IPVG enters Internet café business
Publicly listed firm IPVG Corp. is entering the Internet cafe business through a partnership with Sabiclub.com Corp.Sabiclub.com runs the Station 168 chain of Internet cafes.
The company is forming a strategic partnership with IPVG in establishing a separate chain branded as "i-Hooked."
"i-Hooked will cater to students while Station 168's market is primarily foreigners," said Don Hung Lee, Sabiclub.com's president.
The company has put up two i-Hooked cafes and plans to add a hundred more branches in the next two years.
Lee did not disclose the investment structure with IPVG.
Lee said i-Hooked will be franchised for about P5 million to P10 million.
The partnership has plans of acquiring local cafés in building the i-Hooked brand.
IPVG Corp. is engaged in gaming, data center and other IT-related businesses.
Source: Inquirer.net
08.06.2007
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