UNITED STATES FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the |
Date of Report: May 14, 2012 | ||
DigitalTown, Inc. | ||
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MN | 000-27225 | 411427445 |
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11974 Portland Ave, Burnsville |
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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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 8 – OTHER EVENTS
Item 8.01 Other Events
On May 23, 2012, DigitalTown, Inc. (“DigitalTown”) and The Active Network, Inc. (Active) completed a Handoff Agreement of the technology assets supporting DigitalTowns school spirit websites and its related social networking sites. The Handoff Agreement indicates that both DigitalTown and Active agreed to mutually terminate the Strategic Alliance Agreement, initially entered into between the parties on September 29, 2009, and subsequently re-entered into between the parties on September 30, 2011. DigitalTown will now have ownership and control over all of the intellectual property developed in conjunction with Active.
On May 14, 2012, DigitalTown unilaterally terminated the Custom Platform Partnership Agreement (CPPA) between F5-SIM, LLC (k/n/a 3D Sports Technology, Inc. (3D Sports) and DigitalTown, dated February 11, 2010. On May 24, 2012, DigitalTown informed 3D Sports of the provisions of the CPPA that it believes that 3D Sports breached. The Company is determining if any payments are due from 3D Sports under the Agreement. Under the CPPA, Digitaltown was obligated to promote 3D Sports via its network of high school spirit websites. 3D Sports was required to pay DigitalTown certain amounts under the Agreement. No payments have been made under the CPPA.
SIGNATURES
Dated: May 25, 2012 | DIGITALTOWN, INC By: _/s/ Robert Castle____________________ |
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