TIDMVELA
RNS Number : 8764T
Vela Technologies PLC
18 October 2017
18 October 2017
Vela Technologies plc
("Vela")
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 yesterday 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 16 October 2017 of BTL's
common shares was C$4.82 per share which values Vela's shareholding
in BTL at approximately C$2.94 million (equivalent to GBP1.78
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(TM) Files Patents on Connected Blockchain Platform
Interbit(TM) and Underlying Hypervisor Architecture
VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED
KINGDOM--(Marketwired - Oct. 17, 2017) BTL GROUP LTD. (TSX
VENTURE:BTL) ("BTL" or the "Company") is pleased to announce that
it has filed patents on its enterprise blockchain platform
Interbit(TM). Interbit is a third generation blockchain platform
with unique 'connecting' capability developed by BTL after it
became apparent that second generation blockchains would not scale
to meet enterprise demands as the technology matures. BTL confirmed
through pre-commercial and confidential beta testing that its
Interbit platform consistently exceeds customers' requirements in
many sectors, including finance and energy.
"Interbit now has the capacity to operate and inter-connect many
thousands of Interbit blockchains per server in a secure, private,
and scalable manner. We realized very quickly that single
blockchain solutions such as current generation two offerings would
not allow blockchain technology to fully realize its transformative
capabilities in the years ahead - we needed Interbit to scale far
beyond what already exists in the blockchain space. Our new
capabilities clearly define what generation three blockchains are
capable of," said Tom Thompson, CTO of BTL. "During our successful
pilots we have proven Interbit's privacy and scalability
capabilities, securing it as a recognized enterprise grade
blockchain platform. Interbit has also been designed for ease of
use by customers, allowing it to be integrated into existing IT
infrastructure in a quick and simple manner, not seen before in our
industry."
Interbit allows practical creation of blockchain-based solutions
through JavaScript applications. Designed specifically to address
modern enterprise requirements and to position the Company with an
industry leading blockchain solution, Interbit is currently in beta
after being in development over the past two years. The Interbit
Hypervisor is Interbit's underlying architecture designed to enable
"chain-connecting" which allows for multiple, inter-connected
blockchains to operate at scale, while maintaining privacy where
required. The patent filings are an important milestone in BTL's
growth as it clearly defines the Interbit platform's unique
features and is an integral part of progressing projects with
existing and new clients going forward.
"Filing patent applications for the Interbit platform allows us
to position BTL as a leader in the blockchain technology space as
it clearly defines our offering as a highly scalable enterprise
blockchain development platform with interoperability embedded. We
are very close to delivering Interbit into a live environment as a
product that will leapfrog all existing blockchain technologies.
This will position the Company to meet and exceed the increasingly
complex demands for blockchain solutions across all industries,"
said Dominic McCann, CEO of BTL. "Blockchain technology must meet
the security and scalability expectations of the enterprise and be
easy to work with before enterprise adoption will scale. Interbit,
delivers on both."
Scalability & Privacy via the Interbit Hypervisor
The patent pending Interbit blockchain platform and its
underlying Hypervisor architecture addresses scalability and
privacy, two key challenges that blockchain technology faces in
order to make it relevant to enterprise, as follows:
1. The Interbit Hypervisor architecture enables thousands of
Interbit blockchains per server to operate and connect efficiently
with one another.
2. Connecting Interbit blockchains will allow:
a. solutions to scale horizontally, targeting combined network
throughput rates in the hundreds of thousands of transactions per
second;
b. solutions to hold enterprise scale data volumes targeting the petabyte range; and;
c. n etworks of blockchains to communicate with one another directly.
3. The Interbit Hypervisor was built from the ground up to
address one of the main challenges for blockchain technology: ease
of use. Developers use familiar tools and languages when building
on Interbit.
4. Written in pure JavaScript, the Interbit Hypervisor runs
natively in modern browsers allowing direct access to Interbit
blockchains without needing to first connect to a server - the
browser becomes one of the nodes.
ABOUT BTL(TM) AND INTERBIT(TM)
Listed on the TSX Venture Exchange (TSX VENTURE:BTL) and
operating from both Canada and the UK, BTL is an enterprise
technology platform provider that is developing Interbit, a
proprietary third generation blockchain platform. Via Interbit, BTL
can help companies greatly reduce risks and costs by securely
streamlining existing IT infrastructures. BTL has successfully
demonstrated how Interbit can innovate and transform existing
business processes for leading companies in the finance, energy and
gaming sectors.
Interbit is a fast, private, and scalable inter-connected
blockchain platform. Via its suite of APIs and smart contracts,
Interbit allows businesses around 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 Calgary, Canada and London, UK,
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
Videos: https://youtu.be/YFOH0YEHLak and
https://youtu.be/V614_0UtHws
*Based on the exchange rate as on 17 October 2017 of C$1:
GB0.603793.
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
Perez/Nick Naylor 5656
Smaller Company Capital
Limited
(Broker) Tel: +44 (0) 20 3651
Rupert Williams/Jeremy 2910
Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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