HARRISON, N.Y., May 12, 2016 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) announced today that it has acquired a Membership Interest in The Round House LLC, an Alabama-based technology incubator, offering co-working space, accelerator services and angel investment. Located a few miles from Auburn University, Round House was founded by Kyle Sandler, a successful serial entrepreneur with eight years of experience at Google and three major successful technology exits. With an experienced executive team, Round House has attracted top entrepreneurs from Google, E-Nable, Rockstar Games, American Express, and many more companies. Round House offers start-ups a creative and collaborative environment along with two-way Gigabit internet access, 3-D printers and a full-time "community engineer."
Among the companies in which Round House has equity ownership is RecMed First Aid, founded by a local teenager, Taylor Rosenthal. This past Monday, Taylor became the youngest person to exhibit at TechCrunch Disrupt in New York. He has been featured on numerous national media outlets in the past several days, and Taylor has stated that RecMed is being courted by some large retail and healthcare companies.
Several companies within the Round House portfolio are cybersecurity related, offering MGT an early look into potentially disruptive technologies in file sharing, chat and other applications.
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.
MGT also recently announced the acquisition of certain technology and assets from D-Vasive Inc., a provider of leading edge anti-spy software. In conjunction with the acquisition, The Company also announced the proposed appointment of John McAfee as Executive Chairman and Chief Executive Officer. Further, MGT Capital also intends to change its corporate name to John McAfee Global Technologies, Inc. Closing of the acquisition is contingent on customary conditions including approval by MGT's stockholders.
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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SOURCE MGT Capital Investments, Inc.