Raya Group seeks North American expansion
Raya Group (ASX:RYG), which is soon to be relisted on the ASX as Xped, today announced the appointment of EAS Advisors, LLC as North American corporate advisors to the Company.
The New York based investment advisory has a strong track record in exposing ASX listed companies to US investors.
“With the upcoming proposed reverse takeover of Xped Corporation Pty Ltd, EAS is engaging with Raya at an exciting time,” said EAS founder and principal Edward Sugar.
“XPED is well-positioned in the Internet of Things market to benefit from a combination of their existing developed technologies, IP protection and the ability to grow the business from funds that the upcoming reverse takeover will bring.”
Raya Group has announced a general public offer to raise $8,000,000 at a prospectus price of $0.025c per share.
The prospectus also contains separate offers for a total of 640,000,000 ordinary shares to Xped Shareholders in connection with the acquisition of Xped Holdings Ltd.
The money will go towards investment in customer engagement and product development processes.
The intention is to grow its workforce across sales, customer service, product and engineering teams throughout 2016 and to build revenue generating capabilities.
EAS has been appointed to help facilitate this growth.
“We have partnered with EAS to assist Raya in the facilitation of further investment as well as via the exposure to key industry partners to accelerate future growth opportunities within the US,” said Raya Group executive chairman Athan Lekkas.
About Raya Group
Raya Group Limited (ASX:RYG) was formerly an exploration and development company focused on geothermal assets in Australian and Indonesia.
In 2015, Raya announced to the market that it would acquire Xped Holdings and entered into a Heads of Agreement with key shareholders to acquire all issued capital.
Raya will soon change its name to Xped Limited (ASX:XPE) following shareholder approval at a general meeting in February.
At that time, the transition from explorer to information technology company focused on the development of Auto Discovery Remote Control technology will be complete.
The technology allows for a common platform for devices to share a common language, making the Internet of Things a reality.