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Island Information & Technology, Inc.
|Island Information & Technology, Inc. (IS) was originally incorporated on December 10, 1959 as Island Oil Company to primarily engage in oil exploration and mineral development projects. Due to losses incurred, the management decided to shift its oil exploration activities to metal mining in the province of Isabela, thus changing its name from Island Oil Company to Island Mining & Industrial Corporation on January 20, 1965. The increasing costs of operations, fluctuating price of metals in the world market and deteriorating peace and order situation severely affected the mining operations of IS, thus, the management decided to suspend its operations on November 28, 1981.
In 2000, the Securities and Exchange Commission (SEC) approved another change in the Company's corporate name to its present name, and the change in its primary purpose to information technology. On April 4, 2005, SEC approved yet another amendment to the IS' articles of incorporation, particularly its primary and secondary purposes. The new primary purpose of IS is to provide cargo container management and integrated logistics services. Its secondary purpose on the other hand, is the provision of information technology services.
In December 2014, the company entered into a Memorandum of Understanding (MOU) with a potential investor to assess the feasibility of entering into a merger, consolidation, purchase or exchange of shares, but the MOU lapsed in February 2015 without coming to a binding agreement.
Source: SEC Form 17-A (2015)
|Incorporation Date||Dec 10, 1959|
|Number of Directors||9|
|Stockholders' Meeting as per By-Laws||January - twentieth day except holidays|
|Fiscal Year||10/31 (Month/Day)|
|External Auditor||Valdes Abad & Company|
|Transfer Agent||AB Stock Transfers Corporation|
|Business Address||4/F 4-B Vernida I Condominium, 120 Amorsolo St., Legaspi Village, Makati City|
|Telephone Number||813-2839 / 892-1316|