Imperial Resources, Inc. (the Company), was incorporated in the Philippines on September 5, 1969, with a capitalization of Php 25 million and par value of a common stock at one centavo (Php 0.01). The Company’s primary purpose was to engage in the mining and oil exploration business. The year following its incorporation its shares were listed in the Philippine Stock Exchange. During the 70’s it conducted onshore drilling in Cebu which did not result to a discovery of gas and oil. Because of limited financial resources it participated in twelve (12) offshore oil drilling in the South Sulu Sea and Reed Bank area in partnership with three (3) internationally-renowned oil companies. Again there was no commercial oil or gas discovery in all its offshore drillings and with drained financial resources the Company terminated its mining and oil exploration projects.
In 2000, the Company amended its articles of incorporation making the business of Information Technology (IT) as its primary purpose and the mining and oil exploration as one of its secondary purposes. The Company put up Philippine Cyber College Corporation (PCC) as its 99 % per cent –owned subsidiary which operated two (2) I.T. learning centers, one in Baguio City and another at Malolos City, Bulacan from 2001 to 2008.
In 2007 the change of the par value of the Company’s common shares of stock from Php 0.01 to Php 5.00 was implemented in the Philippine Stock Exchange.
In 2008, PCC opened a techno-vocational training project in Pasay City to train students to become world class welders. However, it operated only until the latter part of 2009.
In January, 2009 a Memorandum of Agreement was executed by and between the Company and P.T. Aspal Buton Nasional, an Indonesian company, which owns about 2,900 hectares of Asphalt Mining Concession in Sulawesi, Indonesia, whereby the Company was given exclusive rights to explore and evaluate the mining property and subsequently exploit, develop and bring it to commercial production. Series of geophysical and geologic studies and surveys were conducted in the ensuing years as basis for the preparation of a Project Feasibility Report.
Since the incorporation of the Company and PCC (Group) both entities have never experienced bankruptcy, receivership or similar proceeding because the majority stockholders have committed to support financially the Group’s operations through payments of their unpaid subscription even in the absence of a formal call by the Board of Directors. There are no new material classification, merger, or purchase or sale of a significant amount of assets not in the ordinary course of business.
On March 29, 2011, the Board of Directors held a special meeting wherein the change of par value of the shares of stock of the Company from Five Pesos (Php5.00) to one Peso (Php1.00) per share was approved. This was subsequently ratified by the stockholders during the regular annual stockholders’ meeting held on July 14, 2011.
On March 28, 2016, the Board of Directors held a special meeting wherein the declassification of the shares of stock of the Parent Entity from Common Class ‘A” and Class “B” to Common Stock voting shares was approved. This was subsequently confirmed and ratified by the stockholders during the regular annual stockholders’ meeting held on July 14, 2016.
The change of par value and the declassification of the Class “A” and Class “B” shares of stock into Common stock were approved by the SEC on February 10, 2017 and PSE implemented the said changes on February 22, 2017.