HARRISON, N.Y., Sept. 6, 2016 /PRNewswire/ -- MGT Capital Investments, Inc. (NYSE MKT: MGT) announced that on September 2ndthe Company and John McAfee filed a lawsuit in the United States District Court, Southern District of New York seeking a judgment that the Company's use of "John McAfee Global Technologies, Inc." does not infringe upon any trademark rights of Intel Corporation or breach any agreement between the parties.
By way of abbreviated background, in 1991, Mr. McAfee entered into an asset acquisition agreement with McAfee Associates, L.P., with Mr. McAfee as Managing Partner. That agreement transferred ownership of certain business assets, but did not transfer or otherwise assign rights to Mr. McAfee's personal name via assignment of trademark or otherwise, or agree to restrict his right to do business using his name. Further the agreement did not contain any non-compete provisions of any kind. In fact, any trademarks pertaining to doing business as "McAfee Associates" were subsequently cancelled or abandoned.
Over the past 25 years, McAfee Associates was involved in a merger and was renamed "Network Associates," later changed back to "McAfee Associates." It was then purchased by Intel Corporation in 2010. Intel itself renamed the business "Intel Security" a few years later, and, according to press reports, Intel is now attempting to sell Intel Security.
Mr. McAfee sold his remaining stake in McAfee Associates in 1997, and has remained a notable entrepreneur with several business ventures, as well as a renowned global thought leader and public figure. The plan to change MGT's name to John McAfee Global Technologies, Inc. is a clear reference to Mr. McAfee as a famed international figure in his own right.
"When MGT announced it was to be renamed John McAfee Global Technologies, Intel sent a letter claiming they owned my name," John McAfee explained. "In my opinion, it has been Intel improperly using my name, and I have not been happy that the general public associates Intel's products with me. I am a respected pioneer in the cybersecurity industry with a new vision and paradigm to combat the horrific effects of cybercrime and invasion of privacy in today's world."
Mr. McAfee concluded, "In summary, I find it unconscionable that after tarnishing my reputation with what I feel are inferior cybersecurity solutions to address today's threats, Intel is now trying to prevent me from earning a livelihood using my own name, and attempting to sell my name, something it doesn't own."
A copy of the lawsuit as filed by MGT Capital is available at on the MGT website athttp://content.stockpr.com/mgtci/files/docs/McAfee.complaint.pdf.
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.
Director of Investor Relations
MGT Capital Investments, Inc.
KCSA Strategic Communications
Director of Corporate Communications
MGT Capital Investments, Inc.
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SOURCE MGT Capital Investments, Inc.
Released September 6, 2016