Business
UAHC Ventures, LLC Partners with MGT Capital Investments, Inc. to Expand Bitcoin Mining Operations
UAHC Ventures, LLC Partners with MGT Capital Investments, Inc. to Expand Bitcoin Mining Operations.
About this update from United American Healthcare Corp.
[{"type":"text","content":"\n\n CHICAGO, Aug. 23, 2017 (GLOBE NEWSWIRE) -- UAHC Ventures, LLC, a wholly-owned subsidiary of United American Healthcare Corporation (OTC:UAHC) (“UAHC Ventures”), has partnered with MGT Capital Investments, Inc. (OTC:MGTI) (“MGTI”) by providing a $2 million investment to MGTI, the proceeds of which will be utilized by MGTI to further expand and develop its Bitcoin mining operations.\n In exchange for UAHC Ventures’ $2 million investment, MGTI has issued UAHC Ventures both a Secured Convertible Promissory Note and a warrant to purchase shares of MGTI’s common stock. Monthly redemption payments due under the financing begin three months following the close of the transaction, and may be made in cash or by converting redemption amounts into shares of MGTI’s common stock. UAHC Ventures is a newly formed subsidiary of UAHC, created to pursue strategic-investment opportunities in promising growth industries, such as blockchain technologies and digital currency. Mining of Bitcoin and other digital currencies within the digital currency space has experienced immense momentum and growth. “Today we see Bitcoin and related-mining activities as a promising and fast-growing segment of the digital currency sector. Accordingly, we’ve identified MGT Capital Investments, Inc. as a leader in Bitcoin mining that is uniquely poised to capture market value as it expands its mining operations. As our commitment to making strategic investments through UAHC Ventures continues, we will further explore potential value-adding opportunities in the digital currency space, as they present themselves,” said John Fife, CEO of UAHC Ventures, LLC. About United American Healthcare CorporationUnited American Healthcare Corporation (“UAHC”), through its subsidiary, UAHC Ventures, LLC, pursues strategic investment opportunities in various growth industries. Additionally, UAHC, through its subsidiary Pulse Systems, LLC, is a contract manufacturing company that provides services to the medical device industry. UAHC nor any of its existing subsidiaries are an \"Investment Company\" as defined by Section 3(a)(1) of the Investment Company Act of 1940 (the \"Act\") and are therefore not subject to the regulations contained in the Act. Forward-looking StatementsThis press release contains forwa...