Vela Technologies PLC Investment in BTL Group Ltd (8280E)

TIDMVELA

RNS Number : 8280E

Vela Technologies PLC

06 November 2015

Vela Technologies plc

("Vela" or the "Company")

Investment in BTL Group Ltd

Vela Technologies plc (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, announced on 26 August 2015 a proposed investment of GBP175,000 to acquire an equity stake in Blockchain Tech Limited ("BTL"), a technology company incorporated in the Isle of Man (the "Proposed Investment"). BTL, headquartered in Vancouver, Canada, is exploring applications of blockchain technology in a variety of existing industries.

The board of Vela is pleased to confirm that, following the announcements made on 26 August 2015 and 14 October 2015, the Transaction (as defined in the announcement of 26 August 2015) between Northern Aspect Resources Ltd ("NARL"), a company listed on the TSX Venture Exchange, and BTL has received acceptance from the TSX Venture Exchange and the Proposed Transaction has completed with effect from 6 November 2015. Following completion of the Transaction, NARL has changed its name to BTL Group Ltd ("BTL Group") and BTL is now a wholly-owned subsidiary of BTL Group.

Following the completion of the Transaction the Proposed Investment by Vela has now completed and Vela holds a c. 5% equity interest in the fully diluted issued share capital of BTL Group which continues to be listed on the TSX Venture Exchange.

Commenting on the successful completion of the new investment, Antony Laiker, Executive Director, commented:

"Since announcing our intention to invest in BTL in August, knowledge and understanding of what Blockchain is and its applications across a wide range of activities has grown considerably. At the same time BTL has made great strides forward and we look forward to updating shareholders with further news over the coming months."

Guy Halford-Thompson, who has assumed the position of Chief Executive Officer of BTL, said: "Today represents an important milestone for BTL. We are proud to be one of the first blockchain companies to be listed on the TSX Venture Exchange - it is a phenomenal achievement. Critically, we believe this move further validates our assumptions for blockchain technologies, and allows us to maximise our reach, connecting with businesses across the globe."

"The timing of this combination is excellent as the company was recently accepted into Level39, Europe's premier accelerator in Canary Wharf, London, UK," said Brian Hinchcliffe, a founder and director of BTL. "Opened in March 2013 by Boris Johnson, Mayor of London, Level39 is currently Europe's largest technology accelerator space supporting companies within the future cities technology, finance, cyber-securities, and retail sectors. Having BTL at Level39 location allows it to be at the pulse of this international FinTech movement, as it looks to promote the development of blockchain technologies through in-house development and investments in early stage start-ups."

A link to BTL Group's announcement released on 4 November 2015 can be found at: http://www.marketwired.com/press-release/northern-aspect-announces-closing-qualifying-transaction-with-blockchain-tech-ltd-changes-2070484.htm

For the year ended 31 December 2014, NARL had net assets of CAD$39,744 and generated a net loss of CAD$87,000.

About BTL

BTL is a technology company whose current business is focused on developing blockchain technologies to disrupt and transform existing industries. Technology is developed in-house and through BTL's incubator and accelerator programs, based in Vancouver, British Columbia. BTL's first technology platform is a remittance business called Interbit with a focus on leveraging blockchain technology to create rapid and cost effective "cash-in cash-out" settlement solutions between the United Kingdom and target countries.

For further information please contact:

 
 Vela Technologies plc 
 Brent Fitzpatrick, Non-Executive 
  Chairman                            Tel: [phone] 
  Antony Laiker, Director 
 Allenby Capital Limited 
  (Nominated Adviser) 
 Nick Athanas/Katrina Perez/James   Tel: [phone] 
  Reeve 
 
  Vicarage Capital Limited 
  (Broker)                           Tel: [phone] 
  Rupert Williams/Jeremy Woodgate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 06, 2015 03:52 ET (08:52 GMT)