10 December 2013
Vela Technologies plc
("Vela" or the "Company")
Portfolio Update
Vela announces the following updates in relation to its investment portfolio:
Stream TV Networks Inc. ("Stream TV")
Stream TV Networks Inc. has teamed with online electronics giant Newegg Inc. to
support Stream TV's expected retail debut in 1Q2014 with the first public
retail demonstration of its Ultra-D 4K 2160p glasses-free 3D TV technology.
Newegg is well known for bringing new and exciting electronics to the global
market. The one-week special preview at Newegg's new consumer showroom in the
City of Industry, California, offered Newegg customers an opportunity to
experience Stream TV's Ultra-D display in stunning 50-inch 4K clarity.
Integrating a 4K panel into Stream TV's proprietary hardware optical system,
the Ultra-D 2160p display, with 4 times more pixels than a 1080p full HD
screen, is designed to deliver the sharpest 3D experience outside of the cinema
- without any viewing angles, distortion or the need for 3D glasses. Viewers
can watch any type of 2D or 3D source content using Stream TV's real time
conversion algorithms to transform everything into customized 3D without
glasses. The Company has a $100,000 minority shareholding in Stream TV.
eSeekers Limited ("eSeekers")/Disruptive Tech Limited ("DTL")
eSeekers and DTL are expected shortly to complete the business combination
referred to in the Company's 15 August 2013 announcement, giving Vela a 0.63
per cent. interest in DTL. DTL has recently completed an external investment
round to raise £16.0m at a pre-money valuation of £75.0m, allowing it to add to
its holdings in Freeformers, a digital training business, and Deep Ventures, an
accelerator of early stage tech businesses. Both Freeformers and Deep Ventures
are registered in England and Wales and are co-located in London. Vela's £
250,000 investment in eSeekers was made at a Group post-money valuation of £
40.0m.
Portr Limited ("Portr")
The Company has been informed that Portr continues to develop its network of
partnerships and B2B sales channels within the aviation and hospitality
industries to support the launch of the AirPortrâ„¢ service in early 2014. All
required legal and regulatory approvals required to launch AirPortrâ„¢'s
commercial luggage transfer service at Heathrow Airport have now been obtained.
The Company has a £50,000 2 per cent. shareholding in Portr.
Rosslyn Analytics Limited ("Rosslyn")
Rosslyn continues to make progress operationally ahead of its expected
flotation in 2014. The Company has a £115,000 convertible preference share
investment in Rosslyn.
Advance Laser Imaging Limited ("ALI")
The Company has been informed that ALI has won its first commercial contract to
utilise its laser scanning hardware and software applications to produce 360
degree 3D images and models. Vela has a £75,000 6.25 per cent. shareholding in
ALI.
New Corporate Website
Vela is also pleased to announce the re-launch of its company website
www.veltatechplc.com.
Ends
For further Information:
Brent Fitzpatrick, Non-Executive Chairman e-mail brent@lowwave.co.uk
Antony Laiker, Director 0207 330 1885
Vela Technologies plc
ZAI Corporate Finance, Nomad Tel 020 7060 2220
Peter Trevelyan-Clark/
Tim Cofman/Wei Wang
Peterhouse Corporate Finance, Broker Tel 020 7469 0932
Eran Zucker