TIDMVELA
Vela Technologies PLC
26 April 2019
26 April 2019
Vela Technologies plc
("Vela")
Update re. Interbit Ltd
The Board of Vela (AIM: VELA) notes that Interbit Ltd
("Interbit") (formerly called BTL Group Ltd) yesterday announced an
update on the company's project and patent strategy update.
Vela holds, as at the date of this announcement, 620,000 common
shares in Interbit equivalent to approximately 2.6 per cent. of
Interbit's issued share capital. Interbit is listed on the TSX
Venture Exchange, on which the closing mid-market price on 25 April
2019 of Interbit's common shares was C$1.23 per share which values
Vela's shareholding in Interbit at approximately C$762,600
(equivalent to c. GBP437,845*).
Extracts from the Interbit announcement are copied below:
Interbit(TM) Provides Project and Patent Strategy Update
CALGARY, Alberta and LONDON, April 25, 2019 (GLOBE NEWSWIRE) --
INTERBIT LTD. (TSX Venture: IBIT) (the "Company") provides the
following update on its corporate workforce re-focus, the product
development of Interbit(TM) , its technology platform, and the
Company's patenting strategy. The Company began development of its
third generation multi-chain Interbit(TM) platform to overcome the
limitations of the single blockchain platforms it experienced in
earlier pilot projects and has in development a Version 2 and a
Version 3 of the Interbit(TM) platform.
Since closing its principal Canadian office in December 2018,
the Company has directed all programming activity to a team of
third party developers and engineers based in Eastern Europe. In
addition to the pure programming being carried out by those
developers, this redirection of resources has permitted testing of
the Company's founding strategy technologies to commence
(especially facilitating data transfer between blockchains ("Chain
Joining")), and the plan is for all features outlined in the
Company's six provisional patent applications to be tested.
Due to the product advances and challenges that Interbit has
undergone since January of this year, the Company has now decided
to focus exclusively on the development of Version 2 with an
emphasis on its Hypervisor architecture and associated construction
due to the increased interest in blockchain-enabled virtualization.
Initially the Company believed the first quarter and half of the
year would be directed towards advancing Version 2 and the
megachain capability targeted for Version 3 of the Interbit(TM)
platform. However, it now believes immediate commercial focus
should be on further development and completion of Version 2 such
that it can be offered to the market, as well as advancing all
patents. Additional work on Version 3 will therefore be
postponed.
"In order to achieve the level of performance required of a
virtualization technology for the Interbit(TM) blockchain platform
it is necessary to maintain an absolute focus on advancing key
performance metrics," stated Scott Maxwell, COO of the Company. "In
order to do this, functionality of Version 2 of the Interbit(TM)
platform is to be subjected to testing in the lab environment we
now have, with Version 3 of the Interbit(TM) platform and megachain
following in due course. This marks a long overdue shift to a pure
software performance focus, which linked with the programming and
testing workforce in place, should also lead to monthly
expenditures being more efficient and more frequent updates to
shareholders on the status of the Interbit(TM) platform."
Patent Filings
The Company has prepared and filed 6 provisional patent
applications for its Interbit(TM) platform over the last 18 months.
The first two patent applications, which were filed in October
2017, were directed at Chain Joining and blockchain virtualization
("Hypervisor"). Subsequently, in April 2018, the Company filed
three additional patent applications directed at: (i) storing a
large, binary object in conjunction with a blockchain, (ii) hosting
a new blockchain using an existing blockchain node, and (iii)
performing an action requested by a blockchain.
In September 2018 the Company filed an additional patent
application directed at performing hyperconvergence using
blockchains ("Hyperconvergence"), which leverages the technology
described in the Company's Chain Joining and Hypervisor
applications. The Hyperconvergence application reflects the
strategic importance of leveraging blockchain virtualization to the
Company. The shift towards virtualization generally started roughly
20 years ago with server and network virtualization, and the
Company believes this trend will continue with large scale
virtualization of blockchains in a multi-chain software
architecture.
In October 2018, the Company filed two international Patent
Cooperation Treaty ("PCT") applications for Chain Joining and the
Hypervisor, respectively. The Company filed three additional PCT
applications in April 2019 based on the provisional patent
applications filed in April 2018 and intends to shortly file a PCT
application for Hyperconvergence. The Company has received initial
patentability opinions for the Chain Joining and Hypervisor PCT
applications, and expects to receive initial patentability opinions
for the remaining three PCT applications within 4 months. The
Company will review those opinions as it formulates and executes on
its patent strategy with national filings in targeted markets in
North America, Europe, and Asia.
ABOUT THE COMPANY
The Company is a technology platform provider listed on the TSX
Venture Exchange and operating from both Canada and the UK with
offices in Calgary and London.
For further information please contact:
Dominic McCann, CEO
Phone: +1 855 256 5246
Email: dominic@interbit.io
Website: www.interbit.io
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking
statements, which include further development of the Company's
business relationships and business and the timing, development,
launch and success of the Company's technologies and products
(including, without limitation, successful development and
commercialization of the Interbit(TM) platform (whether that be
Version 2 and/or Version 3)), and other matters. Forward-looking
statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such information can generally be
identified by the use of forwarding-looking wording such as "may",
"expect", "estimate", "anticipate", "intend", "believe" and
"continue" or the negative thereof or similar variations. Readers
are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward-looking
statements will not occur. These assumptions, risks and
uncertainties include, among other things, the state of the economy
in general and capital markets in particular, the development of
competitive technologies, the marketplace acceptance of the
Company's technologies and products, as well as those risk factors
discussed or referred to in the Company's annual Management's
Discussion and Analysis for the year ended December 31, 2017
available at www.sedar.com, many of which are beyond the control of
the Company. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release
are made as of the date of this press release. Except as required
by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
*Based on the exchange rate as on 26 April 2019 of C$1:
GBGBP0.574145
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7802 262
443
Brent Fitzpatrick, Non-Executive Chairman
Antony Laiker, Director
Allenby Capital Limited Tel: +44 (0) 20 3328
(Nominated Adviser) 5656
Nick Athanas/Asha Chotai
Smaller Company Capital Limited Tel: +44 (0) 20 3651
(Joint Broker) 2910
Rupert Williams/Jeremy Woodgate
SVS Securities Limited Tel: +44 (0) 20 3700
(Joint Broker) 0100
Elliot Hance
About Vela Technologies
Vela Technologies (AIM: VELA) is an investing company focused on
early stage and pre-IPO long term disruptive technology
investments. There are currently 12 investments in the portfolio
which either have developed ways of utilising technology or
developing technology with a view to disrupting the businesses or
sector in which they operate. More recently, Vela Technologies has
also started to focus on existing listed companies where valuations
may offer additional opportunities.
About RNS Reach announcements
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END
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