SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Amendment No. 1
To
FORM 12b-25
NOTIFICATION OF LATE FILING
of
FORM 10-K
For Period Ended: February 28, 1997
MEDISCIENCE TECHNOLOGY CORP.
(Name of Registrant)
1235 Folkestone Way
Cherry Hill, New Jersey 08034
(Address of Principal Executive Office)
33-51218
(Commission File Number)
Nothing in this form shall be construed to imply
that the Commission has verified any information
contained herein.
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Part II. Rule 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 appropriate box.)
[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
[ ] (b) The subject annual report on Form 10-K or portion thereof will
be filed on or before the 15th 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 Form 10-K could not be
filed within the prescribed time period.
On May 23, 1997, the registrant filed its Form 12b-25 with the
Securities and Exchange Commission in which it represented that its Annual
Report on Form 10-K would be filed on before June 13, 1997, the 15th calendar
day following the prescribed due date for the filing of such Annual Report.
Although the registrant believed in good faith when it filed such Form 12b-25
that it could comply with such 15-day period, it is now apparent that the
registrant will not be able to comply with such representation without
unreasonable effort and expense.
The registrant is a development stage company which, at present, has
only one non- research full time employee, its Chairman of the Board, Peter
Katevatis. In the period since May 23, 1997, Mr. Katevatis has devoted
substantially all of his time and efforts to the negotiation and supervision of
existing and prospective business relationships which are of crucial importance
to the registrant's future. Despite this prioritization of Mr. Katevatis' time,
the registrant expects to be able to file its Annual Report on Form 10-K on or
prior to June 27, 1997.
The delay in filing the registrant's Annual Report on Form 10-K is not
due to any change in or disagreement with the registrant's accountants on
financial statement disclosure.
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Part IV. Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Peter Katevatis (609) 428-7952
(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 the 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?
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.
[ ] Yes [X] No
Mediscience Technology Corp. has caused this notification to be signed
on its behalf by the undersigned thereunto duly authorized.
Date: June 13, 1997 By: /s/ Peter Katevatis
-------------------
Name: Peter Katevatis
Title: Chairman of the Board
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