<PAGE>
===============================================================================


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

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

      DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) SEPTEMBER 14, 2001.

                                DBS HOLDINGS INC.
             (Exact name of Registrant as specified in its charter)

              Nevada                      0-30453                   N/A
   -----------------------------        ------------        -------------------
   (State or other jurisdiction         (Commission            (IRS Employer
         of incorporation)              File Number)        Identification No.)


1 - 8765 Ash Street, Vancouver, B.C. Canada             V6P 6T3
-------------------------------------------            ----------
(Address of principal executive offices)               (Zip Code)


        Registrant's telephone number, including area code (604) 301-9545

            1898 Peardonville Road, Abbotsford, B.C., Canada, V4X 2M4
===============================================================================
          (Former name or former address, if changed since last report)

================================================================================
<PAGE>




ITEM 5.  OTHER

                                LEGAL PROCEEDINGS

In the Company's Form 10-Q for the Quarterly period ended May 31, 2001, the
Company disclosed the following legal proceedings (the "LEGAL ACTION"):

         "M-I Vascular Innovations, Inc. ("MIV"), the other company involved in
         the Share Exchange and Finance Agreement dated May 15, 2001 entered
         into with DBS Holdings Inc. (the "COMPANY"), commenced legal actions in
         the British Columbia Supreme Court on November 10, 2000 against one of
         its founders, John Ma (the "DEFENDANT"), being the director that sold
         the coil stent to MIVI Technologies Inc. ("MIVI"), a wholly owned
         subsidiary of MIV, for breach of the Founders Agreement dated March 16,
         1999, breach of Consulting Agreement dated March 16, 1999, and breach
         of the Share Purchase Agreement dated September 9, 1999. MIV is seeking
         to cancel 2,967,000 of this founder's shares. MIV is seeking damages
         for failure of performance and the cost of replacing this founder's
         services and costs incurred by MIV.

         The Defendant has counterclaimed against MIVI and MIV and against
         certain of the other founders alleging various matters including a
         conspiracy to oust the Defendant and deprive him of his shares and
         seeking shares of up to 3,500,000 shares of MIV (and conversion of such
         to Company shares), recovery of anticipated future revenue of the
         consulting agreement and other general damages.

         On May 17, 2001, the Defendant received a temporary injunction against
         certain of the MIV founders and MIV and MIVI to temporarily halt their
         further proceeding with share merger and financing of MIV with and by
         the Company until the parties can come before the B.C. Supreme Court
         for a full hearing on the motion which was expected to occur in June of
         2001. At this time the Company (other than through its control of MIV
         and MIVI) is not directly involved in these proceedings.

         On June 22, 2001, the Defendant, certain of the MIV founders, MIV, MIVI
         and the Company entered into a Letter Agreement for Settlement
         Agreement to settle the legal actions commenced in the B.C. Supreme
         Court on November 10, 2000 and to lift the temporary injunction
         received by the Defendant."

The parties to the Legal Action have now entered into a formal settlement
agreement (the "SETTLEMENT AGREEMENT") dated September 14, 2001 to replace the
Letter Agreement in respect of resolving the Legal Action. Under the terms of
the Settlement Agreement:

1.   The Company and MIV will take all necessary steps to effect the conversion
     or exchange of all of the 3,392,399 MIV shares currently owned by John Ma
     for shares of the Company on a one-for-one basis (the "EXCHANGE").

2.   Mr. Ma has granted an option (the "OPTION") to Heath Ellingham or nominee
     (the "OPTIONEE") to purchase the MIV shares (or Company shares following
     the Exchange) owned by Mr. Ma for a purchase price of CDN$1.00 per share.
     During the Option period, the Optionee has the right to exercise all voting
     power with respect to the shares covered by the Option.

3.   The Legal Action is suspended until the earlier of December 22, 2001
     (unless extended by agreement) or the exercise of the Option. Provided that
     the Option is fully exercised in the above time period and the terms of the
     Settlement Agreement are met, the Legal Action will

<PAGE>



                                      -2-



     be dismissed and all parties to the Legal Action will be released. The
     Exchange is expected to take place irrespective of whether the Option is
     exercised.

4.   Title to the coil stent and associated intellectual property and technology
     which was the subject of the share purchase agreement dated January 19,
     1999 between MIV and John Ma (the "1999 AGREEMENT") are fully conveyed to
     MIV. If the Option is not fully exercised, Mr. Ma and Angiocure retain the
     right to seek payment of the royalties contemplated by the 1999 Agreement.

5.   Any obligation of Mr. Ma and Angiocure Technologies Inc. not to compete
     against MIV or any related or affiliated party is waived and terminated
     absolutely, irrespective of whether the Option is exercised or of the
     occurrence or non-occurrence of any other event, and this provision will
     survive any termination of the Settlement Agreement.

6.   The temporary injunction received by Mr. Ma against MIV and MIVI on May 17,
     2001 restricting the acquisition and financing of MIV by the Company has
     been lifted.

