TIDMVELA
RNS Number : 1804H
Vela Technologies PLC
05 June 2017
5 June 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Update re BTL Group Ltd
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments, is
pleased to note the announcement made today by BTL Group Ltd
("BTL") regarding Interbit, BTL's proprietary private blockchain
technology platform.
Vela holds, as at the date of this announcement, 610,900 common
shares in BTL equivalent to approximately 3.3 per cent. of BTL's
issued share capital. BTL is listed on the TSX Venture Exchange, on
which the closing mid-market price on 2 June 2017 of BTL's common
shares was C$5.70 per share which values Vela's shareholding in BTL
at approximately C$3.48 million (equivalent to GBP2.0 million at
today's prevailing exchange rate*). In addition Vela holds a total
of 66,666 warrants in BTL. 41,666 warrants are exercisable at a
price of C$1.50 for a period expiring on 17 December 2017 and
25,000 warrants are exercisable at a price of C$3.25 for a period
expiring on 6 April 2019.
Extracts from the BTL announcement are copied below:
BTL is pleased to announce it is taking steps towards a go-to
production phase on its Interbit platform, following the successful
completion of its European energy trading pilot with BP, Eni
Trading & Shipping and Wien Energie. The intense, 12 week pilot
involved building out an energy trading confirmation solution on
BTL's Interbit platform, which was successful in all 8 test
scenarios. The pilot proved that Interbit can streamline many
trading and back office processes across the energy trade
lifecycle.
Along with its clients, BTL is now extending invitations to
additional energy companies who will be invited to the 6 month
go-to production phase, where BTL and participating companies would
work to launch a live, commercial version of the energy trading
solution
By running BTL's Interbit platform in parallel with each
company's existing systems, this phase would seek to take the
completed pilot forward, with the aim to integrate Interbit and its
energy trading solution into live environments.
The pilot has also enabled those participating companies to
assess other areas of their business in which they can use BTL's
Interbit platform, and BTL is now actively working with select
participants to explore applications of Interbit across additional
business units.
"At BTL we truly believe that, by using blockchain technology
and our proprietary platform, Interbit, there is a better and more
efficient way for enterprises to build applications," said Guy
Halford-Thompson, BTL's Co-Founder and CEO. "Having demonstrated
the reductions in risk and cost savings that are achievable we now
have an opportunity to deliver the first successful blockchain
based application to the energy market. We are also very excited
that the pilot has enabled participating companies to better
understand the benefits of Interbit and identify other areas in
their organizations where they can apply it."
"We are very passionate about the innovation that our technology
can achieve in the energy sector and welcome new participants to
join us and other leading global energy companies in the next phase
of development, via this open invitation," added Hugh
Halford-Thompson, BTL's Co-Founder and CIO.
"The pilot project showed how BTL's blockchain platform,
Interbit can be used to innovate in the field of energy trading,"
said Andrew Woosey, Partner at EY, which provided consulting
support to the pilot. "Use of such technology can help by
streamlining back office processes, leading to reduced risk, better
protection against cyber threats and ultimately significant cost
savings. Further engineering and organisational effort is needed to
achieve these outcomes."
BTL's Interbit platform automates many back office processes
such as confirmations, actualisations, invoice generation,
settlement, audit, reporting and regulatory compliance allowing
enterprises to significantly reduce risk, costs and the threat of
cyber-attack, as well as increasing their trading
opportunities.
BTL and pilot participants are working in the near term to
finalize the terms and participants of the go-to production phase,
but there is no assurance that the go-to production phase will
proceed as described herein.
ABOUT BTL GROUP LTD AND INTERBIT
Operating from both Canada and the UK, BTL is an enterprise
technology platform provider that is developing Interbit, a
proprietary private blockchain. Via the Interbit platform, BTL can
help companies greatly reduce risks and costs by securely
streamlining existing IT infrastructures. To date, BTL has
successfully demonstrated how Interbit can innovate system
processes for leading companies in the finance, energy and gaming
sectors.
Interbit is a fast, encrypted and scalable multi-chain
technology platform. Via its suite of APIs and smart contracts,
Interbit allows businesses from across the world to improve
efficiency in trading and operations, accelerate development of
internal systems, and embrace new revenue generating opportunities,
while providing the high levels of security, resilience and
auditability required in regulated enterprise environments.
BTL's current focus is advancing the development of Interbit,
with a Beta release scheduled for Q3 of this year.
With offices in Vancouver and Canary Wharf in London, BTL is
positioning itself as a front-runner in the blockchain ecosystem,
partnering with and enabling enterprises on Interbit in order to
improve their existing IT systems.
Website: www.btl.co
Twitter: https://twitter.com/blockchainltd
The full BTL announcement can be found via the following
link:
https://web.tmxmoney.com/article.php?newsid=5185160551707355&qm_symbol=BTL
*Based on the exchange rate as on 2 June 2017 of C$1:
GB0.575138.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick,
Non-Executive Chairman Tel: +44 (0) 7802 262
Antony Laiker, Director 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0) 20 3328 5656
Perez/Asha Chotai
Smaller Company Capital
Limited
(Broker) Tel: +44 (0) 20 3651 2910
Rupert Williams/Jeremy
Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFAMJTMBAMBRR
(END) Dow Jones Newswires
June 05, 2017 10:08 ET (14:08 GMT)
Vela Technologies (LSE:VELA)
Historical Stock Chart
From Apr 2024 to May 2024
Vela Technologies (LSE:VELA)
Historical Stock Chart
From May 2023 to May 2024