PREFABRICATED house supplier Revolution Precrafted vowed to “comply” with its obligations to its claimants, while exerting efforts to collect receivables from orders made by third parties.
In a statement, Revolution CEO Robbie R. Antonio said his group has already reached amicable resolutions with “a substantial number of suppliers, contractors and clients.”
These, he said, include those that have filed complaints before the National Bureau of Investigation in February.
“We thank our suppliers, contractors and clients for working with us towards achieving significant progress in resolving the issues. Revolution previously committed to honor all legitimate contractual obligations from the very beginning, and this is what we have done and continue to do as we work on the remaining accounts,” Antonio said.
Antonio noted that there are a “few remaining claimants,” and the start-up, which was previously known as the first Philippine unicorn, “intends to fully comply with its obligations, subject to such obligations being legitimate, fair, and in adherence to the terms of the original contract that the counterparties signed with Revolution.”
Reportedly, Revolution is facing complaints from suppliers that claimed they were “lured” into signing dubious contracts worth P150 million. “Our intention is to have a constructive, positive way forward for both the company and its stakeholders,” he said.
Antonio noted that his group has signed two new settlement agreements with two developers, which will be hiring separate contractors to continue its projects.
He also claimed that the company has “completed 45 homes and the developer has hired other contractors to complete the remaining homes” for another project.
Antonio pointed out that his group still has receivables from “third parties” that “owe Revolution for homes it has delivered.”
“Revolution will exert its rights to collect what it is owed as well,” he said.
The company, which projected itself as the Ikea of homes,” is currently undergoing a business review, “and shall operate dependent on the recovery of the market it plans to serve,” Antonio noted.
Revolution was founded in 2015 by Antonio, a son of prominent businessman Jose B. Antonio, one of the richest people in the Philippines. It was touted to be the first unicorn of the country, after raising its valuation through a series of funding initiatives.
Revolution provides contemporary prefabricated homes designed by designers like Lev Libeskind, Fernando Romero, Zaha Hadid and even Kenneth Cobunpue. It promises to deliver homes in as fast as 60 days.
Image courtesy of dealstreetasia.com
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