ANTONIO L. Tiu-led Greenergy Holdings, Inc. on Tuesday said it signed a memorandum of agreement with technology company ITBS (Information Technology Business Solutions Corp.) to integrate their electronic platforms.
Greenergy’s payment platform ePitaka will be integrated with ITBS’ Know Your Citizen platform installed in various local government units, the listed company told the local bourse in a disclosure.
ePitaka was developed by Greenergy’s related parties.
The company’s agreement with ITBS has a term of three years. They can choose to renew the deal for another two years upon expiration of the original term.
According to its website, ITBS is a Filipino company with presence in Japan, Pampanga, Manila, Cebu, and General Santos. The technology firm provides end-to-end solutions for government and private entities.
Its research and development portfolio include artificial intelligence checkpoint solutions, airport ground operation monitoring solutions, behavioral analysis and transportation management solutions, and a disaster management system with artificial intelligence, among others.
Greenergy trimmed its losses to P15.15 million in the first nine months of 2020.
The listed firm’s losses were lower than the previous year’s P18.07 million.
The company said the coronavirus pandemic has “less significant impact” on its business.
“While management recognizes that the COVID-19 (coronavirus disease 2019) pandemic poses potential impact on the group’s activities in terms of risks related to exposures to industries severely affected by COVID-19, the related amount of financial effect cannot be reliably and reasonably determined or estimated,” it added. — Arjay L. Balinbin