RCS - Vela Technologies - Non-regulatory: Update re BTL Group Ltd

Vela TechnologiesAnnouncement

16/03/2018 13:30

RNS Number : 0147I
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 2.28 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 InterbitTM, 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 BTLAND INTERBIT
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/YFOH0YEHLakandhttps://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, Non-Executive Chairman
Antony Laiker, Director
Tel: +44 (0) 7802 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Perez/Asha Chotai
Tel: +44 (0) 20 3328 5656
Smaller Company Capital Limited
(Broker)
Rupert Williams/Jeremy Woodgate
Tel: +44 (0) 20 3651 2910

This information is provided by RNS
The company news service from the London Stock Exchange
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