XPED Ltd (ASX:XPE) wishes to announce that is has acquired a 35% interest in Vital Xense Pte Ltd ("Vital Xense") a Singapore based company with a focus on designing and distributing sensor and related equipment to customers in its region.
Highlights:
- Xped to retain 35% interest in Vital Xense following execution of Sale and Purchase Agreement.
- Collaborate on building new products including sensors, related equipment and battery monitoring solutions used in Data Centers.
- Jointly plan and execute sales and business development opportunities in the Asian region.
Following both companies entering into a collaboration agreement to incorporate Xped's technologies into a range of sensor based solutions that Vital Xense wishes to supply and distribute to its end customers, a Sale and Purchase Agreement ("SPA") was executed with Xped to retain 35% of Vital Xense in exchange for providing services under the collaboration agreement.
Under the terms of the collaboration agreement:
- Xped will collaborate with Vital Xense to design and develop new products for sale;
- Grant Vital Xense the right to design, manufacture, sell and market Xped developed products and designs in line with its existing product range;
- Work together to focus on business development opportunities for developed products including forecasting and planning of new product uptake;
- Xped will provide Vital Xense with all necessary technical and training support to assist its sales and engineering workforce;
- Xped will make available internal resources on needs basis to assist Vital Xense with business expansion;
Vital Xense staff were exhibiting at IoT Asia alongside the Xped team where the Company was demonstrating its range of ADRC, advertising products (Xerts) and technologies it has developed to date. The feedback was well received at the exhibition and both companies are looking forward to a long relationship servicing the region with Xped's sensor and battery monitoring range of products under development.
Xped Chairman Chris Wood stated, "This opportunity to invest in Vital Xense and co-develop a range of innovative products for near term rollout has been a key focus of the business to bring in early revenue."
Corporate
The company is presently reviewing a number of opportunities with the view to adding value to its shareholders.
The board would also like to inform the market that due to the escalation of business activities and significant opportunities the current CEO role will be jointly shared between Chris Wood (Technology), and Athan Lekkas (Corporate).
About Vital Xense
Vital Xense is an IOT solutions and platform manufacturer which specialises in helping businesses to monetize IOT and its capabilities for value added and cost saving benefits.
Our cloud ready solutions and platforms enables fast and scalable IOT deployments for industrial and commercial applications which enables companies to build and expand domain expertise thus creating value added benefits for their organisation.
Whether you are an Enterprise Customer, a Systems Integrator or a Domain Service Provider, Vital Xense will work with you to deliver the right IOT solution to meet your business needs.
At Vixal Xense, we make sense of things...
About XPED Ltd
XPED Ltd (ASX:XPE) 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. It’s as simple as two people shaking hands. By enabling the Internet of Things, Xped’s ADRC platform will bring benefit to Manufacturers, Retailers, Service Providers and Consumers.
