Update re. Interbit Ltd

RNS Number : 3175G

Vela Technologies PLC

22 July 2019

 

RNS Reach

22 July 2019

Vela Technologies plc

("Vela")

Update re. Interbit Ltd - update on CitizenOS Project with Xinova LLC and Helix Applications Inc

The Board of Vela (AIM: VELA) notes today's announcement by Interbit Ltd ("Interbit") (formerly called BTL Group Ltd), providing an update on its CitizenOS Project with Xinova LLC and Helix Applications Inc.

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 19 July 2019 was C$0.54 per share. This values Vela's shareholding in Interbit at C$334,800 (equivalent to c. £205,530*).

Extracts from the Interbit announcement are copied below:

Interbit™ Provides an Update on CitizenOS Project With Xinova, LLC and Helix Applications Inc.

CALGARY, Alberta and LONDON, July 22, 2019 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX Venture: IBIT) (the "Company") is pleased to provide an update with regards to the CitizenOS Project, which is a smart cities initiative it joined with Xinova, LLC ("Xinova") and Helix Applications Inc. ("Helix"). As described in the Company's November 29, 2018 press release announcing it had joined the CitizenOS venture (the "Venture"), the Interbit^TM platform is expected to serve as the software platform upon which the CitizenOS Project will provide new infrastructure and the latest Interbit of Things (IoT) technology solutions to cities and state groups in a citizen privacy friendly manner.

The Venture has entered into a letter of intent with Tomo Spaces Inc. ("Tomo"), developer of River Market, located in New Westminster, British Columbia, regarding collaboration in a pilot project involving data analysis and the latest sensor technology.  This project represents a particularly exciting opportunity for the CitizenOS Project and represents the first customer for the Venture.  Launch of this project is subject to execution of more definitive documentation between the Venture and Tomo, which the parties are currently working towards. 

"Our team is excited to work with CitizenOS," says Mark Shieh, Director of Tomo. "These new tools will enable us to see in depth how people use River Market as a community hub. This new way of understanding social interactions will help us cultivate more vibrant places."

"As we develop the technical solutions that will deploy the CitizenOS Project at large scale, it is important to demonstrate value and operating principles in a more managed smaller environment first," said Chal Davidson, Venture Manager for Xinova. "Partnering with Tomo in respect to its River Market will be a wonderful opportunity for us. River Market is a microcosm of a city and provides a controlled environment for our technology as we learn to help cities understand how communities develop and make better decisions with their citizens." 

Scott Maxwell, COO of the Company added, "Projects, such as the one proposed with Tomo, will allow the Company to receive the feedback and performance metrics it requires to advance its development of the Interbit^TM platform."

The Venture also has ongoing discussions with a number of other groups and cities in Asia, Europe and the United States.

ABOUT RIVER MARKET

Located in the heart of New Westminster, River Market offers more than 70,000 square feet of shopping, eating and playing, all right next to the mighty Fraser River. Since 1892, New Westminster has had a bustling market along the riverfront. First opened in 1985 as Westminster Quay Public Market, this marketplace pioneered a food-led revitalization to become a hub for community life. Today, it showcases 25 of British Columbia's best independent restaurants, shops, and schools all under one roof.

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 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, the timing, negotiation and execution of more definitive documentation between the Venture and Tomo, the launch of the pilot project with Tomo at its River Market facility, 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 22 July 2019 of C$1: GB£0.6139.

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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