Vela Technologies PLC Update re BTL Group Ltd (3253P)

TIDMVELA

RNS Number : 3253P

Vela Technologies PLC

30 August 2017

30 August 2017

Vela Technologies plc

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

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 made today by BTL Group Ltd ("BTL") regarding Interbit, BTL's proprietary private blockchain technology platform.

Vela holds, as at the date of this announcement, 610,900 common shares in BTL equivalent to approximately 3.3 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 29 August 2017 of BTL's common shares was C$4.03 per share which values Vela's shareholding in BTL at approximately C$2.46 million (equivalent to GBP1.52 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 Announces Launch of Interbit in Beta, Update on Energy Project and Filing of Q2 Financials

VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED KINGDOM--(Marketwired - August 30, 2017) - BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL") is pleased to announce the successful launch of the DX Beta version ("Beta") of its proprietary blockchain platform, Interbit. The Beta sets the goal of demonstrating the developer experience of interacting and building applications directly on Interbit and brings the platform one step closer to being launched in a live commercial environment. Beta is being distributed to a number of selected partners who will be providing critical feedback.

"This is the first time BTL clients and partners have been able to put Interbit directly in the hands of their technical teams, rather than through BTL's development team, and marks a major milestone in Interbit's continued development," said Guy Halford-Thompson, BTL's CEO. "I would like to congratulate the entire development team on achieving this milestone, as well as the business teams who have supported them."

Update on Energy Project

Further to our June 5, 2017 press release, the Company has seen interest from a now larger consortium in the "go-to production phase" of its European energy trading project. The "go-to production phase" is designed to build on the success of the recently completed European energy pilot and if it proceeds, will seek to create a live, commercial version of an energy trading solution that will demonstrate significant cost savings that can be applied across numerous areas of the energy sector.

"The level of interest we are now seeing in the go-to production phase is exciting, but we are committed to keeping the group at a manageable level to ensure we deliver the most value within the aggressive timelines we have set," said Dominic McCann, BTL's Executive Vice-President, Sales & Marketing.

Patent Filings

BTL is preparing patent applications for its Interbit platform, with the expectation that those filings be made by no later than Q4 of this year. Those filings will mark a significant milestone in Interbit's development and enable the Company to provide additional access to the platform to its clients, customers and partners.

Q2 2017 Financials

BTL also announces that it has filed its interim financial statements and Management's Discussion and Analysis for the period ended June 30, 2017, which can be found under BTL's profile on SEDAR ( www.sedar.com ), and which sets forth detailed operating and financial results for the Company.

ABOUT BTL GROUP LTD. AND INTERBIT

Operating from both Canada and the UK, BTL is an enterprise technology platform provider that is developing Interbit, a proprietary private blockchain. Via the 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 and scalable multi-chain technology platform. Via its suite of APIs and smart contracts, Interbit allows businesses from across the world to improve efficiency in trading and operations, accelerate development of internal systems, and embrace new revenue generating opportunities, while providing the high levels of security, resilience and auditability required in regulated enterprise environments.

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://secure.marketwatch.com/story/btl-group-announces-launch-of-interbit-in-beta-update-on-energy-project-and-filing-of-q2-financials-2017-08-30

*Based on the exchange rate as on 30 August 2017 of C$1: GB0.617199.

For further information, please contact:

 
  Vela Technologies plc 
   Brent Fitzpatrick, 
    Non-Executive Chairman     Tel: [phone] 
    Antony Laiker, Director    443 
   Allenby Capital Limited 
    (Nominated Adviser) 
    Nick Athanas/Katrina       Tel: [phone] 
    Perez/Nick Naylor 
   Smaller Company 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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August 30, 2017 08:45 ET (12:45 GMT)