"Further, as disclosed in IOT’s Business Update dated 7 June 2019, an Application to Wind Up aCompany has been lodged with ASIC with respect to PropertyBay; and Dunk Island is currentlyup for sale. PropertyBay has advised IOT that they are in negotiations to reach a settlement tostay winding up proceedings, however,
despite PropertyBay’s assurances, IOT feels it can nolonger rely on receiving the consulting fees due under the agreement with PropertyBay in atimely manner (if at all) and is working hard to fill the
gap created by the non-payment ofinvoices and the potential sale of Dunk Island, the main project.Accordingly, IOT is in a transitional stage as it pivots direction away from any reliance onPropertyBay"
What the hell does the sale of Dunk have to do with IOT and further Property Bay as PB from what is public lodged a non refundable deposit of some form and then failed to proceed ? Assuming media reports are correct? So if Dunk is sold it has nothing to do with PB IMO and even less to do with IOT.
I'm not aware IOT has a direct anything with current owners of Dunk island nor with any proposed purchaser? Wasn't it Roayality Blockchain ?
https://www.realcommercial.com.au/news/cryptocurrency-group-makes-move-to-buy-dunk-island"Has IOT Group taken any steps, or does it propose to take any steps, to raise further cash tofund its operations and, if so, what are those steps and how likely does it believe that theywill be successful?
IOT has a demonstrated track record of its ability to raise capital. It has funded the currentquarter’s activities through
receipt of two loans for a total of $105,000 from non-relatedparties, both of which have the ability to convert to equity, subject to Shareholder approval.IOT is currently waiting on the outcome of numerous discussions with ASX and other parties(potential clients, partners, device manufacturers and purchases) which will influence theCompany’s approach to its future direction and capital raising activities."
Gee - wonder if ASX checked just how unrelated as we all know that relevant related party transactions is such a small net. I wonder just what unrelated party would lend em money? ASIC, ASX and ATO all have different definitions but ASX has a "spirit " and intent rule as well
Hope everyone is up to date with sect 228
4. ASX notes that a deposit of $53,000 was returned to IOT during the March quarter (seeitem 1.8 of the Appendix 4C)
. Please provide a full description of this returned deposit.The $53,000 funds received during the quarter was the returned deposit for the bankguarantee on the William Street lease, the Company’s previous premises
Weird this bank guarantee deposit IMO wasn't listed on accounts ????
NetOBJeX
https://www.netobjex.com/press_release/iot-group-and-us-based-netobjex-enter-strategic-alliance/They announced on blog only on 4 april???
IOT Group and US-based NetObjex enter strategic alliance
by admin on April 4, 2019
But press releases from
Nov 19 2018
IOT Group and US-based NetObjex enter strategic alliance
IOT Group Limited (ASX: IOT) and California-based NetObjex Inc. have entered into a Strategic Alliance - Teaming Agreement and Marketing and Referral Agreement that will focus on expanding business opportunities around IoT technologies and leverage NetObjex’s flagship Digital Asset Management Platform for applications across multiple industries.
NetObjex provide enterprises and technology companies with a comprehensive Digital Operating platform for smart devices, enabling the development of solutions that collect and gather valuable data in real time. It services industries including Transportation, Manufacturing, Supply Chain and Logistics, Tourism, Property, Media, Healthcare and Smart City ecosystems.
IOT’s particular interest is in NetObex’s Digital Asset Management Platform, which provides advanced functionality in developing IoT data marketplaces where connected products can transact.
The platform provides an effective means of asset tracking and tracing along with better tools for measuring performance, efficiency and utilisation.
It is currently used in Manufacturing to prevent downtime and protect against counterfeiting; in Supply Chain and Logistics to track and trace ensuring efficiency, optimisation and prevent theft; in Transportation and Automation allowing inter-device communication and smart applications (parking, tolls and drone delivery); and in Smart Cities to allow usage-based billing, reduce waste and measure consumption.
IOT is looking to use the platform to connect its Internet of Things devices for clients, including includes wearables, drones, cameras and other devices. By connecting these devices, companies would be better able to communicate to achieve outcomes such as environmental and energy management, security and automation.
IOT will gain exclusive rights to represent NetObjex in Australia and New Zealand on a year on year basis under the Marketing and Referral Agreement. This is subject to fulfillment of key performance indicators and targets.
In terms of remuneration, IOT will receive 10% of the monthly payment received from the referral for the length of the contract or product license.
The companies will also work closely together in a collaborative sales process to develop business and generate sales globally.
“We are excited about this partnership with the ASX-listed IOT Group as it provides an important alliance in terms of establishing our brand in Australia and New Zealand. Both companies believe in a shared vision that the nexus of IoT-AI-Blockchain will transform and shape entire industries,” comments Mr. Raghu Bala, CEO of NetObjex.
Mark Roper, General Manager of IOT Group Limited is also buoyant about the relationship.
“IOT Group’s partnership with NetObjex will allow it to explore new opportunities in emerging technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Blockchain. Many businesses are coming to the realisation of how, when combined, these technologies can yield significant competitive advantages. Both NetObjex and IOT Group bring complementary skills and capabilities which we believe would yield immediate positive outcomes for this partnership.”
