HARRISON, N.Y., Oct. 11, 2016 /PRNewswire/ -- MGT Capital
Investments, Inc. (NYSE MKT: MGT), updated shareholders today on
its pending acquisition of D-Vasive and Demonsaw. As previously
disclosed on September 20, 2016, the
NYSE MKT informed the Company that it would not approve for
listing on the Exchange the 43.8 million shares required to be
issued to complete the closing of the D-Vasive merger. Since that
time, the Company has had discussions and negotiations with all
parties involved, in an effort to reach a revised
agreement on acceptable terms.
Specifically, the Company plans to terminate the current Asset
Purchase Agreement with D-Vasive. However, the Company has reached
tentative agreements with John
McAfee and Eric Anderson to
execute employment agreements as Chief Executive Officer and Chief
Technology Officer, respectively. In addition, the Company has
reached a tentative agreement to exclusively license or acquire the
Demonsaw source code and technology platform from D-Vasive. MGT
believes that such a revised deal structure would be acceptable
under NYSE MKT rules.
To further clarify, MGT's acquisition and commercialization
plans of both the Sentinel technology, a network intrusion
detector, and the E-Tagged technology, a mobile device tracking
platform, remain in place as previously disclose. In addition, the
Company's bitcoin mining operations are also fully owned and
operated by MGT.
About MGT Capital Investments, Inc.
MGT Capital
Investments, Inc. (NYSE MKT: MGT) is in the process of acquiring a
diverse portfolio of cyber security technologies. With cyber
security industry pioneer John
McAfee at its helm, MGT Capital is positioned to address
various cyber threats through advanced protection technologies for
mobile and personal tech devices, including tablets and
smartphones. The Company is currently in the process of acquiring
D-Vasive, a provider of leading edge anti-spy software, and
Demonsaw, a provider of a secure and anonymous file sharing
software platform.
MGT Capital intends to change its corporate name to "John McAfee
Global Technologies, Inc." upon closing of the D-Vasive
transaction.
For more information on the Company, please visit
http://ir.stockpr.com/mgtci.
Forward–looking Statements
This press release contains
forward–looking statements. The words or phrases "would be," "will
allow," "intends to," "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project," or
similar expressions are intended to identify "forward–looking
statements." MGT's financial and operational results reflected
above should not be construed by any means as representative of the
current or future value of its common stock. All information set
forth in this news release, except historical and factual
information, represents forward–looking statements. This includes
all statements about the Company's plans, beliefs, estimates and
expectations. These statements are based on current estimates and
projections, which involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. These risks and uncertainties include
issues related to: rapidly changing technology and evolving
standards in the industries in which the Company and its
subsidiaries operate; the ability to obtain sufficient funding to
continue operations, maintain adequate cash flow, profitably
exploit new business, license and sign new agreements; the
unpredictable nature of consumer preferences; and other factors set
forth in the Company's most recently filed annual report and
registration statement. Readers are cautioned not to place undue
reliance on these forward–looking statements, which reflect
management's analysis only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward–looking
statements to reflect events or circumstances that arise after the
date hereof. Readers should carefully review the risks and
uncertainties described in other documents that the Company files
from time to time with the U.S. Securities and Exchange
Commission.
Investor Contact
Garth
Russell
Managing Director
KCSA Strategic Communications
grussell@kcsa.com
212.896.1250
Grace Livingston
Director of Investor Relations
MGT Capital
glivingston@mgtci.com
205.999.2524
Media Contact
Tiffany
Madison
Director of Corporate Communications
MGT Capital Investments, Inc.
tmadison@mgtci.com
469.236.9569
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SOURCE MGT Capital Investments, Inc.