13D Filing: Piton Capital Partners Llc and Evolving Systems Inc (NASDAQ:EVOL)

CUSIP No. 30049R209

SCHEDULE 13D

Page 7 of 9 Pages

(e)

Not applicable.

The Reporting Person holds a portion of its assets, which may include some of the Issuer’s securities, in prime brokerage accounts at one or more institutions, which accounts provide the Reporting Person with access to margin or other financing. The customer and related agreements governing such accounts generally provide the broker counterparty with security, collateral or similar rights of possession, sale or offset with respect to such account assets in the event of a customer default. Such agreements generally also provide the counterparty with rights to lend assets held in such account, in some cases without advance or other notification to the customer. To the extent the Issuer’s securities owned by the Reporting Person are held from time to time in such prime broker accounts, they may be subject to such counterparty rights.

Other than as set forth in this Schedule 13D, there are no contracts, arrangements, understandings or relationships between the Reporting Person (including PCM, Kokino and Mr. Averick) and any other person with respect to the securities of the Issuer.

Item 7.

Material to be Filed as Exhibits.