The Company, formerly known as Camden Learning Corporation, was incorporated in the State of Delaware on April 10,
2007 as a special purpose acquisition company formed to serve as a vehicle for the acquisition of an operating business. On November 23, 2009, Dlorah, Inc., an existing South Dakota corporation, became a wholly owned subsidiary of the Company
(the “Transaction”), pursuant to an Agreement and Plan of Reorganization between the Company and Dlorah. In connection with the Transaction, the stockholders of Dlorah received approximately 77% of the equity of the Company, and Dlorah was
deemed to be the acquirer for accounting purposes. The Transaction has been accounted for as a reverse merger accompanied by a recapitalization. As a result of the Transaction, the historical results of Dlorah
became the historical results of the Company.
The Company’s common stock is listed as NAUH on The NASDAQ Global Market.
The Company, through Dlorah, owns and operates National American University. NAU is a regionally accredited, proprietary, multi-campus institution of higher learning, offering associate, bachelors and master’s degree programs in
business-related disciplines, such as accounting, applied management, business administration and information technology, and in healthcare-related disciplines, such as nursing and healthcare management. Courses are offered through educational sites
and online. Operations include educational sites (four of which are pending regulatory approvals – Indianapolis, Indiana, Tigard, Oregon, Houston, Texas and the Rouche Graduate Center in Austin, Texas) located in Colorado, Indiana, Kansas,
Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, Oregon, South Dakota and Texas; distance learning service centers in Indiana and Texas; and distance learning operations and central administration offices in Rapid City, South Dakota. A
substantial portion of NAU’s academic income is dependent upon federal student financial aid programs, employer tuition assistance, and contracts to provide online course development, hosting and technical assistance to other educational
institutions. To maintain eligibility for financial aid programs, NAU must comply with U.S. Department of Education requirements, including the maintenance of certain financial ratios.
The Company, through Dlorah’s Fairway Hills real estate division, also manages apartment units and develops and sells multi-family
residential real estate in the Rapid City, South Dakota area.
For the three months ended August 31, 2012 and 2011, 90%
and 93%, respectively, of the Company’s total revenues were derived from NAU’s academic revenue.