Le Lézard
Classified in: Science and technology, Business
Subject: TNM

MGT Capital Divests Cybersecurity Operation


DURHAM, N.C., March 19, 2018 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) announced today that it has ended its cybersecurity operations by selling the Sentinel product line to a new entity formed by the unit's management team, and stopping development of the privacy phone. The Sentinel assets were sold for $60,000 in cash and a $1.0 million promissory note, convertible into a 20% equity interest of the buyer. Also, the Company will provide full refunds for all preorders of the privacy phone.

Robert Lowrey, newly-appointed Chief Financial Officer of MGT commented, "Despite some initial market traction with Sentinel, the board has determined to focus resources on cryptocurrency mining and to end the cash burn associated with R&D and marketing in the highly competitive cybersecurity space."

About MGT Capital Investments, Inc.

Operating in facilities in northern Sweden and Washington State, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. When fully deployed, MGT will own and operate approximately 7,000 Bitmain S9 mining rigs, and 50 GPU-based Ethereum mining machines. Further, the Company continues to execute on an expansion model to secure low cost power and grow its crypto assets materially.

For more information on the Company, please visit: http://www.mgtci.com

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." 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 and Media Contact

Grace Livingston
[email protected]                      
919.973.0954

SOURCE MGT Capital Investments, Inc.


These press releases may also interest you

at 08:45
HYAS Infosec, the adversary infrastructure platform provider that offers unparalleled visibility, protection, and security against all kinds of malware and attacks, today announced that it has been awarded three top recognitions from Security Today's...

at 08:44
Understanding the underlying mechanisms of normal and pathological cellular processes is essential for developing new drugs. Fortunately, modern techniques and experimental methods have greatly accelerated progress. The latest issue of JPA features...

at 08:44
Environmental problems caused by population explosion such as global warming, natural resource depletion, deforestation, water shortage and plastic pollution are getting severe in the world. Regarding plastic pollution, micro-plastics, nano-plastics...

at 08:43
WIN (Women In Negotiation) is pleased to announce Walmart Connect as its presenting sponsor - for its eighth annual WIN Summit to be held Thursday, May 30, 2024 in New York City....

at 08:40
The "Global Cell Counting Market: Analysis By Product, By Application, By End-User, By Region Size, Trends and Forecast to 2029" report has been added to ResearchAndMarkets.com's offering. The global cell counting market was valued at US$9.98...

at 08:40
Biostar Pharma, Inc., the U.S. subsidiary of Beijing Biostar Pharmaceuticals Co., Ltd. which is a synthetic biology driven biopharma company focusing on the development and commercialization of innovative oncology drugs, announced today that their...



News published on and distributed by: