Subsequent Events

12 Months Ended

Jul. 31, 2011

Subsequent Events

Subsequent Events

U. SUBSEQUENT EVENTS

The Company entered into a Repurchase Agreement dated as of August 12, 2011 (the "Repurchase Agreement"), to purchase shares of its common stock from the Estate of Wade F. B. Thompson (the "Estate") in a private transaction. Pursuant to the terms of the Repurchase Agreement, the Company agreed to purchase from the Estate 1,000,000 shares of its common stock at a price of $20 per share, representing an aggregate purchase price of $20,000. The Estate holds shares of common stock of the Company previously owned by the late Wade F. B. Thompson, the Company's co-founder and former Chief Executive Officer. Alan Siegel, a member of the board of directors of the Company (the "Board"), is a co-executor of the Estate. The repurchase transaction was evaluated and approved by members of the Board who are not affiliated with the Estate. The transaction was consummated on August 15, 2011. The Company used available cash to purchase the shares. The number of shares repurchased by the Company represented 1.8% of the Company's issued and outstanding common stock prior to the repurchase.