Xped shares go nuts after appointing an Intel executive

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Internet of Things company Xped Limited has appointed Martin Despain, a former Intel executive, as managing director.

A short time ago, the Melbourne-based company’s shares were up 25% to $0.044.

Despain was general manager, smart homes division, Internet of Things group, at Intel, developing and implementing strategy and product offering for the home.

“Xped has many value added aspects to its technology that can be adopted across multiple industries,” Despain says.

“There is significant opportunity for Xped in smart homes, smart building, healthcare and aged care sectors.”

Xped will pay him $US360,000 a year, a signing bonus of $US80,000 and performance-based share allocations.

The CEO and chairman, Athan Lekkas, will stay on. John Stefanac, the head of Asia, will leave the company.

Xped’s technology allows anyone with a smartphone to connect, monitor and control devices and appliances found in the everyday environment.

In July, Xped licensed its technology to Shanghai-based Telink Semiconductor, a maker of low power wireless chips.

And in April the company raised $8 million by issuing 320 million shares at 2.5 cents each via a backdoor listing on the ASX.