HARRISON, N.Y., June 29, 2016 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) today announced that it has hired the development team of E-Tagged, including Robert Rogers and Joshua Kowalchuk, in order to commercialize the E-Tagged mobile device tracking technology.
E-Tagged is a cyber security product designed to alert and detect the identity of approaching individuals or motor vehicles by utilizing a proprietary technology that analyzes the radio signals broadcast by cell phones. The E-Tagged technology can provide homeowners and businesses with information related to the geographic approach of persons, known and unknown. With variable gain antennas, the system can be configured within a range of from 100 feet to three miles from the system. The MAC address of the mobile device is logged and the cell phone number is recorded. In the event the homeowner is away, the system can be configured to call, email or text the homeowner.
"The long term value of E-Tagged will be to augment soon to be released products that secure digital networks and home systems from unauthorized hacking or unwanted intrusions. This product integrates well with our plans," said John McAfee, MGT's proposed Executive Chairman and CEO. "We are also gratified that Rob and Josh have decided to apply their skillsets to our exciting enterprise. Together they have developed a valuable technology in E-Tagged that has multiple applications. We look forward to working with them in advancing this innovative technology into a commercial offering," concluded Mr. McAfee concluded.
The addition of Robert Rogers and Joshua Kowalchuk to the Company's roster of talented developers will be essential to the commercialization of the E-Tagged technology. Both, Rogers and Kowalchuk have a lifelong passion for computers, harnessing their skills well before graduating from Durham College in Ontario, Canada. Following graduation the pair consulted IT services for many people and businesses until founding their first company in 2010, delivering people in rural areas of Durham high internet service. In 2012, their company Ontario High Speed, Inc. had its data center and first gigabit optical circuit become operational. In 2013, the first prototype of E-Tagged was developed as an anti-theft device for a tractor dealership.
Under the terms of the Company's employment agreement with Mr. Rogers and Kowalchuk, MGT will assume control over the E-Tagged technology and ownership of the IP developed.
About MGT Capital Investments, Inc.
MGT Capital Investments, Inc. (NYSE MKT: MGT) is in the process of acquiring a diverse portfolio of cyber security technologies. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smart phones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform.
MGT Capital intends to change its corporate name to "John McAfee Global Technologies, Inc." upon closing of the D-Vasive transaction.
For more information on the Company, please visit http://ir.stockpr.com/mgtci.
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.
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SOURCE MGT Capital Investments, Inc.
Released June 29, 2016