Vela Technologies PLC Investment in BTL Group Ltd (8280E)
06 November 2015 - 9:52AM
UK Regulatory
TIDMVELA
RNS Number : 8280E
Vela Technologies PLC
06 November 2015
Vela Technologies plc
("Vela" or the "Company")
Investment in BTL Group Ltd
Vela Technologies plc (AIM: VELA), the investing company focused
on early stage and pre-IPO disruptive technology investments,
announced on 26 August 2015 a proposed investment of GBP175,000 to
acquire an equity stake in Blockchain Tech Limited ("BTL"), a
technology company incorporated in the Isle of Man (the "Proposed
Investment"). BTL, headquartered in Vancouver, Canada, is exploring
applications of blockchain technology in a variety of existing
industries.
The board of Vela is pleased to confirm that, following the
announcements made on 26 August 2015 and 14 October 2015, the
Transaction (as defined in the announcement of 26 August 2015)
between Northern Aspect Resources Ltd ("NARL"), a company listed on
the TSX Venture Exchange, and BTL has received acceptance from the
TSX Venture Exchange and the Proposed Transaction has completed
with effect from 6 November 2015. Following completion of the
Transaction, NARL has changed its name to BTL Group Ltd ("BTL
Group") and BTL is now a wholly-owned subsidiary of BTL Group.
Following the completion of the Transaction the Proposed
Investment by Vela has now completed and Vela holds a c. 5% equity
interest in the fully diluted issued share capital of BTL Group
which continues to be listed on the TSX Venture Exchange.
Commenting on the successful completion of the new investment,
Antony Laiker, Executive Director, commented:
"Since announcing our intention to invest in BTL in August,
knowledge and understanding of what Blockchain is and its
applications across a wide range of activities has grown
considerably. At the same time BTL has made great strides forward
and we look forward to updating shareholders with further news over
the coming months."
Guy Halford-Thompson, who has assumed the position of Chief
Executive Officer of BTL, said: "Today represents an important
milestone for BTL. We are proud to be one of the first blockchain
companies to be listed on the TSX Venture Exchange - it is a
phenomenal achievement. Critically, we believe this move further
validates our assumptions for blockchain technologies, and allows
us to maximise our reach, connecting with businesses across the
globe."
"The timing of this combination is excellent as the company was
recently accepted into Level39, Europe's premier accelerator in
Canary Wharf, London, UK," said Brian Hinchcliffe, a founder and
director of BTL. "Opened in March 2013 by Boris Johnson, Mayor of
London, Level39 is currently Europe's largest technology
accelerator space supporting companies within the future cities
technology, finance, cyber-securities, and retail sectors. Having
BTL at Level39 location allows it to be at the pulse of this
international FinTech movement, as it looks to promote the
development of blockchain technologies through in-house development
and investments in early stage start-ups."
A link to BTL Group's announcement released on 4 November 2015
can be found at:
http://www.marketwired.com/press-release/northern-aspect-announces-closing-qualifying-transaction-with-blockchain-tech-ltd-changes-2070484.htm
For the year ended 31 December 2014, NARL had net assets of
CAD$39,744 and generated a net loss of CAD$87,000.
About BTL
BTL is a technology company whose current business is focused on
developing blockchain technologies to disrupt and transform
existing industries. Technology is developed in-house and through
BTL's incubator and accelerator programs, based in Vancouver,
British Columbia. BTL's first technology platform is a remittance
business called Interbit with a focus on leveraging blockchain
technology to create rapid and cost effective "cash-in cash-out"
settlement solutions between the United Kingdom and target
countries.
For further information please contact:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman Tel: +44 (0) 7802 262 443
Antony Laiker, Director
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Perez/James Tel: +44 (0) 20 3328 5656
Reeve
Vicarage Capital Limited
(Broker) Tel: +44 (0) 20 3651 2910
Rupert Williams/Jeremy Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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