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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<td width="100%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Zanett, Inc.</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Exact name of registrant as specified in its charter)</font></font></div>
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<td width="33%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Delaware&#160;</font></td>
<td width="33%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">001-32589&#160;</font></td>
<td width="33%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56-4389547</font></td>
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<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State or other jurisdiction of incorporation)&#160;</font></td>
<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Commission&#160;File Number)</font></td>
<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(IRS Employer&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification No.)</font></font></td>
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<td width="50%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">635 Madison Avenue, 15<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Floor, New York, NY&#160;&#160;&#160;&#160;</font></td>
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<td width="50%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address of Principal Executive Offices)&#160;</font></td>
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<td width="100%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Former name or former address, if changed since last report)</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">simultaneously satisfy the filing obligation of the registrant under any of the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">following provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see </font>General Instruction A.2. below):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.01 - Material definitive agreement</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On November 8, 2011, Zanett Commercial Solutions, Inc., a Delaware corporation (&#8220;ZCS&#8221;) and wholly owned subsidiary of Zanett, Inc., entered into an Asset Purchase Agreement (the &#8220;Agreement&#8221;) with Tricore Solutions, LLC, a Massachusetts limited liability company (&#8220;Tricore&#8221;). ZCS agreed to sell certain assets related to its managed service business to Tricore for a purchase price of $3,006,216, subject to certain adjustments (the &#8220;Purchase Price&#8221;).&#160;&#160;The closing of the transactions contemplated by the Agreement (the &#8220;Closing&#8221;) took place on November 11, 2011.&#160;&#160;In addition to the sale of the certain assets, Tricore and ZCS have entered into an agreement (the &#8220;Referral Agreement&#8221;) whereby Tricore agrees to pay to ZCS a fee for the referral of certain additional contracted managed services customers to Tricore.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the Closing, (i) Tricore paid to ZCS an amount equal to $2,479,394 in cash, (ii) placed $226,200 into escrow (the &#8220;Escrow Amount&#8221;), and (iii) held back an additional $300,622 from the Purchase Price (the &#8220;Holdback Amount&#8221;). In the event that (i) certain former ZCS customers shall cancel or otherwise terminate a managed service contract with Tricore entered into on or after the Closing (each, a &#8220;Customer Contract&#8221;) for any reason or (ii) Tricore shall cancel a Customer Contract for Cause (as defined in the Agreement) (in each case, a &#8220;Cancelled Contract&#8221;) on or before the date which is either twelve months, in certain instances, or six months, in other instances, after the Closing, the Purchase Price shall be reduced by an amount equal to one hundred thirty percent (130%) of the of the aggregate forecasted contract revenue for calendar year 2012 arising out of each such Cancelled Contract, less thirty percent (30%) of any monies received by Tricore from such customer. Any adjustments to the Purchase Price shall be made out of the Holdback Amount and the Escrow Amount.&#160;&#160;Any portions of the Escrow Amount and Holdback Amount remaining after such adjustments shall be paid to ZCS on the first anniversary of the Closing.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ZCS also entered into a non-competition agreement,&#160;pursuant to which ZCS will not engage in offering managed services of the types offered by Tricore, anywhere within the world, for a period of five years after the Closing.&#160;&#160;However, ZCS shall not be prevented from selling itself, or any or all of its other businesses to an independent third party that is engaged in offering managed services of the types offered by Tricore.&#160;&#160;In addition, ZCS agreed to refrain from soliciting any employee, customer, supplier, or licensee of Tricore for a period of five years after the Closing.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 25pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">registrant has duly caused this report to be signed on its behalf by the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">undersigned hereunto duly authorized.</font></div>

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<td colspan="2" valign="top" width="38%">ZANETT, INC.</td>
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<td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dennis Harkins</font></td>
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[{"type": "8-K", "sequence": "1", "filename": "v241993_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 23078}]
{"company-data": {"conformed-name": "ZANETT INC", "cik": "0001133872", "assigned-sic": "7389", "irs-number": "564389547", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32589", "film-number": "111236692"}, "business-address": {"street1": "635 MADISON AVE.", "street2": "15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2125830300"}, "mail-address": {"street1": "635 MADISON AVE,", "street2": "15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "PLANET ZANETT INC", "date-changed": "20010206"}}
Unassociated Document
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)
November 8, 2011
Zanett, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-32589
56-4389547
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
635 Madison Avenue, 15
th
Floor, New York, NY
10022
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(212) 583-0300
(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):
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))
Item 1.01 - Material definitive agreement
On November 8, 2011, Zanett Commercial Solutions, Inc., a Delaware corporation ("ZCS") and wholly owned subsidiary of Zanett, Inc., entered into an Asset Purchase Agreement (the "Agreement") with Tricore Solutions, LLC, a Massachusetts limited liability company ("Tricore"). ZCS agreed to sell certain assets related to its managed service business to Tricore for a purchase price of $3,006,216, subject to certain adjustments (the "Purchase Price").  The closing of the transactions contemplated by the Agreement (the "Closing") took place on November 11, 2011.  In addition to the sale of the certain assets, Tricore and ZCS have entered into an agreement (the "Referral Agreement") whereby Tricore agrees to pay to ZCS a fee for the referral of certain additional contracted managed services customers to Tricore.
At the Closing, (i) Tricore paid to ZCS an amount equal to $2,479,394 in cash, (ii) placed $226,200 into escrow (the "Escrow Amount"), and (iii) held back an additional $300,622 from the Purchase Price (the "Holdback Amount"). In the event that (i) certain former ZCS customers shall cancel or otherwise terminate a managed service contract with Tricore entered into on or after the Closing (each, a "Customer Contract") for any reason or (ii) Tricore shall cancel a Customer Contract for Cause (as defined in the Agreement) (in each case, a "Cancelled Contract") on or before the date which is either twelve months, in certain instances, or six months, in other instances, after the Closing, the Purchase Price shall be reduced by an amount equal to one hundred thirty percent (130%) of the of the aggregate forecasted contract revenue for calendar year 2012 arising out of each such Cancelled Contract, less thirty percent (30%) of any monies received by Tricore from such customer. Any adjustments to the Purchase Price shall be made out of the Holdback Amount and the Escrow Amount.  Any portions of the Escrow Amount and Holdback Amount remaining after such adjustments shall be paid to ZCS on the first anniversary of the Closing.
ZCS also entered into a non-competition agreement, pursuant to which ZCS will not engage in offering managed services of the types offered by Tricore, anywhere within the world, for a period of five years after the Closing.  However, ZCS shall not be prevented from selling itself, or any or all of its other businesses to an independent third party that is engaged in offering managed services of the types offered by Tricore.  In addition, ZCS agreed to refrain from soliciting any employee, customer, supplier, or licensee of Tricore for a period of five years after the Closing.
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.
ZANETT, INC.
Date:  December 1, 2011
By:
/s/ Dennis Harkins
Dennis Harkins
Chief Financial Officer