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.