Imperial Resources, Inc. (IMP) was incorporated on September 9, 1969 with the primary purpose of engaging in the mining and oil exploration business. In the following years after its incorporation, IMP went into geological and geophysical exploration works on its mining claims located in the Visayas. On May 25, 2000 the stockholders of IMP approved the amendment of the company's primary purpose to the information technology business, providing products and services including the sales, distribution, maintenance, customization, and implementation of business application software, systems development and system integration services. In the same year, IMP pursued its new primary purpose by forming a corporation to operate educational centers. The Philippine Cyber College (PCC), which is 99% owned by IMP, was put up as IMP's vehicle to penetrate the IT industry. IMP formed two educational centers, namely, the Philippine Cyber College-Baguio Corporation in Baguio City, and Philippine Cyber College-Malolos Corporation in Malolos, Bulacan. The two learning centers offer I.T. competence-building courses such as web development, data development, server back-end management, business automation providing, e-commerce programming, and network management and administration. In June 2008, IMP suspended temporarily the operations of the two non-profitable educational facilities. In the same year, IMP also started a techno-vocational training project in Pasay City primarily to train its students to become world class welders. Subsequently, it will also train its students to become superior pipe fitters, electricians, plumbers, carpenters, heavy truck and equipment operators, diesel and gas mechanics to fill up the global needs of the mining, oil, gas and energy, and ship building industries. On June 4, 2007, the Securities and Exchange Commission issued the Certificate of Filing of Amended Articles of Incorporation of IMP amending its primary purpose to engage in the business of mining and coal mine operation, and increased the authorized capital stock of IMP. For the past three years, IMP has been reporting about its interest in going into coal, asphalt, and gold mining. In January, 2009 a Memorandum of Agreement was entered into by IMP with P.T. Aspal Buton Nasional, an Indonesian company which owns about 2,900 hectares of asphalt mining concession in Sulawesi, Indonesia. Under this agreement, the company was given exclusive rights to explore and evaluate the mining property and subsequently exploit, develop and bring it to commercial production. Source: SEC Form 17-A (2008)