UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~July~~August 2314, 2014

INNOVATIVE SOFTWARE TECHNOLOGIES, INC.

(Exact name of Registrant as Specified in its Charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

000-27465

(Commission File Number)

26-1469061

(I.R.S. Employer

Identification No.)

2802 North Howard Avenue Tampa, Florida 33607

Tampa, Florida 33607

(Address of Principal Executive Offices; Zip Code)

Registrant’s telephone number, including area code: (813) 920 - 9435

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))

Item 1 5.0102 ~~Entry~~Departure ~~into~~of aDirectors ~~Material~~or ~~Definitive~~Certain ~~Agreement~~Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 14, 2014, Pete Peterson resigned as President and a director of Innovative Software Technologies, Inc., ~~(the~~a "Delaware corporation, (“Company"”). His onresignation ~~July~~is ~~22,~~effective ~~2014~~as ~~executed~~of ~~the~~close ~~following~~of ~~agreements~~business ~~with~~on ~~with~~August ~~SLM Technologies~~14, ~~Inc~~2014. A ~~(“SLM”)~~copy aof ~~Delaware~~Mr. ~~company,~~Peterson’s asresignation ~~part~~is ofattached ~~the~~to ~~Company~~this Form 8-K as Exhibit 99.1. Mr. Peterson’s ~~efforts~~decision to ~~sustain~~resign from the ~~operations~~Board ofwas not the ~~Company~~result ~~and~~of ~~protect~~any ~~Company~~disagreement ~~shareholder~~with ~~value. The~~ Company ison ~~experiencing~~any ~~cash~~matter ~~flow~~relating ~~shortages~~to ~~necessitating~~its ~~the~~operations, ~~following~~policies ~~agreements~~or ~~(See: Item 2.02 below).~~practice

~~Letter of Intent.~~ On ~~July~~August 2213, 2014, the ~~Company~~Board ~~signed a letter~~ of ~~intent~~Directors ~~with SLM (“LOI”). The proposed transaction contemplated by the LOI, which is subject to certain conditions precedent set forth in the LOI, is that SLM will acquire all~~ of the issued and outstanding capital stock (“Shares”) or all of the operating assets and intellectual property rights (“Assets”) of INtech Ventures, Inc., a Florida corporation and wholly owned subsidiary of the Company, ~~(“INtech”),~~appointed ~~which~~William ~~acquisition~~Barrett ~~(“Acquisition”)~~Wellman ~~shall be subject to the terms and conditions in the letter of intent attached hereto~~ as ~~Exhibit 2.1 and the terms contained in~~ a ~~written~~director ~~definitive~~of ~~purchase agreement to be negotiated by~~ the Company and ~~SLM~~employed ~~(the “Definitive Purchase Agreement”)~~Mr. ~~The~~ ~~Company~~Wellman ~~is obligated under the LOI~~ to ~~complete~~serve ~~the~~as ~~audit~~President ofupon ~~INTech, within 45 days of~~ the ~~Effective~~effectiveness ~~Date~~ of the ~~LOI~~resignation ~~(“Audit”). After the completion~~ of ~~the~~Pete ~~Audit,~~Peterson ~~and~~as subject to the conditions in the LOI, the parties shall conclude an appropriate due diligence review for the Acquisition and the parties shall in good faith and diligently seek to negotiate the terms and conditions of the Definitive Purchase Agreement based on the results of the Audit and a mutually acceptable fair valuation of the Shares and Assets of INtech (“Valuation”)President. The ~~consummation of the Acquisition depends on whether the~~ Company ~~and~~entered ~~SLM~~into ~~can~~an ~~reach~~employment agreement onwith ~~the terms of the Definitive Purchase Agreement~~Mr. ~~The~~ ~~following~~Wellman ~~description~~that ~~of the LOI~~ is ~~qualified~~attached inhereto ~~its~~as ~~entirety by reference to the LOI, which is~~ Exhibit 99.2.~~1 to this Report.~~

