QBT Quantum Blockchain Technologies Plc

 
TIDMCLP 
 
16 December 2019 
 
                               Clear Leisure Plc 
 
                      ("Clear Leisure" or "the Company") 
 
                            New Business Investment 
 
                 3D Mapping: Virtual London and Virtual Milan 
 
The board of Clear Leisure (AIM: CLP) is pleased to announce a proposed new 
business investment and initiative based on the 3D mapping technology of GeoSim 
Systems Ltd, (www.geosim.co.il) ("GeoSim"). Clear Leisure has a 4.53% 
shareholding in GeoSim which is an Israeli company specialising in 3D city 
mapping to create digital models (referred to as "Digital Twins"). 
 
Using GeoSim's technology under licence, Clear Leisure intends to launch two 
projects to develop Digital Twins for London and Milan. It is planned that 
Digital Twins of other UK and European cities (including main capital cities) 
will follow. 
 
Clear Leisure intends to incorporate two new Italian domiciled companies 
("Newco") in the next few weeks for the London and Milan Digital Twin projects. 
 
It is intended that the acquisition of complete city airborne data and initial 
street level photographic and laser scanning data for both the London and Milan 
projects will be funded by a proposed EUR500,000 fundraising to be undertaken by 
each Newco. The two proposed fundraisings will be hosted on the new Italian 
crowdfunding platform, ForCrowd Srl ("ForCrowd"), in which Clear Leisure holds 
a 20% interest. This initial funding is also expected to allow for the 
development of a 1 sq km 3D map rendering of each city. It is expected that 
each subsequent EUR500,000 of capital raised by each Newco will allow a further 
12-14 sq km to be added to the 3D models. 
 
Geosim will be the main developer for both projects. 
 
For the purpose of the crowdfunding exercise, the Company intends to set a 
pre-new money valuation for the London Newco and the Milan Newco by reference 
to the proposed urban area to be developed being 40 sq kilometre for Milan and 
100 sq kilometre for London. In particular, the board of Clear Leisure will set 
these valuations by considering the nature and usage of the buildings within 
the areas to be mapped and associated revenue potential. 
 
It is currently anticipated that the crowdfunding exercise will go live on the 
ForCrowd platform by February 2020. There is, however, no guarantee that the 
fundraising will achieve the level of funding required to launch either or both 
Newcos, or that any funds raised will be invested at the pre-new money 
valuations which the Board will seek to achieve. 
 
The board of Clear Leisure currently expects that the total cost of completing 
the London Digital Twin will be approximately EUR5 million and approximately EUR2 
million to complete the Milan Digital Twin. It is anticipated that phase one of 
the project, namely the collection of data and the development of 1 sq km of 
each Digital Twin, will take up to five months. It is currently expected that 
it will take 18 months to complete the initial target size for London and 12 
months in respect of Milan. 
 
Digital Twins can be used in relation to many activities including real estate 
planning and development, advertising, forensic analysis, security, training 
and gaming. 
 
The board of Clear Leisure currently aims to have a controlling interest in 
each fully funded Newco. As a result of this proposed approach to financing the 
two Newcos, Clear Leisure shareholders will not be diluted 
 
INFORMATION ON GEOSIM TECHNOLOGY 
 
GeoSim is a technology company specialising in 3D city mapping through the 
creation of digital models ("Digital Twins").  GeoSim offers high accuracy and 
high-resolution 3D models, which are interactive when online or offline, and 
believes that it represents the new standard of urban data representation. 
Through the further refinement of its development platform automation 
technology, however, GeoSim has been able to reduce the production price, 
thereby making it feasible to develop very large urban areas with high levels 
of detail. 
 
GeoSim has successfully concluded projects such as, mapping the city of 
Vancouver and a segment of Downtown Los Angeles (including the 7th Street Metro 
Center Station); it is currently creating the Digital Twin of a major Asian 
airport. 
 
Francesco Gardin, Executive Chairman and CEO of Clear Leisure, commented, "This 
new investment clearly demonstrates the Company's ongoing strategy into the 
technology sector. 
 
"Once a user has experienced the 1cm per pixel resolution of GeoSim's 
technology for urban 3D models, it would be difficult to go back to the 
low-resolution photograph-based pseudo 3D models, currently available online. 
 
"Moreover, by demonstrating to the larger European cities the outstanding power 
of GeoSim's technology, it could potentially help increase the value of our 
existing investment in GeoSim, by expanding its visibility to new target 
clients in Europe." 
 
Francesco Gardin continued, "The use of our crowdfunding platform ForCrowd, is 
representative of how we intend to create synergies among our portfolio 
companies and why we chose to make the original investment into ForCrowd in 
October." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure Plc 
 
+39 335 296573 
 
Francesco Gardin, CEO and Executive Chairman 
 
SP Angel Corporate Finance (Nominated Adviser & Broker)      +44 (0)20 3470 
0470 
 
Jeff Keating / John 
Mackay 
 
Leander (Financial PR) 
                                                                 +44 (0) 7795 
168 157 
 
Christian Taylor-Wilkinson 
 
About Clear Leisure Plc 
 
Clear Leisure plc (AIM: CLP) is an AIM listed investment company with a 
portfolio of companies primarily encompassing the leisure and real estate 
sectors mainly in Italy. The focus of the management is two-fold: to pursue the 
monetisation of all of the Company's existing assets, through selected 
realisations, court-led recoveries of misappropriated assets and substantial 
debt-recovery processes and to seek technology related investments, with 
special regard to interactive media, blockchain and AI sectors. For further 
information, please visit, www.clearleisure.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

December 16, 2019 02:00 ET (07:00 GMT)

Quantum Blockchain Techn... (LSE:QBT)
Gráfica de Acción Histórica
De Abr 2024 a May 2024

Quantum Blockchain Techn... (LSE:QBT)
Gráfica de Acción Histórica
De May 2023 a May 2024