Vela Tech. Share Price (VELA)

TIDM: VELA

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. GBP205,050*).

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."

:-)

Would be nice to have a decent bounce, it feels a bit like a coiled spring atm, ready to go.
Agree come on vela, let’s have it.

A buy? ...... must be otherwise the sp would be much lower. MO is that it balanced off the sells on the same day. Bitcoin back in the mid $10k region. Come on VELA back to the teens.

They still won’t give up those shares cheaply. Mass of sells and the ask has been strong. Normal trading is out of the window today.