SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________________________
FORM 12b-25
NOTIFICATION OF LATE FILNG
(Check One):
[x] Form 10-K [ ] Form 20F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR for Period Ended:
December 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:__________________________
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
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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
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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, 1997 was
delayed. The delay in the audit process results principally
from the need to assemble audit documentation from multiple
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 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
reports(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
1997 fiscal year approximating $13,500,000 upon completion
of the ongoing audit examination. This compares to a
reported net loss of $10,313,561 in 1996 and reported net
income of $3,655,188 in 1995.
The anticipated loss in 1997 results principally
from adjustments throughout the 1997 fiscal year to various
recorded assets to realizable values as of December 31,1997.
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 accountants statement:
Asher & Company Ltd.
March 31, 1998
Mr. Joseph Rzepka
Chief Financial Officer
Iatros Health Network, Inc.
10 Piedmont Center
Suite 400 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, 1997 because our audit procedures have not been
completed.
\s\ Asher & Company, Ltd.
\s\ Asher & Company, Ltd.
