REG-Quantum Blockchain Technologies Plc: Sipiem Court Case Update

Quantum Blockchain TechnologiesAnnouncement

19/01/2022 10:45

19 January 2022

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 Limited (a wholly owned subsidiary of the Company), against Sipiem’s
previous board and internal audit committee.

On 12 January 2022, the parties appeared before the Venice Court (the
“Court”) and as anticipated during the last hearing, the Judge granted the
parties the right to file their comments on the Court appointed independent
expert’s Report (“Report”). In particular, regarding the proposed damage
estimations in the Report, the damages caused to Sipiem may exceed €7
million, according to the Report.

As a result of the hearing, the following timeline was established:
* by 27 January 2022, the parties’ experts shall file their comments on the
estimated level of damages;
* by 28 February 2022, the Court appointed independent expert will file an
updated Report taking into account the comments of the parties’ experts;
* on 4 May 2022, the final hearing will be held, where the parties shall
present their finalised requests to the Court.
Following the 4 May 2022 hearing, and unless the Judge deems it appropriate to
carry out a further discovery activity, the parties will then have
approximately an aggregate of 80 calendar days to file their final written
arguments and replies. The Court will then pass its judgement, which the
Company reasonably expects before the end of 2022 (bar further discovery
activity if needed or other unexpected events).

Francesco Gardin, CEO and Chairman of QBT, commented, “Once again, we are
very pleased with the outcome of this intermediate hearing, especially in
relation to the fast-track schedule for the next steps of this legal action.

“The Company maintains a confident outlook on the merit of the legal claim,
and will, in the meantime, continue working on its new strategy focused on
Blockchain, Artificial Intelligence, Cryptocurrencies and Quantum
Computing.”

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 296573

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.



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