I haven't had time to read HC so this may have been summed up before but here is what I just posted on FB.
Sorry I didn't go into much depth yesterday, I fly back out of Adelaide straight after the AGM and my phone (with my boarding pass on it) only had 6% battery left. My notes from the AGM ... The whole board excluding Wenjun Sheng was there, supported by Secretary Julie, Legal council Michelle and two observers from our auditing firm. Former Director Micheal Clarke was there but only in the capacity as a shareholder. Several Xped staff were also there to assist in demo's of the tech and answer questions after the meeting. Athan started and chaired the meeting. He ran through formalities and then gave a rundown of what the company has achieved thus far (see page 3 of the presentation) he was a little nervous but spoke well. He then address the share price, and conceded that the peak SP was in reality probably ahead of where it should have been at the time. The price collapse was less to do with any T20 holders dumping as there was no significant change to the T20 list. Only 25% of the daily volume was retail holders, the rest would appear to be bot and pip trades. They were unable to enter a TH as there was no justification for doing so as there was no information being withheld as such there was no information that they could just "make up" to support the price. Athan then passed to Marty to cover the next few slides. As to the triangles, continuing reseach and development will always be something we spend money on as you cannot stand still in the IoT field. Existing MOU's are getting closer to being named, one has indicated a month and a half which Marty is striving to shorten (the MOU's will first test/hack to ensure it is safe/robust) there are other MOU's in the pipeline with Marty setting himself the goal of 4 Silicon before end 2017. Expanded product is in the order of 1 - Health, 2 - Building Management, 3 - Home. he said health is a clearest path to revenue and ties in well with JCT, home is a very fragmented market and has less certain path to revenue. We will be striving to have our partners market and sell our product through their already established channels, later when we have lots of product in market (in others "things") we will then market our brand. We will always look for good acquisitions. Marty is looking to create multiple revenue streams. Initially licensing, then royalties, then recurring monthly service fees and lastly when we are at scale, Data management and metering. As to page 6 Marty said that when Xped presented to him at Intel, he thought the NFC "tap" was a neat and nice feature, but the reason he came on board (along with Athan "stalking him and being very persuasive") was because of the RML language and the Xped App which he described as the only thing like it and the absolute game changer. Page 7 lays out where we are and where we are going, I was responding to a text at the time so only got some of this. But the proxy bit down the bottom, ADRC agent, ADRC service bits are what is done with the current MOU's, The IoTivity bits are what Chris Wood is doing with OCF and that's about all I got. The next 3 slides ... Lite is where the tech is now and requires ADRC tech to be in the "thing", Phase 2 is when we have a gateway and doesn't require ADRC to be in the thing, Phase 3 is end goal and Marty used his fridge as an analogy, when he has been away from home he checks the fridge door when he comes home, because it has the photos and kids artwork on it, the bills and party invites are stuck to it. XIP will take this role being able to house all your social media, calendars, light control, security cameras, locks, watering system, etc. The 2017 goals are what Marty has set as his promises to us the shareholders that he is going to get done at a minimum in 2017. Marty then handed to John Schultz who went through some of the actual devices that they had there and how they work and ultimately will bring in revenue, of particular interest was the wired solutions for data centres where many sensors, temp, battery, door open, etc can be plugged into one gateway that is then tapped, this removes additional batteries, and complex wiring and saves 100's of thousands of dollars to data centres (this is where Xense comes in). The IR Blaster was demo'ed and the uses for it and "JCT's tech in disability was explained. Some tough questions were put to the Board and I think they answered them well and honestly, Sorry Sooly and Dan you were sitting in front of me and I really wanted to chat but missed my chance. I think Sooly's question regarding communication was really good and it was nice to see the BoD accept that they need to and can do better when it comes to communicating. Athan explained that Seneca does bring a lot more to the table than it would appear, particularly regarding some of there clients and the investment and support that they bring. KTM was a bad contract and our legal rep has said we are in a stronger position to hopefully prevent that in the future. Speaking to Chris and John after the meeting they were clearly relieved and had expected a far more fiery confrontation and I think it shows that by and large the shareholders are very supportive of them and that the BoD does actually respect them. My summary ... They are new, they are trying their best, they have made mistakes and will likely make some more but they are doing pretty well and I'm proud to still be part of it. Cheers.
Sorry about the lack of paragraphs but it's a fb thing.
Also thank you to all the shareholders I did get to meet and talk to yesterday. It was really nice to see so many people clearly passionate about Xped
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