Update re. Interbit Ltd - patent strategy update

RNS Number : 1520G

Vela Technologies PLC

19 July 2019

 

RNS Reach

19 July 2019

Vela Technologies plc

("Vela")

 Update re. Interbit Ltd - patent strategy update

The Board of Vela (AIM: VELA) notes the announcement by Interbit Ltd ("Interbit") (formerly called BTL Group Ltd) on 18 July 2019, providing an update on its patent strategy.

Vela owns 620,000 common shares in Interbit equivalent to approximately 2.6 per cent. of Interbit's issued share capital. Interbit is listed on the TSX Venture Exchange, on which the closing mid-market price on 18 July 2019 was C$0.54 per share. This values Vela's shareholding in Interbit at C$334,800 (equivalent to c. £205,050*).

Extracts from the Interbit announcement are copied below:

Interbit(TM) Provides Patent Strategy Update

LONDON, July 18, 2019 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX Venture: IBIT) (the "Company") is pleased to announce it has now received patentability opinions for five of the six Patent Cooperation Treaty ("PCT") applications made by the Company for its InterbitTM platform. The Company's patent strategy has been to seek to protect the unique features of its product which seeks to capture large scale virtualization of blockchains through its multi-chain software architecture (please see the Company's April 25, 2019 news release).

The Company has recently received a favorable patentability opinion for its "Chainception" PCT application, wherein all three requirements for patentability (novelty, inventive steps and industrial application) appear to be met. Chainception refers to the process of hosting a new blockchain using an existing blockchain node, a necessary step for any multi-chain architecture.

Patentability opinions have also been received for its PCT applications directed at: (i) "Hypervisor" - virtualization technology for blockchains; (ii) "Hyperconvergence" - controlling resources attached to other Interbit blockchains; (iii) "Payload Layer" - storing multiple Gbytes of data in conjunction with a blockchain; and (iv) "Side Effects" - allowing the blockchain to interact with sensors and other hardware in a distributed blockchain denominated manner. These opinions included findings that certain claims in the applications were novel and inventive and others were not. The Company plans to file amendments to these PCT applications in August and to request revised opinions.

"Interbit's platform and asset building strategy is focused both on advancing the performance of its multi-chain software platform and developing patent protection around the product developments we are achieving," said Scott Maxwell, COO of the Company. "Interbit's ambitions are to build the multi-chain format technology that will be able to offer a level of data management, privacy and security that meets the demands of evolving regulations such as GDPR, as well as the technology infrastructure advances of 5G and Edge computing."

ABOUT THE COMPANY

The Company is a technology platform provider listed on the TSX Venture Exchange and operating from both Canada and the UK with offices in Calgary and London.

For further information please contact:

Dominic McCann, CEO
Phone: [phone]
Email: [e-mail]
Website: www.interbit.io

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this release are forward-looking statements, which include receipt of patents in connection with the Company's patent applications, receipt of favorable patentability opinions upon completion of amended PCT applications, timing of filing amended PCT applications, further development of the Company's business relationships and business and the timing, development, launch and success of the Company's technologies and products (including, without limitation, successful development and commercialization of the Interbit^TM platform), 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 the Company's technologies and products, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended December 31, 2018 available at www.sedar.com, many of which are beyond the control of the Company. 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, the Company 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, the Company 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 19 July 2019 of C$1: GB£0.61245.

For further information, please contact:

Vela Technologies plc	Tel: [phone]
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director
Allenby Capital Limited (Nominated Adviser)	Tel: [phone]
Nick Athanas/Asha Chotai
Smaller Company Capital Limited (Joint Broker)	Tel: [phone]
Rupert Williams/Jeremy Woodgate
SVS Securities Limited (Joint Broker)	Tel: [phone]
Elliot Hance

About Vela Technologies

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. There are currently 12 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has also started to focus on existing listed companies where valuations may offer additional opportunities. 

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