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JOB > SEC Filings for JOB > Form 8-K on 1-Jul-2013All Recent SEC Filings

Show all filings for GENERAL EMPLOYMENT ENTERPRISES INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Completion of Acqui

Item 5.02 Departure of Directors of Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On July 1, 2013, Employment Enterprises, Inc. (the "Company") announced that it entered into Amended and Restated Employment Agreements with Brad Imhoff and Katy Gallagher Imhoff on June 26, 2013 (the "Employment Agreements"). The Employment Agreements enable the Company to take advantage of Mr. Imhoff's and Ms. Imhoff's experience and expertise in the staffing and permanent placement industry, while allowing the Company the ability to restructure a well organized business that can become the foundation of management's strategic growth initiative. The foregoing description of the Employment Agreements is qualified in its entirety by reference to the full text of the Employment Agreements, which are attached to this Current Report on Form 8-K as Exhibit 10.1 and 10.2.

On July 1, 2013 a press release announcing the amended and restated Employment Agreements was issued. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K.

Item 2.01 Completion of Disposition of Assets;

On July 1, 2013, the Company announced the discontinuation of the Agricultural Services Division. The Agricultural Services Division had approximately $7,852,000 of revenue in 2012 and approximately 12,412,000 of revenue in 2011.
The Agricultural Division has been net income negative since the loss of a major customer in 2012 and management has decided that the Agricultural Services Division was not a core business in the future operations of the Company. We expect to take a onetime expense of approximately $100,000 in the third quarter of 2013 to resolve all contract issues and collect all outstanding receivables with respect to the Agricultural Services Division. Management expects to have an increase in operational cash flow of approximately $450,000, over the next ninety days, as the Company collects the outstanding receivables and discontinues operations of the Agricultural Services Division. All staffing operations related thereto are expected to cease by July 7, 2013, and the entire Agricultural Services Division and support thereof will cease on or about August 1, 2013.

On July 1, 2013, a press release announcing the discontinuation of the Agricultural Services Division was issued. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

No.         Description
  10.1      The Amended and Restated Employment Agreement of Brad Imhoff, dated June
            26, 2013.
  10.2      The Amended and Restated Employment Agreement of Katy Gallagher, dated
            June 26, 2013.
  99.1      Press release issued by General Employment Enterprises, Inc. dated July
            1, 2013.

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