REG-Quantum Blockchain Technologies Plc: Update on Sipiem Court Appeal

Quantum Blockchain TechnologiesAnnouncement

15/03/2023 07:15

15 March 2023

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

Update on Sipiem Legal Claim

The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to provide
an update in respect of QBT’s wholly owned subsidiary Clear Leisure 2017
Ltd’s (“CL17”) claim against the former management team and internal
audit committee of Sipiem in Liquidazione S.r.l (“Sipiem”).

Background

As noted in the Company’s announcement of 1 November 2022, the Venice Court
ruled in favour of CL17 for 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”).

On 1 December 2022, the Sipiem defendants filed their appeals against the
ruling, requesting the Venice Court of Appeal (“Appeal Court”) to:
* set aside the Venice’s Court’s judgment; and
* enjoin the enforceability of the Award Payment until the ruling of the set
aside appeal.
Update

The Company is pleased to report that the Appeal Court has ruled in favour of
CL17 thereby allowing it to seek enforcement of the Award Payment against the
main Sipiem defendant (former director of Sipiem), who is individually liable
for the full amount of the Award Payment. The Appeal Court did, however, grant
the remaining Sipiem defendants’ request to enjoin enforcement of the
judgment against the members of the internal audit committee and the main
defendant’s family members.

The Company anticipates that CL17 will commence efforts to collect the Award
Payment from the main defendant immediately. CL17 cannot confirm, at this
stage, the exact amount of the Award Payment that will eventually be
collected.

Appeal Status

With regards to the Sipiem defendants’ appeal to set aside the Venice’s
Court’s judgment, a first procedural hearing (pertaining to three of the
four matters on appeal) was held on 9 March 2023. No decision was issued by
the Appeal Court at the time, but it indicated it expects to confirm the date
of a further hearing shortly. A further procedural hearing regarding the
fourth appeal is scheduled for 16 March 2023. The Appeal Court is also
expected to merge the four appeals into a single proceeding when it confirms
the date of the next hearing.

As the nature of any appellate process concerns questions of law and not fact,
the Company’s legal advisors believe that the next hearing to be set will be
the final hearing for the appeals. Such date will be subject to the Appeal
Court’s normal workload. 

Francesco Gardin, CEO and Chairman of QBT, commented:

“We are very happy indeed with the result achieved with the help and
direction of our Milan lawyers in the Sipiem legal proceedings that have
lasted several years. We are finally in the position to make efforts to
collect the Award Payment and we will seek to do it with great
determination.”

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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