SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 08354
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 11-K [ ] Form 20-F
[ ] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 1999
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[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
Nothing in this form shall be construed 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: N/A -----
Part I. Registrant Information
Full name of registrant nStor Technologies, Inc. Former name if applicable
Address of principal executive office (Street and number):
10140 Mesa Rim Road
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City, State and Zip Code San Diego, CA 92121
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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;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on
or before the 15th 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
[X] (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, 11-K, 20-F, 10-Q,
N-SAR or the transition report portion thereof could not be filed within the
prescribed time period.
Registrant is in the process of renegotiating the terms of its revolving credit
facility with its principal lender. As a result, Registrant's independent
auditors have been unable to complete their audit of the Registrant's financial
statements for the fiscal year ended December 31, 1999.
Part IV. Other Information
(1) Name and telephone number of person to contact in regard to this
notification:
Jack Jaiven 561 640-3105
(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?
[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.
Registrant expects to report in its Form 10-K a net loss applicable to common
stock of approximately $18.7 million for the year ended December 31, 1999, as
compared to a net loss of $10.4 million for the year ended December 31, 1998.
Registrant expects to report a $23.1 million increase in revenues, however, the
increase is expected to be more than off-set by increases in operating costs and
a $4.6 million write-down of goodwill.
nSTOR TECHNOLOGIES, INC.
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(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
/s/ Jack Jaiven
By:____________________________________
Jack Jaiven, Chief Financial Officer
Date: March 30, 2000
March 30, 2000
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C. 20549
Gentlemen:
This letter is written in response to the requirement of Rule 12b-25(c) under
the Securities Exchange Act of 1934 and in satisfaction of item (c) of Part II
of Form 12b-25.
We are the independent auditors of nStor Technologies, Inc. (the "Registrant").
The Registrant has stated in Part III of its filing on Form 12b-25 that it is
unable to timely file, without unreasonable effort or expense, its Annual Report
on Form 10-K for the year ended December 31, 1999 because our Firm has not yet
completed our audit of the financial statements of the Registrant for the year
ended December 31, 1999 and is therefore unable to furnish the required opinion
on such financial statements.
We hereby advise you that we have read the statements made by the Registrant in
Part III of its filing on Form 12b-25 and agree with the statements made
therein. We are unable to complete our audit of the Registrant's financial
statements and furnish the required opinion for a timely filing because the
Registrant has been unable to provide information related to its revolving
credit facility for which they are in the process of obtaining and, as a result,
have not yet had sufficient time to complete the auditing procedures which we
consider necessary in the circumstances.
Very truly yours,
/S/ BDO Seidman, LLP
