Vela Technologies PLC Update re BTL Group Ltd (1364U)

TIDMVELA

RNS Number : 1364U

Vela Technologies PLC

13 January 2017

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

13 January 2017

Vela Technologies plc

("Vela", the "Company" or the "Group")

Update re BTL Group Ltd - pilot project with leading energy company

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcement released yesterday by BTL Group Ltd ("BTL") which provided details on BTL's blockchain pilot project with a leading energy company and an update on BTL's previously announced pilot in the finance and banking space. Vela announced details on BTL's project with Visa Europe Collab on 2 September 2016.

Vela currently holds 783,332 common shares in BTL equivalent to approximately 4.6 per cent. of BTL's the issued share capital of BTL, which is listed on the TSX Venture Exchange. On 12 January 2017 the closing mid-market price of BTL's shares on the TSX Venture Exchange was C$1.23 per share which valued Vela's shareholding in BTL at approximately C$963,000 (equivalent to approximately GBP600,000 at the prevailing exchange rate*).

Extracts from the BTL announcement are copied below.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 12, 2017) - BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL" or the "Corporation) is pleased to announce it has completed a revenue generating pilot project with a leading, global energy company and provides an update on its previously announced pilot in the finance and banking space.

Pursuant to this energy pilot, BTL developed internal use cases for blockchain solutions in the client's oil and energy trading division. The collaboration aims was to identify areas internal to their business in which BTL's blockchain platform, Interbit, can enable significant efficiency and related cost savings.

BTL and the client are now jointly assessing further commercialization strategies for the Interbit platform in the energy trading space for the benefit of both BTL and the client.

In the finance sector, BTL is working with large financial companies and banks, to progress the initial pilot announced last year (see the Corporation's September 1, 2016 press release), which generates revenues for BTL. This development brings BTL one step closer to proving the concept of how a blockchain based interbank payment network can reduce costs.

Guy Halford-Thompson, Chief Executive Officer and Co-Founder of BTL said:

"We've had a fantastic start to 2017 and are very excited to have built credibility that allows us to continue to make groundbreaking progress in the financial space. On top of this, we are equally as excited to complete another globally significant blockchain pilot, this time with a leading energy company. Our work in the energy sector is further proof that blockchain and Distributed Ledger Technology has potential to significantly transform this space. We are confident that if our Interbit platform were to be commercially deployed, it would improve energy trading efficiency in the energy trading space."

BTL's Interbit platform is central to both the energy and financial initiatives. Interbit is a ground breaking open protocol platform that can process significant volumes of transactions at exceptional speeds. Its ability to unify financial infrastructures not only allows fast, secure settlement and payments globally, but has built in compliance that allows regulatory oversight.

Guy Halford-Thompson continued:

"By continuing our work in the finance space and adapting our technology to the energy sector, as well as having established our blockchain solutions in the gaming sector, we are demonstrating the versatility and robustness of our Interbit settlement and trading platform. We are working to increase Q1 2017 revenues as compared to Q4 2016 and take the next step towards commercialization of our Interbit platform."

ABOUT BTL GROUP LTD

Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries, in particular the finance, energy and gaming sectors. BTL has built prototypes that showcase the capabilities of its Interbit platform, a proprietary blockchain based interbank payment network and settlement and asset trading solution.

Interbit is an open, multi-chain, asset settlement platform with a suite of APIs and smart contracts that allow businesses from across the world to provide global access to fast, secure, and auditable financial and asset trading services.

With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the blockchain ecosystem, providing advice and knowledge to industry leaders.

*Based on the exchange rate as at 13 January 2017 of 1 C$ being equal to 0.623211 GBP.

For further information, please contact:

 
  Vela Technologies plc 
   Brent Fitzpatrick, 
    Non-Executive Chairman     Tel: +44 (0) 
    Antony Laiker, Director    7802 262 443 
   Allenby Capital Limited 
    (Nominated Adviser) 
    Nick Athanas/Katrina       Tel: +44 (0) 
    Perez/Nick Naylor          20 3328 5656 
   Smaller Company Capital 
    Limited 
    (Broker)                   Tel: +44 (0) 
    Rupert Williams/Jeremy     20 3651 2910 
    Woodgate 
 

*

This information is provided by RNS

The company news service from the London Stock Exchange

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January 13, 2017 05:20 ET (10:20 GMT)