UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 28, 2014 (April 23, 2014)
MGT Capital Investments, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 0-26886 | 13-4148725 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
500 Mamaroneck Avenue, Suite 204, Harrison, NY 10528
(Address of principal executive offices, including zip code)
(914) 630-7431
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure
On April 24, 2014, MGT Capital Investments, Inc. (the “Company”) issued two press releases relating to certain corporate updates and other information currently available about the Company. The first press release announced a change in venue in one of the Company’s two currently pending patent infringement lawsuits (which was originally disclosed on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 9, 2012), moving the lawsuit’s venue from Mississippi to Illinois. The second press release announced the Company’s participation in the Growth Capital Expo 2014 to be held in Las Vegas from April 29 to May 1, 2014. The two press releases each included an executive summary of the Company. A copy of each press release is attached hereto and incorporated herein by reference in its entirety as Exhibit 99.1 and Exhibit 99.2.
The information contained in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The furnishing of the information in this Current Report on Form 8-K is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information contained in this Current Report on Form 8-K constitutes material investor information that is not otherwise publicly available.
The Securities and Exchange Commission encourages registrants to disclose forward-looking information so that investors can better understand the future prospects of a registrant and make informed investment decisions. This Current Report on Form 8-K and exhibits may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and which involve risks, uncertainties and reflect the Registrant’s judgment as of the date of this Current Report on Form 8-K. Forward-looking statements may relate to, among other things, operating results and are indicated by words or phrases such as “expects,” “should,” “will,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this Current Report on Form 8-K. The Company disclaims any obligation to, and will not, update any forward-looking statements to reflect events or circumstances after the date hereof. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented within.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release dated April 24, 2014 | |
| 99.2 | Press Release dated April 24, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: April 28, 2014
| MGT Capital Investments, Inc. | ||
| By: | /s/ Robert B. Ladd | |
| Name: Title: |
Robert B. Ladd President and Chief Executive Officer | |
MGT to Present at Upcoming Growth Capital Expo
Management to Provide Strategic Update During Investor Sessions
Harrison, NY (April 24, 2014) – MGT Capital Investments, Inc. (NYSE MKT: MGT) announced today its participation in the Growth Capital Expo 2014 in Las Vegas from April 29 to May 1, 2014. An updated corporate presentation is scheduled to be delivered at 10:30 AM PDT on April 30 and May 1, and will be posted in the Investor Relations section of the Company’s website (www.mgtci.com).
Robert Ladd, Chief Executive Officer of MGT commented, “The timing and venue is perfect for a progress report to our stockholders and prospective stockholders. As the gaming capital of the world, Las Vegas is the appropriate location to promote the launches of several announced initiatives, including MGTPlay.com, SlotChamp, FantasySportsLive.com, and our joint venture with VegasInsider.com. We expect these ventures to produce meaningful revenue from launch and be cash flow positive by yearend.”
At the Expo, the Company will also provide an update on the recent acquisition of DraftDay.com. Mr. Ladd added, “This purchase is a game changer for MGT. In addition to over one million dollars of expected revenue, DraftDay gives us the user base and technology platform to optimize all our gaming operations. MGT now controls the most formidable competitor to the top three daily fantasy sports websites, each valued at $50 to $100 million in recent private equity transactions.”
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 4th largest daily fantasy sports wagering platform, www.DraftDay.com. In May 2014, the Company also expects to offer games of skill through www.MGTplay.com and social casino games with SlotChamp™, and is building an online portal for fantasy sports news and commentary, www.FantasySportsLive.com. In addition, the Company owns intellectual property relating to slot machines and has asserted its claims via patent infringement lawsuits.
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.
Company contact
MGT Capital Investments, Inc.
Robert Traversa, Chief Financial Officer
914-630-7431
rtraversa@mgtci.com
MGT Provides Update on Patent Infringement Action
One of Two Lawsuits to be Transferred to Illinois
Harrison, NY (April 24, 2014) – MGT Capital Investments, Inc. (NYSE MKT: MGT) was informed on April 23, 2014 that the United States Court of Appeals for the Federal Circuit ruled on a Petition for Writ of Mandamus, sought by WMS Gaming, Inc., a defendant in one of MGT’s patent infringement lawsuits. Mandamus was granted, thereby vacating the decision of the United States District Court for the Southern District of Mississippi that denied a motion by WMS to transfer the case to the United States District Court for the Northern District of Illinois. As a consequence, this case will be moved to Illinois.
Yesterday’s decision does not impact MGT’s ongoing action in Mississippi against Aruze Gaming, Inc. As previously disclosed, a Markman Hearing (also known as a claims construction hearing) has been scheduled in that case for September 25, 2014 in Jackson, MS. Moreover, yesterday’s decision has no bearing with respect to the merits of the Company’s allegations in any of its patent infringement lawsuits.
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 4th largest daily fantasy sports wagering platform, www.DraftDay.com. In May 2014, the Company also expects to offer games of skill through www.MGTplay.com and social casino games with SlotChamp™, and is building an online portal for fantasy sports news and commentary, www.FantasySportsLive.com. In addition, the Company owns intellectual property relating to slot machines and has asserted its claims via patent infringement lawsuits.
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.
Company Contact
MGT Capital Investments, Inc.
Robert Traversa, Chief Financial Officer
914-630-7431
rtraversa@mgtci.com