SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 28, 2005
INNOVATIVE SOFTWARE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
California 000-1084047 95-4691878
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification Number)
100 North Tampa Street, Suite 2410, Tampa,
Florida 33602 (Address of principal
executive offices)(zip code)
Telephone number of registrant, including area code: (813) 387 - 3310
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Item 1.02 Termination of a Material Definitive Agreement.
On June 27, 2005 the Innovative Software Technologies, Inc. ("IST") and
its IST Integrated Solutions, Inc. subsidiary ("IST Integrated") executed a
mutual rescission agreement and release ("Rescission Agreement") with Lietz
Development, Inc., and Sapphire of Tampa Bay, Inc, (collectively "Data Tech"),
and Christopher Lietz, and Todd Lietz, (collectively the "Selling Stockholders")
the effect of which was to rescind the earlier acquisition agreement between the
parties (the "Asset Purchase Agreement") executed on May 9, 2005. Subsequent to
the closing of the Asset Purchase Agreement, the Company discovered certain
facts that, if the transaction were not rescinded, would constitute a breach of
certain representations and warranties under the Asset Purchase Agreement.
No portion of the Purchase Price or Performance Consideration (as defined
in Section 1.4 of the Asset Purchase Agreement) had been paid by the Registrant
in connection with the Asset Purchase Transaction. There were no penalties to
either party with respect to the rescission.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements: not applicable.
(c) Exhibits: the following exhibits are filed with this report:
Exhibit No. Description of Exhibit
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2.1 Mutual Rescission Agreement and Release dated as of June 27,
2005
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
INNOVATIVE SOFTWARE TECHNOLOGIES, INC.
By: /s/ Peter M. Peterson
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Peter M. Peterson, Chairman and CEO
Date: June 28, 2005
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
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2.1 Mutual Rescission Agreement and Release dated as of June 27,
2005
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