REG-Clear Leisure Plc: Business Update

Quantum Blockchain TechnologiesAnnouncement

21/03/2019 07:00

                                                                                                                    
21 March 2019

Clear Leisure Plc

(“Clear Leisure” or “the Company”)

Business Update

The board of Clear Leisure (AIM: CLP) is pleased to give shareholders the
following update on its investment portfolio and latest initiatives:

PBV Monitor Srl (“PBV”)

On 28 December 2018, Clear Leisure announced the acquisition of a 10 per cent
interest in PBV for a sum of £275,750. PBV is an Italian company that
specialises in the acquisition and dissemination of data for the legal
services industry, utilising proprietary market intelligence tools and
dedicated search software.

PBV has recently signed important media partnerships with leading Italian
publishers, including “Re Quadro”, “Azienda Banca” and “BeBeez,”
to market online and printed directories to Italian law firms consulting on
real estate, banking & finance and private equity deals. The content of the
directories is provided by PBV from its database.

PBV is focused on extending the list of media partners and, by doing so,
increasing the number of users of its platform.

PBV is also targeting law firms based in South America where it has tracked
the activity of 400 law firms and 2,000 lawyers.

Additionally, further agreements are being signed with other important Italian
and international partners, for the organisation of legal award events based
on PBV rankings.

PBV has recently released a first update of its website (www.pbvmonitor.com).

 

Mediapolis

Despite every effort by Clear Leisure, the Ivrea Court proceeded to complete
the auction procedure and assign the 497,884 sqm land of Mediapolis to the
winning bidder. While Clear Leisure is still evaluating with its lawyer the
possible opportunity to lodge an appeal to the High Court, Clear Leisure 2017
Ltd, the wholly owned subsidiary of Clear Leisure and the beneficiary of a
first charge on the land up to an amount of €2.68 million, will request the
assignment to itself of the €1,958,374 proceeds of the auction, less auction
and administrative costs.

Geosim Systems (“Geosim”)

Geosim, the 4.53% owned Israeli company and leader in 3D mapping technology,
having concluded the mapping of Vancouver and its “Proof of Concept”
phase, has been awarded, on a “sole source” basis, two important contracts
in recognition of the uniqueness of its 3D modelling technology.

The first contract, for Hong Kong International Airport (“HKIA”), entails
the production of a high definition reality model of HKIA’s Terminal 1. The
airport is the world’s busiest cargo airport gateway (primarily to China and
rest of Asia) and one of the world’s busiest passenger airports, serving
over 70 million passengers each year.

The second contract, awarded by the Los Angeles Metropolitan Transportation
Authority, is to produce a high-definition “Reality Model” of a segment of
downtown LA (including 7th Street Metro Center Station), that will serve as a
simulator for training First Responders in a variety of emergency
situations. 

Meanwhile, Clear Leisure is exploring ways to increase its cooperation with
Geosim to assess opportunities to develop new 3D models of prime cities,
following the outstanding results achieved with the Vancouver mapping project
(www.geosim.co.il).

Sipiem SpA, (“Sipiem”)

Since the appointment of the current Clear Leisure board in 2015, the Company
has negotiated with the management of T.L.T. Sas, (“T.L.T.”) the owner of
the Ondaland water park, to achieve a mutually beneficial solution which
recognises the substantial investment made by Clear Leisure in T.L.T. and
Sipiem, the 50.17% controlled subsidiary of Clear Leisure that owns a minority
stake in T.L.T. To date, however, no agreement has been reached.

In July 2016, a claim against the former Sipiem board members and the members
of the internal audit committee was approved by Sipiem’s controlling
shareholder at an extraordinary shareholders meeting. Following complex legal
and accounting investigations supporting the claim, Sipiem’s liquidator
filed a claim in the Italian Courts for damages arising from fraud and
mismanagement against Sipiem’s previous board members (one of which is the
chief executive of T.L.T), and the former internal audit committee, for
approximately €10.8 million damages.

While the legal procedures are proving to be drawn out, any sums awarded by
the Italian Courts, will have to be recovered by Sipiem, and this may involve
further procedural delays. The Milan law firm appointed by Sipiem’s
liquidator, has agreed to be appointed under a success fee structure.

Sosushi Company (“Sosushi”)

Further to the announcements made on 2 January and 2 May 2018, Sosushi has
formally filed a claim for damages in the Italian Courts for approximately
€1.03m against Sosushi’s previous management.

In addition, a criminal legal case against the former management of Sosushi,
previously erroneously dismissed by the Bologna court, has now been
re-activated. A first hearing date has yet to be scheduled.

As announced on 2 May 2018, Clear Leisure was served with a claim in the
English courts for approximately €1.7m (the “English Claim”) from the
former shareholders and chief executive of Sosushi. Clear Leisure promptly
filed Defence and Counterclaim. The Company’s lawyer expects the Court to
schedule a Case Management Conference for the second half of 2019.

 

Cryptocurrencies Mining Datacentre

As a result of the substantial decline in the market price of
cryptocurrencies, the 50% held Mining Datacentre, located in Serbia, has been
placed on care and maintenance.

In the meantime, the Company continues to explore opportunities to utilise the
block trading technology which supports the production of cryptocurrencies.

Bond Conversion

The bond-into-equity conversion at the end of 2018 resulted in a €2.1m
improvement on the Company’s balance sheet. Encouraged by the improvement,
negotiations are continuing with other bondholders on the terms of conversion
and repayment. The final payment of the bond is due on 15 December 2022.

-ends-

For further information please contact:

Clear Leisure
Plc                                                                                    
+39 335 296573

Francesco Gardin, CEO and Executive Chairman

SP Angel Corporate Finance (Nominated Adviser & Broker)         +44
(0)20 3470 0470

Jeff Keating / John
Mackay                                                                                                 

Leander (Financial
PR)                                                                   
+44 (0) 7795 168 157

Christian Taylor-Wilkinson

About Clear Leisure Plc

Clear Leisure plc (AIM: CLP) is an AIM listed investment company with a
portfolio of companies primarily encompassing the leisure and real estate
sectors in Italy. The focus of the current management continues to be the
pursuit of the monetisation of all of the Company’s existing assets, through
selected realisations, court-led recoveries of misappropriated assets and
substantial debt-recovery processes. The Company has recently realigned its
strategic focus to technology related investments, with special regard to
interactive media, blockchain and Artificial Intelligence sectors. For further
information, please visit, www.clearleisure.co.uk



Copyright (c) 2019 PR Newswire Association,LLC. All Rights Reserved