RESIGNATION OF OFFICERS/DIRECTORS

Mr. Stephen Walters has resigned as President, Chief Executive Officer and
Director of the Company, effective as of September 25, 2001. Mr. Andre Boulet
has resigned as Director of the Company, effective September 28, 2001. Mr. John
Pierce has resigned as Officer of the Company as of September 30, 2001. Mr.
Peter Jensen resigned as Officer and Secretary of the Company as of September
21, 2001. Ms. Nathalie Pilon has resigned as Chief Financial Officer and
Secretary as of October 11, 2001. Mr. Alan Lindsay has been appointed President
and CEO as at October 11, 2001.

RESIGNATION OF M-I VASCULAR INNOVATIONS, INC. AUDITORS, LATE FILING, AND
FINANCIAL VIABILITY

The Company recently acquired a majority interest in M-I Vascular Innovations,
Inc., ("MIV") as described in the Company Form 8-K dated May 15, 2001.

The Company was required to file an amendment to the Form 8-K by July 29, 2001
to disclose the audited financial statements of MIV. The auditors of MIV,
PricewaterhouseCoopers, however, have resigned as of Oct 11, 2001, prior to
completing the required audit and such resignation will impede the Company's
ability to file the required 8-K amendment, and the Annual Report of the Company
on Form 10-KSB (reflecting fiscal year end change) which was due on August 31,
2001.

In addition, the Company anticipates that it will be late in filing its Form
10-Q, due on October 15, 2001.

The Company is working to retain new auditors for MIV, to complete its filings
and to regain good reporting status in the next few weeks. If the Company fails
in completing the filings, its financial viability will be in doubt and the
Company may be required to seek protection under the Companies' Creditors
Arrangement Act (CCAA).



<PAGE>


                                      -3-


SIGNATURES

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

                                DBS HOLDINGS INC.



          October 15, 2001                  Per: /s/ Alan Lindsay
                                        -------------------------------
                                                Alan Lindsay
                                              President & CEO


                                  EXHIBIT INDEX

      Number                      Exhibit                 Sequential Page Number
                                  -------                 ----------------------


      10.1                   Settlement Agreement                  4

      99.1                      Press Release                     34
[{"type": "8-K", "sequence": "1", "filename": "o05997e8-k.txt", "description": "FORM 8-K", "secsgml_size_bytes": 9029}]
{"company-data": {"conformed-name": "DBS HOLDINGS INC", "cik": "0001083011", "assigned-sic": "6770", "state-of-incorporation": "NV", "fiscal-year-end": "0228"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-30453", "film-number": "1759451"}, "business-address": {"street1": "1898 PEARDONVILLE ROAD", "city": "VANCOUVER BC CANADA", "state": "A1"}}
===============================================================================

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

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

      DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) SEPTEMBER 14, 2001.

                                DBS HOLDINGS INC.
             (Exact name of Registrant as specified in its charter)

              Nevada                      0-30453                   N/A
   -----------------------------        ------------        -------------------
   (State or other jurisdiction         (Commission            (IRS Employer
         of incorporation)              File Number)        Identification No.)

1 - 8765 Ash Street, Vancouver, B.C. Canada             V6P 6T3
-------------------------------------------            ----------
(Address of principal executive offices)               (Zip Code)

        Registrant's telephone number, including area code (604) 301-9545

            1898 Peardonville Road, Abbotsford, B.C., Canada, V4X 2M4
===============================================================================
          (Former name or former address, if changed since last report)

================================================================================
ITEM 5.  OTHER

                                LEGAL PROCEEDINGS

In the Company's Form 10-Q for the Quarterly period ended May 31, 2001, the
Company disclosed the following legal proceedings (the "LEGAL ACTION"):

         "M-I Vascular Innovations, Inc. ("MIV"), the other company involved in
         the Share Exchange and Finance Agreement dated May 15, 2001 entered
         into with DBS Holdings Inc. (the "COMPANY"), commenced legal actions in
         the British Columbia Supreme Court on November 10, 2000 against one of
         its founders, John Ma (the "DEFENDANT"), being the director that sold
         the coil stent to MIVI Technologies Inc. ("MIVI"), a wholly owned
         subsidiary of MIV, for breach of the Founders Agreement dated March 16,
         1999, breach of Consulting Agreement dated March 16, 1999, and breach
         of the Share Purchase Agreement dated September 9, 1999. MIV is seeking
         to cancel 2,967,000 of this founder's shares. MIV is seeking damages
         for failure of performance and the cost of replacing this founder's
         services and costs incurred by MIV.

         The Defendant has counterclaimed against MIVI and MIV and against
         certain of the other founders alleging various matters including a
         conspiracy to oust the Defendant and deprive him of his shares and
         seeking shares of up to 3,500,000 shares of MIV (and conversion of such
         to Company shares), recovery of anticipated future revenue of the
         consulting agreement and other general damages.

