The article that is there tonight, second paragraph.....
An Australian start-up which sells technology to let consumers control electronic devices in the home from a smartphone app will list on the ASX.
Xped, which has created auto discovery remote control (ADRC) technology to be built into home electronic products, joins a long list of recent backdoor listing announcements. It will list through the shell of Raya Group, which is a Queensland-based geothermal mining company.
Last month online talent contest business
Megastar Millionaire announced a reverse listing on the ASX and in late September
IoT Group also announced a backdoor listing.
There are likely to be even more reverse takeovers (RTOs) announced before the end of the year, as it will be much harder after January 2016 when the ASX has set a deadline to remove shell companies that have been suspended from trading for three or more years.
http://www.copyright link/content/dam/images/g/k/m/3/5/b/image.imgtype.afrArticleInline.620x0.png/1446097307501.jpg <img src="/content/dam/images/g/k/m/3/5/b/image.imgtype.afrArticleInline.620x0.png/1446097307501.jpg" alt="Mr Stefanac shows a version of the Xped chip." width="620" class="lazy620x0"/>
Mr Stefanac shows a version of the Xped chip. Josh Robenstone
Xped chief executive John Stefanac, who was formerly in senior roles at Qualcomm and Nokia, said it was doing a reverse listing because it was the best way for the business to access the necessary funds to commercialise the product.
Accessing capital
"We need access to resources to be able to complete a lot of the road map requirements that we're looking at," he said.
"We have a vision and it's all about making technology human again."
For consumers to be able to use Xped's app to control their devices, the company's ADRC technology needs to be inbuilt in their electronic products. It has also developed an infrared blaster which lets older devices be controlled through the app.
Mr Stefanac said the success of the company would largely depend on securing agreements with manufacturers for them to use the ADRC technology in their products.
"We have some trials in place with manufacturers in Australia and some international locations," he said.
"We also have some products ourselves that we have designed and we will be working with manufacturers to build those."
Xped has also sold between 250 and 300 ADRC developer kits through a Kickstarter program last year, enabling users to make their own products.
The price of ADRC for manufacturers is similar to Bluetooth or Wi-Fi.
Basic principles
Mr Stefanac said ADRC was developed on three principles, that the internet of things must be simple, people must be able to do it themselves and it must be affordable.
"When I come home and want to control my appliances I don't necessarily want to know which manufacturer made it, I want to control everything from one application," he said.
"This platform makes the way we interact with technology as simple as it can possibly be."
The founders of Xped, John Schultz and Chris Wood, have invested more than $6 million in the business and have patented the technology, although most of it will be easily accessible to other developers.
Mr Stefanac said putting ADRC in devices would also open up new opportunities for retailers and manufacturers to get to know their customers.
"Manufacturers today don't have a real relationship with the end customer unless the customer fills out a product registration form," he said.
"With this technology it's feasible for a product registration form to be auto-populated and sent to the manufacturer ... there will be new types of customer relationships the manufacturer can create as a result."
The reverse takeover is expected to be complete in March or April next year.
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