“We haven’t been able to contact the directors - we think they...

“We haven’t been able to contact the directors - we think they may be in China.” LOL.

Xped Corporation in liquidation

Xped Corporation - a company related to ASX-listed tech minnow Oakridge International - has fallen into liquidation after failing to pay rent for its Adelaide premises.
Giuseppe Tauriello
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2 min read
May 31, 2021 - 2:43PM
The Australian Business Network

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Former chief executive and director of Xped, John Schultz, recently resigned from the company’s board. He is pictured here with the company’s previous home-hub technology.

A company related to the ASX-listed tech minnow formerly known as Xped will be wound up after failing to pay rent for its Adelaide premises.
Xped Corporation was locked out of its Adelaide office in February last year before its assets were distrained and sold off by landlord Tabgold Pty Ltd.
Last month Tabgold initiated a winding up application against Xped Corporation, claiming it was owed around $78,000 in unpaid rent under a lease for offices at the Wellington Centre in Adelaide’s north-eastern suburbs.
The Federal Court last week ordered that Xped Corporation be wound up, with Oracle Insolvency Services managing partner Nick Cooper appointed as liquidator.

Oracle Insolvency Services managing partner Nick Cooper. Picture: Tom Huntley
In recent years Xped Corporation and ASX-listed Xped - now known as Oakridge International - have shared common directors, while the ASX-listed company has retained a stake in the failed entity.
Mr Cooper said he had not yet been in contact with the company’s directors.
“We haven’t been able to contact the directors - we think they may be in China,” he said.
“At this stage we’re not sure if there are any other creditors apart from the landlord.”
Oakridge develops communications technologies for the healthcare sector. Its main business unit is its JCT Healthcare business, which it says provides “innovative technology solutions for the healthcare sector’’, including nurse call hardware and software solutions.
The company reported a half-year profit of $873,782 for the six months to December, but after removing one-off items, it fell to a loss of $357,757 and a net cash outflow of $377,020.
That prompted auditor Pitcher Partners to include a going concern note in its report, casting doubt over its ability to continue to trade as a going concern.
The company has had “going concern” notices in its past two full year financial reports and was suspended from trade in May last year for failure to lodge a periodic report.
To improve its working capital position, Oakridge has pledged to reduce R&D expenditure, closely monitor the group’s cash burn each month and explore M&A and capital raising opportunities.
In its latest quarterly update, the company confirmed it had raised $1.4m through the issue of convertible notes and a rights issue underwritten by CIMC Marketing.
It left the company with $2.3m in the bank at the end of March.
The company has been through several staff members in recent months, including Cecil Te Hwai Ho who resigned as interim chief financial officer in March after resigning from the board in December.
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Former chief executive John Schultz also stepped down as a director in December, while new chief executive Con Unerkov was appointed to the role in February.
The company changed its name to Oakridge International Limited last month, to “better reflect the nature and strategic value of the operations”.