REG - Vela Technologies - Investment in Ethernity Networks Ltd

Vela TechnologiesAnnouncement

20/01/2023 12:30

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RNS Number : 4374N  Vela Technologies PLC  20 January 2023

20 January 2023

Vela Technologies plc

("Vela" or "the Company")

 

Investment in Ethernity Networks Ltd

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on
early stage and pre-IPO disruptive technology investments, announces that the
Company has invested £49,000 in Ethernity Networks Ltd ("Ethernity") through
the purchase of 700,000 ordinary shares. The investment has been made as part
of a £1.55 million placing undertaken by Ethernity, details of which were
announced by Ethernity on 17 January 2023.

Further information on Ethernity

Ethernity is a leading provider of networking and security software solutions
on Field Programmable Gate Arrays (FPGAs), incorporated into SoCs, SmartNICs,
and network appliances. Ethernity was founded in 2004 and has its technology
deployed in over 700,000 systems worldwide, connecting over 100 million end
users. With global headquarters in Airport City, Israel, Ethernity is traded
on the AIM market of the London Stock Exchange.

Ethernity delivers innovative software solutions for networking and security,
ported on any FPGA. Ethernity offer complete data processing solutions with a
rich set of networking features, robust security, and a wide range of virtual
functions to optimise and accelerate telco/cloud networks. Its complete
solutions, which are being implemented, facilitate the deployment of edge
computing, 5G, IoT, and NFV.

As the holder of five US patents for its technology, Ethernity is positioned
to enable the delivery of optimised offerings that can not only accelerate
network performance but can also save its customers on their operating
expenses, such as power consumption and physical space, by reducing the
required number of computer server CPU cores.

For the year ended 31 December 2021, Ethernity reported a loss before taxation
of $9.2 million. Ethernity's unaudited net assets as at 30 June 2022 were $9.6
million.

Details of the investment

Vela has purchased 700,000 ordinary shares of NIS 0.001 each in Ethernity, at
a price of 7 pence per share for a total cost to the Company of £49,000,
satisfied from the Company's existing cash resources.

Settlement of Vela's investment took place earlier today, in accordance with
the details announced by Ethernity on 17 January 2023.

Vela's investment is part of a placing for Ethernity that successfully raised
£1.55 million (before expenses) for the company. In addition, Ethernity
raised £0.1 million by way of a broker option, as announced by Ethernity on
19 January 2023.

Following this purchase, Vela holds 700,000 ordinary shares in Ethernity
representing 0.68 per cent. of Ethernity's current issued share capital.

For further information, please contact:

 

 Vela Technologies plc                        Tel: +44 (0) 7410 886830

 Brent Fitzpatrick, Non-Executive Chairman

 James Normand, Executive Director

 Allenby Capital Limited (Nominated Adviser)  Tel: +44 (0) 20 3328 5656
 Nick Athanas / Piers Shimwell

 Peterhouse Capital Limited (Broker)          Tel: +44 (0) 20 7469 0930
 Lucy Williams / Duncan Vasey / Eran Zucker

 Novus Communications (PR and IR Adviser)     Tel: +44 (0) 20 7448 9839
 Alan Green / Jacqueline Briscoe

 

About Vela Technologies

 

Vela Technologies plc (AIM: VELA) is an investing company focused on early
stage and pre-IPO long term disruptive technology investments. Vela's
investee companies have either developed ways of utilising technology or are
developing technology with a view to disrupting the businesses or sector in
which they operate. Vela Technologies will also invest in already-listed
companies where valuations offer additional opportunities.

 

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