John #McAfee Returns to Public Markets as MGT
Capital (NYSE MKT: $MGT) Agrees to Acquire #Security/Privacy Technology
Mr. McAfee to be
Chairman and CEO of renamed John McAfee Global Technologies
HARRISON, N.Y. - May 9, 2016 (Investorideas.com
stocks newswire) MGT Capital Investments, Inc. (NYSE MKT: MGT) announced
today that it has entered into a definitive asset purchase agreement to acquire
certain technology and assets from D-Vasive Inc., a provider of leading edge
anti-spy software. D-Vasive offers a powerful tool for protection from the
proliferation of invasive apps by consumer products companies, social networks,
financial institutions and others. These invasive apps can secretly turn on a
phone's microphone and camera, as well as monitor geographic movements and
access contacts.
The D-Vasive technology operates in a unique way,
allowing the user to manage and control the device's internal hardware.
D-Vasive will be available shortly for Android and Windows platforms, followed
by a release for Apple iOS.
In conjunction with the acquisition, MGT is pleased
to announce the proposed appointment of John McAfee as Executive Chairman and
Chief Executive Officer. Mr. McAfee, the visionary pioneer of internet
security, sold his anti-virus company to Intel for $7.6 billion, and is
actively involved in the development of new measures to protect individual
freedoms and privacy. Mr. McAfee stated, "The enormous impact of
cybersecurity on our lives requires the scale and resources of a public
company. Our ability to continue to hire the best minds in the business will be
vastly enhanced with a public platform. With the acquisition of D-Vasive
technology as a starting point, we expect to grow MGT into a successful and
major force in the space." MGT Capital also intends to change its
corporate name to John McAfee Global Technologies, Inc.
Additionally, MGT has entered into a consulting
agreement with Future Tense Secure Systems Inc., a technology incubator with
investments in other applications requiring privacy, such as file sharing and
chat. It is contemplated by the parties that future collaborations or
investments may occur going forward.
Closing of the acquisition is contingent on
customary conditions including approval by MGT's stockholders. Major terms of
the deal include the payment to D-Vasive Inc. stockholders of 23.8 million
restricted shares of MGT stock and $300,000 in cash. The proposed share
issuance is expected to amount to roughly 47% of the Company on a pro-forma
fully diluted basis at closing. More detailed information can be found in the
Company's Form 8-K filed this morning with the Securities and Exchange Commission,
available at www.sec.gov or the MGT website at www.mgtci.com.
About MGT Capital Investments, Inc.
MGT and its subsidiaries are principally engaged in
the business of acquiring, developing and monetizing intellectual property
assets. MGT's portfolio currently includes social casino and gaming platforms,
and ownership stakes in DraftDay.com, a top daily fantasy sports wagering
platform and DraftDay Fantasy Sports, Inc. operator of an online entertainment
marketing and rewards platform.
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.
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