Imperial Resources Incorporated (the Company), was incorporated in the Philippines on September 5, 1969, with the principal purpose of engaging in the mining and oil exploration business. Its capitalization was Php 25 million with P0.01 par value per share or 2.5 billion common shares of stock. In 1970 the shares of the Company were listed in the Philippine Stock Exchange. Pursuing its primary purpose, the Company conducted an onshore drilling in Badian, Cebu. This did not result to a discovery of gas and oil. Thereafter, the Company 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 despite its limited resources. Again, there was no commercial oil or gas discovery in all its offshore drillings. With depleted financial resources the company decided to shelve 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. In line with this, the Company established 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 until the end of school year 2007-2008.
In 2007 after the approval by the Board of Directors, the stockholders and finally, the SEC 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 2009 after closing the two (2) I.T. learning centers, 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.
A Memorandum of Agreement was executed in January, 2009 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.
In 2015 the Company received proposals to venture into silica sand mining to address the demand of companies in the manufacture of flat glass and glass bottles. A project cost study was presented to the Company for analysis, discussion, evaluation and consideration. Thereupon, initial findings show that the project is financially viable and promising.
The Company, however, after making further studies on the sustainability of the project owing to the latest environmental policies, regulations and pronouncements made by the various government agencies on mining and the local peace and order situation in the proposed silica sand mining sites, the management has decided to keep the project on hold temporarily.
The Company since the incorporation has never experienced bankruptcy, receivership or similar proceeding because the majority stockholders have committed to support financially the Company’s operations through payments of their unpaid subscription even in the absence of a formal call by the Board of Directors and cash advances as needed. 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.