Premiere Horizon to buy into cooling solutions firm
Gaming firm Premiere Horizon Alliance Corp. has finalized a deal to acquire 51 percent of Concepts Unplugged Business Environment Solutions Inc. (CUBES), a company that offers an energy-efficient cooling solution.
In a disclosure to the Philippine Stock Exchange on Friday, Premiere said its acquisition of the majority stake in CUBES was aligned with the 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,” the disclosure added.
CUBES offers a cooling solution to cold storage facilities that does not require electricity.
Instead of using regular condensing units to generate cold air, CUBES will replace these with its patented “ThermoChiller” system that uses biomass as fuel source.
This system, Premiere said, would assure cold storage facilities of uninterrupted operation because it is deployed as an off-grid installation.
Article continues after this advertisement“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 disclosure said.
Article continues after this advertisement“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,” it added.
The total consideration for this deal is P80 million, with 50 percent to be paid by the end of this month and the remainder by end-January 2015.
This investment is part of the funding commitment of Premiere for CUBES estimated at around P250 million for 2015.
Premiere, formerly Premiere Entertainment Productions Inc., was incorporated in 1988 as Premiere Films International Inc. to reflect its venture into foreign movie productions.
In 2011, it changed its primary purpose to entertainment, gaming, hotel and leisure.
It has six operating subsidiaries, Digiwave Solutions Inc.; Redstone Construction and Development Corp.; First Ardent Development Corp.; Premium Events Palace Inc.; PHA Metro Leisure Inc., La Prima Hotel Imperiale Inc., Premiere Show Biz Inc. and Premiere e-Teleservices.
