SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 29, 2010 (November 23, 2010)
Date of report (Date of earliest event reported)
HQ GLOBAL EDUCATION INC.
(Exact name of registrant as specified in Charter)
Delaware 333-150385 26-1806348
(State or other jurisdiction of (Commission (IRS Employee
incorporation or organization) File No.) Identification No.)
27th Floor, BOBO Fortune Center, No.368, South Furong Road,
Changsha City, Hunan Province, 410000
Peoples Republic of China
(Address of Principal Executive Offices)
(86 731) 8782-8601
(Issuer Telephone number)
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 8.01 OTHER EVENTS.
On November 23, 2010, Hunan Oya Education Technology Co., Ltd, wholly controlled
by HQ Global Education Inc. ("HQ" or the "Company") through contractual
agreements, terminated the Exclusive Business Cooperation Agreement (the
"Agreement"), dated May 27, 2010, with Shandong Shengli Maritime School
("Shengli"). Under the term of the Agreement, HQ assumed responsibility for
operating and providing customized educational programs to Shengli, a private
maritime vocational school in Dongying City, Shandong Province, the People's
Republic of China ("PRC").
The decision to terminate the Agreement with Shengli was primarily based on
imminent regulatory measures in Decree No. 10 issued by the Ministry of
Transport of PRC that will have a long-term material impact on the operations
and management of Shengli when combined with the stringent regulations
associated with operating a private maritime school in China.
The implementation of the Agreement did not generate any debts or creditor's
rights upon either party. Neither party will bear any obligations or liabilities
for each other in respect of the Agreement. The revenues of Shengli have never
been included in the consolidated financial statements of HQ, so the Company
does not expect the termination will have a material effect on its results of
operations or financial condition for the fiscal year 2010 and the future.
On November 23, 2010, we issued the press release annexed hereto as Exhibit
99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) SHELL COMPANY TRANSACTIONS
Not Applicable
(d) EXHIBITS.
99.1 Press Release issued by HQ Global Education, Inc., dated November 23, 2010,
entitled "HQ Announces Mutual Termination of Agreement with Shandong
Shengli Maritime School."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HQ Global Education, Inc.
Date: November 29, 2010 By: /s/ Guangwen He
-------------------------------------
Guangwen He
Chief Executive Officer
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INDEX TO EXHIBITS
Exhibit
Number Description
- ------ -----------
99.1 Press Release issued by HQ Global Education, Inc., dated November 23,
2010, entitled "HQ Announces Mutual Termination of Agreement with
Shandong Shengli Maritime School."