UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended December 31, 1997
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
PART 1 - REGISTRANT INFORMATION
Imatel Holdings, Inc.
Full Name of Registrant
Former Name if Applicable
45110 Club Drive, Suite B
Address of Principal Executive Officer (Street and Number)
Indian Wells, California 92210
City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
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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 or semi-annual report/portion
thereof will be filed on or
[X] 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.
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PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 20-F, 10-Q
or N-SAR or portion thereof, could not be filed within the prescribed time
period.
The Company is awaiting the completion of Company's year end audit by its
accountants Cordovano & Hardy PC. It is anticipated that the 10-KSB or portion
thereof will be filed no later than the fifteenth calendar day following March
31, 1998.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notifications:
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Jehu Hand (714) 489-2400
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
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the Securities Exchange Act of 1934 of 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 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?
[ ] 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.
Imatel Holdings, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: March 31, 1998 By: /s/ Dempsey K. Mork
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PART IV (3) Explanation
STATEMENT OF INDEPENDENT AUDITORS
We are unable to furnish the required Independent auditor's report on the
financial statements of Development Bancorp, Inc. as of and for the year ended
December 31, 1997, due to the fact that our audit procedures have not been
completed.
<PAGE>
Cordovano and Harvey, P.C.
Denver, Colorado
March 30, 1996
The Company's loss from operations for the year ended December 31, 1997 will be
approximately $3,500,000, subject to final auditors adjustments, as compared to
$103,243 for the corresponding period in 1996.
