Full Year Statutory Accounts 2016
Melbourne, Sep 29, 2016 AEST (ABN Newswire) - XPED Ltd (
ASX:XPE) directors present their report on the consolidated entity (referred to hereafter as the "Group" or "Xped") consisting of Xped Limited and its controlled entities for the financial year ended 30 June 2016.
HIGHLIGHTS OF THE YEAR
Acquisition of Xped
- A binding Heads of Agreement (HOA) was entered into with the key shareholders of Xped Holdings Ltd to acquire all of the issued capital in Xped Holdings Ltd on 26th October 2015.
- On the 4th November, the Xped Limited received the right to acquire 100% of Xped Holdings from all shareholders under the HOA.
- On the 1st December, Xped Limited and Xped Holdings vendors had completed due diligence and Xped Limited would proceed forward in acquiring 100% of the shares in Xped Holdings. Acquisition date was 23 March 2016.
- On the 23rd December, Flocom Consulting released their Independent Technical Expert Review on Xped.
- On the 8th of February, Xped signed a Memorandum of Understanding (MOU) with a US listed chipset manufacturer along with a second MOU with another US listed technology company to identify and develop potential opportunities utilizing Auto Discovery Remote Control (ADRC).
- On the 3rd March, Xped exhibited at the IoT Asia 2016 event to demonstrate its ADRC technology to industry attendees.
- On the 4th of March, Xped was suspended from official quotation pending the company re-complying with ASX.
- On the 5th of April, Xped Limited was reinstated to official quotation following the successful re-compliance with ASX.
- The Group advised on 5 April, that it had executed a Sale and Purchase Agreement (SPA) with Vital Xense Pte Ltd where it would receive 35% equity interest in exchange for collaboration between the parties to incorporate Xped's technologies into a range of sensor based solutions.
- The Group announced on 11 April it had successfully ported its ADRC gateway services running on Advantech IoT gateway running Linux and utilizing Intel D2000 processor. On the 9th June the Group advised it had now completed its porting on Intel Moon Island Gateway.
Acquisition of JCT
- On 19th April, a binding Heads of Agreement (HOA) was entered into with the shareholder of JCT Healthcare Pty Ltd and Jackson Care Technologies Pty Ltd (JCT) to acquire all of the issued capital in JCT. The acquisition would provide for immediate revenue in the healthcare industry.
- On the 4th July, Xped completed the acquisition of JCT and the parties would work together to finalise post completion terms.
Telink collaboration
- On 5th May, Xped and Telink Semiconductor (Shanghai) Co Ltd (Telink), entered a Joint Collaboration and Marketing Agreement ("JCMA") to see both parties work together and market their respective products and technologies
- On the 17th May, Xped advised it would commence development on porting its ADRC IoT stack to Telink's TLSR8269F512 chip.
Board / Funding / Corporate
- Xped completed its public share offer on 31 March after raising $8.0m and shares were issued.
- Dr Wenjun Sheng was appointed to the board as Non-Executive Director on 21st April.
- On 29th June, Ms Lisa Zhang was appointed to the board and subsequently resigned on 16th August and Michael Clarke resigned on 31 August 2016.
- Mr Martin Despain was appointed as Managing Director, effective 19th September 2016.
Intellectual Property
- Xped received notification that its ADRC patent had been granted in China.
- Multi Controller patent was granted in Singapore and Australia.
- PING patent was granted in Australia.
- Xerts patent was granted in China, Singapore and Korea.
Sokoria Geothermal Project
- On the 29th April,the Group advised it has entered into a Term Sheet with PT Dalle Geotermal Energy for the sale of its Sokoria Geothermal project. The company advised on 22nd June that the time to enter into a conditional Sale and Purchase Agreement (CSPA) had lapsed and the parties had ended discussions. Xped also advised it was beginning discussions with a separate geothermal developer who can develop and fund the project.
- On the 2nd August, Xped advised it had entered into a binding Conditional Sale and Purchase Agreement (CSPA) with KS Orka Renewables Pte Ltd to acquire Xped's 45% holding in the project. Following the initial USD$1 consideration payment the parties entered into separate payment commitment agreement whereby Xped is entitled up to maximum USD$947,368 should a Notice of Intent to Develop the project be approved by PT PLN(Persero) and determined by the final tariff and committed capacity.
Health, Safety, Environment and Community
- During the year under review, there were no reportable incidents relating to health, safety, or community related matters.
- No business objective will take priority over the Occupational Health and Safety Policy and the Company's record of achievement in this important area of its activities will form an essential part of the measure of its overall success.
Significant changes in the nature of activities
Xped Limited acquired Xped Holdings Limited and its subsidiaries via reverse acquisition on 23 March 2016.
Matters Subsequent to the End of the Financial Year
The following events have occurred subsequent to the end of the financial year but prior to the date of this report, the financial effects of which have not been reflected in this financial report for the year ended 30th June 2016:
- On 4th July 2016, Xped advised it had entered a licensing agreement with Telink Semiconductor
- On 4th July 2016, Xped advised it had completed the acquisition of JCT Healthcare Pty Ltd and Jackson Care Technologies, (JCT Group)
- On 8th July 2016, Xped advised JCT was beginning an IoT project for Disability SA.
- On 22nd July 2016, Xped advised it was attending a Microsoft Partner Conference to showcase its product registration system
- On 2nd August 2016, Xped announced it had entered into a binding conditional Sales and Purchase Agreement with KS Orka Renewables Pte Ltd to acquire Xped's stake in the Sokoria Geothermal Project.
- On 4th August 2016 Xped announced it expects to launch the Xped Device Browser App in Apple and Google Play stores in September. Xped also advised joint marketing efforts with Telink to look at opportunities in automotive accessories and smart home lighting markets.
- On 16th August Xped advised that KS Orka Renewables Pte Ltd had provided first tranche of funding to assist in advancing and fast tracking the Sokoria Geothermal project.
- On 7th September Xped announced the appointment of Mr Martin Despain as Managing Director, effective 19th September 2016.
- On 7th September 2016 advised the appointment of Seneca Financial Services Pty Ltd as corporate advisors.
- Patent granted for PING in Australian and ADRC in Korea on 8th September 2016
- On 20th September 2016 Xped signed a JV Agreement for China Expansion
- On 23th September 2016 Xped Released a Native Device Browser App
Likely Developments and Expected Results of Operations
Further information in relation to likely developments and the impact on the operations of the Group has not been included in this report, as the directors believe it would result in unreasonable prejudice to the Group.
To view the report, please visit:
http://abnnewswire.net/lnk/8TVL19NV
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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