Quarterly Activities Report March 2016
Perth, April 29, 2016 AEST (ABN Newswire) - Xped Limited (
ASX:XPE), the Internet of Things ("IoT") technology Company has today released its Quarterly Appendix 4C filing for the quarter.
QUARTERLY HIGHLIGHTS
- Acquisition of Xped Holdings Limited completed
- HOA executed to acquire JCT Healthcare and Jackson Care Technologies
- Appointment of Dr Wenjun Sheng to Board of Directors
- ADRC soon to be available on Intel IoT Gateway Platform
- $8m Prospectus offer oversubscribed
- MOU's executed with US listed chipset and technology companies
- Appointment of USA advisors and Senior VP Business Development
- Licensing agreement with Leapin for digital keys
- Xped exhibits ADRC and XERTS at IoT Asia 2016
- Sales and Purchase agreement completed with Vital Xense
- New patent granted in China for ADRC
COMPANY UPDATE
ACQUISITION OF XPED HOLDINGS LIMITED
Following the December announcement indicating the Company had completed its due diligence on Xped Holdings Limited; it proceeded to acquire 100% of the shares in Xped Holdings Limited and immediately began to satisfy the regulatory and ASX listing requirements to complete the transaction.
The Company engaged a number of specialist parties to assist with the volume of work required including legal, advisors, accounting and independent experts with the information made publicly available during January regarding the Xped transaction.
The Independent Expert Report (IER), having indicated the transaction is both "Fair and Reasonable" for existing shareholders was provided to shareholders ahead of the Extraordinary General Meeting to consider and approve the Xped transaction.
Following shareholder approval on 4th March 2016 to proceed with the acquisition, the company was renamed Xped Limited and served its suspension period to comply with ASX listing requirements. The company entered suspension for a brief period before reinstatement on 5th April where it resumed trading under new ASX code XPE.
The Company thanks it shareholders for making the acquisition possible and supporting the transition into an IoT technology company.
ACQUISITION OF JCT GROUP
The Company recently announced its intent to acquire JCT Healthcare Pty Ltd and Jackson Technologies Pty Ltd (JCT) from its founder and current Managing Director Eddie Jackson. The cost of the acquisition is by way of $2m cash and $1m of Xped ordinary shares along with three milestones tied to performance as released in announcement on 19th April 2016.
JCT are a quality provider of communication solutions to the Healthcare sector with products tailored for Hospitals, Aged Care, Independent Living and Disability Care. JCT has been successfully operating for over 10 years by the current founder and with offshore manufacturing and local channel partners supporting its products and solutions its set for further expansion.
Whilst JCT will operate, as an operating subsidiary of Xped with is continual focus on the healthcare market, Xped will also be integrating its ADRC technology into the JCT solutions offered and opening new opportunities to expand JCT's business in overseas markets. Xped has a business development team located in Singapore and a recent appointment in USA, which will provide support to the expansion of JCT along with Xped's technology offerings.
Eddie Jackson will remain with the company and continue to operate as CEO of JCT subsidiary and lead the team as it seeks further opportunities under the new National Disability Insurance Scheme (NDIS) whereby federal based funding will go to the individual recipient rather than the current model of nongovernment organisations and private bodies collecting the funding and then distributing.
To view the complete report, please visit:
http://abnnewswire.net/lnk/RN6048Y9
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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