UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 12B-25 NOTIFICATION OF LATE FILING (Check One): X Form 10-K __Form 20-F __Form 11-K __Form 10-Q __Form N-SAR For period Ended: February 28, 1997 ( ) 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:______________________ 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 ____________Value_Holdings,_Inc.__________________________________ Former Name if Applicable __________________________________________________________________ Address of Principal Executive Office (Street and Name) ____________3211_Ponce_de_Leon_Blvd._Ste_210_,____________________ City, State and Zip Code ________________Coral_Gables,_Fla_33134___________________________ PART II - RULES 12b-25(b) AND (c) If the subject report could not be filed without unreasonable effort or expanse 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 subject quarterly report of 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 time period. The Registrant s auditors resigned to the audit for the fiscal year ended February 28, 1997 on April 21, 1997, without any prior notice, due to the fact that their audit partner left the Country to accept a position with a Company in Argentina. The Registrant engaged a new auditing firm on April 30, 1997. It is not reasonably possible for the new auditors to complete their audit by the due date of the report on such short time frame. See prior auditor s resignation letter included as an attachement. PART IV - OTHER INFORMATION (1) Name and telephone number of persons to contact in regard to this information ________Ida_C._Ovies______ __305__ _______447-8801___________ 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 o the Investment Company Act od 1940 during the preceding 12 months or for such shorter period that the Registrant was required to file such report(s) 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. _________________________________________________________________ _________________Value_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:____May_28,_1997_____ By: /s/___Ida_C._Ovies______ ATTACHMENTS Chadderton, Gulisano and Company, P.A. Certified Public Accountants 3211 Ponce de Leon Blvd, Ste 201 Coral Gables, Fla 33134 Phone (305) 445-7900 Fax (305) 442-4411 April 21, 1997 To the Board of Directors of Value Holdings, Inc. 144 King Street East Toronto, Ontario CANADA RE: RESIGNATION AS AUDITORS FOR THE YEAR ENDED FEBRUARY 28, 1997 Dear Members of the Board: It is with great regret that I wish to inform you of our decision to resign as auditors for Value Holdings, Inc., effective immediately. The decision to resign is based upon the fact that I have been named the Chief Operating Officer of the fourth largest medical service firm in Argentina. These duties will require that I leave for Buenos Aires effective April 27, 1997, and will require that I reside there permanently for a minimum of two years. As such, our firm will not be technically qualified in my absence to carry out the duties and performance of the necessary audit procedures and technical requirements with which the Securities and Exchange Commission (S.E.C.) requires and we feel obligated to offer to your firm. We will communicate with any potential successor firms in order to assist you in a rapid transition and to cause as little inefficiency as possible. We are aware that there are approximately forty days from the required filing date, and I have already begun communication with two potential successor firms, information which I have communicated to Ms. Ida Ovies, your Chief Financial Officer. We will make ourselves available to ensure a smooth transition in order to allow you to comply with all S.E.C. regulations and filings. I wish to emphasize that this decision is not based on any actions or information which we have obtained during the audit planning procedures and analytical tests that we have performed in order to prepare for this year s audit. In fact, we have received all information and have found satisfactory explanations for all matters which have come up during the course of our term of service. We wish to make it expressly known that there have been no technical disagreements or differences of opinion which in any way have caused us to resign. Ms. Ida Ovies has been informed of this decision and will prepare the necessary forms 8-K Disclosure for the S.E.C. of which this letter will become an attachment thereof. I again wish to emphasize it is with great deep regret which we are forced to take this action, and if we felt that there where any other alternative in order to make this transition a smoother one, we would certainly propose it. Please feel free to contact me at your earliest convenience for ways in which we may assist this process along and aid in your procurement of a new auditing firm for Value Holdings, Inc. Sincerely, CHADDERTON GULISANO AND COMPANY, P.A. Certified Public Accountants By/s/ George A. Gulisano C.P.A.