NEWS HERE [/b MAY 23, 2016 MGT Capital Reports Financial... 8:30 AM ET | PR Newswire MAY 19, 2016 UPDATE: MGT Capital's stock takes a... 10:44 AM ET | MarketWatch UPDATE: CORRECT: John McAfee to... 10:26 AM ET | MarketWatch MAY 18, 2016 UPDATE: MGT Capital's stock... 3:25 PM ET | MarketWatch MAY 16, 2016 Company Lands Protection Contract... 8:45 AM ET | PR Newswire Cybersecurity Pioneer John McAfee... 8:30 AM ET | PR Newswire MAY 13, 2016 Consolidation & Healthy Pullback... 12:45 PM ET | PR Newswire MAY 12, 2016 3 Stocks to Buy That Are Breaking Out... 11:45 AM ET | PR Newswire MGT Capital Acquires Ownership... 8:30 AM ET | PR Newswire MAY 11, 2016 The Technology Sector is Heating Up 1:52 PM ET | PR Newswire MAY 9, 2016 John McAfee Returns to Public... 8:30 AM ET | PR Newswire COMPANIES IN THE NEWS TDF 7 CHN 7 PGJ 7 GCH 7 JFC 7 Bars represent the number of news headlines or stories a company is mentioned in today. Click on a bar to go to the company’s news page. MGT Capital Reports Financial Results for the First Quarter ending March 31, 2016Font size: A | A | A 8:30 AM ET 5/23/16 | PR Newswire MGT Capital Investments, Inc. (NYSE MKT: MGT) reported financial results and operational developments for the fiscal first quarter ended March 31, 2016. Developments during the quarter and recent weeks subsequent to quarter end are as follows:
-- MGT entered into a definitive asset purchase agreement to acquire certain technology and assets from D-Vasive Inc., a provider of leading edge anti-spy software. MGT also entered into a consulting agreement with Future Tense Secure Systems Inc., a technology incubator.
-- In conjunction with the acquisition, MGT announced the proposed appointment of John McAfee as Executive Chairman and Chief Executive Officer. Mr. McAfee is the visionary pioneer of internet security whose anti-virus company was acquired by Intel for $7.7 billion. He is actively involved in the development of new measures to protect individual freedoms and privacy.
-- Closing of the acquisition is contingent on customary conditions including approval by MGT's stockholders. The Company plans to issue a Preliminary Proxy Statement shortly.
-- Adjusted for recent warrant exercises, MGT currently has 23.8 million common shares outstanding, and has cash of $2.0 million plus marketable securities of approximately $500,000. Moreover, MGT carries zero debt or preferred stock.
-- In addition, the Company expects to continue to monetize certain securities it owns issued by DraftDay Fantasy Sports. Inc., and expects further warrant exercises. These potential sources of cash would add about $1.5 million to the Company's cash reserves. Pro-forma, following the closing of the D-Vasive acquisition, the company will have approximately 50 million shares outstanding, about half of which would be subject to resale restrictions.
-- Cash used in operations was $376,000 in the first quarter of 2016, down 49% sequentially from the December 2015 quarter, and down 41% from the first quarter of 2015. Having significantly streamlined MGT's operational structure and minimized corporate overhead, the Company continues to exercise discipline with respect to its burn rate.
Financial Results follow; per GAAP requirements, the operations of DraftDay.com are treated as discontinued operations. For further information, please refer to MGT's Form 10-Q filed this morning with the SEC, and available at the Company's corporate website or at www.sec.gov.
About MGT Capital Investments, Inc. MGT and its subsidiaries are principally engaged in the business of acquiring, developing and monetizing intellectual property assets. MGT's portfolio currently includes social casino and gaming platforms, and ownership stakes in DraftDay.com, a top daily fantasy sports wagering platform and DraftDay Fantasy Sports, Inc. operator of an online entertainment marketing and rewards platform.
MGT also recently announced the acquisition of certain technology and assets from D-Vasive Inc., a provider of leading edge anti-spy software. In conjunction with the acquisition, The Company also announced the proposed appointment of John McAfee as Executive Chairman and Chief Executive Officer. Further, MGT Capital also intends to change its corporate name to John McAfee Global Technologies, Inc. Closing of the acquisition is contingent on customary conditions including approval by MGT's stockholders.
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