at this time is
not expected.

Laredo has a small business loan outstanding with a balance of $105,638 at March
31, 2001. This loan bears interest at 10.15% over a 5 year term.

Laredo anticipates  acquiring an additional $300,000 of manufacturing  equipment
in fiscal  2001 in order to meet  demands  for new private  label  sales.  Plant
renovations  costing  $30,000 are also  expected to be completed in fiscal 2001.
These  expenditures  will be  financed  through  private  placement  of  shares.
Increased  sales volumes will also  necessitate  hiring  additional  operations,
sales and administrative personnel.

Results of Operations


                                                          March 31,    March 31,
                                                           2001          2000
                                                         --------      --------

Sales ..............................................     $566,001      $571,139
Cost of Sales ......................................      359,406       404,366
Gross Profit .......................................      206,595       166,773
Gross Profit Margin ................................         36.5%         29.2%
Selling, General & Administrative Expenses .........      161,998       106,953
Administrative Expenses as a % of sales ............         28.6%         18.7%

For the 3 months ended March 31, 2001, sales were $5,000 lower than 2000 but are
expected  to grow  during  2001.  During  2001 and  2000  53% and 94% of  sales,
respectively  were to Prairie  Naturals Inc., a wholesale  distributor for which
Laredo manufactures private label products. Laredo


<PAGE>



has a verbal arrangement to manufacture,  on an as-ordered basis,  private label
products that Prairie Naturals Inc.  distributes under the Prairie Naturals Inc.
name.

Operating  margins in 2001 were 36.5% of sales  revenue,  7.3% higher than 2000.
Cost of  Sales  includes  the  cost  of raw  materials  used  in  manufacturing,
production labor costs and an applicable share of overhead expenses. General and
administrative  expenses  were 28.6% of sales in 2001,  9.9%  higher  than 2000.
Management attributes the decreases in costs of sales to manufacturing equipment
downtime  experienced during 2000. General and administrative cost increases are
due to increased professional fees and marketing costs.

Laredo anticipates  realizing economies of scale as production volumes increase.
Administrative  expenses include advertising expenses which will increase due to
Laredo's plan to expand marketing efforts.

Effect of Inflation

Laredo  does  not  anticipate  any  financial  impact,   whether  beneficial  or
detrimental, as a result of inflation.






























<PAGE>



                           PART II - OTHER INFORMATION


Item 1.  Legal Proceedings

     None.

Item 2.  Changes in Securities

     None.

Item 3.  Defaults Upon Senior Securities

     None.

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

     None.

Item 5.  Other Information

     Effective May 10, 2001, The Board of Directors  accepted the resignation of
the Company's Chief Financial Officer, Marc Casavant.

Item 6.  Exhibits and Reports on Form 8-K

     The Company did not file a report on Form 8-K during the past quarter.



<PAGE>


                                   SIGNATURES

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


                             Laredo Investment Corp.
                                  (Registrant)





DATE:     May 15, 2001       By:    /s/ Richard Pierce
       --------------------         ---------------------
                                    Richard Pierce
                                    President, C.E.O., Director
                                   (Principal Executive and Accounting Officer)