Attached files
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| EX-99.1 - MAM SOFTWARE GROUP, INC. | v207282_ex99-1.htm |
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
January
6, 2011 (December 31, 2010)
Date of
Report (Date of earliest event reported)
MAM
SOFTWARE GROUP, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-27083
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84-1108035
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(State
or other jurisdiction of incorporation)
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(Commission
File No.)
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(IRS
Employer Identification No.)
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Maple Park, Maple
Court, Tankersley, Barnsley, UK S75 3DP
(Address
of principal executive offices, including zip code)
Registrant's
telephone number, including area code: 011 44 124 431
1794
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Item
8.01.
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Other
Events.
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On
December 31, 2010, the MAM Software Group, Inc. (“we,” “our,” “us,” or the
“Company”) entered into an agreement (the “December Agreement”) with Arthur J.
Blumenthal, a former employee, to prepay at a discount, the balance of the
obligation owed to him under a settlement entered into on April 16, 2010 (the
“April Agreement”).
The
Company had previously recorded a liability for $817,000 and recorded an
additional expense of $513,000 in the quarter ending March 31, 2010. On April
16, 2010, the Company settled the litigation with Mr. Blumenthal for $1,250,000,
and on April 19, 2010, the Company paid Mr. Blumenthal $350,000 as partial
payment of the settlement amount. The balance of the settlement
amount under the April Agreement was payable through December 2012 in equal
monthly payments of $31,750, which included interest at 7%. Under the
December Agreement, the Company paid $670,000 as opposed to the remaining
balance of $717,847.
By
prepaying the obligation prior to maturity, we were able to reduce the balance
due by approximately 7.2% as well as avoiding approximately $25,000 in interest
for the balance of our 2011 fiscal year and approximately $28,000 of interest in
our 2012 fiscal year. As a consequence of the settlement, we were
able to record a gain on the settlement of approximately $52,115.
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Item
9.01
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Financial
Statements and Exhibits.
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(a)
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Not
Applicable
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(b)
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Not
Applicable
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(c)
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Not
Applicable
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(d)
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Exhibits
|
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Exhibit No.
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Description
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|
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99.1
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Press
Release dated January 6, 2011.
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2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned thereunto duly authorized.
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Dated:
January 6, 2011
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MAM
SOFTWARE GROUP, INC.
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By:
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/s/
Charles F. Trapp
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Name:
Charles F. Trapp
Title:
Chief Financial Officer
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3
EXHIBIT
INDEX
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Exhibit No.
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Description
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99.1
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Press
Release dated January 6, 2011.
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4