Vela Technologies PLC Update re. Investment in StreamTV Networks, Inc. (0360J)

TIDMVELA

RNS Number : 0360J

Vela Technologies PLC

30 November 2018

30 November 2018

Vela Technologies plc

("Vela" or the "Company")

Update re. Investment in StreamTV Networks, Inc.

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 yesterday by StreamTV Networks, Inc. ("StreamTV") regarding the finalisation of a long-form strategic agreement between StreamTV and BOE Technology Group Co., Ltd ("BOE") to combine the high-resolution panels of BOE, the number one supplier globally, with StreamTV's Glasses-Free 3D technology, Ultra-D.

Vela holds, as at the date of this announcement, 47,898 Class A Common Shares in StreamTV, following the early loan conversion of the $100,000 Convertible Promissory Notes in StreamTV plus $43,693.16 of interest, in June 2016.

Antony Laiker, Director of Vela, commented: "We have long extolled the quality and benefits of StreamTV's Ultra-D technology. Whilst it has taken longer to reach this point than we envisaged, this joint sales and marketing agreement with BOE, the world's largest panel manufacturer, endorses what StreamTV has been working towards over these last few years."

Extracts of the announcement by Stream TV are copied below:

STREAM TV AND BOE PARTNER TO BRING HIGH-RESOLUTION GLASSES-FREE 3D TO THE 8K GLOBAL MARKET

Philadelphia, PA (November 29, 2018) - Stream TV Networks, Inc. and BOE Technology Group Co., Ltd. are pleased to announce the finalization of their long-form strategic agreement to combine the high-resolution panels of BOE, the number one panel supplier globally, with Stream TV's award-winning Glasses-Free 3D technology, Ultra-D. With the new agreement, BOE is entering into the 3D market hand in hand with Stream TV.

Stream TV Networks and BOE have just concluded a joint press conference in Beijing, attended by Senior Executive Staff from both companies, to showcase the latest versions of Stream TV's Glasses-Free 3D technology. At the press conference, BOE expressed its intention to include Stream TV's technology on their entire series of product lines going forward.

"We have enhanced 8K screens and high-resolution panels (TVs, phones, laptops, tablets, monitors, etc.) to provide an unparalleled viewing experience that brings real value to device makers and their customers," said Mathu Rajan, CEO of Stream TV. "With our partnership with BOE, we will make significant strides in the global 8K market, enabling consumers to have a far-greater viewing experience for all content, on any device."

Widely regarded as the world's best Glasses-Free 3D technology, Stream TV's Ultra-D solution uses advanced optics and powerful rendering algorithms to create a 140-degree viewing angle that gives everyone in the room a crisp, clear, vibrant, and fully adjustable 3D experience without the need for glasses or goggles.

BOE's panels combined with Stream's Ultra-D technology were shown to leading companies in the industry who plan to release products with Ultra-D in 2019.

ABOUT STREAM TV NETWORKS, INC:

Stream TV is a Philadelphia-based technology company. Its breakthrough Ultra-D technology is the only proprietary Glasses-Free 3D solution that delivers both a stunning visual display as well as content conversion from any 2D or 3D source. www.Ultra-D.com

ABOUT BOE:

BOE is a pioneer in the innovation and development of TFT-LCD technologies and dedicates itself to speeding up the progress of new display devices like flexible displays, augmented and virtual reality. BOE aims to create light, slim, energy-saving and environment-friendly products with high-color fidelity, high definition images and wide viewing angles. It is constantly improving the visual experience for mobile phones, tablets, notebooks, monitors, televisions and other devices. http://www.boe.com/en/index/pei.html

For further information, please contact:

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

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November 30, 2018 03:04 ET (08:04 GMT)