Quarterly Activities Report
Melbourne, May 2, 2017 AEST (ABN Newswire) - Xped Limited (
ASX:XPE) ("Xped" or "the Company"), the Internet of Things ("IoT") Technology Company has today released its Quarterly Activities Report for the quarter.
QUARTERLY HIGHLIGHTS
- License Agreement with Solekai Systems
- Telink Porting date achieved
- Xped exhibits at Embedded World
- MoU signed with Dexatek
- Licensing Agreement signed with Lenze Technology
- Convertible Note funding update
- KS Orka Completes Sokoria Acquisition
- MoU signed with Arcadyan
LICENSE AGREEMENT SIGNED WITH SOLEKAI SYSTEMS
On the 22nd February, Xped announced it had signed a licensing agreement with Solekai Systems ("Solekai"). This agreement followed on from the Memorandum of Understanding ("MoU") announced on 6th February 2017.
Under the terms of the agreement, Solekai can incorporate Xped's Smart Home, Smart Health, and Smart Gateway solutions into their existing customer's platforms such as media players, set-top boxes, and energy management systems.
TELINK PORTING COMPLETION DATE SET
On the 15th February, Xped's engineering team announced they were finalising with Telink the porting of ADRC to the Telink 8269 chip. The Company indicated the target for completion would be 31st March 2017.
The Company subsequently announce on 3rd April that it had successfully completed the engineering work required and was now working with Telink on the next phase towards sales opportunities.
XPED EXHIBITS AT EMBEDDED WORLD
On the 14-16th March, Xped attended Embedded World through an invitation from ST Micro to present on their booth. Marty and Andrew demonstrated the current line-up of ADRC technologies including DiscoverBus hardware products, Xped App and Xped infrastructure platform.
Embedded World is held annually in Germany and is one of the world's largest embedded events, with over 30,000 attendees.
MOU SIGNED WITH DEXATEK
On the 23rd March, Xped announced it had signed a Memorandum of Understanding ("MoU") with Dexatek Technology Ltd ("Dexatek"), a Taiwanese company, for licensing of Xped technologies into their products. Dexatek is a subsidiary of Ennoconn, whose major shareholder is Foxconn.
If a binding agreement is reached Xped technologies will be integrated with Dexatek products including Home Automation and Monitoring Devices, Gateway Device, and IR Blaster Device.
LICENSE AGREEMENT SIGNED WITH LENZE
On the 24th January, Xped announced it had signed its first end customer licensing agreement with Shenzhen Lenze Technology Co LTD ("Lenze") and their subsidiary Complex Semiconductor (HK) Co. LTD ("Complex").
The Company has licensed its Auto Discovery Remote Control ("ADRC") technologies to Lenze in return for a fee payable per active download of the Xped App.
Lenze will pay Xped a fee based on a per active download of Lenze or OEM branded versions of the Xped App from either Google Play or Apple app stores.
On the 8th March, the Company announced its engineering staff were in China with Lenze to finalise modifications requested by Lenze which would appeal to the Chinese market.
A further update was provided to market on April 3rd. This update provided further details on the current sales volume of the Lenze iCharger device and of the iPark app that Xped is developing for Lenze.
ARCADYAN AGREEMENT
On the 12th January, the Company advised it had entered a Memorandum of Understanding ("MoU") with Arcadyan Technology Corporation ("Arcadyan"). The MoU would result in both companies working together for the purpose of entering a binding agreement for the licensing of several Xped Technologies and to develop a complete end to end IoT solution for Arcadyan and for their customer base.
Following the execution of the MoU, both parties have entered into the detailed exchange to verify Xped technologies integrate successfully with Arcadyan products ahead of official launch.
Xped hopes to reach a binding agreement with Arcadyan in Q2 2017.
CONVERTIBLE NOTE UPDATE
On the 13th February, the Company announced it had held discussions with the current convertible note holder, and there would be a number of changes to the status of the convertible notes and convertible note funding arrangements. Refer to ASX announcement to read the variations and amended terms.
INVESTOR ROADSHOW PRESENTATION
On the 31st January 2017, the Company released an updated Investor Presentation to the market.
The presentation was released ahead of an Australian roadshow and meetings.
JCT HEALTHCARE UPDATE
JCT continues to work with the parties involved in the Lightsview Project including Disability SA, Renewal SA ahead of project implementation.
JCT was successful in receiving a $50,000 grant from TechinSA for the development of a mobility analytics prototype module to be integrated into their platform for use in the disability and aged care industries.
JCT's revenue reported for the quarter ending 31 March was $340,113.
EXTRAORDINARY GENERAL MEETING
On the 19th January 2017, the Company held an Extraordinary General meeting ("EGM") to seek shareholders' approval on a number of resolutions regarding the convertible note and SPP.
All resolutions were passed in favor allowing the Company to accept the funding arrangements proposed.
SPP UPDATE AND PROSPECTUS CLOSURE
On the 25th January, the Company announced it had received total funds of $3,118,800 under the Share Purchase Plan offer.
On the 8th March, the Company announced the Prospectus dated 16th December 2016 had been officially closed and wouldn't seek any shortfall placement.
LEGACY PROJECTS
SOKORIA GEOTHERMAL PROJECT
The Company continued to work with KS Orka under the terms of the Conditional Sale and Purchase Agreement ("CPSA") for divesting Xped's interest in PT Sokoria Geothermal Indonesia.
The project continues to progress well with KS Orka having provided over. USD$1.5m to date and KS Orka confirming in January 2017 they will acquire the project following conditions of the CSPA having been satisfied.
Updates will be provided further to market once the drilling work is complete and Orka indicates its notice of intent to develop the full project at which time Xped will receive due payment up to USD$947,368 via payment commitment agreement between the parties.
AUSTRALIAN GEOTHERMAL PROJECTS
The Company is planning to restore and rehabilitate GEL223 and GEL611 tenements in South Australia in 2017. Meetings are underway with contractors to engage in the work and the Company is liaising with the Department of State Development for scheduling activities now expected to start in May.
To view the full report, please visit:
http://abnnewswire.net/lnk/LZJP4V57
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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