On September 30, 2013, Woodland Wireless Solutions, Ltd. (“WWS”), a wholly owned subsidiary of Woodland Holdings Corporation (“Woodland”), a wholly owned subsidiary of CornerWorld Corporation (the “Company”), sold 100% of the outstanding membership interests of S Squared LLC DBA Ranger Wireless Solutions, LLC “(Ranger”) pursuant to a Membership Interests Purchase Agreement between the Company, WWS and Ranger Wireless Holdings, LLC (“RWH”) (the “MIPA”).  Ranger® is a shortcode application service provider to the wireless industry whose core service offered is 611 Roaming Service™, a patented application providing seamless means for connecting wireless subscribers to reach their home provider’s customer service call center while roaming on another provider’s network.

Ranger was sold to RWH, an unrelated third party holding company formed for the purpose of acquiring Ranger, for $7.5 million in cash plus, potentially, an additional $800,000 payable in cash upon the execution of a certain contract.   In addition, WWS signed a royalty contract enabling WWS to participate in revenues resulting from Ranger’s acquisition of certain business in the future.  The previous description of the MIPA does not purport to be a complete statement of the parties’ rights and obligations under that agreement and the transactions contemplated thereby. The above description is qualified in its entirety by reference to the MIPA, a copy of which is filed as Exhibit 10.1 herein.

RWH, as the acquirer of Ranger, had no previous association with any of the Company’s directors or officers.  With the sale of Ranger, the Company was able to payoff substantially all of its secured creditors while simultaneously substantially improving its ratio of current assets to current liabilities.  Please see exhibit 10.2, attached herewith, for pro-forma financial information reflecting what the Company’s balance sheet and statement of operations would have looked like had the sale of Ranger taken place on July 31, 2013.

On September 30, 2013, the Company sold Ranger to RWH, an unrelated third party. The information under Item 1.01 above is incorporated by reference herein.

In conjunction with the disposition of Ranger, the Company also made several adjustments to the composition and compensation of its executive team. On September 30, 2013, the Company amended its employment agreement with Scott N. Beck, the Company’s Chief Executive Officer (“Beck Amendment No. 4”). The Beck Amendment modified Mr. Beck’s employment agreement, originally dated July 28, 2011, to set his annual base salary to $250,000 per year, until further notice, and to remove in its entirety, his annual equity grant. A copy of Beck Amendment No. 4 is attached hereto as Exhibit 10.3 and incorporated by reference herein. In addition, the Company did not renew the contract of Marc A. Pickren as its President; Mr. Pickren’s contract expired on September 15, 2013. Mr. Pickren currently remains employed with the Company but the Company has eliminated the position of President.

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