Last checked at 4 Dec 2015 09:52
4 December 2015
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, which has developed a technology called Ultra-D that enables the viewing of 3D media without glasses and from any angle.
Vela has been notified by StreamTV Networks of further material progress as it moves towards generating operating cash flow. With production due to commence in the current quarter, StreamTV hopes to quickly generate operating cash flow.
In particular it is worth highlighting the following:
· StreamTV won the "Lumiere Award" from the International 3D and Advanced Imaging Society for technology innovation
· The Small Bonding Line implementation and training went well in anticipation of large volume production of televisions fitted with the Ultra-D technology
· The first certified units have landed in the United States, having passed through US customs and delivered to their client, Inception Digital, for use by clients in digital signage. For more information go to www.inceptiondigital.com
· Several content and gaming companies worldwide are using Ultra-D kits to produce content in the Ultra-D format
· Partnership with CAN Tech Co Ltd to have its live programming and content library converted to the Ultra-D format
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 in respect of this update:
"Since Vela originally invested in October 2013, StreamTV has achieved so much, yet it is only now as large volume production is about to commence that we will start to really see the fruits of their work. We are very excited about the potential for StreamTV to start generating significant real operational cash flow quickly"
For further information please contact:
| |||||||||