8-K: Current report filing

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): April 26, 2005

Digicorp
(Exact name of registrant as specified in its charter)



Utah 000-33067 87-0398271
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification Number)

1206 West South Jordan Parkway, Unit B, South Jordan, Utah 84095
(Address of principal executive offices) (zip code)

(801) 566-3000
(Registrant's telephone number, including area code)

Copies to:
Marc J. Ross, Esq.
Sichenzia Ross Friedman Ference LLP
1065 Avenue of the Americas
New York, New York 10018
Phone: (212) 930-9700
Fax: (212) 930-9725

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 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.

Effective April 26, 2005, Gregg B. Colton resigned from his positions as
President, Chief Executive Officer and Chief Financial Officer of Digicorp.

On April 26, 2005, the Board of Directors of Digicorp appointed the
following officers: (a) Milton C. Ault, III - Chief Executive Officer; (b)
Kathryn Macenzie Queen - President of Operations; and (c) Lynne Silverstein -
Secretary.

Milton C. Ault, III is currently the Chairman and Chief Executive Officer
of Patient Safety Technologies, Inc., a Delaware corporation whose common stock
is traded on the American Stock Exchange ("PST"). Mr. Ault has served as a
director of PST since June 23, 2004. In addition, Mr. Ault co-founded Ault
Glazer & Company Investment Management LLC ("Ault Glazer") in 1998 and is
currently the controlling and managing member and Chief Investment Officer of
Ault Glazer, a private investment management firm headquartered in Santa Monica,
California. From July 1998 until February 2005, Mr. Ault was a registered
representative of Strome Securities, L.P., a NASD registered broker-dealer.
Prior to founding Ault Glazer, Mr. Ault served as a portfolio manager and
regional institutional financial advisor for Prudential Securities from February
1996 to July 1998. From November 1992 until February 1996, Mr. Ault served as an
institutional account executive for Dean Witter Reynolds.

Kathryn Macenzie Queen currently is employed by PST where she advises and
assists the company's executive officers on investment banking and related
matters. She has held this position since approximately November 2004. From 2002
until November 2004, Ms. Queen worked in various positions in the entertainment
industry. Ms. Queen has held positions at Salomon Smith Barney, Morgan Stanley
and Mutual of New York. Ms. Queen graduated in 2002 from the Fisher College of
Business at the Ohio State University with a B.A. in Economics, a B.S. in
Finance and a B.S. in Accounting.

Lynne Silverstein is currently the President and Secretary of PST. In
addition, Ms. Silverstein has been Chief Executive Officer of Ault Glazer since
October 2003. Prior thereto, she was Director of Operations of Ault Glazer since
January 2001, having joined Ault Glazer in January 1999 as a Manager. From
February 1996 to October 1998 she was employed by STV Communications, a media
content and preview kiosk company, serving as Marketing Director since February
1998. Ms. Silverstein received her B.S. in Communications from the University of
Miami.

There are no family relationships between any of the newly appointed
officers of Digicorp and Digicorp's directors, executive officers or persons
nominated or charged by Digicorp to become directors or executive officers.
Digicorp does not currently have any employment agreements in effect for the
employment of the newly appointed officers.



SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Digicorp


Dated: May 2, 2005 By: /s/ Milton Ault
------------------------------
Name: Milton "Todd" Ault, III
Title: Chief Executive Officer


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