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.
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.
KCSA Strategic Communications
Director of Investor Relations
Director of Corporate Communications
MGT Capital Investments, Inc.
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SOURCE MGT Capital Investments, Inc.