Interport Resources Corporation (IRC) was incorporated on February 24, 1975 primarily to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources. The company initially ventured in oil exploration activities and drilled two wells in Southern Mindoro and the Sulu Sea areas. World recession in the late 1970's forced IRC to cut down on exploration activities. On July 28, 1978, the company acquired a 2,200-hectare property in Binangonan, Rizal which signaled its shift in major business activity from oil exploration to real estate development. IRC also owns Apo Island, an 896-hectare island located in Coron, Palawan. In the 2008 Prime East Properties, Inc. (PEP) memorandum of agreement, IRC purchased from PEP properties in Binangonan, Rizal that have already been cleared from claimants. The consideration for the acquisition of these cleared properties with a total area of 50.8463 hectares amounted to P178 million. In the same agreement, IRC also authorized PEP to continue acquiring and consolidating more of its rights of ownership, which the Company will acquire back from PEP at such price, terms and conditions as may be agreed upon. The company also entered into a development agreement with Dell Equipment and Construction Corporation (DELL) to develop the first two phases of its Binangonan properties. Both phases have a total developable area of 60 hectares and DELL would be entitled to a fee of P1,250 per square meter of land it develops. IRC has one wholly-owned subsidiary, Interport Development Corporation, which was established primarily to acquire and sell real estate of all kinds or hold such properties for investment purposes. IRC and its subsidiary have no commercial activities, except for clearing and retitling of its properties in Binangonan, Rizal. As of December 31, 2008, approximately 123 hectares of the Binangonan property has been cleared. Source: SEC Form 17-A (2008)