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): May 16, 2006
TAG-IT PACIFIC, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-13669 95-4654481
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
21900 BURBANK BLVD., SUITE 270
WOODLAND HILLS, CALIFORNIA 91367
(Address of Principal Executive Offices) (Zip Code)
(818) 444-4100
(Registrant's Telephone Number, Including Area Code)
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 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING
RULE OR STANDARD; TRANSFER OR LISTING.
On May 16, 2006, Tag-It Pacific, Inc. received notice by letter from
The American Stock Exchange LLC ("AMEX") that we do not meet certain of the
continued listing standards as set forth in the AMEX Company Guide.
Specifically, the AMEX letter cited our failure, as of December 31, 2005, to
comply with: (i) Section 1003(a)(i) of the Company Guide because we had
shareholders' equity of less than $2,000,000 and losses from continuing
operations and/or net losses in two out of our last three most recent fiscal
years; and (ii) Section 1003(a)(ii) because we had shareholders' equity of less
than $4,000,000 and losses from continuing operations and/or net losses in three
out of our four most recent fiscal years.
In order to maintain our AMEX listing, we are required to submit a plan
by June 15, 2006 advising AMEX of the actions we have taken or plan to take to
regain compliance with the AMEX continued listing requirements within 18 months.
This plan is subject to the review and approval by AMEX. There is no assurance
that our plan will be accepted by AMEX or of the period of time, if any, that
AMEX will allow us to continue our listing during the plan period. If we fail to
timely submit this plan; AMEX does not accept the plan for any reason, or we
fail to perform in accordance with the plan we will be subject to delisting
procedures.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
99.1 Press Release dated May 19, 2006, published by Tag-It
Pacific, Inc.
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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 hereunto duly authorized.
TAG-IT PACIFIC, INC.
Date: May 19, 2006 By: /S/ LONNIE D. SCHNELL
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Lonnie D. Schnell, Chief Financial Officer
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