U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
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 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:
The Notification relates to the entire Form 10-K
______________________
Part I - Registrant Information
______________________
Full Name of Registrant:
Iatros Health Network, Inc.
Former Name if Applicable:
GraceCare Health Systems, Inc.
Address of Principal Executive Office:
10 Piedmont Center, Suite 400
Atlanta, Georgia 30305
______________________
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.
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, will be filed on or before the
fifteenth 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, 20-F,
11-K, 10-Q, N-SAR, or the transition report or portion thereof could
not be filed within the prescribed period.
The Report on Form 10-K will be delayed a few days because the
audit for the year ended December 31, 1996 was delayed. The delay in
the audit process results principally from the number of corporate
transactions, including acquisitions, completed by the Company in 1996
and the need to assemble audit documentation from widely disparate
sources.
____________________
Part IV - Other Information
____________________
(1) Name and telephone number of person to contact in regard to
this notification
Joseph Rzepka (404) 266-3643
_______________________________________________________________
(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.
The Company expects to report a net loss for the 1996 fiscal year
approximating $10,300,000 upon completion of the ongoing audit
examination. This compares to reported net income of $3,655,188 in
1995 and a reported net loss of $1,196,609 in 1994.
The anticipated net loss in 1996 results principally from year-end
adjustments of various recorded assets to realizable values as of
December 31, 1996.
Iatros Health Network, Inc.
_____________________________________________________
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the
undersigned thereto duly authorized.
Date _______________________ By: /s/ Joseph L. Rzepka
Joseph L. Rzepka
Executive Vice President and
Chief Financial Officer
Attachment of accountant's statement:
Asher & Company Ltd.
March 31, 1997
Mr. Joseph L. Rzepka
Chief Financial Officer
Iatros Health Network, Inc.
10 Piedmont Center
Atlanta, GA 30305
Dear Mr. Rzepka:
We are unable at this time to provide you with our independent
auditors' report on the consolidated financial statements of Iatros
Health network, Inc. for the year ended December 31, 1996 because
our audit procedures have not been completed.
/s/ Asher & Company, Ltd.
Asher & Company, Ltd.
PJD:paf
