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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 0-10790
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: September 30, 1997
[ ] 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:
Read attached instruction sheet 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 Industrial Technologies, Inc.
Former name if applicable
Address of principal executive office (Street and number)
70 Cascade Boulevard
City, state and zip code Milford, CT 06460
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 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;
[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 he
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, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
The registrant is unable to timely file the Form 10-KSB for the fiscal
year ended September 30, 1997 because its independent auditors, McGladrey &
Pullen, LLP, will not be able to render its report on the financial statements
of the Registrant by December 29, 1997. During the fiscal year, the Registrant
converted its accounting system for inventory control to a new computer system,
the successful completion of which was delayed by the departure of key financial
personnel. In addition, on September 1, 1997, the Registrant relocated its
offices and operating facilities to a new
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building. This necessitated the move of all equipment and inventory of the
Registrant to the new facility. This caused a delay in completing the physical
inventory count by the required date without unreasonable effort or expense.
These factors have caused the Company to be unable to complete the inventory
process in sufficient time for the independent auditor to complete its audit by
the due date of the Form 10-KSB.
Attached hereto as Exhibit 1 is a letter signed by McGladrey & Pullen,
LLC stating the reasons McGladrey & Pullen, LLC is unable to furnish the
required opinion on or before the date Form 10-KSB must be filed.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Gerald W. Stewart (203) 876-1800
(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?
[ ] 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.
Industrial Technologies, 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 December 22, 1997 By /s/ Gerald W. Stewart
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Gerald W. Stewart,
Chariman and Chief
Executive Officer
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Exhibit 1
MCGLADREY & PULLEN, LLP RSM
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS INTERNATIONAL
December 22, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
In response to Part II, (c) of Form 12b-25 dated December 22, 1997 of Industrial
Technologies, Inc., McGladrey & Pullen, LLP ("M&P") is unable to complete the
September 30, 1997 audit by December 29, 1997.
As stated on Form 12b-25 prepared by Industrial Technologies, Inc., they were
not able to provide us with the necessary information to complete the audit and
render our report on the financial statements.
Sincerely,
MCGLADREY & PULLEN, LLP
/S/ MCGLADREY & PULLEN, LLP
One Church Street Worldwide
New Haven, Connecticut 06510-3330 Services
(203) 773-1909 FAX (203) 773-0591 Through
RSM International
