Vela Technologies PLC Update on BTL Group Ltd re Interbit (2663J)

TIDMVELA

RNS Number : 2663J

Vela Technologies PLC

28 March 2018

28 March 2018

Vela Technologies plc

("Vela")

Update on BTL Group Ltd re Interbit test launch date

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcement made by BTL Group Ltd ("BTL") yesterday, announcing Interbit, its proprietary next-generation blockchain platform, will be available on 23 April 2018 for testing and feedback.

Vela holds, as at the date of this announcement, 620,000 common shares in BTL equivalent to approximately 2.9 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 27 March 2018 of BTL's common shares was C$4.74 per share which values Vela's shareholding in BTL at approximately C$2.94 million (equivalent to GBP1.61 million*).

Extracts from the BTL announcement are copied below:

BTL(TM) SETS APRIL 23RD AS THE TEST LAUNCH DATE FOR INTERBIT(TM), ITS CHAIN JOINING BLOCKCHAIN PLATFORM

BTL GROUP LTD. (TSXV:BTL) ("BTL" or the "Company") is pleased to announce Interbit, its proprietary next-generation blockchain platform, will be available on April 23, 2018 for testing and feedback. Visitors will be able to access and download Interbit on https://interbit.io.

"Interbit is a token free blockchain platform and its release will further highlight the distinction between blockchain technology and the cyptocurrency markets. Furthermore Interbit's unique chain joining technology is designed to allow users to keep all metadata private in a design framework that is familiar and easy to use, of which both are essential for businesses to truly come to rely on blockchain technology over time," said Tom Thompson, CTO of BTL.

Interbit's unique "chain joining capability" has the capacity to inter-connect many thousands of Interbit blockchains per solution, in a completely private, secure and horizontally scalable manner. BTL developed and built Interbit after determining two years ago that second generation blockchain technologies, such as Ethereum, would not meet the privacy nor the scalability demands of users. Please refer to the Company's October 17, 2017 press release, wherein the Company announced its initial patent filings related to Interbit.

"This represents a key milestone in our BTL journey and we look forward to Interbit bringing unrivalled technology to the market," said Dominic McCann, CEO of BTL. "Subject to completion of security audit and performance testing following its release, Interbit will be available for commercial deployment shortly thereafter."

ABOUT BTL(TM) AND INTERBIT(TM)

Listed on the TSX Venture Exchange (TSX Venture:BTL) and operating from both Canada and the UK, BTL is an enterprise technology platform provider that is developing Interbit, a proprietary third generation blockchain platform. Via Interbit, BTL can help companies greatly reduce risks and costs by securely streamlining existing IT infrastructures. BTL has successfully demonstrated how Interbit can innovate and transform existing business processes for leading companies in the finance, energy and gaming sectors.

Interbit is a fast, private, and scalable inter-connected blockchain platform. Via its suite of APIs and smart contracts, Interbit allows businesses around 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 Calgary, Canada and London, UK, 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

*Based on the exchange rate as on 28 March 2018 of C$1: GB0.5468

For further information, please contact:

 
  Vela Technologies plc 
   Brent Fitzpatrick,         Tel: [phone] 
    Non-Executive Chairman     262 443 
    Antony Laiker, Director 
   Allenby Capital Limited 
    (Nominated Adviser) 
    Nick Athanas/Katrina       Tel: [phone] 
    Perez/Asha Chotai          5656 
   Smaller Company Capital 
    Limited 
    (Broker)                   Tel: [phone] 
    Rupert Williams/Jeremy     2910 
    Woodgate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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March 28, 2018 07:57 ET (11:57 GMT)