12 November 2021
Quantum Blockchain
Technologies Plc
(“QBT” or “the Company”)
Sipiem Court
Hearing Update
The board of Quantum Blockchain Technologies (AIM: QBT) is
pleased to update shareholders on the latest hearing regarding the
legal action started by Sipiem SpA (“Sipiem”), which was
subsequently acquired by Clear Leisure 2017 (“Plaintiff”), against
Sipiem’s previous board and internal audit committee, held before
the Venice Court (“Court”) on
10 November 2021.
As announced on 28 May 2021, and
subsequently on 22 September 2021,
the Court rescheduled the hearing to 10
November 2021 and such a hearing was called to verify the
correct restart of the proceedings and the discussion over the
Court appointed independent expert’s Report (“Report”).
As a result, the Judge verified the correct resumption of the
proceedings and decided on the following matters:
-
Granted Plaintiff’s request to file additional relevant
documentation, which gives evidence of further damages up to €1
million, which the Court appointed independent expert did not take
into consideration when arriving at the economic value of the
damages in his Report and therefore to be added on top of the
Report’s economic value of the damages.
-
Granted Plaintiff’s request to review a former Court’s decision
and, as a consequence, ordered one of the defendants to disclose
and file documents regarding an alleged illicit transaction
orchestrated by some defendants and the involvement of Sipiem and
one of Sipiem’s investees.
-
Rejected a request by some defendants to file an additional
document.
-
Fixed another hearing for 12 January
2022 to verify that the defendant complied with the
aforementioned Court order of disclosure. At the same hearing, the
Court will grant further brief terms for the parties to file their
specific comments on conclusions reached by the Report and to the
Court appointed expert witness to file his replies.
The Company will make further updates to shareholders as
appropriate.
Francesco Gardin, CEO and
Chairman of QBT, commented, “We are extremely pleased with the
outcome of the hearing, as the Court has paved the way for the
filing of important written evidence in support of the claim
against Sipiem’s previous board and internal audit committee. The
Company looks forward with increasing confidence to the conclusion
of this legal claim, whilst continuing to focus on its new research
and development programme and related ventures.”
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please contact:
Quantum Blockchain Technologies
Plc
Francesco Gardin, CEO and
Executive Chairman
+39 335 296 573
SP Angel Corporate Finance
(Nominated Adviser & Broker) Jeff
Keating
+44 (0)20 3470
0470
Leander (Financial PR)
Christian Taylor-Wilkinson
+44 (0) 7795 168 157
About Quantum Blockchain Technologies
Plc
QBT (AIM: QBT) is an AIM listed investment company which has
recently realigned its strategic focus to technology related
investments, with special regard to Quantum computing, Blockchain,
Cryptocurrencies and AI sectors. The Company has commenced an
aggressive R&D and investment programme in the dynamic world of
Blockchain Technology, which includes cryptocurrency mining and
other advanced blockchain applications.