Greenergy Inks MOA with Prime Media Parent RYM

Greenergy Holdings Inc. (PSE: GREEN), through its President and CEO, Antonio L. Tiu, executed a Memorandum of Agreement (MOA) with RYM Business Management Corp. (RYM) and certain landowners in connection with an investment in Prime Media Holdings Inc. (PSE: PRIME). RYM is the parent company of Prime Media.

Under the MOA, properties in, among others, the Province of Rizal will be invested, infused and contributed to Prime in exchange for primary common shares to be issued from the latter’s unissued authorized capital stock. The investment is subject to verification and validation by RYM of the titles and ownership rights of the landowners.

In a separate release, Prime Media noted that the proposed investment may require the increase of the authorized capital stock of the company for the infusion of said assets. The proposed investment is subject to the conduct of due diligence audit on the assets that will be transferred to Prime Media, as well as to confirmation of valuation of the same in accordance with the valuation rules of the Securities and Exchange Commission (SEC).

The proposed transaction is subject to the execution of definitive agreements, issuance of the appropriate approvals by the Board of Directors and Stockholders of the companies, and compliance with the requirements of the Revised Corporation Code, the Securities Regulations Code and other applicable laws.