Quantum Blockchain Technologies Plc – Legal Requirement Update

by Arthur · December 1, 2022

1 December 2022

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

Update on Sipiem’s legal requirements

The Board of Directors of Quantum Blockchain Technologies (AIM: QBT) announces that with respect to the Company’s claims against the former management team of Sipiem i Liquidazione Srl (“Sipiem”), eight of the ten defendants have appealed the Venice Court’s judgment at first instance in favor of the Company wholly owned subsidiary Clear Leisure 2017 (“CL17”). The court had ordered the defendants to pay CL17 a total of €6,188,974 (plus interest and adjustments for inflation to accrue from various dates up to the date of payment) in damages, plus €85,499 in legal fees (collectively, the “Award Payment”). .

The appellant defendants have requested it Venice Court of Appeal to:

set aside the judgment of the Court of Venice, and
order enforcement of the award payment, until the appeals have been decided.

The negotiations for the defendant’s appeal are currently set to start during March 2023. The Court of Appeal will set the final date for the first hearing in the coming weeks.

Pending such a hearing and any court order to the contrary, the award payment remains fully enforceable. The Venice The Court of Appeal will decide at the first hearing or in good time whether to grant the requested injunction against enforcement of the award payment pending the outcome of its final decision in the appeals.

CL17 intends to seek dismissal of the appeals and, as a parallel measure, has instructed its Italian legal advisers to initiate legal enforcement immediately against all defendants.

For further information please contact:

Quantum Blockchain Technologies Plc
Francesco GardinCEO and Executive Chairman +39 335 296573

SP Angel Corporate Finance (Nominated advisor and 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 that has recently realigned its strategic focus to technology-related investments, with particular attention to the quantum computing, blockchain, cryptocurrencies and AI sectors. The company has embarked on an aggressive R&D and investment program in the dynamic world of Blockchain Technology, which includes cryptocurrency mining and other advanced blockchain applications.