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SEC File Number: 33-9030
SEC FILE NUMBER
CUSIP Number: 559376108
FORM 12b-25
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
NOTIFICATION OF LATE FILING
(Check One)
[ ] Form 10-K [ ] Form 11-K [ ] Form 20-F [X] Form 10-Q [ ] Form N-SAR
For Period Ended: March 31, 1997
[ ] 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: N/A
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Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: N/A
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Part I - Registrant Information
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Full Name of Registrant: Magnavision Corporation
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Former name if applicable: N/A
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Address of Principal
Executive Office (Street and Number): 1725 Route 35
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Wall, New Jersey
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07719
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Part II - Rules 12b-25(b) and (c)
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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;
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[X] (b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, 11-K or 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 accountants's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable.
Part III - Narrative
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State below in reasonable detail the reasons why the Forms 10-K, 20-F,
11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not
be filed within the prescribed time period.
On May 12, 1997 the Registrant and its lenders were involved in a substantial
restructuring of the Registrant's loan facility and which resulted in a
conversion of such interest from debt to equity. Such restructuring will have a
substantial impact on the Registrant's future business operations, has resulted
in a substantial increase in the ownership position of such lenders in the
Registrant and has resulted in a change in control. The Form 10-Q has not been
filed within the prescribed time period in order to give the Registrant an
opportunity to discuss the impact of the transaction on its financial
statements with the Registrant's independent auditors and to prepare
appropriate disclosure regarding the transaction in the Form.
Part IV - Other Information
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(1) Name and telephone number of person to contact in regard to this
notification
Jeffrey Haertlein (908) 449-1200
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 of 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
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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.
The Registrant anticipates that its net loss for the three months ended
March 31, 1997 will be approximately 27% less than the net loss for the
corresponding period in 1996.
MAGNAVISION CORPORATION
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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.
Date: May 15, 1997 /s/ Jeffrey Haertlein
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Jeffrey Haertlein
Vice President,
Chief Financial Officer
