UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 ---------------
SEC FILE NUMBER
FORM 12b-25 1-14244
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NOTIFICATION OF LATE FILING ---------------
CUSIP NUMBER
376796 10 8
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(Check One): [ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X]Form 10-Q [ ]Form N-SAR
For Period Ended: April 30, 2000
[ ] 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: Not Applicable
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Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates: Not Applicable
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PART I--REGISTRANT INFORMATION
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Glas-Aire Industries Group Ltd.
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Full Name of Registrant:
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Former Name if Applicable
3137 Grandview Highway
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Address of Principal Executive Office (Street and Number)
Vancouver, B.C. V5M 2E9 Canada
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City, State and Zip Code
<PAGE>
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)
(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, Form 20-F, 11-K or Form N-SAR, or portion thereof
will be filed on or before the fifteenth 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.
PART III--NARRATIVE
State below in reasonable detail the reasons why Forms 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 registrant is unable to file its Quarterly Report on Form 10-QSB for
the period ended April 30, 2000 within the prescribed period because of delays
caused by the need to coordinate the preparation of the financial statements
with a company in which the registrant has a significant equity investment and
the need to coordinate the review of the Form 10-QSB with the registrant's
auditors.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Henry F. Schlueter, Esq. (303) 292-3883
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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).
[X] Yes [ ] No
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(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
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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.
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<PAGE>
Three Months Ended
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April 30, April 30,
2000 1999
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Sales $ 2,202,871 $ 1,835,787
Cost of sales 1,548,116 1,243,125
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Gross profit 654,755 592,662
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Expenses
Depreciation 66,604 46,807
Research and development 117,007 113,930
Selling and distribution 167,116 133,977
General and administrative 205,424 153,104
Provision for profit sharing 13,760 16,542
Interest (5,540) (30,926)
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564,371 433,434
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Income before income from equity
investment and income tax expense 90,384 159,228
Income from equity investment 93,190
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Income before income taxes 183,574 159,228
Income taxes 20,133 56,972
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Net income for the period $ 163,441 $ 102,256
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Net income per share of common stock $ 0.0755 $ 0.0514
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Weighted average common shares outstanding
(after deducting 197,042 shares of treasury stock
held by the Company) 2,163,512 1,988,624
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<PAGE>
GLAS-AIRE INDUSTRIES GROUP LTD.
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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: June 14, 2000 By:/s/ Alex Y.W. Ding
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Alex Y.W. Ding, President and
Chief Operating Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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