Paxys, Inc. (PAX) was originally incorporated on February 14, 1952 as Fil-Hispano Holdings Corporation and engaged in the manufacturing of ceramics. In 1999 to 2002, Fil-Hispano closed its manufacturing operations and disposed of its land and other assets related to the ceramic business. In 2004, the principal shareholder of Advanced Contact Solutions, Inc. (ACS), a call center company, acquired a controlling stake in Fil-Hispano through a reverse takeover by injecting 100% of ACS into Fil-Hispano, effectively making the latter the first call center firm to be listed in the Philippine Stock Exchange. On October 14, 2005, the Securities and Exchange Commission approved Fil-Hispano's application for a change in name from Fil-Hispano Holdings Corporation to Paxys, Inc. PAX is a holding company that focuses on investments in the business process outsourcing (BPO) industry within the Asia Pacific region. The company's subsidiaries are engaged in diversified services such as contact center, data transcription, salary packaging and software solutions. PAX's subsidiaries consist of ACS, ScopeWorks Asia, Inc., Global Ideology Corporation, Paxys N.V., Paxys Australia Pty. Ltd., SmartSalary Pty. Ltd, Stellar Global Solutions Philippines, Inc., and Ubaldo Reidenbach Solutions, Inc. Source: SEC Form 17-A (2008)