UNITED STATES
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
February 1, 2010
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Date of Report
(Date of earliest event reported)
FutureIT Inc.
(Exact name of registrant as specified in its charter)
Delaware 000-53319 98-0517683
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4 Hamelacha Street ,North Industrial Area, Lod, Israel
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(Address of principal executive offices and zip code)
+ (972)(8)925-8070
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
Further to the Registrant's report of January 19, 2010, the Registrant has been
notified that a potential investor withdrew his offer to the trustee of DataSafe
Group Ltd., or DataSafe, the Registrant's principal shareholder, to purchase
14,000,000 shares of common stock of the Registrant and the outstanding loans to
the Registrant from DataSafe, in return for a payment of $100,000.
Due to the Registrant's current financial situation, which derives from the
financial difficulties of DataSafe, the Registrant is overdue in making payments
to its various suppliers, including its employees. Accordingly, there is serious
doubt that the registrant will be able to continue as a going concern.
Previously, the Registrant's independent public accounting firm issued an
opinion on the Registrant's consolidated financial statements that states that
the Registrant's consolidated financial statements were prepared assuming it
will continue as a going concern and further states that its recurring losses
from operations, stockholders' deficit and inability to generate sufficient cash
flow to meet its obligations and sustain its operations raise substantial doubt
about its ability to continue as a going concern.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: February 1, 2010
FutureIT Inc.
(Registrant)
By: /s/Shmuel Bachar
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Name: Shmuel Bachar
Chairman of the Board
and Chief Executive Officer
