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June 14, 2011 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE Amex: MGT), today announced that on
June 8, 2011 it received notice from the NYSE Amex (the "Exchange") notifying the Company it is not in compliance with following Exchange continued listing standards: Section 1003(a)(i) of the Company Guide, resulting from stockholders' equity on
March 31, 2011 of less than
$2,000,000 and losses from continuing operations and/or net losses in two of its three most recent fiscal years; Section 1003(a)(ii) of the Company Guide with stockholders' equity of less than
$4,000,000 and losses from continuing operations and/or net losses in three of its four most recent fiscal years; and Section 1003(a)(iii) with stockholders' equity of less than
$6,000,000 and losses from continuing operations and/or net losses in its five most recent fiscal years.
As allowed by Exchange rules, the Company intends to submit a plan of compliance by
July 8, 2011 demonstrating its ability to regain compliance with the listing standards within an 18 month remediation period. If the plan is accepted, and periodic reviews by the Exchange confirm progress consistent with the plan, the Company will continue its listing during the 18-month plan period. Otherwise, the Company will be subject to delisting procedures as set forth in the Exchange Company Guide. The Company would have the right to appeal any such determination. However, there is no assurance of success throughout this process.
The Company's stock trading symbol will remain MGT, but will include a ".BC" appendage to denote its noncompliance. The trading symbol will bear this additional indicator until the Company regains its compliance with the NYSE Amex continued listing requirements.
About MGT Capital Investments
MGT Capital Investments is a holding company with operations in medical imaging. Its majority-owned subsidiary Medicsight recently received FDA approval of its ColonCAD software to detect polyps for use during CT colonography procedures. Additional information regarding MGT Capital Investments is available at:
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