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April 8, 2014
09:05 EDTJOBGeneral Employment Enterprises enters into settlement agreement with Long Ridge
General Employment Enterprises announced that it entered into a settlement agreement on April 2 with Long Ridge Office Portfolio, resolving a November 13, 2013 complaint Long Ridge filed in the Circuit Court of DuPage County against General Employment. In the complaint captioned Long Ridge Office Portfolio, L.P. v. General Employment Enterprises; and PSQ case number 2013L001084, Long Ridge sought monetary damages in the amount of at least $482,354.49 in unpaid rent for the lease of its 8,211 square feet office space located on the 22nd floor of One Tower Lane, Oakbrook Terrace, Illinois 60181 to General Employment. According to the settlement agreement, General Employment will pay $125,000 to Long Ridge in two installments: $100,000 due immediately, and the remaining $25,000 due 30 days after execution of the agreement. The initial $100,000 was immediately paid upon the execution of the agreement.
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October 5, 2015
08:52 EDTJOBGeneral Employment acquires Access Data Consulting Corporation
General Employment announced that it has acquired Denver-based Access Data Consulting Corporation, a provider of information technology staff augmentation and consulting services. The acquisition is expected to be accretive to earnings per share and anticipated to generate significant earnings before interest, taxes, depreciation and amortization. Under the terms of the sale and purchase agreement, General Employment acquired 100% of the Access Data common stock for a combination of consideration including cash, stock and seller financing and the corporation is now a wholly owned subsidiary of the Company. General Employment utilized cash from its follow on equity offering completed in late July of this year pursuant to its $75M shelf registration plus a portion of the proceeds from a three year $4.2M mezzanine debt financing put into place contemporaneously with the transaction to help fund a portion of the purchase price of Access Data and for future acquisitions. Additional terms of the transaction were not disclosed. Access Data had revenue of approximately $21M and EBITDA of approximately $2.5M for its fiscal year ended 2014 based on its audited financial statements.

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