Greenwood Hall, Inc. (OTCMKTS:ELRN) Files An 8-K Other Events
Item 8.01 Other Events.
On February 15, 2017, the Los Angeles Superior Court entered an
Order satisfying the conditions to a Settlement Agreement and
Mutual Release (the Settlement Agreement), dated January 9, 2017,
by and between Greenwood Hall, Inc., a Nevada corporation (the
Company), and Zantine Greenwood (Greenwood), a former officer and
founder of the Company.
On August 26, 2016, Greenwood commenced a proceeding in
Arbitration alleging that the Company had breached its
obligations under a consulting agreement entered into by and
between Greenwood and the Company on or about July 24, 2014 (the
Consulting Agreement). The Company did not appear at the
Arbitration. On September 23, 2016, the Arbitrator issued an
award to Greenwood against the Company in the sum of $236,250.79.
On October 26, 2016, Greenwood filed a petition to confirm the
award in the Los Angeles Superior Court, Case No. BS165962. The
Company opposed the petition and requested that the court vacate
the award, asserting that the arbitration provision in the
Consulting Agreement was void under applicable law and therefore
the Arbitrator had no jurisdiction over the dispute. to the
Settlement Agreement, the Company agreed to pay Greenwood
$115,000 plus 5.5% simple interest in monthly installments of
$10,000 until payment in full in exchange for a release of any
and all claims against the Company arising from or relating to
the dispute. Conditions to the settlement were that the Court
vacate the award and retain jurisdiction until all payments have
been made, which Order was entered by the Court on February 15,
2016.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
| 99.1 |
Settlement Agreement and Mutual Release, dated January 9, 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 00.0000 at 0.0260 with 1,000 shares trading hands.