REG-Quantum Blockchain Technologies Plc: Sipiem Court Ruling

Quantum Blockchain TechnologiesAnnouncement

01/11/2022 07:15

1 November 2022

Quantum Blockchain Technologies Plc
( “QBT”, “the Company” or “the Group”)

Sipiem Final Judgment

The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to announce
that the Venice Court has issued its final judgement in respect of the
Company’s claim (“Sipiem Claim” or “Claim”) against the previous
management and internal audit committee of Sipiem in Liquidazione S.r.l
(“Sipiem”- formally declared bankrupt in August 2022).The Claim is held by
Clear Leisure 2017 (“CL17”) a wholly owned subsidiary of QBT .

The Venice Court has ruled in favour of CL17 and ordered the defendants to pay
CL17 an aggregate amount of €6,188,974 (plus interest and adjustments for
inflation to accrue from different dates until the date of payment) in
damages, plus €85,499 in legal expenses (together the “Award Payment”).
The Award Payment is subject to tax duties in Italy as referred to below.

The defendants have the right to appeal the Award Payment any such appeal must
be lodged by 25 November, 2022. The ruling is, however, enforceable
immediately.

The Company will now start the process of collecting the Award Payment from
the defendants. However, considering the size of the Award Payment and that
only one of the two insurers involved in the litigation was held responsible
for damages (with a liability capped at approximately €450,000.00, plus
interest and adjustments for inflation) it is worth noting that there is
currently no certainty on the exact amount of the Award Payment that will
eventually be collected by the Company and the timing of receipt of any such
funds. CL17 will, inter alia, evaluate the defendants’ assets available to
be seized should voluntary payments by the defendants not be forthcoming.

The Company reminds shareholders that, as announced on 10 September 2019, the
Sipiem Claim was acquired by CL17 for a consideration of €50,000 plus 30% of
any funds recovered by CL17 from the defendants, deducting legal and other
expenses borne by CL17 connected to the litigation, including applicable tax
duties.

Tax duties of approximately 3% are payable on the amounts awarded by the
Venice Court. Such duties will be charged to the defendants although Italian
fiscal laws provide that all judicial parties are jointly liable with regard
to tax duties.

Francesco Gardin, CEO and Chairman of QBT, commented: “This court ruling is
the result of seven years of legal procedures, where the Company has continued
to act with meticulous discipline and determination, while working closely
with its exceptional legal and accounting teams. While the process has taken a
long time to reach this point, we are very pleased to have finally attained
this outcome. We will now apply the same very determined and scrupulous
approach to the collection of the sums due from the defendants.”

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
Kasia Brzozowska

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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