HARRISON, N.Y., Nov. 19, 2014 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) announced today that it has entered into a revenue sharing agreement with Las Vegas based FanWars LLC. Under the agreement, MGT Sports will provide the technology infrastructure for FanWars.com to offer daily fantasy sports tournaments to its current and future user base.
"We are very excited about this deal — it allows us to offer our players many more contest options and larger prize pools," said Kevin De Vincenzi, CEO of Fanwars LLC. "Today's partnership announcement enhances our ability to offer the high-stakes, big-payout action that fantasy sports players crave. We welcome our players to this new level of skill and rewards." Mr. De Vincenzi is an experienced Internet marketing expert; through ownership and management of Rapid Response Marketing LLC and Xy7.com, he has been a leader in performance based advertising since 2003, paying out over $150 million in affiliate commissions.
Robert Ladd, Chief Executive Officer of MGT, said, "MGT Sports is pleased to enter into this alliance with Fanwars, bringing further player liquidity to our daily fantasy sports platform. Moreover, we look forward to sharing the digital and traditional marketing skills of the Fanwars team."
About MGT Capital Investments, Inc.
MGT Capital and its subsidiaries operate social and real money gaming sites online and in the mobile space, including ownership of the 3rd largest daily fantasy sports wagering platform, DraftDay.com. MGT Sports also provides branded white label solutions that share player liquidity and the company's technology platform. In addition, MGT offers daily fantasy sports contests on Facebook through Daily Fantasy Legend, games of skill through MGTplay.com, and has created an online portal for fantasy sports news and commentary, FantasySportsLive.com. Lastly, the Company owns intellectual property relating to slot machines and has asserted its claims via a patent infringement lawsuit.
About FanWars LLC:
Founded in the entertainment capital of the world, Las Vegas, FANWARS™ is a daily fantasy sports platform created with the player in mind: More action, more data, and higher engagement. The team and culture is comprised of top sports enthusiasts and Internet marketers collectively responsible for accelerating traffic and user engagement for many different companies. FanWars also owns intellectual property in the sports entertainment, online gaming, and Internet marketing arenas.
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.