Pasig—(PHStocks)—Premiere Horizon Alliance Corp. (PSE: PHA) has signed a Share Purchase Agreement with Concepts Unplugged Business Environment Solutions Inc. (CUBES) on 12 December 2014, resulting in a 51% ownership of CUBES. The total consideration for the equity transaction is PhP80,000,000.00, with 50% to be paid by the end of December and the remaining PhP40,000,000.00 by the end of January 2015. This investment will be part of the funding commitment of Premiere Horizon for the planned capital expenditure of CUBES estimated at around PhP250,000,000.00 for 2015.
This is in completion of the provisions of the Memorandum of Agreement signed 30 October 2014 between Premiere Horizon and CUBES. Premiere Horizon’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 by providing accessible and cost-efficient electricity alternative to cold storage facilities. This business supports Premiere Horizon’s commitment to environment sustainability by investing in green technology that diminishes dependence on fossil fuels.
CUBES offers a cooling solution to cold storage facilities that eliminates the need for electricity. Instead of using their regular condensing units to generate cold air, CUBES will replace these with a patented ThermoChiller system that uses biomass as fuel source. This assures cold storage facilities of uninterrupted operation because it is deployed as an off-grid installation. The looming energy crisis with the real possibility of rotating brownouts will no longer be a concern. The system will be installed without extra costs to cold storage operators. The adoption of this innovative solution will not only result in big electricity savings but will also eliminate any recurring equipment repair and maintenance expense.