In my always humble opinion Groundhog Day was one of the best films of the nineties. It told an eternal truth that many of us just repeat the same day over and over again without living any particular day to the max. 12:01 doesn't quite successfully hit upon that theme and so for much of the film it simply goes through the motions.
12:01 stars Helen Slater and Jonathan Silverman. Both actors never quite reached the promise of their early careers but both are certainly competent here. Slater just doesn't quite have the charisma of say a Helen Hunt and Silverman just never quite reaches the comedy of say a Jerry Seinfeld. Nevertheless they are both quite likable in their respective roles.
The story is a more serious sci-fi affair complete with giant science machines and bad guys that wouldn't be out of place in a TJ Hooker episode. With a relatively appealing cast and some nice humor 12:01 makes for a decent timewaster. Just don't be surprised if you feel you have seen it all before.
Did a little research. This was produced concurrently with Groundhog Day, so not an "imitator" of the Bill Murray opus....