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1-15015
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COMMISSION FILE NUMBER
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(CHECK ONE):
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [x] Form 10-Q [ ] Form N-SAR
For Period Ended: September 30, 2001
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[ ] 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: N/A
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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:
N/A
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PART I-REGISTRANT INFORMATION
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Full Name of Registrant:
StarMedia Network, Inc.
Former Name if Applicable:
N/A
Address of Principal Executive Office (STREET AND NUMBER):
29 West 36th Street
City, State and Zip Code
New York, New York 10018
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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)
[x] (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.
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PART III-NARRATIVE
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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.
On November 7, 2001, the registrant executed an agreement with Adnet,
S.A. de C.V. ("Adnet"), Grupo MVS, Harry Moller Publicidad, S.A. de C.V., and
Walther Moller (together, the "Parties") to terminate certain provisions of the
Stock Purchase Agreement between the registrant and the Parties, dated as of
January 21, 2000 and amended thereafter by the registrant and the Parties. In
connection with terminating its relationships with the Parties, the registrant
is conducting a review of the recoverability of certain prepaid services
purchased from certain of the Parties, and the collectibility of certain
accounts receivable generated by Adnet and StarMedia Mexico, S.A. de C.V. As a
result, the Form 10-Q for the quarterly period ended September 30, 2001 for the
registrant could not be filed within the prescribed period because the
registrant was unable to complete the process of gathering and analyzing
financial information necessary in order to finalize its financial statements
and discussion of its financial condition, in each case, that will be included
in the registrant's Form 10-Q. Such inability could not have been eliminated by
the registrant without unreasonable effort or expense.
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PART IV-OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification
Enrique Narciso (305) 938-3000
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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
(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 is not now in a position to determine whether 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 Form 10-Q.
If the registrant determines that it is appropriate to charge to
expense the prepaid services in question, such expense charge will reduce the
registrant's prepaid services account and the registrant's assets in the amount
of up to $4,034,000, and result in a charge to earnings in the same amount.
If the registrant determines that it is appropriate to write off some
or all of the accounts receivable in question, such write off will reduce the
registrant's accounts receivable and the registrant's assets in an amount of up
to $1,250,000, and will result in a charge to earnings of the same amount.
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StarMedia Network, Inc.
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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: November 15, 2001 By: /s/ Enrique Narciso
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Name: Enrique Narciso
Title: President and
Chief Executive 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.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations. (See 18 U.S.C. 1001)
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