Premiere Horizon Alliance Corporation (PHA) invests in new refrigeration technology that eliminates the need for electricity. The system is not only cost effective but also environment friendly because of the use of biomass as alternative fuel.
PHA has entered into a Memorandum of Agreement with Concepts Unplugged Business Environment Solutions, Inc. (CUBES) for an investment resulting in a 51% ownership of CUBES. The total consideration for the equity transaction is Eighty Million Pesos (Php80,000,000.00). Such funds shall form part of PHA’s total estimated funding commitment of Two Hundred Fifty Million Pesos (Php250,000,000) for the planned 2015 capital expenditure of CUBES.
CUBES is engaged in the business of providing refrigeration to established cold storage facilities through a patented ThermoChiller system developed in the United States. The technology significantly reduces operating costs arising from high electricity bills and recurring equipment repair expenses. For the Philippines, the technology will be deployed as offgrid installations that will utilize alternative fuel sources, specifically biomass, thereby contributing to environmental sustainability by diminishing the dependence on fossil fuels and the electricity grid.
PHA’s acquisition of the majority stake in CUBES is aligned with the Company’s thrust of invigorating the countryside with its focus on food security. This investment will facilitate in the development and competitiveness of the nation in preparation for ASEAN Economic Community (AEC) integration by 2015.