HARRISON, N.Y., March 17, 2015 /PRNewswire/ -- MGT
Capital Investments, Inc. (NYSE MKT: MGT) announced today that it
has suspended discussions with Tera Group, Inc., ("Tera") owner of
TeraExchange, LLC, a Swap Execution Facility regulated by the
Commodity Futures Trading Commission ("CFTC"). As previously
announced on February 27, 2015, the
companies had entered into a Letter of Intent in order to finalize
and execute a definitive merger agreement. However, the
self-imposed deadline of the LOI expired yesterday, and the parties
did not reach a binding extension.
Robert Ladd, Chief Executive
Officer of MGT, "The upside opportunity of a deal is extraordinary
for our stockholders, and we remain committed to working with Tera
management and legal team to finalize the complex agreement."
About MGT Capital Investments, Inc.
MGT Capital and
its subsidiaries operate social and real money gaming sites online
and in the mobile space, including ownership of the 3rd largest
daily fantasy sports wagering platform, www.DraftDay.com. The
Company also offers games of skill through www.MGTplay.com and
social casino games with SlotChamp™, and also operates an
online portal for fantasy sports news and commentary,
www.FantasySportsLive.com. MGT also launched Daily Fantasy Legend
in partnership with Facebook to become the First Daily Fantasy
Platform on Social Media. In addition, the Company owns
intellectual property relating to slot machines and has asserted
its claims via patent infringement lawsuits.
About Tera Group, Inc.
Tera Group owns TeraExchange
LLC, a Swap Execution Facility (SEF) regulated by the Commodity
Futures Trading Commission and provides market participants with
access to Bitcoin derivatives, interest rate swaps, credit default
swaps and non-deliverable forwards. TeraExchange is a global
pioneer in the derivatives marketplace and provides a multi-asset
class platform for trading of an array of financial
instruments.
Forward-looking Statements
This 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." MGT's financial and operational results reflected
above should not be construed by any means as representative of the
current or future value of its common stock. All information set
forth in this news release, except historical and factual
information, represents forward-looking statements. This includes
all statements about the Company's plans, beliefs, estimates and
expectations. These statements are based on current estimates and
projections, which involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. These risks and uncertainties include
issues related to: rapidly changing technology and evolving
standards in the industries in which the Company and its
subsidiaries operate; the ability to obtain sufficient funding to
continue operations, maintain adequate cash flow, profitably
exploit new business, license and sign new agreements; the
unpredictable nature of consumer preferences; and other factors set
forth in the Company's most recently filed annual report and
registration statement. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof. Readers should carefully review the risks and
uncertainties described in other documents that the Company files
from time to time with the U.S. Securities and Exchange
Commission.
Logo -
http://photos.prnewswire.com/prnh/20130409/NY91046LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgt-capital-investments-suspends-merger-discussions-with-tera-group-300051728.html
SOURCE MGT Capital Investments, Inc.