RE: RNS alert19 Jan 2022 10:43
Delays!
The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to update
shareholders on the latest hearing regarding the legal action started by Sipiem
SpA ("Sipiem"), which was subsequently acquired by Clear Leisure 2017 Limited
(a wholly owned subsidiary of the Company), against Sipiem's previous board and
internal audit committee.
On 12 January 2022, the parties appeared before the Venice Court (the "Court")
and as anticipated during the last hearing, the Judge granted the parties the
right to file their comments on the Court appointed independent expert's Report
("Report"). In particular, regarding the proposed damage estimations in the
Report, the damages caused to Sipiem may exceed €7 million, according to the
Report.
As a result of the hearing, the following timeline was established:
* by 27 January 2022, the parties' experts shall file their comments on the
estimated level of damages;
* by 28 February 2022, the Court appointed independent expert will file an
updated Report taking into account the comments of the parties' experts;
* on 4 May 2022, the final hearing will be held, where the parties shall
present their finalised requests to the Court.
Following the 4 May 2022 hearing, and unless the Judge deems it appropriate to
carry out a further discovery activity, the parties will then have
approximately an aggregate of 80 calendar days to file their final written
arguments and replies. The Court will then pass its judgement, which the
Company reasonably expects before the end of 2022 (bar further discovery
activity if needed or other unexpected events).
Francesco Gardin, CEO and Chairman of QBT, commented, "Once again, we are very
pleased with the outcome of this intermediate hearing, especially in relation
to the fast-track schedule for the next steps of this legal action.
"The Company maintains a confident outlook on the merit of the legal claim, and
will, in the meantime, continue working on its new strategy focused on
Blockchain, Artificial Intelligence, Cryptocurrencies and Quantum Computing."
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 +
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