UNITED STATES
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
Date of Report (Date of earliest event reported) July 5, 2011
DJSP ENTERPRISES, INC.
(Exact Name of Registrant as Specified in Its Charter)
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British Virgin Islands
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001-34149
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98-0667099
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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950 South Pine Island Road
Plantation, Florida
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33324
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(Address of Principal Executive Offices)
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(Zip Code)
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(954) 727-8217
(Registrant’s Telephone Number, Including Area Code)
(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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.01 Completion of Acquisition or Disposition of Assets.
On July 5, 2011, DAL Group, LLC (“DAL”), a subsidiary of DJSP Enterprises, Inc. (the “Company”), completed the sale of substantially all of the assets (the “Assets”) of its subsidiary, Default Servicing, LLC (“Default”) to Default Servicing USA, Inc. (“USA”), a subsidiary of Homeland Security Capital Corporation (“HSCC”). Default provides real estate owned (“REO”) liquidation related services directly to REO customers, including property inspection, valuation, eviction, broker assignment, closing, and other services.
Pursuant to the purchase agreement, dated June 22, 2011, between HSCC, USA, Default, and DAL (the “Purchase Agreement”), as consideration for the Assets, in addition to the assumption of certain liabilities, USA will pay an aggregate purchase price equal to the sum of the following: $480,700 in cash paid at the closing of the transaction, and up to approximately $2.9 million to be paid as a percentage of net revenue through 2014. The Assets include certain contract rights of Default, certain office furniture and equipment located at Default’s offices in Kentucky, and other rights and interests of Default, including goodwill.
A copy of the Purchase Agreement was filed as Exhibit 10.1 to the Company’s Form 8-K filed on June 23, 2011, and is incorporated herein by reference. The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to such Exhibit.
SIGNATURES
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 hereunto duly authorized.
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DJSP Enterprises, Inc.
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(Registrant)
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Date July 7, 2011
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By
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/s/ Stephen J. Bernstein
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Stephen J. Bernstein,
President and Chief Executive Officer
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