MGT Capital Investments, Inc. Retains Mike Levy As Strategic Advisor For Fanthrowdown.com
HARRISON, N.Y., June 12, 2013 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) announced today the appointment of Mike Levy as a senior strategic advisor for the Company's daily fantasy sports business, Fanthrowdown.com. Mr. Levy is the founder and former CEO of SportsLine.com (now CBSSports.com), a leading sports media company that published CBS SportsLine.com, NFL.com, PGA Tour.com and NCAA Sports.com.
Mr. Levy commented, "I am very excited to be involved in the early stages of what clearly will become a very large business opportunity. The Fanthrowdown technology platform is impressive, and I look forward to working closely with management to formulate strong marketing and sales plans, and also to help structure meaningful strategic partnerships."
SportsLine,com was founded in 1994 and went public in 1997 on NASDAQ, where it traded until 2004 when CBS acquired the company. In addition to CBS Sports, Mr. Levy forged alliances with AOL, the NFL, the NBA, MLB, various players' associations and many superstar athletes. Mr. Levy has also been the subject of numerous articles in Fortune, Business Week and Forbes, including being featured in a Forbes cover story. He was also named as one of Sporting News 100 most powerful people in sports for three consecutive years.
From 2008 through 2010, Mr. Levy was CEO of OPEN Sports Network, Inc., a next-generation Internet service offering advanced fantasy sports applications. OPEN Sports entered into an agreement with FOX Sports to provide fantasy football products on FOXSports.com for the 2008 and 2009 NFL seasons.
Robert Ladd, President and Chief Executive Officer of MGT, summarized, "Mike is among the original trailblazers in online sports, with broad experience and unparalleled contacts. In the past several months, we have seen large media/entertainment companies such as Comcast and IAC/Interactive Corporation make investments in the daily fantasy space, and we are thrilled to have someone of Mike's stature overseeing this exciting opportunity for MGT."
About MGT Capital Investments, Inc.
MGT Capital Investments and its subsidiaries are engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space.
MGT Sports, Inc., a wholly owned subsidiary, owns a majority interest in FanTD LLC, an online daily fantasy sports wagering business. FanTD LLC owns and operates FanThrowdown.com, one of the leading daily fantasy sports websites. Launched in 2012, FanThrowdown.com offers daily fantasy gameplay for the NFL, MLB, NCAA (basketball & football), NHL, NBA and professional golf, with near-term plans to add NASCAR. Its goal is to offer fantasy sports fans the absolute best play environment and the most popular gameplay styles with a perfect balance between user-friendliness and in-depth statistical analysis.
MGT Gaming, Inc., a majority owned subsidiary, owns U.S. Patent No. 7,892,088 relating to casino gaming systems. In November 2012, MGT Gaming filed a patent infringement suit against Caesars Entertainment Corporation, MGM Resorts International, Inc., WMS Gaming (a subsidiary of WMS Industries, Inc.), Penn National Gaming, Inc., and Aruze Gaming America, Inc.
In addition, the Company owns Hammercat Studios, a publisher and developer of videogames for digital distribution in the mobile app space.
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.
SOURCE MGT Capital Investments, Inc.