VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 7, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL" or the "Corporation") is pleased to announce that it has been selected as one of six blockchain companies to participate in the EY Startup Challenge 2016, which is focused on building blockchain solutions for digital rights management and energy trading.
EY will now work with BTL during a six week period to explore how BTL's Interbit platform can be applied in the energy sector, producing prototypes with EY and a small group of their energy clients.
The prototypes will be built using BTL's Interbit platform and will explore ways to transform how energy trades are created and settled, drive down costs, and reduce risk in the market. BTL will seek to demonstrate the flexibility of the Interbit platform and how Interbit's smart contracts, automated reconciliation and preventative compliance features can be used to solve problems in the energy trading space.
"This is an exciting opportunity for us to look at applications of the Interbit platform outside of the financial sector," commented Guy Halford-Thompson, CEO of BTL. "Working alongside EY, we hope to be able to drive real value within the energy sector."
Said Jamie Qui, Founder and Lead of the EY Startup Challenge, "We are hugely excited to explore together with these six startup businesses how blockchain can be used to transform digital rights management and energy trading. These two key areas are ripe for change and we believe blockchain has the potential to bring about notable enhancements in productivity and transparency. We think that the prospective impact of this technology outside of the financial services sector is enormous, and we look forward to exploring this collaboratively."
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.
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.