VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED KINGDOM--(Marketwired - May 2, 2017) - BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL") is pleased to provide a progress update and strategic outline for the rollout of Interbit, its proprietary private blockchain technology platform, in a Beta version during the upcoming third quarter of this fiscal year.
"We are very proud of what we've achieved at BTL to date, which includes getting our Interbit platform to the Alpha state, along with funding in place to support development of the next phase. Having successfully completed pilot projects in the energy sector, and the finance space with Visa, we are more confident in our blockchain technology than we've ever been and have a more transparent roadmap for Interbit's route to market," said Guy Halford-Thompson, BTL's Co-Founder and Chief Executive Officer. "We have built the Interbit platform specifically with enterprise in mind to help companies overcome many of the challenges they face today such as the high cost of maintaining legacy IT frameworks, speed of data transfer, data loss, reconciliation and cybersecurity," he continued.
Following on from the success of pilot projects in 2016, BTL has been able to set a clear strategy for the 2017 financial and calendar year. In Q3 2017, which starts in July, BTL plans to accelerate Interbit's go to market strategy by launching a Beta version of the platform, and shifting the focus onto enabling key clients to build their own applications on Interbit directly.
"We believe that enabling key clients to build on Interbit will create a growing pipeline of new business for BTL. Having successfully raised CAD$3,105,000 during our latest fundraise completed in April 2017, we have the ability to ramp up our technical resources and expand our teams in both Canada and the UK. By adding the right people to our highly experienced blockchain technology team, our aim is that BTL and our Interbit platform will become a leading technology solutions provider," added Guy Halford-Thompson.
During 2016, BTL's highlights have been the successful completion of pilot projects with major global enterprises in both the finance and energy spaces. In these pilot projects, BTL has used its Interbit platform to demonstrate how it can use innovative processes to vastly reduce the complexity of transactional IT infrastructure, thus reducing risk and costs for enterprises.
In January 2017, BTL successfully launched the Alpha version of Interbit to undertake a European energy pilot. With this pilot past the halfway mark, the focus is to develop the framework for a commercial product and operating model for the conclusion of the pilot.
BTL also announces that it has filed its audited consolidated financial statements and Management's Discussion and Analysis for the year 31st December 2016, which can be found under BTL's profile on SEDAR (www.sedar.com), and which sets forth detailed operating and financial results for BTL.
ABOUT BTL GROUP LTD AND INTERBIT
Operating from both Canada and the UK, BTL is an enterprise technology platform provider that has built Interbit, a proprietary private blockchain. Via its 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, scalable, private, but open, multi-chain technology platform. Via its suite of APIs and smart contracts Interbit allows businesses from across the world to improve efficiency by securely trading and auditing assets in compliance with relevant regulations.
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 development and timing of the launch of the Beta version of Interbit, 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, and other factors, 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.