TIDMVELA
Vela Technologies PLC
03 May 2017
3 May 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Non-regulatory: 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 yesterday by BTL Group Ltd ("BTL")
regarding the progress update and strategic outline for the rollout
of Interbit, BTL's proprietary private blockchain technology
platform, in a Beta version during the third quarter of this fiscal
year, BTL having successfully completed pilot projects in the
energy sector and the finance space with Visa.
In addition, BTL has also announced that it has filed its
audited consolidated financial statements and its management's
discussion and analysis for the year ended 31 December 2016, which
can be found under BTL's profile on SEDAR (www.sedar.com), and
which sets forth detailed operating and financial results for
BTL.
Following the sale of 2,200 common shares in BTL at C$4.90 per
share on 26 April 2017 Vela holds, as at the date of this
announcement, 660,900 common shares in BTL equivalent to
approximately 3.6 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 May 2017 of BTL's common shares was C$4.60 per share
which values Vela's shareholding in BTL at approximately C$3.04
million (equivalent to GBP1.72 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 Advances 2017 Blockchain Strategy Around Interbit
Platform
VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED
KINGDOM--(Marketwired - May 2, 2017) - BTL GROUP LTD. (TSX
VENTURE:BTL) ("BTL") is pleased to provide a progress update and
strategic outline for the rollout of Interbit, its proprietary
private blockchain technology platform, in a Beta version during
the upcoming third quarter of this fiscal year.
"We are very proud of what we've achieved at BTL to date, which
includes getting our Interbit platform to the Alpha state, along
with funding in place to support development of the next phase.
Having successfully completed pilot projects in the energy sector,
and the finance space with Visa, we are more confident in our
blockchain technology than we've ever been and have a more
transparent roadmap for Interbit's route to market," said Guy
Halford-Thompson, BTL's Co-Founder and Chief Executive Officer. "We
have built the Interbit platform specifically with enterprise in
mind to help companies overcome many of the challenges they face
today such as the high cost of maintaining legacy IT frameworks,
speed of data transfer, data loss, reconciliation and
cybersecurity," he continued.
Following on from the success of pilot projects in 2016, BTL has
been able to set a clear strategy for the 2017 financial and
calendar year. In Q3 2017, which starts in July, BTL plans to
accelerate Interbit's go to market strategy by launching a Beta
version of the platform, and shifting the focus onto enabling key
clients to build their own applications on Interbit directly.
"We believe that enabling key clients to build on Interbit will
create a growing pipeline of new business for BTL. Having
successfully raised CAD$3,105,000 during our latest fundraise
completed in April 2017, we have the ability to ramp up our
technical resources and expand our teams in both Canada and the UK.
By adding the right people to our highly experienced blockchain
technology team, our aim is that BTL and our Interbit platform will
become a leading technology solutions provider," added Guy
Halford-Thompson.
During 2016, BTL's highlights have been the successful
completion of pilot projects with major global enterprises in both
the finance and energy spaces. In these pilot projects, BTL has
used its Interbit platform to demonstrate how it can use innovative
processes to vastly reduce the complexity of transactional IT
infrastructure, thus reducing risk and costs for enterprises.
In January 2017, BTL successfully launched the Alpha version of
Interbit to undertake a European energy pilot. With this pilot past
the halfway mark, the focus is to develop the framework for a
commercial product and operating model for the conclusion of the
pilot.
Annual Financials
BTL also announces that it has filed its audited consolidated
financial statements and Management's Discussion and Analysis for
the year 31(st) December 2016, which can be found under BTL's
profile on SEDAR (www.sedar.com), and which sets forth detailed
operating and financial results for BTL.
ABOUT BTL GROUP LTD AND INTERBIT
Operating from both Canada and the UK, BTL is an enterprise
technology platform provider that has built Interbit, a proprietary
private blockchain. Via its 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, scalable, private, but open,
multi-chain technology platform. Via its suite of APIs and smart
contracts Interbit allows businesses from across the world to
improve efficiency by securely trading and auditing assets in
compliance with relevant regulations.
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://web.tmxmoney.com/article.php?newsid=8475216151101760&qm_symbol=BTL
*Based on the exchange rate as on 3 May 2017 of C$1:
GB0.564547.
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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May 03, 2017 06:59 ET (10:59 GMT)
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