Greenwood Hall, Inc. (OTCMKTS:ELRN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On March 16, 2016, Greenwood Hall, Inc., a Nevada corporation
(the Company), entered into a Professional Services Agreement
(the Services Agreement) with Concordia University, to which the
Company provided to Concordia University certain enrollment
management services, including marketing, student recruitment and
retention, as well as services related to online course
administration, in exchange for monthly fees for each of the
services provided.
On March 2, 2017, the Company received an initial payment of
$740,000 under the First Amendment to the Professional Services
Agreement (the Amendment), dated as of February 24, 2017, by and
between the Company and Concordia University, to which (i) the
Company ceased to provide marketing services as of February 24,
2017; (ii) the Company ceased to provide recruitment and
pre-enrollment services as of February 28, 2017 and (iii) the
Company shall cease to provide client support services as of
March 23, 2017, in exchange for an aggregate payment of $840,000,
to be made in three separate installments during March 2017. to
the Amendment, the initial term of the Services Agreement shall
end as of March 31, 2017. The information contained herein is
qualified in its entirety by the full text of the Services
Agreement and the Amendment, attached hereto as Exhibits 10.1 and
10.2, respectively, and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| 10.1 |
Professional Services Agreement between Greenwood Hall, Inc. and Concordia University, dated March 16, 2016. |
|
| 10.2 |
First Amendment to the Professional Services Agreement between Greenwood Hall, Inc. and Concordia University, dated February 24, 2017. |
About Greenwood Hall, Inc. (OTCMKTS:ELRN)
Greenwood Hall, Inc. is an education management solutions provider that provides cloud-based education management services that address the entire student lifecycle. The Company provides end-to-end services ranging from recruitment and student enrollment to post-graduation job placement, career networking and alumni relations. The Company’s services include enrollment management solutions, including lead generation/marketing, prospective student qualification, new student recruitment and enrollment counseling; retention counseling/coaching and the reengagement of students having dropped out of a particular institution, and student support solutions, including help desk, career advising, student concierge and financial aid advising services. The Company also provides consulting services, various data and technology enabled solutions, and management services. As of November 30, 2016, the Company served more than 60 education clients and more than 75 individual degree programs. Greenwood Hall, Inc. (OTCMKTS:ELRN) Recent Trading Information
Greenwood Hall, Inc. (OTCMKTS:ELRN) closed its last trading session up +0.0100 at 0.0400 with 2,000 shares trading hands.
