XPED Secures Former Intel IoT Smart Homes Boss as Managing Director
Melbourne, Sep 7, 2016 AEST (ABN Newswire) - Xped Limited (
ASX:XPE) ("Xped" or "the Company") is pleased to announce that it has secured Mr Martin Despain as Managing Director of the company, effective from 19 September 2016, post vacating his tenure at Intel (NASDAQ:INTC).
Martin was recently General Manager, Smart Homes Division, Internet of Things Group at Intel Corporation head office developing and implementing Intel's IoT strategy and product offering for the home. Intel's charter was to transition the industry from the connected home, into the smart home era, by delivering a foundation infrastructure focused on Security, Compute, Connectivity, and Contextual awareness.
Based in Santa Clara, Martin oversaw the Smart Home business with responsibility for Engineering, Product Marketing, Operations, Business Development, and Go-to-Market.
Martin's area of expertise includes product management, semiconductors and SoC's, embedded systems, start-ups, international sales and marketing, strategic partnerships and planning and visionary for the organisation.
Prior to his most recent position with Intel, Marty has held various Director Roles within Intel Corporation over the last 11 years, including establishing the product management team and leading the Content and Strategy organization within Intel Media; Martin has also lead several different teams within Intel's Digital Home Group that developed product offerings for telco/cable and consumer electronics companies such as Sony, Visio and Samsung as well as partnerships with Yahoo, Google, and Microsoft.
Martin holds a BA from University of Nevada and a MBA from the Georgia Institute of Technology.
Martin Despain brings to the board high level experience in leading and growing startups in the technology sector and with his experience and connections in the industry will be able to provide an opportunity for Xped to grow and realise potential and value for shareholders.
The Company has entered into consultancy agreement with Martin Despain under which he has agreed to provide certain consultancy services to the Company and Martin Despain has agreed to be appointed as an executive director of the Company The initial term of the Consultancy Agreement is a period of 2 years which commences effective 19 September 2016. Either party may extend the term for a further 2 years on notice at least 30 days prior to the end of the initial term.
A fee of USD$360,000 per annum is payable on account of the provision of the Services including Board fees, plus a USD$80,000 signing bonus (repayable if the consultant terminates for any reason prior to the end of the initial 2 year term) and payment of medical insurance of up to USD$27,000 per annum. The Company has agreed to issue performance shares which will convert into fully paid ordinary shares upon reaching a number of milestones and also to pay cash bonuses upon reaching a number of milestones. Full details are provided in the Schedule 1 attached.
Commenting on his appointment Martin Despain said:
"Xped has many value added aspects to its technology that can be adopted across multiple industries. There is significant opportunity for Xped in Smart Homes, Smart Building, Healthcare and Aged Care sectors. I am delighted to be joining Xped, and see an enormous potential for Xped to experience significant market success."
To view the full release, please visit:
http://abnnewswire.net/lnk/8KO026UH
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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