TIDMVELA
RNS Number : 8081G
Vela Technologies PLC
08 November 2018
8 November 2018
Vela Technologies plc
("Vela" or the "Company")
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
that BTL Group Ltd ("BTL") announced yesterday a development update
on its Interbit(TM) Megachain Platform (Version III).
Vela holds, as at the date of this announcement, 620,000 common
shares in BTL equivalent to approximately 2.6 per cent. of BTL's
issued share capital. BTL is listed on the TSX Venture Exchange, on
which the closing mid-market price on 7 November 2018 of BTL's
common shares was C$2.72 per share which values Vela's shareholding
in BTL at approximately C$1.69 million (equivalent to GBP0.98
million*).
Extracts from the BTL announcement are copied below:
BTL(TM) Provides Development Update on Interbit(TM) Megachain
Platform (Version III)
BTL GROUP LTD. (TSX Venture: BTL) ("BTL" or the "Company") is
pleased to provide an update on its efforts to advance
Interbit(TM), the megachain technology platform it is building with
the objective of being able to run 1,000,000+ chains
simultaneously, and supporting the complex Enterprise level
applications presented to the Company. BTL began development of the
Interbit(TM) platform three years ago to overcome the limitations
of single blockchain platforms. Following the release of
Interbit(TM) (version II) in April 2018, the Company concluded from
feedback that the revenue possibilities and its competitive
position would be enhanced if it significantly increased the
chain-joining and chain generation capacity of the platform. Since
then, the Company has re-architected the Interbit(TM) platform
(version III) towards this unique megachain vision, which it
targets to complete in Q1 of 2019.
"To achieve megachain scale in this current post-blockchain era,
the Interbit(TM) platform has been crafted as a recursive function.
The property of the underlying Interbit(TM) platform to be able to
execute in emulation mode, another running version of itself, is
the purest test of completeness that any software platform can
aspire too. The fractal like nature of the platform allows a
lightness, speed, and a self-healing characteristic well beyond
databases with cryptography, or even single chain blockchains. The
self-proving correctness of recursion is necessary for stable
operation at the megachain scale," said Tom Thompson, CTO of the
Company.
-- In the previous two versions of the Interbit(TM) platform,
chain-joining served to facilitate external interaction, whereas in
the latest iteration of the platform, chain-joining now
characterizes all interaction of internal and external exchanges of
data. As the platform now contemplates operating across fleets of
computers at megachain levels of data exchange and shared
computation, consistent chain-joining across all data exchange
points is required.
-- The Company also advises that it is seeking to come to terms
on a licensing and development arrangement with Helix Applications
Inc. ("Helix"), a newly established application development
company. These arrangements target giving Helix access to the
Interbit(TM) platform and its unique capabilities until platform
development is completed, which is expected in Q1 of 2019.
-- Further, the Company announces that it is in discussions to
be a technology platform provider to a potential joint venture that
includes Helix and a significant technology party, which proposes
to launch a project global in reach and the Interbit(TM) platform's
megachain capacity could be uniquely capable of a technical
solution. The Company regards the joint venture discussions to be
advanced and expects discussions to be successfully completed.
-- On September 20, 2018 the Company announced the filing of a
sixth patent application for the Interbit(TM) platform - the
"Hyperconvergence Application". The Company commenced filing patent
applications for the platform in October of 2017 (see the Company's
October 17, 2017 press release) and accordingly has recently filed
International applications for those patents.
-- Using the technical knowledge from this sixth patent
application and the lightness afforded by the Interbit(TM)
platform's recursive design, we expect to able to increase the
concurrency and elasticity of Interbit(TM) platform solutions,
thereby achieving megachain scale on the platform.
-- In addition a clear endpoint for development of the
Interbit(TM) platform has been set - when it can run a megachain
scale demonstration, fully emulated inside of another megachain
solution, and the system correctness is self-proving, the platform
will be ready for external auditing for production deployments.
The Company will issue additional press releases should it come
to definitive terms on the licensing and development arrangement
with Helix and should it finalize terms for its involvement in the
above mentioned joint venture.
ABOUT BTL(TM) AND INTERBIT(TM)
Listed on the TSX Venture Exchange (TSX Venture: BTL) and
operating from both Canada and the UK with offices in Vancouver,
Calgary and London, BTL is a technology platform provider that owns
the Interbit(TM) platform, a 3(rd) generation blockchain platform
which enables business applications to be built quickly, easily and
securely.
The Interbit(TM) platform can be licensed by developers and
businesses who can build and share their own applications in a
trusted ecosystem, allowing them to embrace new revenue generating
opportunities. Interbit(TM) meets the speed, scale and privacy that
older generations of blockchain technology cannot achieve by using
its chain joining technology to connect multiple blockchains. It
offers a simpler, more secure, new way of computing.
Website: www.btl.co & www.interbit.io
Twitter: https://twitter.com/blockchainltd &
https://twitter.com/interbit
Videos: https://youtu.be/YFOH0YEHLak &
https://youtu.be/eWI-0AXaZgc
For further information please contact:
Dominic McCann, CEO
Phone: +1 855 256 5246
Email: dominic@btl.co
Certain statements in this release are forward-looking
statements, which include further development of BTL's business
relationships and business and the timing, development. launch and
success of BTL's technologies and products (including, without
limitation, successful development of the Interbit platform such
that it can support 1,000,000+ blockchains running simultaneously),
approval of the patent applications filed by BTL and the patents
granted in connection therewith, coming to definitive terms with
Helix on a licensing and development arrangement, finalizing terms
for involvement in the mentioned joint venture, and other matters.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, estimates, forecasts,
projections and other forward-looking statements will not occur.
These assumptions, risks and uncertainties include, among other
things, the state of the economy in general and capital markets in
particular, the development of competitive technologies, the
marketplace acceptance of BTL's technologies and products, as well
as those risk factors discussed or referred to in BTL's annual
Management's Discussion and Analysis for the year ended December
31, 2017 available at www.sedar.com, many of which are beyond the
control of BTL. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release
are made as of the date of this press release. Except as required
by law, BTL disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Additionally, BTL undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of
the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
*Based on the exchange rate as on 8 November 2018 of C$1:
GBGBP0.582
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7802
262 443
Brent Fitzpatrick, Non-Executive
Chairman
Antony Laiker, Director
Allenby Capital Limited Tel: +44 (0) 20 3328
(Nominated Adviser) 5656
Nick Athanas/Asha Chotai
Smaller Company Capital Limited Tel: +44 (0) 20 3651
(Broker) 2910
Rupert Williams/Jeremy Woodgate
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUWSURWSAARAA
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