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OMB APPROVAL
OMB NUMBER:............. 3235-0058
EXPIRES:......... JANUARY 31, 2005
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE........... 2.50
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 12B-25
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NOTIFICATION OF LATE FILING
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SEC FILE NUMBER
000-27417
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(CHECK ONE): [ ] FORM 10-K [ ] FORM 20-F [ ] FORM 11-K [X] FORM 10-Q
[ ] FORM N-SAR
CUSIP NUMBER
502386 10 5
FOR PERIOD ENDED: SEPTEMBER 30, 2002
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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
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READ INSTRUCTION (ON BACK PAGE) BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
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:
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PART I -- REGISTRANT INFORMATION
LTWC CORPORATION
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Full Name of Registrant
LEARN2 CORPORATION
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Former Name if Applicable
111 High Ridge Road, Suite 5
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Address of Principal Executive Office (STREET AND NUMBER)
Stamford, Connecticut 06905
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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)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
|X| expense;
(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
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. (See the attached Schedule.)
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
MARC E. LANDY (203) 975-9602
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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 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? [ ]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.
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LTWC CORPORATION
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date November 14, 2002
---------------------------- By: /s/ Marc E. Landy
Name: Marc E. Landy
Title: Executive Vice President, Chief
Financial Officer, Secretary
and Treasurer
SCHEDULE TO FORM 12B-25
The Company is unable to file its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2002 in the prescribed time period.
On November 6, 2002 Jerry Sandoval, the Company's President and Chief
Operating Officer together with other members of senior management at the
Company's primary operating subsidiary, resigned. On the same day, the
Company's Board of Directors appointed Paul A. Goldman, one of the Company's
directors, as Chief Executive Officer and President of the Company. Mr.
Goldman and Marc E. Landy, the Company's Chief Financial Officer, have been
focused on a smooth transition since Mr. Sandoval's departure. Consequently,
the Form 10-Q could not be completed without unreasonable effort or expense.
The Company anticipates that the Form 10-Q will be filed within the time
required by Rule 12b-25.