Vela Technologies PLC Update re BTL Group Ltd (1364U)
13 January 2017 - 9:20PM
UK Regulatory
TIDMVELA
RNS Number : 1364U
Vela Technologies PLC
13 January 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
13 January 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Update re BTL Group Ltd - pilot project with leading energy
company
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments, notes
the announcement released yesterday by BTL Group Ltd ("BTL") which
provided details on BTL's blockchain pilot project with a leading
energy company and an update on BTL's previously announced pilot in
the finance and banking space. Vela announced details on BTL's
project with Visa Europe Collab on 2 September 2016.
Vela currently holds 783,332 common shares in BTL equivalent to
approximately 4.6 per cent. of BTL's the issued share capital of
BTL, which is listed on the TSX Venture Exchange. On 12 January
2017 the closing mid-market price of BTL's shares on the TSX
Venture Exchange was C$1.23 per share which valued Vela's
shareholding in BTL at approximately C$963,000 (equivalent to
approximately GBP600,000 at the prevailing exchange rate*).
Extracts from the BTL announcement are copied below.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 12, 2017) - BTL
GROUP LTD. (TSX VENTURE:BTL) ("BTL" or the "Corporation) is pleased
to announce it has completed a revenue generating pilot project
with a leading, global energy company and provides an update on its
previously announced pilot in the finance and banking space.
Pursuant to this energy pilot, BTL developed internal use cases
for blockchain solutions in the client's oil and energy trading
division. The collaboration aims was to identify areas internal to
their business in which BTL's blockchain platform, Interbit, can
enable significant efficiency and related cost savings.
BTL and the client are now jointly assessing further
commercialization strategies for the Interbit platform in the
energy trading space for the benefit of both BTL and the
client.
In the finance sector, BTL is working with large financial
companies and banks, to progress the initial pilot announced last
year (see the Corporation's September 1, 2016 press release), which
generates revenues for BTL. This development brings BTL one step
closer to proving the concept of how a blockchain based interbank
payment network can reduce costs.
Guy Halford-Thompson, Chief Executive Officer and Co-Founder of
BTL said:
"We've had a fantastic start to 2017 and are very excited to
have built credibility that allows us to continue to make
groundbreaking progress in the financial space. On top of this, we
are equally as excited to complete another globally significant
blockchain pilot, this time with a leading energy company. Our work
in the energy sector is further proof that blockchain and
Distributed Ledger Technology has potential to significantly
transform this space. We are confident that if our Interbit
platform were to be commercially deployed, it would improve energy
trading efficiency in the energy trading space."
BTL's Interbit platform is central to both the energy and
financial initiatives. Interbit is a ground breaking open protocol
platform that can process significant volumes of transactions at
exceptional speeds. Its ability to unify financial infrastructures
not only allows fast, secure settlement and payments globally, but
has built in compliance that allows regulatory oversight.
Guy Halford-Thompson continued:
"By continuing our work in the finance space and adapting our
technology to the energy sector, as well as having established our
blockchain solutions in the gaming sector, we are demonstrating the
versatility and robustness of our Interbit settlement and trading
platform. We are working to increase Q1 2017 revenues as compared
to Q4 2016 and take the next step towards commercialization of our
Interbit platform."
ABOUT BTL GROUP LTD
Operating from both Canada and the UK, BTL offers blockchain
solutions to businesses across multiple industries, in particular
the finance, energy and gaming sectors. BTL has built prototypes
that showcase the capabilities of its Interbit platform, a
proprietary blockchain based interbank payment network and
settlement and asset trading solution.
Interbit is an open, multi-chain, asset settlement platform with
a suite of APIs and smart contracts that allow businesses from
across the world to provide global access to fast, secure, and
auditable financial and asset trading services.
With offices in Vancouver and Canary Wharf in London, BTL is
positioning itself as a front-runner in the blockchain ecosystem,
providing advice and knowledge to industry leaders.
*Based on the exchange rate as at 13 January 2017 of 1 C$ being
equal to 0.623211 GBP.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick,
Non-Executive Chairman Tel: +44 (0)
Antony Laiker, Director 7802 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0)
Perez/Nick Naylor 20 3328 5656
Smaller Company Capital
Limited
(Broker) Tel: +44 (0)
Rupert Williams/Jeremy 20 3651 2910
Woodgate
*
This information is provided by RNS
The company news service from the London Stock Exchange
END
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