VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED KINGDOM--(Marketwired - Aug. 30, 2017) - BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL" or the "Company") is pleased to announce the successful launch of the DX Beta version ("Beta") of its proprietary blockchain platform, Interbit. The Beta sets the goal of demonstrating the developer experience of interacting and building applications directly on Interbit and brings the platform one step closer to being launched in a live commercial environment. Beta is being distributed to a number of selected partners who will be providing critical feedback.
"This is the first time BTL clients and partners have been able to put Interbit directly in the hands of their technical teams, rather than through BTL's development team, and marks a major milestone in Interbit's continued development," said Guy Halford-Thompson, BTL's CEO. "I would like to congratulate the entire development team on achieving this milestone, as well as the business teams who have supported them."
Update on Energy Project
Further to our June 5, 2017 press release, the Company has seen interest from a now larger consortium in the "go-to production phase" of its European energy trading project. The "go-to production phase" is designed to build on the success of the recently completed European energy pilot and if it proceeds, will seek to create a live, commercial version of an energy trading solution that will demonstrate significant cost savings that can be applied across numerous areas of the energy sector.
"The level of interest we are now seeing in the go-to production phase is exciting, but we are committed to keeping the group at a manageable level to ensure we deliver the most value within the aggressive timelines we have set," said Dominic McCann, BTL's Executive Vice-President, Sales & Marketing.
BTL is preparing patent applications for its Interbit platform, with the expectation that those filings be made by no later than Q4 of this year. Those filings will mark a significant milestone in Interbit's development and enable the Company to provide additional access to the platform to its clients, customers and partners.
Q2 2017 Financials
BTL also announces that it has filed its interim financial statements and Management's Discussion and Analysis for the period ended June 30, 2017, which can be found under BTL's profile on SEDAR (www.sedar.com), and which sets forth detailed operating and financial results for the Company.
ABOUT BTL GROUP LTD. AND INTERBIT
Operating from both Canada and the UK, BTL is an enterprise technology platform provider that is developing Interbit, a proprietary private blockchain. Via the Interbit platform, BTL can help companies greatly reduce risks and costs by securely streamlining existing IT infrastructures. To date, BTL has successfully demonstrated how Interbit can innovate system processes for leading companies in the finance, energy and gaming sectors.
Interbit is a fast, encrypted and scalable multi-chain technology platform. Via its suite of APIs and smart contracts, Interbit allows businesses from across the world to improve efficiency in trading and operations, accelerate development of internal systems, and embrace new revenue generating opportunities, while providing the high levels of security, resilience and auditability required in regulated enterprise environments.
With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the blockchain ecosystem, partnering with and enabling enterprises on Interbit in order to improve their existing IT systems.
Certain statements in this release are forward-looking statements, which include further development of BTL's business relationships and business, the launch of a "go-to production phase" of the Company's European energy trading project, the timing and filing of patent applications relating to Interbit and the success of those applications, the development and success of BTL's technologies and products, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of BTL's technologies and products, as well as those risk factors discussed or referred to in BTL's annual Management's Discussion and Analysis for the year ended December 31, 2016 available at www.sedar.com, many of which are beyond the control of BTL. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BTL disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BTL undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.