TIDMVELA
RNS Number : 3253P
Vela Technologies PLC
30 August 2017
30 August 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 29 August 2017 of BTL's
common shares was C$4.03 per share which values Vela's shareholding
in BTL at approximately C$2.46 million (equivalent to GBP1.52
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 Group Announces Launch of Interbit in Beta, Update on Energy
Project and Filing of Q2 Financials
VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED
KINGDOM--(Marketwired - August 30, 2017) - BTL GROUP LTD. (TSX
VENTURE:BTL) ("BTL") is pleased to announce the successful launch
of the DX Beta version ("Beta") of its proprietary blockchain
platform, Interbit. The Beta sets the goal of demonstrating the
developer experience of interacting and building applications
directly on Interbit and brings the platform one step closer to
being launched in a live commercial environment. Beta is being
distributed to a number of selected partners who will be providing
critical feedback.
"This is the first time BTL clients and partners have been able
to put Interbit directly in the hands of their technical teams,
rather than through BTL's development team, and marks a major
milestone in Interbit's continued development," said Guy
Halford-Thompson, BTL's CEO. "I would like to congratulate the
entire development team on achieving this milestone, as well as the
business teams who have supported them."
Update on Energy Project
Further to our June 5, 2017 press release, the Company has seen
interest from a now larger consortium in the "go-to production
phase" of its European energy trading project. The "go-to
production phase" is designed to build on the success of the
recently completed European energy pilot and if it proceeds, will
seek to create a live, commercial version of an energy trading
solution that will demonstrate significant cost savings that can be
applied across numerous areas of the energy sector.
"The level of interest we are now seeing in the go-to production
phase is exciting, but we are committed to keeping the group at a
manageable level to ensure we deliver the most value within the
aggressive timelines we have set," said Dominic McCann, BTL's
Executive Vice-President, Sales & Marketing.
Patent Filings
BTL is preparing patent applications for its Interbit platform,
with the expectation that those filings be made by no later than Q4
of this year. Those filings will mark a significant milestone in
Interbit's development and enable the Company to provide additional
access to the platform to its clients, customers and partners.
Q2 2017 Financials
BTL also announces that it has filed its interim financial
statements and Management's Discussion and Analysis for the period
ended June 30, 2017, which can be found under BTL's profile on
SEDAR ( www.sedar.com ), and which sets forth detailed operating
and financial results for the Company.
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.
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:
http://secure.marketwatch.com/story/btl-group-announces-launch-of-interbit-in-beta-update-on-energy-project-and-filing-of-q2-financials-2017-08-30
*Based on the exchange rate as on 30 August 2017 of C$1:
GB0.617199.
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/Nick Naylor
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
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