Quantum Blockchain Technologies Plc - Sipiem - First Court Settlement
(" QBT" or the "Company")
First Sipiem settlement and
Acquisition of 30% of the claims collection rights
The Company is pleased to announce that the first preliminary settlement has been agreed between its wholly owned subsidiary,
Simultaneously, an agreement has been reached with Sipiem's receiver ("Receiver") to acquire its right to receive 30% of any sums collected, which was a provision of the initial claim purchase agreement (as announced on
In
In
More recently, most of those Sipiem defendants who benefited from the
Following negotiations between CL17 and the Receiver regarding the proposed settlement and the potential length of time to successfully conclude any collection actions, the Receiver has agreed, with the approval of the Rovigo Insolvency Court Judge in charge of the Sipiem bankruptcy case to sell to CL17 its rights reserved in the 2019 agreement, namely 30% of any sums collected from the Sipiem matter, net of legal costs for a fixed amount of €170,000.
As a result, CL17 has agreed with these specific defendants currently protected by the
The aforementioned €700,000 settlement further remains conditional upon the approval by the
In the event, however, that the
The remaining value of the Judgment (provided the settlement is confirmed by the Court) is approximately €5.575 million (plus interest and inflation adjustment). CL17 continues its efforts to collect this amount from the remaining main defendant and the other defendant not subject to the settlement agreement.
This provides us with an improved negotiating position regarding the collection of the remaining amount due to us"
For further information please contact:
SP Angel Corporate Finance (Nominated Adviser & Broker)
Leander (Financial PR)
About
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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