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As of 1:26 PM 03/2/15 All times are local (Market data is delayed by at least 15 minutes).

rainmaker systems inc (RMKR) Key Developments

Rainmaker Systems, Inc. Reports Multi-Year Renewal Contract for its ViewCentral Extended Enterprise Learning Management Solution

Rainmaker Systems Inc. reported a multi-year renewal contract for its ViewCentral extended enterprise learning management solution. Hyland has renewed their 2 year agreement for ViewCentral LMS. Under the terms of the contract, ViewCentral will continue to provide the foundation for delivery and management of Hyland's global training courses and certification programs. As a cloud offering, ViewCentral allows Hyland personnel to spend their time building content and developing solutions without requiring resources to administer and support the solution.

Rainmaker Systems, Inc. Reaches Terms with a Creditor to Settle Lawsuit Filed in September 2014

Rainmaker Systems Inc. announced that it had reached terms with a major creditor to settle a lawsuit filed in September 2014. The lawsuit sought payment for amounts owing under a contract between the company and creditor related to the company's former telesales and e-commerce business. In conjunction, the company raised net proceeds of approximately $780,000 to fund a settlement payment to the creditor and provide working capital for the company's growing ViewCentral' SaaS Learning Management System (LMS) business. As part of the settlement, investors in the company's secured debt agreed to waive all existing events of default that had initially arisen in September 2014.

Rainmaker Systems Inc. Announces Board and Management Resignations

On December 1, 2014, James Hopkins resigned as a Class II director and Chairman of the Board of Rainmaker Systems Inc. Mr. Hopkins has served as director of the Company since December 2013. His resignation is due to personal reasons and is not the result of any dispute or disagreement relating to the Company's operations, policies or practices. Mr. Hopkins will continue to work with the Company as an uncompensated advisor to the Board of Directors. On December 1, 2014, C. Finnegan Faldi resigned as a Class I director of the Company. Mr. Faldi has served as a director of the Company since November 2012. His resignation is due to personal reasons and is not the result of any dispute or disagreement relating to the Company's operations, policies or practices. On December 1, 2014, Eric Salzman resigned as a Class III director of the Company. Mr. Salzman has served as a director of the Company since October 2013. His resignation is due to personal reasons and is not the result of any dispute or disagreement relating to the Company's operations, policies or practices. Both Mr. Faldi and Mr. Salzman served on the Company's Audit Committee, the Compensation Committee, and its Corporate Governance and Nominating Committee. No replacement members have been named. The Chairman of the Board position will remain vacant pending future Board changes.

Rainmaker Systems Inc. Announces Board Appointments

On November 20, 2014, Rainmaker Systems Inc. appointed Terry Lydon as a Class I director with a term ending upon the 2016 annual meeting of stockholders. Mr. Lydon is the company's Chief Executive Officer and has led the company's ViewCentral product initiative since September 2006. Also on November 20, 2014, the company appointed Bryant Tolles as a Class III director with a term ending upon the next annual meeting of stockholders. Mr. Tolles is the company's Chief Financial Officer.

Rainmaker Systems Inc. announced delayed 10-Q filing

On 11/17/2014, Rainmaker Systems Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

 

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