================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 22, 2009
Global Pari-Mutual Serivces, Inc.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Nevada 000-32509 88-0396452
- ------------------------------- ------------- ------------------------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
1231 West Honeysuckle Lane
Chandler, AZ 85248
---------------------------------------- ------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code:
(415) 302-8621
---------------------------------------------------
N/A
- --------------------------------------------------------------------------------
(Former name, former address, and formal fiscal year, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)
================================================================================
Item 1.02 Termination of a Material Definitive Agreement
Royal Turf Club, Inc.,a wholly owned subsidiary of Global Pari-Mutuel Services
(GPRM) has given Sol Mutuel a Grenada Corporation a 90 day notice of termination
of its contract signed in May of 2007 and modified in September 2007 by verbal
Agreement.
The original agreement, a major source of revenue for the company from the fall
of 2007 until late 2008, called for Royal Turf Club to provide settlement and
reconciliation services as well as hub services to Sol Mutual. In the fall of
2007, it was modified by verbal agreement, whereby Royal Turf Club would reduce
its pricing by approximately 25% in return for Sol Mutuel giving RTC an
exclusive for these services .
In the fall of 2008, RTC discovered that Sol Mutuel was in fact violating the
terms of the agreement. We advised them at that time and again in April 2009. We
also sent them several invoices to recapture the discount we had given them
based on the agreed exclusivity of the contract. RTC has withheld funds
sufficient to cover these additionally invoiced amounts.
Litigation is always a possibility in these situations. We feel the facts are on
our side and the company will prevail.
SIGNATURES
Pursuant to the requirements of the Securities Exchange of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Global Pari-mutuel Services, Inc.
Dated: May 22, 2009 By /s/ James A. Egide
------------------------------
James A. Egide
Chief Executive Officer