Vela Technologies PLC Non-regulatory: Update re BTL Group Ltd
March 16 2018 - 9:25AM
RNS Non-Regulatory
TIDMVELA
Vela Technologies PLC
16 March 2018
16 March 2018
Vela Technologies plc
("Vela")
Non-regulatory: Update re BTL Group Ltd
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments, notes
the announcement made yesterday by BTL Group Ltd ("BTL") confirming
that BTL continues to advance towards near-term release of
Interbit, its proprietary blockchain technology platform.
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 15 March 2018 of BTL's common
shares was C$6.71 per share which values Vela's shareholding in BTL
at approximately C$4.16 million (equivalent to GBP2.28
million*).
Extracts from the BTL announcement are copied below:
BTL GROUP LTD. (TSXV:BTL) ("BTL" or the "Company"), at the
request of IIROC, wishes to confirm that it is not aware of any
corporate development, news or undisclosed material change to the
Company or its operations that would account for the recent
volatility in the stock market activity.
"The Company continues to advance towards near-term release of
Interbit(TM) , its proprietary blockchain technology platform,
however, clearly our stock price has been greatly impacted by the
financial flows in the unrelated cryptocurrency markets over the
last six months," stated Brian Hinchcliffe, Executive Chairman of
the Company.
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 next 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
Videos: https://youtu.be/YFOH0YEHLak and
https://youtu.be/wx-ZOzzNx1U
*Based on the exchange rate as on 16 March 2018 of C$1:
GB0.5475
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick, Tel: +44 (0) 7802
Non-Executive Chairman 262 443
Antony Laiker, Director
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0) 20 3328
Perez/Asha Chotai 5656
Smaller Company Capital
Limited
(Broker) Tel: +44 (0) 20 3651
Rupert Williams/Jeremy 2910
Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 16, 2018 09:25 ET (13:25 GMT)
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