COMMISSION FILE NUMBER
-------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-KSB [ ] Form 11-K [ ] Form 20-F [X] Form 10-QSB
-- -- -- --
For Period Ended: March 31, 2000
------------------
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: _______________________
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSIONS HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above,
identify the items(s) to which the notification relates:
PART I
REGISTRANT INFORMATION
Azurel, Ltd.
------------------------------------------
Full Name of Registrant:
------------------------------------------
Former Name if Applicable
509 Madison Avenue
------------------------------------------
Address of Principal Executive Office (Street and Number)
New York, New York 10022
------------------------------------------
City, State and Zip Code
<PAGE>
PART II
RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20- F, 11-K, Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly
report of transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following
the prescribed due date; and
___ (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 20-F,
10-Q, N-SAR, or the transition report or portion thereof, could not be filed
within the prescribed time period.
EXPLANATION:
The Company is unable to file its form 10-KSB within the prescribed
period due to ministerial difficulties, without unreasonable effort or expense.
Such difficulties prevent the Company from filing the balance of the report
because such information is integral to the balance of the report. The Company
fully expects to be able to file within the additional time allowed by this
report.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Virginia K. Sourlis (732) 758-9001
------------------- ----- --------
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s). [X] Yes [ ] No
----------------------------------------------------------
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof? [X] Yes [ ] No
<PAGE>
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
(3) Net loss is expected to be improved approximately $800,000 for the first
quarter of 2000 as compared to the first quarter in 1999. The following
three (3) factors are primarily responsible for the improvement
(approximate $ amounts):
i) Lower SG&A/overhead expenses in 2000 ($400,000)
ii) Lower losses on close-out sales in 2000 ($300,000)
iii) Improved earnings for discontinued operations in 2000 ($100,000)
---------
TOTAL IMPROVEMENT ($800,000)
---------
Azurel Ltd.
--------------------------------------------------------
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: May 15, 2000 By: /s/ Frank DeSimone
-------------- ---------------------------
Name: Frank DeSimone
Title: Chief Operating Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).