Business
Court Rules in Favour of Greenswitch in Civil Case
Court Rules in Favour of Greenswitch in Civil Case.
About this update from 80 Mile Plc
[{"type":"text","content":"\n\n6 May 2025\n \n80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining\n \nItalian Court Rules in Favour of Greenswitch in Civil Case\n \n80 Mile PLC ('80 Mile' or the 'Company'), the AIM (80M.AIM), FSE listed and US OTC traded (BLLYF.OTC), exploration and development company with mineral and energy projects in Greenland and a biofuels plant in Italy, is pleased to provide an update on a civil damages and ownership dispute involving Greenswitch Srl ('Greenswitch'), a subsidiary of Hydrogen Valley Ltd ('Hydrogen Valley' or 'HV'), and Digitile Com Srls (\"Digitle\").\n \nAs first announced on 19 December 2024, 80 Mile has the option to acquire up to a 100% interest in Hydrogen Valley. As announced on 16 January 2025, the Company has moved to Stage two of the acquisition, resulting in the acquisition of a 24% interest in Hydrogen Valley. The Company had the resolution of this litigation as a condition precedent before it would move to a larger percentage ownership as per its previously announced options in HV. The Company expects to shortly announce an extension to the options it has in place for HV.\n \nThe Company is pleased to advise that the Court of Bari, located in southern Italy's Puglia region, has ruled on and subsequently dismissed claims made by Digitile against Greenswitch, regarding a private agreement dated 2015. The Court rejected Digitile's claims for more than €12 million in damages and ownership of the plant, after finding insufficient evidence to prove the 2015 agreement's authenticity or its formation on the stated date. This closes the outstanding litigation for Greenswitch and as such the Company now expects to continue with its staged acquisition.\n \n80 Mile looks forward to updating shareholders on developments shortly.\n \nOverview\n \nThe dispute centres on a private agreement dated 20 July 2015, concerning the transfer of rights and obligations related to the HV facility in Ferrandina.\n \nDigitile claimed that Greenswitch failed to fulfil its contractual obligations under the 2015 agreement, which included implementing an industrial and research project, granting exclusive commercialisation rights to Digitile, and reimbursing €78,800. Digitile sought contract resolution, a €10,000,000 penalty, €78,800 reimbursement, and €2,000,000 for lost...