Item 8.01 Other Events.

On June 25, 2007, NETtime Solutions, Inc. (the "Company") announced that Synel Industries, Inc., an Israeli registered corporation ("Synel"), had entered into a master agreement with Paychex, Inc., a Delaware corporation ("PayChex"), pursuant to which such parties agreed to conduct a pilot program relating to the Company's NETtime software. During the pilot program, the Company provided qualified employees for consulting services.

The master agreement provides that, in the event Paychex elects to exercise its rights under a related license agreement, and in consideration for the grant of a perpetual license under the license agreement, Paychex will pay to Synel an aggregate of $1,500,000, of which amount $1,200,000 will be payable to the Company as follows: an initial payment of $1,000,000 will be payable to the Company upon the election by Paychex to acquire the license rights, and two subsequent payments of $100,000 each, which will be due three months and six months, respectively, thereafter. Paychex was obligated to exercise its option to acquire the license rights to the NETtime source code under the license agreement by December 1, 2007 and did so on November 30, 2007. On Monday, December 4, 2007, the Company received a payment of $1,000,000 in accordance with the terms of the master agreement..

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