Signs MOU With US Listed Tech Giant
Sydney, April 5, 2016 AEST (ABN Newswire) - XPED Ltd (
ASX:XPE) wishes to announce that Xped Holdings Limited and a leading US listed technology company have entered into a Memorandum of Understanding (MOU) to identify and develop potential business transactions utilizing XPED's patented Auto Discovery Remote Control (ADRC) Technology.
Highlights:
- Memorandum of Understanding signed with US listed tech giant with respect to a potential business transaction
- Technology and solutions covered in the proposal are to be tailored for the large scale industrial markets including industrial, transportation and healthcare sectors
- Opportunity to execute revenue share agreement
- Chipset manufacturer pledges future access to capital via market development funding for Business Development and Marketing opportunities.
- Both companies to share customer technology opportunities and lead and operate in specific joint business development efforts for mutual benefit
- Xped's patented ADRC software to be ported onto latest chipset developed for Internet of Things (IOT) devices and applications
The MOU allows both companies to explore technology opportunities with specific terms:
- Both parties will work towards completing key items already identified to further the transaction;
- Emphasis to jointly develop Internet of Things ("IOT") solutions targeted at transportation, industrial and healthcare markets;
- Xped will provide further development and resources to complete the porting of its ADRC technology and software onto IOT devices;
- Xped will provide ADRC training and product support to the field sales force for combined business development purposes;
- US Listed technology company will provide technical expertise and resources to support the proposal;
- US Listed technology company will provide future access to market development funds for business development and marketing opportunities;
- Both parties will share mutually beneficial customer and co-Selling opportunities, including opportunities to execute revenue share agreements;
The MOU with this highly successful US listed company is a great achievement for Xped, and one that will allow the Company to expand and provide further reach into industrial devices subject to successful trials.
The US Technology Company has requested their identity remain suppressed until both parties progress to a further defined agreement following the intentions of the MOU.
This is the second MOU Xped has entered into in recent times as leading international companies begin to identify use cases for XPED's patented ADRC technology.
Xped and its ADRC technology has received recognition from some of the world's largest chipset and technology companies as potentially offering solutions that combine well within their respective IOT product range and strategy
The patented technology solution that Xped's research and development team has developed over the years, along with its capability to be commercialised in the near term, continues to garner strong interest from multinational companies.
"We are pleased to be working with such an innovative company." says Xped COO, Athan Lekkas. "The Internet of Things will make a significant difference to our lives and this co-operation with Xped will enable our respective companies to make that difference." He added.
Xped Chairman and CEO Chris Wood stated, "We are proud to be working with a world leader in this industry that shares Xped's innovative spirit on these opportunities. They have been very supportive of Xped, which demonstrates a distinct positive culture in their organization.
Together we have been able to forge a strong collaboration over recent months, our teams have worked together to validate and realise the value of our combined strengths in IoT, big data, cloud services and through their global footprint we believe our technology will provide access to new channels and revenue opportunities for both companies."
About XPED Ltd
XPED Ltd (ASX:XPE) is an Australian Internet of Things (“IoT”) technology business. Xped has developed revolutionary and patent-protected technology that allows any consumer, regardless of their technical capability, to connect, monitor and control devices and appliances found in our everyday environment. Xped provides technology solutions for Smart Home, Smart Building, and Healthcare.
At Xped, we’re Making Technology Easy Again(TM)
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