VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED KINGDOM--(Marketwired - June 5, 2017) - BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL") is pleased to announce it is taking steps towards a go-to production phase on its Interbit platform, following the successful completion of its European energy trading pilot with BP, Eni Trading & Shipping and Wien Energie. The intense, 12 week pilot involved building out an energy trading confirmation solution on BTL's Interbit platform, which was successful in all 8 test scenarios. The pilot proved that Interbit can streamline many trading and back office processes across the energy trade lifecycle.
Along with its clients, BTL is now extending invitations to additional energy companies who will be invited to the 6 month go-to production phase, where BTL and participating companies would work to launch a live, commercial version of the energy trading solution.
By running BTL's Interbit platform in parallel with each company's existing systems, this phase would seek to take the completed pilot forward, with the aim to integrate Interbit and its energy trading solution into live environments.
The pilot has also enabled those participating companies to assess other areas of their business in which they can use BTL's Interbit platform, and BTL is now actively working with select participants to explore applications of Interbit across additional business units.
"At BTL we truly believe that, by using blockchain technology and our proprietary platform, Interbit, there is a better and more efficient way for enterprises to build applications," said Guy Halford-Thompson, BTL's Co-Founder and CEO. "Having demonstrated the reductions in risk and cost savings that are achievable we now have an opportunity to deliver the first successful blockchain based application to the energy market. We are also very excited that the pilot has enabled participating companies to better understand the benefits of Interbit and identify other areas in their organizations where they can apply it."
"We are very passionate about the innovation that our technology can achieve in the energy sector and welcome new participants to join us and other leading global energy companies in the next phase of development, via this open invitation," added Hugh Halford-Thompson, BTL's Co-Founder and CIO.
"The pilot project showed how BTL's blockchain platform, Interbit can be used to innovate in the field of energy trading," said Andrew Woosey, Partner at EY, which provided consulting support to the pilot. "Use of such technology can help by streamlining back office processes, leading to reduced risk, better protection against cyber threats and ultimately significant cost savings. Further engineering and organisational effort is needed to achieve these outcomes."
BTL's Interbit platform automates many back office processes such as confirmations, actualisations, invoice generation, settlement, audit, reporting and regulatory compliance allowing enterprises to significantly reduce risk, costs and the threat of cyber-attack, as well as increasing their trading opportunities.
BTL and pilot participants are working in the near term to finalize the terms and participants of the go-to production phase, but there is no assurance that the go-to production phase will proceed as described herein.
Companies interested in participating in the go-to production phase should contact Hugh Halford-Thompson at firstname.lastname@example.org or +447789231917.
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.
BTL's current focus is advancing the development of Interbit, with a Beta release scheduled for Q3 of this year.
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 and the development and success of BTL's technologies and products, including the ability to attract other participants to the go-to production phase of the energy pilot, that the go-to production phase will actually proceed, 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.
+44 (0) 20 7100 0850
+1 855 256 5246