SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number 0-20102
NOTIFICATION OF LATE FILING
(Check One): Form 10-K Form 11-K Form 20-F Form 10-Q _X_
Form N-SAR For Period Ended: June 30, 1999
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 CELERITY SOLUTIONS, INC.
Former Name if Applicable
________________________________________________________________________________
Address of Principal Executive Office (Street and Number) 270 BRIDGE STREET,
SUITE 301
City, State and Zip Code DEDHAM, MASSACHUSETTS 02026
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;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 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 the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
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PART III
NARRATIVE
State below in reasonable detail why the 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's Form 10-QSB for the fiscal quarter ended June 10, 1999
could not be filed within the time period prescribed by the Securities Exchange
Act of 1934 without reasonable effort or expense because of recent significant
turnover of the registrant's employees holding the offices of Treasurer and
Chief Financial Officer. In particular, the registrant has had two individuals
holding the office of Treasurer and Chief Financial Officer leave the employment
of the Company during the last five months. Edward Terino, the registrant's
former Treasurer and Chief Financial Officer, left the employment of the Company
effective March 31, 1999 and his successor as Treasurer and Chief Financial
Officer, James Dore, left the employment of the Company effective June 18, 1999.
The unexpected departures of Messrs. Terino and Dore have made it impracticable
for the registrant to complete its Form 10-QSB for the fiscal quarter ended June
10, 1999 in a timely manner.
The Company is diligently working to complete the form 10-QSB and expects
to file in its entirety on or before the fifth calendar day following the
prescribed due date.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
DAVID J. BROWN (617) 248-4056
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(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).
Yes _X_ 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.
CELERITY SOLUTIONS, INC.
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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 AUGUST 12, 1999 By /s/ Paul Carr
------------------ ------------------------------------------
President
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Attachment A
Celerity Solutions, Inc.
Anticipated changes in results of operations for the fiscal quarter ended June
30, 1999 as compared to the fiscal quarter ended June 30, 1998.
Celerity Solutions, Inc. ("Company") expects to report a net profit of
approximately $140,000 (unaudited) for the fiscal quarter ended June 30, 1999 as
compared to a net loss of $103,297 for the fiscal quarter ended June 30, 1998.
The following table presents net profit/loss excluding non-recurring and
non-operating items.
Fiscal quarter ended June 30, 1999 June 30, 1998
(unaudited) ------------- -------------
Net profit/loss from ongoing operations $ 180,000 $(124,864)
Non-recurring items 0 0
Interest and misc. non-operating
income or expense (40,000) $ 21,567
--------- ---------
Net profit/loss ($000) $ 140,000 $(103,297)
The Company attributes the increase in profit in the amount of $243,297 to:
a) a reduction in marketing and administrative expenses
b) a reduction in the use of subcontractors
