ISM Communications Corporation (ISM) was originally incorporated in 1925 under the name Itogon-Suyoc Mines, Inc. to engage in the mining business. In 2001, the Board and stockholders of ISM approved an agreement between ISM and PhilWeb Corporation (WEB). Under the terms of the agreement, WEB shall manage the transformation of ISM from a mining company to a company engaged in information technology, multimedia telecommunications, and other similar industries. In 2002, the stockholders of ISM approved a restructuring plan for the company, which involved the change in corporate name to ISM Communications Corporation and change in primary purpose to engage in the business of telecommunications, multimedia and information technology. The Securities and Exchange Commission approved the restructuring plan on June 7, 2002, and since then, ISM's activities had been focused on identifying potential projects related to the aforementioned field. In accordance with the restructuring plan, ISM ceased its mining operations and assigned all of its rights over its two Benguet mining properties, Sangilo and Suyoc, to Itogon-Suyoc Resources, Inc. (ISRI). In 2005, ISM acquired 40% of telecommunications company Eastern Telecommunications Philippines, Inc. (ETPI), through ISM's acquisition of A.G.N. Philippines, Inc., a subsidiary of Australian Gigahertz Network International Pty Ltd. As of December 31, 2007, ISM had acquired an effective 67.5% ownership in ETPI. Additional 10.2% shareholdings were acquired on March 6, 2008. ETPI is one of the leading providers of Data and Internet Services to the Business Process Outsourcing (BPO)/ Contact Center Market. As of December 31, 2008, ISM has no operations and only holds investments in ETPI. Source: SEC Form 17-A (2008)