SEC FILE NUMBER
0-22736
FORM 12B-25 U.S. SECURITIES AND EXCHANGE COMMISSION CUSIP NUMBER
WASHINGTON, D.C. 20549 294090 10 5
NOTIFICATION OF LATE FILING
(Check One)
|X| Form 10-K |_| Form 11-K |_| Form 20-F |_| Form 10-Q
For Period Ended: April 30, 1996
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: ALL
PART I - REGISTRANT INFORMATION
ENVIRONMENTAL TECHNOLOGIES USA, INC.
Full Name of Registrant
N/A
Former Name if Applicable
325 CEDAR AVENUE SOUTH
Address of Principal Executive Office (Street and Number)
MINNEAPOLIS, MN 55454
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 on this
form could not be eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report / portion thereof will be filed on or
before the fifteenth calendar day following the prescribed due
date; or the subject quarterly report/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 the Form 10-K, 20-F
or 10-Q, or portion thereof, could not be filed within the prescribed
time period.
Management of Environmental Technologies USA, Inc. ("ETI") has
experienced a delay in preparing its Form 10-KSB due to several reasons. First,
management has been spending considerable time negotiating and preparing for the
potential sale of substantially all of the assets of its Clean Green Packing
Company of Minnesota, Inc. ("CGP") subsidiary. ETI is also in the process of
attempting to obtain additional financing from different sources which it hopes
to receive in the future. A considerable amount of ETI management's time has
been devoted to exploring financing options. As a result of the above items,
management and the board of directors of ETI has not had the opportunity,
without unreasonable effort and expense, to adequately review the draft of the
Form 10-KSB or finalize the financial statements. Accordingly, ETI is unable to
file the Form 10-KSB without unreasonable effort or expense, but expects to file
the document on or prior to August 13, 1996 (15 calendar days after the due date
of the Form 10-KSB).
(Attach Extra Sheets if Needed)
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
ROBIN R. YOUNG 612 371-2018
(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) during
the preceding 12 months (or for such shorter period
that the registrant was required to file such
reports) been filed? If 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 can not be made.
By a press release dated July 30, 1996 ETI announced that for the year
ended April 30, 1996, ETI reported unaudited sales of $1,873,725, down 10% from
$2,071,197 for the year ended April 30, 1995. The unaudited net loss for ETI was
$4,571,898 for the year ended April 30, 1996, compared to $2,765,031 for the
year ended April 30, 1995. On a per share basis, ETI reported an unaudited net
loss of $0.26 per share on 16,938,751 weighted average shares outstanding for
the year ended April 30, 1996, compared to a loss of $0.19 per share on
11,034,076 weighted average shares outstanding for the year ended April 30,
1995.
At year end, ETI's common stock, $.01 par value (the "Common Stock"),
did not meet Nasdaq's minimum trading criteria of $1.00 per share or,
alternatively, $2.0 million in shareholders' equity. ETI has requested a
hearing with Nasdaq to present a plan to return to compliance, which plan
includes a reverse 1:10 split of the Common Stock (the "Reverse Split"). ETI has
informed Nasdaq of its intention to effect the Reverse Split, which will have a
record date of the close of business on August 2, 1996.
Environmental Technologies Usa, 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 July 29, 1996 By /s/ Robin R. Young
Robin R. Young
ATTENTION
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001)
