MGT Announces Launch of Online Skilled Gaming Platform, MGTPlay.com
Website to Offer Cash Wagering on Arcade-Style Games
HARRISON, N.Y., Dec. 5, 2013
HARRISON, N.Y., Dec.5, 2013 /PRNewswire/ --MGT Capital Investments, Inc.
(NYSE MKT: MGT) announced today that it has partnered with Germany-based M2P
Entertainment GmbH to offer M2P's highly successful skill-based gaming
platform to players in the United States by yearend. Since launching in 2012,
M2P has delivered over 12 million installed apps of popular games it has
created for facebook, and is currently offering over $200,000 per week in
prize money on its flagship property http://www.m2p.com. The joint venture
between MGT Studios, a wholly owned subsidiary of MGT, and M2P will leverage
this successful model by offering online cash games to the audiences of MGT's
existing properties and to the over two million current U.S. social users of
the M2P platform who will now be able to participate for real money. Adults
from approved states will be able to compete head-to-head or in tournaments to
win cash prizes in several game genres including puzzles, sports, strategy,
and cards. The partnership will incorporate the technical and marketing
talents from both companies to enhance the game offerings and make important
updates for the U.S. audience.
(Logo: http://photos.prnewswire.com/prnh/20130409/NY91046LOGO )
Jeremy Avin, General Manager of MGT Studios, will lead the new venture under
the brand MGTPlay (http://www.mgtplay.com); the partnership includes exclusive
rights to North and South America, and equity cross-investment in the
respective parent companies. Mr. Avin stated, "We are thrilled to be working
with M2P to expand the geographic reach of its already successful games and to
introduce exciting new games. Moreover, we expect to hit the ground running
given the head start afforded by built-in liquidity, as players can be matched
Robert Ladd, MGT's Chief Executive Officer, added, "Today's announcement is a
defining advancement of our skilled gaming efforts. We intend to be a leader
in this rapidly growing space."
Bjorn Kaufmann, Director of M2P, added, "We have had much success in the
European market and believe now is the perfect time to expand to the United
States. MGT's talented team makes them a great partner for us, and together
we look forward to having a large presence in the U.S. skilled gaming market."
MGT will hold an investor conference call on Tuesday, December 17, 2013 to
provide more detail on today's announcement and other recent transactions.
Management will discuss its goals and outlook for 2014, and answer questions
from participants. Further details will be provided as the date approaches.
About MGT Capital Investments, Inc.
MGT and its subsidiaries are engaged in the business of acquiring, developing
and monetizing assets in the online and mobile gaming space, as well as the
MGT Gaming, a majority owned subsidiary, owns U.S. Patent Nos.7,892,088 and
8,500,554 relating to certain casino slot machine systems and has filed a
patent infringement lawsuit against WMS Gaming (a subsidiary ofScientific
Games Corporation), and others. The Company also owns a majority interest in
FanTD LLC, the operator of FanThrowdown.com, one of the leading online daily
fantasy sports wagering websites. Another majority owned subsidiary, MGT
Interactive, owns REAL DEAL POKER™, an innovative online poker technology with
a patented card shuffling system, allowing for regulatory transparency and
auditability, and a higher level of realism.
About M2P Entertainment GmbH
M2P Entertainment and its subsidiaries are game developers with a goal to
create special gaming experiences for its customers. Its main focus lies on
the game portal m2p.com. Since 2012, the portal has gained several hundred
thousand registered players who are using more than 30 high quality, distinct
games of skill. Moreover, M2P develops popular social and mobile games for
current platforms, including the social network facebook.
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.
SOURCE MGT Capital Investments, Inc.
Contact: MGT Capital Investments, Inc., Robert Traversa, Chief Financial
Officer, 914-630-7431, email@example.com; M2P Entertainment GmbH, Markus
Scheer, Officer, +49 (0) 234 629 701 40, firstname.lastname@example.org
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