Update on investment in BTL Group Ltd

RNS Number : 5743T

Vela Technologies PLC

30 March 2016

 

30 March 2016

Vela Technologies plc

("Vela" or the "Company")

Update on investment in BTL Group Ltd.

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, would like to update shareholders on progress at BTL Group Ltd. ("BTL"), a technology company based in Vancouver, Canada, focused on developing blockchain technologies to disrupt and transform existing industries. BTL announced on 29 March 2016 that it has entered into an agreement with Netcoins Inc. ("Netcoins") to launch in-store remittances, initially in 19 stores across Canada.

Vela currently holds 700,000 shares in BTL representing a c. 5% equity interest in the fully diluted issued share capital of BTL, which is listed on the TSX Venture Exchange.

Extracts from the BTL announcement are copied below.

'VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 29, 2016) - BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL" or the "Corporation") is pleased to announce that it has entered into an agreement with Netcoins Inc. ("Netcoins") to launch in-store remittances, initially in 19 stores across Canada. Remittances will be offered under BTL's Xapcash brand, using Netcoins' in-store terminals to send funds through BTL's proprietary money transfer platform (Interbit). Through its Xapcash brand and this agreement with Netcoins, BTL's blockchain technology aims to offer a seamless money transfer experience, both online and in-store.

"This agreement is a significant step forwards for BTL, and we believe will be the first time blockchain based remittances have been offered in physical stores," commented Guy Halford-Thompson, CEO of BTL. "The ability to offer in-store, as well as online remittances, through our Xapcash platform will significantly increase our customer reach, and we are excited to be working alongside Netcoins and their team."

"We are very excited to be working alongside BTL to bring cost effective money transfers to physical stores," commented Michael Vogel, Netcoins' founder and CEO. "The combination of BTL's money transfer technology and the Netcoins platform will result in a unique remittance platform with significant advantages over existing services."

BTL and Netcoins are working together to bring blockchain based remittances to physical stores, and the integration and testing process is already under way. The first stores are expected to go live at the end of April 2016.

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 from Canada and the United Kingdom to target countries.'

The announcement by BTL can also be found at the following link:

http://blockchaintechltd.com/press/btl-group-ltd-signs-contract-with-netcoins-to-launch-in-store-remittances.html 

Antony Laiker, Executive Director of Vela, made the following statement:

"It comes as no surprise to be able to report to shareholders the further exciting progress by BTL. Being able to extend the offering to both in-store as well as online customers can only assist the development of the Xapcash brand."

For further information please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director Tel: [phone] Allenby Capital Limited (Nominated Adviser) Nick Athanas/Katrina Perez/James Reeve Vicarage Capital Limited (Broker) Rupert Williams/Jeremy Woodgate Tel: [phone] Tel: [phone]

 

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