Picop Resources, Inc. (PCP) was originally incorporated on April 1, 1952 as Bislig Industries, Inc. It was renamed Paper Industries Corporation of the Philippines in 1963 and to Picop Resources, Inc. in 1994. Since then, control of the company changed hands several times but as of December 31, 2006, PCP was under the control of TP Holdings, Inc. PCP is an integrated forest and paper company. Its forest concession covers about 200,000 hectares in Northeastern Mindanao under a sustainable and expanding yield basis. The entire area is under several timber license agreements with the government. The wood coming from the forests are primarily used as inputs to produce veneer, plywood, lumber and paper products consisting of newsprint and kraft. Currently, PCP serves the local market for newsprints, telephone directory paper, and kraft linerboards. PCP has two wholly owned subsidiaries, namely New Paper Industries Corporation (NPIC) and Hinatuan Forest Plantations, Inc. (Hinatuan). NPIC's business is to manufacture, buy and sell pulp, paper and paper boards of every kind and description. Hinatuan is engaged in the production of plywood material sourced from its plantation. However, Hinatuan temporarily suspended its operations in January 1997 and management is currently evaluating the status and prospects of the company. Source: SEC Form 17-A (2006)