ARROW MANAGEMENT INC
NT 10-K, 1997-03-31
BLANK CHECKS
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                   FORM 12b-25
                             Commission file Number:

                           Notification of Late Filing


                                  (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:



          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            Arrow Management, Inc.

       Former Name if Applicable

                3098 South Highland Drive, Suite 460
       Address of Principal Executive Office (Street and Number)

                Salt Lake City, Utah 84106
       City, State and Zip Code

                        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)

[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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<PAGE>


[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  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,  20-F,  11-K,
10-Q,  N-SAR,  or the  transition  report or portion  thereof could not be filed
within the prescribed period.

Mangement is still reviewing the 10-K to make sure it is accurate.

                                                Part IV - Other Information

     (1)  Name and  telephone  number of person  to  contract  in regard to this
          notification.

               Krista Nielson              801             485-7775
                  (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.

                  Arrow Mangement, 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     March 31, 1997      By       /s/ Krista Nielson
                                        Krista Nielson


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