Welcome!

News Feed Item

BTL Group Announces First Significant Revenue and Completion of Warrant Exercise Incentive Program

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/30/16 -- BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL" or the "Corporation") is pleased to announce that in the third quarter ended September 30, 2016 it has booked its first revenue, and also announces that it has successfully completed its previously announced warrant exercise incentive program.

Q3 Financial Results

The Corporation has filed its interim financial statements and Management's Discussion and Analysis for the third quarter ended September 30, 2016, which can be found under the Corporation's profile on SEDAR (www.sedar.com).

Though modest and covering roughly a third of our third quarter expenses, BTL is pleased to report its first revenue, resulting from a ground breaking fintech pilot project (see BTL's September 1, 2016 press release). Additionally, we are pleased to report that other groundbreaking pilot projects in different industries have advanced, creating a supportive foundation that should see additional revenue build in future quarters.

"Marking the third quarter of 2016 as the first significant revenue generating quarter for BTL, whilst modest in nature, represents a milestone for the Corporation, and is a major step in the commercialization of our core platform, Interbit," said Guy Halford-Thompson, BTL's Chief Executive Officer. "In addition I would like to extend our thanks to all our shareholders who participated in the warrant exercise incentive program, which enables us to accelerate our growth into 2017 to meet the growing demands for BTL's technology in key industry sectors."

"This last quarter has seen BTL work with major industry players in fintech and energy, and in addition to ongoing pilots, has seen significant progress towards additional pilots in 2017 which are a critical step in BTL's commercialization strategy for Interbit," said Brian Hinchcliffe, Executive Chairman of BTL. "We believe that 2017 is going to be a significant year for BTL and the blockchain industry overall."

Warrant Exercise Incentive Program

The Corporation is pleased to announce that its early warrant exercise incentive program (the "Incentive Program") as described in its press release dated October 20, 2016 has been successfully completed.

In connection with the Incentive Program, 1,191,164 eligible common share purchase warrants were exercised, providing gross proceeds of $1,191,164 and with the result that the Corporation is to issue 1,191,164 common shares and 1,191,164 incentive warrants (the "Incentive Warrants"). Each whole Incentive Warrant will allow the holder to acquire an additional common share of the Corporation at a price of $1.50 per share for a period expiring December 17, 2017.

The Company intends to use the net proceeds of the Incentive Program for general working capital to support current and additional business activities.

The 90,000 eligible common share purchase warrants that were not exercised under the Incentive Program will continue, as originally issued, to be exercisable into one common share of the Company at $1.00 per share until May 5, 2017.

The Incentive Warrants, and any shares issued upon exercise thereof, are subject to a four month hold period that commence on the date of issuance of the Incentive Warrants.

A director of the Corporation, John Thomson, owns or controls 166,666 common share purchase warrants that were exercised pursuant to the Incentive Program. The participation in the Incentive Program by, and issuance of the Incentive Warrants to, such director constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, which has been adopted by the TSX Venture Exchange pursuant to its Policy 5.9 - Protection of Minority Security Holders in Special Transactions. However, the Incentive Program is exempt from the formal valuation and minority shareholder approval requirements of such instrument and policy, as the Corporation's common shares are listed on the TSX Venture Exchange and, in respect of the minority shareholder approval requirement, neither the fair market value of the additional Incentive Warrants, nor the consideration to be received for the Incentive Warrants exceeds 25% of the Corporation's market capitalization. Additionally, the spouse of Brian Hinchcliffe, Executive Chairman of the Corporation, exercised 83,333 common share purchase warrants pursuant to the Incentive Program.

ABOUT BTL

Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries. As per its recently announced project (see BTL's September 1, 2016 press release), BTL has built a prototype that showcases the capabilities of a blockchain based interbank payment network, built on BTL's core settlement and asset trading solution, Interbit.

Interbit is an open, multi-chain, asset settlement platform with a suite of APIs and smart contracts that allow entrepreneurs from across the world to participate and innovate to provide global access to fast, secure, and auditable financial and asset trading services.

With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the blockchain ecosystem, providing advice and knowledge to industry leaders.

Certain statements in this release are forward-looking statements, which include further development of business relationships and 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, 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.

Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in BTL's management discussion and analysis of the financial condition and results of operations for the quarter ended September 30, 2016 and the year ended December 31, 2015 which are available under the Corporation's profile at www.sedar.com.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
SYS-CON Events announced today that Datanami has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datanami is a communication channel dedicated to providing insight, analysis and up-to-the-minute information about emerging trends and solutions in Big Data. The publication sheds light on all cutting-edge technologies including networking, storage and applications, and the...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
SYS-CON Events announced today that EnterpriseTech has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. EnterpriseTech is a professional resource for news and intelligence covering the migration of high-end technologies into the enterprise and business-IT industry, with a special focus on high-tech solutions in new product development, workload management, increased effi...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...