TIDMVELA
Vela Technologies PLC
19 July 2019
RNS Reach
19 July 2019
Vela Technologies plc
("Vela")
Update re. Interbit Ltd - patent strategy update
The Board of Vela (AIM: VELA) notes the announcement by Interbit
Ltd ("Interbit") (formerly called BTL Group Ltd) on 18 July 2019,
providing an update on its patent strategy.
Vela owns 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 18 July 2019 was C$0.54 per share. This
values Vela's shareholding in Interbit at C$334,800 (equivalent to
c. GBP205,050*).
Extracts from the Interbit announcement are copied below:
Interbit(TM) Provides Patent Strategy Update
LONDON, July 18, 2019 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX
Venture: IBIT) (the "Company") is pleased to announce it has now
received patentability opinions for five of the six Patent
Cooperation Treaty ("PCT") applications made by the Company for its
InterbitTM platform. The Company's patent strategy has been to seek
to protect the unique features of its product which seeks to
capture large scale virtualization of blockchains through its
multi-chain software architecture (please see the Company's April
25, 2019 news release).
The Company has recently received a favorable patentability
opinion for its "Chainception" PCT application, wherein all three
requirements for patentability (novelty, inventive steps and
industrial application) appear to be met. Chainception refers to
the process of hosting a new blockchain using an existing
blockchain node, a necessary step for any multi-chain
architecture.
Patentability opinions have also been received for its PCT
applications directed at: (i) "Hypervisor" - virtualization
technology for blockchains; (ii) "Hyperconvergence" - controlling
resources attached to other Interbit blockchains; (iii) "Payload
Layer" - storing multiple Gbytes of data in conjunction with a
blockchain; and (iv) "Side Effects" - allowing the blockchain to
interact with sensors and other hardware in a distributed
blockchain denominated manner. These opinions included findings
that certain claims in the applications were novel and inventive
and others were not. The Company plans to file amendments to these
PCT applications in August and to request revised opinions.
"Interbit's platform and asset building strategy is focused both
on advancing the performance of its multi-chain software platform
and developing patent protection around the product developments we
are achieving," said Scott Maxwell, COO of the Company. "Interbit's
ambitions are to build the multi-chain format technology that will
be able to offer a level of data management, privacy and security
that meets the demands of evolving regulations such as GDPR, as
well as the technology infrastructure advances of 5G and Edge
computing."
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: +1-778-834-8417
Email: investor@interbit.io
Website: www.interbit.io
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking
statements, which include receipt of patents in connection with the
Company's patent applications, receipt of favorable patentability
opinions upon completion of amended PCT applications, timing of
filing amended PCT applications, 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), 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, 2018 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 19 July 2019 of C$1:
GBGBP0.61245.
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 5656
(Nominated Adviser)
Nick Athanas/Asha Chotai
Smaller Company Capital Limited Tel: +44 (0) 20 3651 2910
(Joint Broker)
Rupert Williams/Jeremy Woodgate
SVS Securities Limited Tel: +44 (0) 20 3700 0100
(Joint Broker)
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.
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END
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