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vgal0579 · 2 · 1042

vgal0579

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on: Mar 22, 2012, 10:46 AM
Tech firm to pay higher cost for mineral refinery business

LISTED INFORMATION technology firm IPVG Corp. will increase the P2.8-billion purchase price a foreign company, which had been earlier identified as the firm’s partner in its foray in mineral refinery business, a disclosure to the local bourse yesterday showed.

“In relation with the approval of the board of directors on Feb. 16, 2012 for the acquisition of the company of 100% of New Wave Resources Ltd. for P2.8 billion, the board approved the increase in purchase price of New Wave Resources’ acquisition due to the additional territory, [which is] India, [wherein it] will be establishing and operating a refinery,” the disclosure read.

“In this connection, the board granted the company the authority to enter into a stock purchase agreement for the acquisition of New Wave Resources,” the disclosure added, but it did not provide specific details.

Officials were unavailable for comment.

Last week, IPVG, through its affiliate Conqueror Space Ltd., signed a memorandum of understanding (MOU) with a Canadian-Chinese firm, giving it an exclusive rights to build and operate mineral refineries in India.

The company said that under the MOU, IPVG would have an access to the skills and expertise of the Canadian-Chinese firm, which was unnamed in the disclosure.

Last February, IPVG and Conqueror Space signed a memorandum of understanding to acquire 100% of New Wave Resources for P2.8 billion.

IPVG had also said that the acquisition of New Wave Resources would give IPVG exclusive rights over a strategic relationship with a leading builder and operator of refineries in China.

Last Feb. 16, IPVG said it would be entering mineral refinery business after its board of directors approved to amend its articles of incorporation.

The board approval also allowed the company to establish a refinery in the Philippines to refine metals ores, precious stones, oil, gas, coil and minerals intended for export purposes, according to the disclosure.

This comes as, the company, in October last year, underwent corporate restructuring by transferring all of its assets to a new company called IP Ventures, Inc.

IPVG earlier said that the transfer meant to generate cash for company’ shareholders and allow the listed firm to venture in new and more profitable industries.

Meanwhile, the company posted P600 million in losses in the third quarter last year versus P1.09 million earnings in year-ago level on the back of lower revenues and higher expenses.

Third quarter figures led the company to post P303.38 million losses in January-to-September last year from P11.27 million profits in the previous year.

Shares of the company slid by 2.56% to P1.30 apiece when the stock market closed yesterday. -- Cliff Harvey C. Venzon


vgal0579

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Reply #1 on: Apr 02, 2012, 10:26 AM
Gaming firms finalize merger

SOFTWARE PUBLISHER IP E-Game Ventures, Inc. has completed its merger to Level Up! Inc., a statement released over the weekend showed.
“On March 30, the parties closed the transaction contemplated under the agreement to transfer select IP E-Game Ventures’ game titles and assets to Level Up!,” the statement read.

In exchange, IP E-Game Ventures will receive an equity stake in Level Up! and a cash consideration, the statement added.

The company said that the transaction has been unanimously approved by the stockholders of the company during the special stockholders meeting held on March 22.

“In relation to the transaction, the board of directors also approved the subscription of IP E-Game Ventures to the shares in Level Up!,” the company said.

Level Up!, the local unit of online gaming publisher Level Up! International Holdings Pte. Ltd., is the country’s first and biggest online game publisher. It is the publisher of Ragnarok Online, the Philippines’ first massively multiplayer online role-playing games (MMORPG), Rohan Online and RF Online.

Earlier, IP E-Game Ventures’ board of directors had approved the amendments of the company’s articles of incorporation to include other sectors to the firm’s primary purpose of business, such as food and hospitality ventures.

The company also announced in February that it will be conducting a follow-on offering to sell 1.334 billion common shares in an move to comply with the bourse’s minimum public float requirements.

A bulk of the proceeds or P160 million will be spent for retail expansion and acquisitions.

Shares of the company slid by 8.64% P0.148 apiece when the stock market closed on Friday. -- Cliff Harvey C. Venzon


 


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