South Seas inks joint venture accord with German firm

South Seas Natural Resources Inc. (SSO), a former mining firm that has shifted into a holding firm for information technology (IT), has signed a partnership with Germany's informatec AG for a joint venture company to deal with high-end Internet systems.

In a letter to the Philippine Stocks Exchange, SSO corporate information officer Roberto San Jose said both parties have agreed on a business plan to be completed for the tie-up within 90 days, upon which details, including capital and ownership structure, will be threshed out.

Under the terms of the MOU, the joint venture firm to be named PhilWeb Informatec Inc. shall undertake the distribution, marketing and maintenance of informatec's software in the Philippines; software application hosting services; and development of software in the Philippines for informatec.

Informatec, a publicly listed firm with a market capitalization of over $1 billion, is a leading manufacturer of software for high-end Internet systems for trade, industry, finance, media, and telecommunications. It provides innovative IT solutions with its core applications for the operation of large web sites.