ITEM 1.01 Entry into a Material Definitive Agreement.

On September 4, 2008, Helios & Matheson North America Inc. (the "Company") entered into a Statement of Work with IonIdea, Inc. ("IonIdea") to provide certain infrastructure and support services, consisting primarily of workstation facilities and equipment in Bangalore, India, to the Company and its wholly owned subsidiary Helios & Matheson Global Services Private Limited. This Statement of Work replaces a prior professional services agreement between IonIdea and the Company that expired on June 30, 2007. Following the expiration of the IonIdea contract, the Company had continued to use IonIdea facilities under the terms of the expired contract.

Kishan Grama Ananthram, a member of the Company's Board of Directors, is the Chief Executive Officer of IonIdea and Mr. Ananthram and his spouse own all of the outstanding capital stock of IonIdea. Due to the relationship of Mr. Ananthram and his spouse with IonIdea, the Statement of Work was reviewed and approved by the Independent Directors of the Company's Board pursuant to the Company's Related Party Transaction Policy. The Statement of Work is effective as of August 1, 2008 and continues until July 31, 2010. The cost of the workstations and equipment is $550 per person per month. In addition, the cost of transportation services is $100 per person per month. Approximately, twenty one Company employees currently use IonIdea workstation facilities, and the Company may expand usage of IonIdea facilities in the future.

A complete copy of the Statement of Work is filed as Exhibit 10.1, and is incorporated herein by reference, to this report on Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits. EXHIBIT 10.1 IonIdea, Inc. Statement of Work [Remainder of page intentionally left blank]

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