~~License Agreement~~Mr. ~~The~~Wellman ~~Company~~has ~~entered~~over ~~into~~thirty ayears ~~License~~of ~~Agreement~~combined ~~with~~experience ~~SLM~~as onan ~~July 22~~accountant, ~~2014 (“License Agreement”). Pursuant to the License Agreement~~controller, ~~the~~chief ~~Company~~financial ~~granted to SLM~~officer, ~~subject~~chief toinformation ~~the~~or ~~terms~~technology officer and ~~conditions~~executive. He ofstarted ~~the~~as ~~License Agreement,~~ an ~~exclusive~~accountant ~~transferrable~~with ~~worldwide~~KMPG ~~perpetual~~and ~~license~~then ofserved ~~INtech’s~~as ~~“Optinsmart”~~a ~~dashboard~~controller ~~computer~~or ~~technology~~chief ~~currently~~financial ~~including~~officer ~~email,~~for ~~text~~The ~~messaging,~~National ~~social~~Council ~~media~~on ~~marketing,~~the ~~reputation management~~Aging, ~~back office systems to include CRM~~Inc., ~~billing~~SpaceQuest ~~and white label account management~~Communications, ~~including all Releases~~Inc., ~~Enhancements~~SecuriGuard, ~~Versions (all as defined in the License Agreement)~~Inc., and ~~patches~~other ~~thereto (collectively, the “Licensed Technology”)~~companies. ~~SLM~~He ~~has~~was ~~the~~Chief ~~right to make, use, import, lease, and sell the software code and programs comprising the Licensed~~ Technology Officer for ~~the~~Raffa ~~term~~& ofAssociates. ~~the~~Mr. ~~Agreement,~~Wellman ~~which~~has ~~runs~~also ~~from~~acted ~~the~~as ~~effective~~a ~~date~~financial/accounting ~~through that date which is the later of the execution of the Definitive Purchase Agreement and one year from the execution of the License Agreement~~consultant. He ~~Pursuant~~received ~~to the License Agreement, SLM agreed to pay to the Company~~ a ~~certain~~M.B.A. ~~royalty~~from ~~payments~~Marshall ~~based~~University ~~on the SLM’s net sales of the software code~~ and ~~programs~~a ~~comprising~~B.S. ~~the Licensed Technology (less accessories or other components or products used~~ in ~~combination~~Business ~~with~~Administration ~~the~~from ~~licensed~~University ~~products), for the period commencing on the effective date and ending on upon the earlier to occur~~ of ~~the termination or expiration of the License Agreement or the acquisition of the licensed products by SLM from the Company in a to-be-negotiated transaction~~Charleston.

The above description of the License Agreement is qualified in its entirety by reference to the actual License Agreement, which is attached to this Report as Exhibit 99.1.

Credit Line and Promissory Note. On July 22, 2014, INTech entered into a Revolving Line of Credit Agreement (“Credit Line”) and underlying Promissory Note (“Note”) with SLM. Under the Credit Line and Note, The Lender may provide a maximum of $200,000 principal amount debt financing to INtech for a term ending in July 2015. Unless the Credit Line term is extended, no advances of credit will be made after July 2015. The Credit Line has a 5% per annum interest rate and a default interest rate of 12% per annum. Advance on the financing are made at SLM’s discretion. The Credit Line is intended to provide Intech with possible working capital while SLM and the Company seek to negotiate the Definitive Purchase Agreement.

The above description of the Credit Line and Note are qualified in their entirety by reference to the actual agreement and instrument, which are attached as Exhibit 99.2 to this Report.

Item 2.02 Results of Operations and Financial Condition

The Company is currently experiencing cash flow problems that hinder the ability of the Company to consistently or fully fund INtech operations on an ongoing basis in the remainder of 2014. The Licensing Agreement is deemed by the Company as a necessary action to sustain INtech and its value. In the event that the Definitive Purchase Agreement is consummated, then the Company believes that receipt of the consideration in the Acquisition will be potentially better for Company shareholders’ interests then a possible decline in INtech operations and value as a wholly-owned subsidiary of the Company and solely funded by the Company.

Item 9.01 Financial Statements and Exhibits

( c ) Exhibits.

Exhibit	Description
2.1	Letter of Intent, dated July 22, 2014, by Company and SLM.
99.1	Licensing Agreement, dated July 22, 2014, by Company and SLM
99.2	Revolving Line of Credit Agreement, dated July 22, 2014 by Company and SLM

Number Description of Exhibit

~~Pursuant~~99.1 Resignation toLetter, ~~the~~dated ~~requirements~~August of14, ~~the~~2014, ~~Securities Exchange Act~~ of ~~1934,~~Pete ~~the~~Peterson; ~~registrant has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.~~and

99.2 Employment Agreement, dated August 13, 2014, between Innovative Software Technologies, Inc. and William Barrett Wellman.

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.

INNOVATIVE SOFTWARE TECHNOLOGIES, INC.

By: /s/ ~~Peter~~Pete M. Peterson

~~Peter~~Pete M. Peterson, President

~~Chief~~Date: August ~~Executive~~13, ~~Officer~~2014

~~Date: July 23, 2014~~EXHIBITS

Number Description of Exhibit

99.1 Resignation Letter, dated August 14, 2014, of Pete Peterson; and

99.2 Employment Agreement, dated August 13, 2014, between Innovative Software Technologies, Inc. and William Barrett Wellman.

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