REG-Quantum Blockchain Technologies Plc: Sipiem Court Hearing Update

Quantum Blockchain TechnologiesAnnouncement

12/11/2021 07:05

                                    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.



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