UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q [ ] Form N-SAR
For the Period Ended March 31, 2005
Commission file number: 000-333215
EMPS Corporation
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Full Name of Registrant
N/A
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Former Name of Registrant
2319 Foothill Boulevard, Suite 250
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Address of Principle Executive Offices (street and number)
Salt Lake City, Utah 84109
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City, State and Zip Code
Part II - Rules 12b-25 (b) and (c)
If the subject could be filed without unreasonable effort or expense
and the Registrant seeks relief pursuant to Rule 12b-25 (b), the following
should be completed. (Check if appropriate).
[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort of
expense;
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K, 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 statements 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 Form 10-K, 10-KSB,
20-F, 11-K, 10-Q, 10-QSB, N-SAR, or the transition report or portion
thereof, could not be filed within the prescribed time period.
The quarterly report of the registrant on Form 10-QSB could not be
filed because management requires additional time to compile and verify
the data required to be included in the report. The report will be
filed within five calendar days of the date the original report was
due.
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Marat Cherdabayev (801) 746-3700
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Name Area Code Telephone Number
(2) Have all other reports required under Section 13 or 15 (b) of the
Securities and Exchange Act of 1934 or Section 30 or the Investments
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?
[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 anticipates that during the three months ended March 31,
2005, gross revenue decreased approximately 33% compared to the three
months ended March 31, 2004. This is mainly attributable to having
fewer vessels on winter standby charter during the first quarter 2005
as compared to the first quarter 2004.
During the three months ended March 31, 2005, the Company completed a
private placement of 7,658,446 shares of common stock for $3 per share.
The Company received approximately $21,827,000 after deducting
placement agent fees. The Company has used part of the proceeds to
reduce outstanding debt and plans to use the remainder to fund the
acquisition of vessels.
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EMPS 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: May 16, 2005 By: /s/ Marat Cherdabayev
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Marat Cherdabayev, Secretary