13th Jan 2016 10:29
LONDON (Alliance News) - Vela Technologies PLC Wednesday said StreamTV Networks Inc, in which it is invested, will begin shipping products to customers this month.
Vela made a USD100,000 investment in StreamTV back in October 2013 by way of a convertible loan note. The loan notes accrued interest at the rate of 12% annually until the end of 2014 and are currently accruing interest at the rate of 13% annually. The final maturity date on the loan notes is the start of August 2016.
StreamTV was presenting its products at the recently held Consumer Electronics Show (CES) in Paris, France, where it exhibited its Ultra-D technology, which allows 3D television to be viewed without the need for glasses and from any angle.
Vela said StreamTV's Chief Operating Officer Raja Rajan has held an interview, which in short outlined the company's plan to ship products that are currently in production to customers during this month.
"For consumers the technology is planned to be affordable and natural, with the degree of 3D adjustable to suit individual needs just like a volume control. The technology will also enable consumers to convert 2D content to 3D. The ability to do this opens up the possibility of using the technology at live events for the immediate conversion of 2D to 3D," said Vela.
Vela shares were trading down 7.5% to 0.185 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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