Update on investment in StreamTV Networks

RNS Number : 6652L

Vela Technologies PLC

13 January 2016

 

13 January 2016

Vela Technologies plc

("Vela" or the "Company")

Update on investment in StreamTV Networks Inc.

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 StreamTV Networks Inc. ("StreamTV") following the Consumer Electronics Show (CES) in Las Vegas, where StreamTV exhibited its Ultra-D technology, which allows 3D television to be viewed without the need for glasses and from any angle.

Vela would like to highlight an interview with Raja Rajan, the COO of StreamTV, which updates where StreamTV is with regards to the technology, manufacturing and market opportunities.

The interview can be listened to at: http://www.bootcamp.com/interview.jsp?interviewId=2526 

In summary, StreamTV is now in a position to confirm that, in conjunction with Pegatron, the Asia-based designer and manufacturer to companies like Apple, Microsoft and various major TV brands, StreamTV's products are currently in production and it is expected these will be shipped from this month to customers.

For consumers the technology is planned to be affordable and natural, with the degree of 3D adjustable to suit individual needs just like a volume control. The technology will also enable consumers to convert 2D content to 3D. The ability to do this opens up the possibility of using the technology at live events for the immediate conversion of 2D to 3D.

Vela made a minority investment of $100,000 in StreamTV in October 2013 by way of a convertible loan note. The loan notes accrued interest at the rate of 12% annually until 31 December 2014 and are currently accruing interest at the rate of 13% annually. The final maturity date on the loan notes is 1 August 2016.

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

"Vela is delighted to be able to update shareholders on progress at StreamTV. The board of Vela believe that this product is truly disruptive and transformational. It addresses two major issues. Firstly, 3D technology is not all about things jumping out of screens at the viewer. Secondly, the conversion of 2D to 3D resolves the issue of there not being sufficient product. In summary, this technology offers a 'natural' viewing of content in 3D at home and enhances that content in a way not previously available."

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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