U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
NOTIFICATION OF LATE FILING
FORM 12b-25
Sec. File Number 0-9624 Cusip Number 460491 80 6
[Check One]
[ X ] Form 10-K [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q [ ] Form N-SAR
For the Period Ended: June 30, 1998
[ ] 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
____________________
Read Instructions (on back page) Before Preparing Form.
Please Print or Type
Nothing in this form shall be constructed to imply that the Commission
has verified any information contained herein
If the notification relates to a portion of the filing checked above,
identify the Item[s] to which the notification relates:
PART I - REGISTRANT INFORMATION
Full Name of Registrant International Thoroughbred Breeders, Inc.
Former Name If Applicable
Address of Principal Executive Office (Street and Number)
Haddonfield Road & Route 70
City, State and Zip Code Cherry Hill, NJ 08034
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 12-b-25[b], the
following should be completed.
[Check box if appropriate]
[a] The reasons described in reasonable detail in
Part III of this form could not be eliminated
without unreasonable effort or expenses;
[b] The subject annual report, semi-annual report,
transition report on From 10-K, Form 2-F, Form
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 or 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,
20-F, 11-k, 10-Q or N-SAR or the transition report or portion
thereof, could not be filed within the prescribed time period.
{Attach Extra Sheet if Needed} SEE ATTACHED
PART IV - OTHER INFORMATION
[1] Name and telephone number of person to contact in regard to
this notification
William H. Warner 609 488-3625
[Name] [Area Code] [Telephone No.]
[2] Have all other periodic reports required under Section 13 or
15[d] of the Securities and Exchange Act of 1934 or Section
10 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 reports] been filed?
If answer is no, identify report[s]. [ X ] Yes [ ] No
[3] It is 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? SEE
ATTACHED [X ] Yes [ ] No
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.
International Thoroughbred Breeders, Inc.
[Name of Registrant as Specified in Charter]
has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date September 29, 1998 By/s/Nunzio P. DeSantis
Nunzio P. DeSantis,
Chief Executive 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 Violation [See 18 U.S.C. 1001]
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 [17CFR 240.12b-25] of the
General Rules and Regulations under the Securities Exchange
Act of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the
Securities and Exchange Commission, Washington, D.C. 20549, in
accordance with Rule 0-3 of the General Rules and Regulations
under the Act. The information contained in or filed with the
form will be made a matter of the public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto
shall be filed with each national securities exchange on which
any class of securities of the registrant is registered.
4. Amendments to the notifications must also be filed on form
12b-25, but need not restate information that has been
correctly furnished. The form shall be clearly identified as
an amendment notification.
International Thoroughbred Breeders, Inc.
Form 12b-25
Form 10-K for Period Ended June 30, 1998
Part III - Narrative
On July 2, 1998, the Company entered into a Stipulation
and Agreement of Compromise, Settlement and Release which
was filed with the Delaware Court of Chancery for the
settlement of various law suits among the directors and
shareholders. The stipulation provides for various
transactions to occur which affect the Registrants
accounting records. The Registrant needs additional time to
complete its accounting records to reflect the transactions
contemplated by the stipulation.
Part IV - Other Information
(3) The Company is unable to make a reasonable estimate
of its results of operations at this time and is still in
the process of completing its accounting records to reflect
the transactions contemplated by the stipulation.
