Management and Business Focus Changes
The Board of Integrated Payment Technologies Limited(Company) (ASX: IP1) has recently conducted a strategic review of the Company’s product development, business focus and financial and human resources.
As a result of this review, Mr Robin Beauchamp will step back from his current role as CEO of the Company, effective today.
The Board will commence a search for an appropriately qualified and experienced executive to fill the CEO role and lead the Company in its revised strategy outlined below.
The Board noted the contribution of Mr Beauchamp to the Company, and welcomed his continued tenure in the capacity of Chief Technical Officer under his current contract terms (except for change of title and duties).
Strategic Review
A recent Board review of the Company’s strategic direction and focus identified the following objectives:
- Generation of greater income streams from ClickSuper and the Company’s STP (Single Touch Payroll) products and services through new client contracts;
- Release of PayVu on 21st February 2019 with associated early adopter commitment to the product; and
- Achieve greater income streams from new PayVu clients with user profiles similar to early adopters (i.e. limited new development required).
Capital Raising
In reviewing staffing and resources of the business necessary to implement its revised strategy while also managing costs, the Board has commenced a review to determine if there is a need for additional capital beyond June 2019. The Board will make a further disclosure at the conclusion of this review.