Business
MGT Capital Divests Cybersecurity Operation
MGT Capital Divests Cybersecurity Operation.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Divests Cybersecurity Operation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMGT Capital Divests Cybersecurity Operation\nBecomes Pure Play Cryptocurrency Miner\nPR Newswire\nDURHAM, N.C., March 19, 2018\n\n\n\nDURHAM, N.C., March 19, 2018 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) announced today that it has ended its cybersecurity operations by selling the Sentinel product line to a new entity formed by the unit's management team, and stopping development of the privacy phone. The Sentinel assets were sold for $60,000 in cash and a $1.0 million promissory note, convertible into a 20% equity interest of the buyer. Also, the Company will provide full refunds for all preorders of the privacy phone.\n\n\n \n \n\n \nRobert Lowrey, newly-appointed Chief Financial Officer of MGT commented, \"Despite some initial market traction with Sentinel, the board has determined to focus resources on cryptocurrency mining and to end the cash burn associated with R&D and marketing in the highly competitive cybersecurity space.\"\n\nAbout MGT Capital Investments, Inc.\n\nOperating in facilities in northern Sweden and Washington State, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. When fully deployed, MGT will own and operate approximately 7,000 Bitmain S9 mining rigs, and 50 GPU-based Ethereum mining machines. Further, the Company continues to execute on an expansion model to secure low cost power and grow its crypto assets materially. \n\nFor more information on the Company, please visit: http://www.mgtci.com \n\nForward–looking Statements \n\nThis 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.\" All information set forth in this news release, except historical and factual information, represents forward–looki...