Edgar Filing: TAG IT PACIFIC INC

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â Bluefin Capital LLC

2. Date of Event Requiring Statement (Month/Day/Year)
06/27/2007

3. Issuer Name and Ticker or Trading Symbol
TAG IT PACIFIC INC [TAG]

(Last)

(First)

(Middle)

ONE NORTH CLEMATIS STREET,Â SUITE 300

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

WEST PALM BEACH,Â FLÂ 33401

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1,500,000	D	Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Warrants ⁽¹⁾	06/27/2007	06/27/2012	Common Stock	700,000	$ 0.95	D	Â
Warrants	06/27/2007	06/27/2012	Common Stock	700,000	$ 1.05	D	Â
Warrants	06/27/2007	06/27/2012	Common Stock	700,000	$ 1.14	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Bluefin Capital LLC ONE NORTH CLEMATIS STREET SUITE 300 WEST PALM BEACH,Â FLÂ 33401	Â	Â X	Â	Â
ComVest Capital, LLC ONE NORTH CLEMATIS STREET SUITE 300 WEST PALM BEACH,Â FLÂ 33401	Â	Â X	Â	Â
COMVEST CAPITAL MANAGEMENT LLC ONE NORTH CLEMATIS STREET SUITE 300 WEST PALM BEACH,Â FLÂ 33401	Â	Â X	Â	Â
ComVest Group Holdings, LLC ONE NORTH CLEMANTIS STREET SUITE 300 WEST PALM BEACH,Â FLÂ 33401	Â	Â X	Â	Â
FALK MICHAEL 830 THIRD AVENUE 4TH FLOOR NEW YORK,Â NYÂ 10017	Â	Â X	Â	Â

Signatures

Bluefin Capital, LLC; By: ComVest Capital LLC; By: /s/Cecilio M. Rodriguez		07/10/2007
^**Signature of Reporting Person		Date
ComVest Capital LLC; By: ComVest Capital Management LLC; By: /s/Cecilio M. Rodriguez		07/10/2007
^**Signature of Reporting Person		Date
ComVest Capital Management LLC; By: /s/Cecilio M. Rodriguez		07/10/2007
^**Signature of Reporting Person		Date
ComVest Group Holdings LLC; By: /s/Cecilio M. Rodriguez		07/10/2007
^**Signature of Reporting Person		Date
/s/Michael S. Falk		07/10/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	As of the date hereof, Bluefin Capital, LLC (the "Reporting Person") directly beneficially owns each of the securities identified herein. ComVest Capital LLC ("ComVest") a Delaware limited liability company, may be deemed to be the indirect beneficial owner of the securities listed herein by virtue of the fact that ComVest is the managing member of the Reporting Person. ComVest Capital Management, LLC ("Management") indirectly beneficially owns each of the securities listed herein by virtue of the fact that Management is the managing member of ComVest. ComVest Group Holdings, LLC ("CGH") indirectly beneficially owns each of the securities listed herein by virtue of the fact that CGH is the managing member of Management. Michael S. Falk ("Falk"), an individual, indirectly beneficially owns the securities listed herein by virtue of the fact that Falk is the Chairman and principal member of CGH.

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