KGIC reviews Uhak sale; files suit re tuition, damages KGIC reviews Uhak sale; files suit re tuition, damages
KGIC Inc (C:LRN)
Shares Issued 179,169,923
Last Close 7/14/2016 $0.02
Friday July 15 2016 - News Release
Dr. Alex Macgregor reports
KGIC REVIEWS UHAK.COM TRANSACTION AND ISSUES STATEMENT OF CLAIM
KGIC Inc. and its new management have reviewed the details regarding disposition of certain KGIC assets in 2015, including the purported sale of Uhak (Korea) and believe the press release issued on Oct. 29, 2015, pronouncing the sale of the agency may have been premature to the extent that the purported transaction has not been consummated.
A special committee was established by the KGIC board to review this purported transaction, which is believed to be suspect in several regards. Management continues to work diligently to identify and correct any possible errors from previous management as they relate to the assets of the company.
In addition, the company has commenced an action against Uhak (Korea) for the non-payment of accounts owing for student tuition, and its statement of claim was filed and issued by the Ontario Superior Court of Justice on July 4, 2016. The claim is to recover accounts receivable and damages for defamation.
We seek Safe Harbor.