TIDMQBT 
 
2 August 2022 
 
                      Quantum Blockchain Technologies Plc 
                           ( "QBT" or "the Company") 
 
                       Update of Company's Legal Claims 
 
The board of Quantum Blockchain Technologies (AIM: QBT) wishes to provide 
shareholders with an update regarding the Company's ongoing legal claims. 
 
Sosushi Srl ("Sosushi") UK Claim 
 
As first announced on 2 May 2018 and following a December 2017 Sosushi's 
shareholder's meeting resolution approving the launch a claim for damages 
against the former directors in the Italian courts, the Company had been served 
with a claim in the English courts for approximately ?1.7m by the former 
shareholders and directors of Sosushi. As subsequently announced on 21 March 
2019, the Company filed a defence and counterclaim against the same former 
shareholders and directors of Sosushi ("Sosushi UK Claim"). 
 
 
QBT is pleased to announce that the defence of the claim has been successful 
and the claimants have abandoned the ?1.7m claim against the Company. Following 
an English court order enforced in Italy, the claimants have finally paid the 
Company approximately ?77k towards legal costs sustained in defence of the 
claim. 
 
Further legal costs and damages may still be awarded to the Company following a 
final hearing to assess the quantum of the Company's counterclaim for, amongst 
other things, loss of profit in the English Courts (which remains ongoing). 
 
Sosushi Italian Claim 
 
As initially announced on 21 March 2019, Sosushi formally filed a claim for 
damages in the Italian Courts for approximately ?1.03m against Sosushi's 
previous management ("Sosushi Italian Claim"). This claim was subsequently 
acquired by the Company's wholly owned subsidiary Clear Leisure 2017 Ltd 
("CL17") (as announced on 11 October 2019). On 1 February 2021, the Company 
disclosed that the Bologna Court had elected to continue the Sosushi Italian 
Claim through an arbitration process, with a ruling currently expected by the 
end of 2022. 
 
Sipiem Claim 
 
The claim against Sipiem's previous board and internal audit committee ("Sipiem 
Claim") held by CL17, originally valued at ?10.8m and subsequently assessed by 
the independent court appointed third-party expert to be valued at up to ?7.8m 
remains ongoing. Following the announcement of 5 May 2022, QBT confirms that 
the parties have filed their final written arguments and replies by the 25 July 
2022 deadline. The Company expects the Court to pass its final judgement by the 
end of 2022. 
 
Francesco Gardin, CEO and Executive Chairman of QBT, commented: "Although the 
Board's main focus remains on its disruptive Bitcoin mining R&D Programme, the 
legal claims still represent an important asset to the Company and therefore 
they are dealt with extreme care. 
 
"We are pleased with the outcome of the legal defence in the Sosushi UK Claim 
which proved that the claimants' position had no merit and we look forward to 
the result in respect of the Sosushi UK Claim. We are also pleased with the 
progress and timetable of the Sipiem claim and Sosushi Italian Claim both of 
which are expected to conclude by the end of the year, freeing the Company from 
an important but time-consuming task. 
 
"Having been so advised by its legal counsel, based on the merits of each case, 
the Company remains confident on the successful conclusion of the Company's 
ongoing claims." 
 
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. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 02, 2022 02:00 ET (06:00 GMT)

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