MGT Subsidiary Inks Top Fantasy Sports Gamers Leading Fantasy Sports Players to Market FanThrowdown Website; Enhance Player Experience
HARRISON, N.Y., March 5, 2014 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) announced today that its majority owned subsidiary FanTD LLC has entered into an incentive-based consulting and marketing agreement with an entity formed by Nicholas Dunham and Charles Chon, each of whom are leading daily fantasy sports players. The exclusive relationship will entail input on site design and functionality in order to enhance the player experience, and promotion of the site through a variety of channels, including audio and video media and high visibility events. Mr. Chon operates under the screen name Condia; he is widely regarded as the most skilled competitor in daily fantasy sports, and placed second in FanTD's $500,000 Football championship in December 2013. Mr. Dunham uses the screen name 1ucror and has participated in hundreds of thousands of daily fantasy sports contests.
Robert Traversa, MGT's Chief Financial Officer, stated: "We are excited to join forces with the most talented names in the business, and look forward to offering an even better daily fantasy sports playing experience as we expand our site in 2014." Mr. Dunham added: "After a thorough review of the daily fantasy sports industry, Charles and I decided that MGT is in the perfect position to become a market leader and provides us with a great opportunity. We intend to make MGT's branded sites the premier destination for daily and weekly fantasy games."
About MGT Capital Investments, Inc.
MGT and its subsidiaries are engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the casino industry.
Subsidiary MGT Studios is publisher of social games and real money games of skill, and will launch www.MGTplay.com and SlotChamp™ in early 2014.
MGT Gaming, a majority owned subsidiary, owns U.S. Patents Nos. 7,892,088 and 8,500,554 relating to certain casino slot machine systems and has filed a patent infringement lawsuit against WMS Gaming (a subsidiary of Scientific Games Corporation), and others. The Company also owns a majority interest in FanTD LLC, the operator of FanThrowdown.com, one of the leading online daily fantasy sports wagering websites. Another majority owned subsidiary, MGT Interactive, owns REAL DEAL POKER™, an innovative online poker technology with a patented card shuffling system, allowing for regulatory transparency and auditability, and a higher level of realism.
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.