SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number 0-22580
(Check one)
[ ] Form 10-K and Form 10-KSB [ ] Form 11-K
[ ] Form 20-F [X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For period ended June 30, 1999
[ ] Transition Report on Form 10-K and Form 10-KSB
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q and Form 10-QSB
[ ] Transition Report on Form N-SAR
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 items(s) to which the notification relates: ________________
PART I
REGISTRANT INFORMATION
JPE, Inc. (d/b/a ASCET INC)
(Full name of registrant)
N/A
(Former name if applicable)
30400 Telegraph Road, Suite 401
(Address of principal executive office (street and number))
Bingham Farms, Michigan 48025
(City, state and zip code)
<PAGE>
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, 10-KSB, 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 on Form 10-Q, 10-QSB or
portion thereof will be filed on or before the fifth 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 could not be filed
within the prescribed time period.
On May 27, 1999, JPE, Inc., the Registrant, experienced a change of control
pursuant to Investment Agreement by which ASC Holdings LLC and Kojaian Holdings
LLC acquired 95% of the beneficial ownership of the Registrant (the
"Transaction"). Prior to the Transaction, two major subsidiaries of the
Registrant were under the jurisdiction of Bankruptcy courts, and the equity
method of accounting was utilized by the Registrant in connection with such
subsidiaries. As a result of the Transaction, the equity method of accounting is
no longer applicable. Accordingly, the Transaction has resulted in the
Registrant applying purchase accounting because of the change in control and
requires financial statements showing the pre-Transaction and post-Transaction
results of operations. The Transaction requires complex disclosures in the
financial statements and appropriate accounting treatment in accordance with
generally accepted accounting principles. As a result, the financial disclosures
are not complete at this time and will require additional time to be prepared by
the Registrant.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Karen A. Radtke 248 723-5531
(Name) (Area Code) (Telephone Number)
<PAGE>
(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
Form 8-K which includes a description and related pro forma information of
the JPE Canada Inc. sale, which occurred on February 8, 1999, was filed by
the registrant concurrently with the Form 10-K.
Form 10-K was filed late on April 15, 1999. A notification of late filing,
Form 12b-25 was filed with Securities and Exchange Commission on March 30,
1999.
(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 Registrant will report results for the pre-Transaction and
post-Transaction results of operations. Such results includes extraordinary
items of approximately $19 million for the pre-Transaction result of
operations arising from the forgiveness of debt.
JPE, Inc. (d/b/a ASCET 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: August 16, 1999 By: /s/ Karen A. Radtke
-----------------------
Karen A. Radtke
Secretary/Treasurer
