Business
Update on investment in BTL Group Ltd
Update on investment in BTL Group Ltd.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 5743T Vela Technologies PLC 30 March 2016 \n\n30 March 2016\nVela Technologies plc\n(\"Vela\" or the \"Company\")\n \nUpdate on investment in BTL Group Ltd.\nThe 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. \nVela 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.\nExtracts from the BTL announcement are copied below.\n'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.\n\"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.\"\n\"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.\"\nBTL and Netcoins are working together to...