Receives Right to Acquire 100% of XPED Holdings
Sydney, Nov 4, 2015 AEST (ABN Newswire) - Raya Group Ltd (
ASX:RYG) is pleased to announce that it has received executed agreements from all minority shareholders of Xped Holdings Ltd (Xped). The agreements provide Raya with the right to acquire the remaining 4.4% of the issued capital in Xped.
As announced on 26th October 2015, Raya executed a binding Heads of Agreement (HOA) with the key shareholders of Xped to acquire all of the issued capital in Xped.
Raya now has the right to acquire 100% of Xped and under the terms of the HOA will make payable $50,000 to Xped having satisfied the conditions precedent in the agreement.
The Directors of the Company are of the view that the acquisition of Xped will create a significant opportunity for both Raya Group and Xped stakeholders, enabling Xped to become a major force in the lucrative "INTERNET OF THINGS" (IoT) market.
About XPED Ltd
XPED Ltd (ASX:XPE) is an Australian Internet of Things (“IoT”) technology business. Xped 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. Xped provides technology solutions for Smart Home, Smart Building, and Healthcare.
At Xped, we’re Making Technology Easy Again(TM)
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