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June 4, 2013 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) announced today that the Company has signed a definitive agreement with a major Asian conglomerate to sell its portfolio of medical imaging patents. The monetization of these patents completes MGT's transition to a company focused on internet and mobile gaming.
Robert Traversa, Chief Financial Officer, stated, "We expect the proceeds of roughly
$1.5 million to be deployed in the skill-based gaming space, where we see tremendous opportunity. Our board of directors is also considering other avenues to enhance shareholder value."
About MGT Capital Investments, Inc.
MGT Capital Investments and its subsidiaries are engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space.
MGT Sports, Inc., a wholly owned subsidiary, owns a majority interest in FanTD LLC, an online daily fantasy sports wagering business. FanTD LLC owns and operates
FanThrowdown.com, one of the leading daily fantasy sports websites. Launched in 2012,
FanThrowdown.com offers daily fantasy gameplay for the NFL, MLB, NCAA (basketball & football), NHL, NBA and professional golf, with near-term plans to add NASCAR. Its goal is to offer fantasy sports fans the absolute best play environment and the most popular gameplay styles with a perfect balance between user-friendliness and in-depth statistical analysis.
MGT Gaming, Inc., a majority owned subsidiary, owns U.S. Patent No. 7,892,088 relating to casino gaming systems. In November 2012,
MGT Gaming filed a patent infringement suit against Caesars Entertainment Corporation, MGM Resorts International, Inc., WMS Gaming (a subsidiary of WMS Industries, Inc.), Penn National Gaming, Inc., and Aruze Gaming America, Inc.
In addition, the Company owns Hammercat Studios, a publisher and developer of videogames for digital distribution in the mobile app space.