<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
-----------------------------
OMB Approval
-----------------------------
OMB Number: 3235-0058
Expires: June 30, 1991
Estimated average burden
hours per response .......2.50
------------------------------
----------------
SEC FILE NUMBER
0-16140
----------------
----------------
CUSIP NUMBER
912787
----------------
(Check One):
/X/ Form 10-K / / Form 20-F / / Form 11-K / / Form 10-Q / / Form N-SAR
For Period Ended: December 31, 1996
/ / 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 Instruction (on back page) Before Preparing Form. Please Print or Type.
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:
--------------------
===============================================================================
PART I -- REGISTRANT INFORMATION
===============================================================================
Full Name of Registrant
U.S. TRANSPORTATION SYSTEMS, INC.
- -------------------------------------------------------------------------------
Former Name if Applicable
- -------------------------------------------------------------------------------
Address of Principal Executive Office (Street and Number)
33 West Main Street
- -------------------------------------------------------------------------------
City, State and Zip Code
Elsmford, NY 10523
===============================================================================
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).
(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, semi-annual report, transition report
on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof will
/X/ | 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.
<PAGE>
===============================================================================
PART III -- NARRATIVE
===============================================================================
State below in reasonable detail the reasons why the Form 10-K, 11-K,
10-Q, N-SAR, or the transition report or portion thereof, could not be
filed within the prescribed time period.
(Attach Extra Sheets if Needed)
The Registrant is involved in negotiations of a merger, which was
recently announced. The demands on management's time caused by that
negotiation has delayed preparation of the 10-K.
(Attach Extra Sheets if Needed)
SEC 1344 (6-89)
===============================================================================
PART IV -- OTHER INFORMATION
===============================================================================
(1) Name and telephone number of person to contact in regard to this
notification
Michael Margolies 914 345-3339
-------------------- ---------- -----------------
(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
reports) 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?
/ / Yes /X/ 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.
===============================================================================
U.S. TRANSPORTATION SYSTEMS, INC.
- -------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
DATE March 27, 1997 BY
----------------------- --------------------------------
Michael Margolies
Chairman
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.
<PAGE>
ATTENTION
- ----------------------------------- -----------------------------------
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
- -------------------------------------------------------------------------------
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 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 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 amended notification.
