Vela Technologies PLC Update on BTL Group Ltd re Interbit (2663J)
March 28 2018 - 7:57AM
UK Regulatory
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: +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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