Oakland City University released the following information related to continued speculation that the unniversity woudl close.
Rumors have circulated for some time that the university would close at the end of this academic year. We do not anticipate having to close, but due to the current financial strains the university is under, it is a possibility, and on the advice of our legal counsel, we are required by the federal government to file a WARN letter to give our employees notice of the possibility of layoffs. As anticipated, the news media have seized upon the story and incorrectly insinuated that we are going to be laying people off in June. We have no plans to do so at this time.
To ensure the university's future financial stability, we have been working with an investor group to sell our carbon capture patent. The investor group has provided us a letter of intent to purchase our patent, and we hope to close on that contract by the first part of May.
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