         On May 17, 2001, the Defendant received a temporary injunction against
         certain of the MIV founders and MIV and MIVI to temporarily halt their
         further proceeding with share merger and financing of MIV with and by
         the Company until the parties can come before the B.C. Supreme Court
         for a full hearing on the motion which was expected to occur in June of
         2001. At this time the Company (other than through its control of MIV
         and MIVI) is not directly involved in these proceedings.

         On June 22, 2001, the Defendant, certain of the MIV founders, MIV, MIVI
         and the Company entered into a Letter Agreement for Settlement
         Agreement to settle the legal actions commenced in the B.C. Supreme
         Court on November 10, 2000 and to lift the temporary injunction
         received by the Defendant."

The parties to the Legal Action have now entered into a formal settlement
agreement (the "SETTLEMENT AGREEMENT") dated September 14, 2001 to replace the
Letter Agreement in respect of resolving the Legal Action. Under the terms of
the Settlement Agreement:

1.   The Company and MIV will take all necessary steps to effect the conversion
     or exchange of all of the 3,392,399 MIV shares currently owned by John Ma
     for shares of the Company on a one-for-one basis (the "EXCHANGE").

2.   Mr. Ma has granted an option (the "OPTION") to Heath Ellingham or nominee
     (the "OPTIONEE") to purchase the MIV shares (or Company shares following
     the Exchange) owned by Mr. Ma for a purchase price of CDN$1.00 per share.
     During the Option period, the Optionee has the right to exercise all voting
     power with respect to the shares covered by the Option.

3.   The Legal Action is suspended until the earlier of December 22, 2001
     (unless extended by agreement) or the exercise of the Option. Provided that
     the Option is fully exercised in the above time period and the terms of the
     Settlement Agreement are met, the Legal Action will
-2-

     be dismissed and all parties to the Legal Action will be released. The
     Exchange is expected to take place irrespective of whether the Option is
     exercised.

4.   Title to the coil stent and associated intellectual property and technology
     which was the subject of the share purchase agreement dated January 19,
     1999 between MIV and John Ma (the "1999 AGREEMENT") are fully conveyed to
     MIV. If the Option is not fully exercised, Mr. Ma and Angiocure retain the
     right to seek payment of the royalties contemplated by the 1999 Agreement.

5.   Any obligation of Mr. Ma and Angiocure Technologies Inc. not to compete
     against MIV or any related or affiliated party is waived and terminated
     absolutely, irrespective of whether the Option is exercised or of the
     occurrence or non-occurrence of any other event, and this provision will
     survive any termination of the Settlement Agreement.

6.   The temporary injunction received by Mr. Ma against MIV and MIVI on May 17,
     2001 restricting the acquisition and financing of MIV by the Company has
     been lifted.

RESIGNATION OF OFFICERS/DIRECTORS

Mr. Stephen Walters has resigned as President, Chief Executive Officer and
Director of the Company, effective as of September 25, 2001. Mr. Andre Boulet
has resigned as Director of the Company, effective September 28, 2001. Mr. John
Pierce has resigned as Officer of the Company as of September 30, 2001. Mr.
Peter Jensen resigned as Officer and Secretary of the Company as of September
21, 2001. Ms. Nathalie Pilon has resigned as Chief Financial Officer and
Secretary as of October 11, 2001. Mr. Alan Lindsay has been appointed President
and CEO as at October 11, 2001.

RESIGNATION OF M-I VASCULAR INNOVATIONS, INC. AUDITORS, LATE FILING, AND
FINANCIAL VIABILITY

The Company recently acquired a majority interest in M-I Vascular Innovations,
Inc., ("MIV") as described in the Company Form 8-K dated May 15, 2001.

The Company was required to file an amendment to the Form 8-K by July 29, 2001
to disclose the audited financial statements of MIV. The auditors of MIV,
PricewaterhouseCoopers, however, have resigned as of Oct 11, 2001, prior to
completing the required audit and such resignation will impede the Company's
ability to file the required 8-K amendment, and the Annual Report of the Company
on Form 10-KSB (reflecting fiscal year end change) which was due on August 31,
2001.

In addition, the Company anticipates that it will be late in filing its Form
10-Q, due on October 15, 2001.

The Company is working to retain new auditors for MIV, to complete its filings
and to regain good reporting status in the next few weeks. If the Company fails
in completing the filings, its financial viability will be in doubt and the
Company may be required to seek protection under the Companies' Creditors
Arrangement Act (CCAA).
-3-

SIGNATURES

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

                                DBS HOLDINGS INC.

          October 15, 2001                  Per: /s/ Alan Lindsay
                                        -------------------------------
                                                Alan Lindsay
                                              President & CEO

                                  EXHIBIT INDEX

      Number                      Exhibit                 Sequential Page Number
                                  -------                 ----------------------

      10.1                   Settlement Agreement                  4

      99.1                      Press Release                     34