Premiere Horizon Alliance Corporation (PHA) announces that the Company 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. PHA’s investment in CUBES helps address the gaps and inefficiencies in the countryside by improving food security through the use of innovative technology.
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. This modular system is scalable, easily replicable and has been deployed in numerous sites in the US for the past 15 years. CUBES shall be the exclusive project company of this technology for the Asia Pacific region. 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.
Upon satisfactory results and completion of the thirty-day due diligence, the parties shall enter into a Subscription Agreement and other definitive implementing agreements.
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.