PR Newswire
London, October 1
Vela Technology Plc ("Vela" or "the Company")
Convertible Loan Investment in Delaware-based Stream TV Networks Inc.
1 October 2013
Vela Technologies plc is pleased to announce a minority investment of $100,000
by way of Convertible Loan Note in Stream TV Networks Inc. ("Stream TV") a
Delaware-based technology company.
Stream TV (www.streamtvnetworks.com) was founded in 2009 to pursue new
technologies that enhance user entertainment and communications experiences.
Stream TV is currently seeking to launch Ultra-D™ (www.ultra-d.com), a
technology which allows TV and tablet manufacturers to convert two dimensional
("2D") devices into three dimensional ("3D") devices without the need for
viewing glasses (3D Auto Stereoscopic Display or 3D ASD). The Company's
technology will allow real time automatic conversion of 2D or 3D content that
requires viewing glasses to experience 3D into 3D ASD. Conversion can be either
in real time at the home of the end-user by using an automatic converter for
live TV, Blu-ray® Disc or gaming system (e.g. X-Box™ or PlayStation®) content,
or by the content owner before online/cable/satellite distribution as 3D Video
On Demand.
The Loan Notes will accrue simple interest at the rate of twelve (12%) per cent
annually until December 31, 2014 unless an IPO is concluded prior to this date,
increasing at 1% for each six month period thereafter until the final maturity
date on 31 December 2015. The Loan and accrued interest convert to equity at
various prices depending on when Stream TV conducts a Qualified IPO (as
defined). There are early repayment provisions in the case of certain strategic
investments.
Commenting on the investment, Nigel Brent Fitzpatrick MBE;
"I am pleased to announce another investment in line with our objective to
build a diverse range of potentially high growth technology investments,
bringing the total amount invested to over £385,000 in the year to date. Our
investment in Stream TV represents a promising opportunity with the company
being able to convert 2D to 3D at the point of the end user viewing or to
implement the technology at the point of production of lower cost 2D TV's. This
provides the ability to have 3D but without the glasses and for essentially all
your current video content. Most notably the end user can adjust the amount of
3D that's suits them and the content they are watching. This could represent a
significant and valuable market opportunity. We understand that Stream TV have
built preproduction samples and are looking to have their first screens to
market with converters later this year. We look forward to keeping Shareholders
updated with Stream TV's progress.
For further Information:
Vela Technologies plc e-mail brent@lowwave.co.uk
Brent Fitzpatrick
Non-Executive Chairman
ZAI Corporate Finance, Nominated Adviser Tel 020 7060 2220
Peter Trevelyan-Clark/
Tim Cofman/Wei Wang
Peterhouse Corporate Finance, Broker Tel 020 7469 0932
Eran Zucker
