Update on Media Intelligence Co. Pty Ltd
Melbourne, June 19, 2017 AEST (ABN Newswire) - Xped Limited (
ASX:XPE) ("Xped" or "the Company") provides the following update in respect of Media Intelligence Co. Pty Ltd.
Xped acquired an indirect interest in Media Intelligence Co. on 22 May 2017, when it acquired Jemsoft Pty Ltd on the same date. Media Intelligence Co. focuses on media measurement technologies and real-time media research solutions and is a partially owned subsidiary of Jemsoft. Xped's focus was on acquiring a 100% interest in Jemsoft (details regarding Jemsoft were set out in the Company's announcements of 11 May 2017), with that acquisition bringing additional technical expertise and resources of Jemsoft in house. Xped also believe there may be benefit in working with Media Intelligence Co. to expand Xped's offerings.
Following an additional issue of shares in Media Intelligence Co. to Jemsoft, Xped now holds an indirect interest (via 100% owned Jemsoft) in 56% of the shares in Media Intelligence Co.
Information regarding Media Intelligence Co. was included in the Company's announcements made on 11 May 2017. Xped has now been advised by Media Intelligence Co. that Dr Karen Nelson-Field has resigned as CEO of Media Intelligence Co., and that Dr Nelson-Field has been engaged by the board of Media Intelligence Co. on a consultancy basis until September 2017 to assist in the delivery of the Think TV project. Dr Nelson-Field remains a director of Media Intelligence Co.
As previously announced Media Intelligence Co. has been contracted to deliver the Think TV project. The project is for an initial 2 year term (commencing August 2016) with an option for the parties to agree to extend. Either party can terminate the contract on 3 months' notice. There is a fee of $500,000 per annum payable to Media Intelligence Co. with an ability for Media Intelligence Co. to potentially access further research funding of between $1 - $2 million per annum, subject to submission and tender. Xped understands that Media Intelligence Co. seek to develop further business opportunities to generate additional ongoing revenue and further details in this regard will be announced as required in due course.
Xped remains committed to working proactively with the Media Intelligence Co. team moving forward to the benefit of all shareholders of Media Intelligence Co.
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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