DURHAM, NC, April 12, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTC: MGTI) today provided an update on MGT Sentinel, an intrusion monitoring platform designed to protect corporate and enterprise intranets from sophisticated hacking threats.
John McAfee, Executive Chairman and Chief Executive Officer of MGT, explained, "When I joined MGT, my stated mission was to deliver the next generation of cybersecurity technology to the marketplace. Sentinel was acquired because the principles and technology foundation nearly exactly match the needs of enterprise clients in today’s IT environment. By building onto this base hardware, we had hoped to jumpstart normal timelines and deliver a world class product at the end of last year. During its limited initial trial, we challenged the best hackers in the world to exploit MGT Sentinel. Unfortunately, the product proved vulnerable on both the server and sensor side, and was not foolproof as I had promised.
“The Company also was also hampered by corporate events that limited its access to capital and prevented it from quickly ramping up its tech team, particularly in light of the termination of our planned merger agreement. We have since restructured our technical team and engaged Chris Roberts, the world-renowned cybersecurity expert, to replace our former interim Chief Technology Officer. Under the lead direction of Chris, Sentinel has completed a redesign and all issues uncovered by our hacker testing have been addressed.”
Mr. Roberts stated, “Sentinel has been re-engineered with a greater understanding of the latest exploits. We know how the attackers work, so Sentinel has been enhanced to blend seamlessly within its environment by maintaining the appropriate port and service configurations. Sentinel’s advanced capabilities will monitor extraneous traffic to identify legitimate threats within seconds.”
Mr. McAfee concluded, “I’m excited to announce that we are now at the stage that I can promise an outstanding product. We expect prototypes in the next several weeks to give us success with a large distribution partner, with sales beginning by the end of this quarter.”
The Company invites shareholders to view a message from Executive Chairman and Chief Executive Officer, John McAfee:
About MGT Capital Investments, Inc.
MGT Capital Investments, Inc. (OTC: MGTI) is in the process of acquiring and developing a diverse portfolio of cyber security technologies. With industry pioneer John McAfee at its helm, MGT is positioned to address various cyber threats through advanced protection technologies for mobile and personal technology devices, as well as corporate networks.
Also as part of its corporate efforts in secure technologies, MGT is growing its capacity in mining Bitcoin. Currently at 5.0 PH/s, the Company's facility in WA state produces about 100 Bitcoins per month, ranking it as one of the largest U.S. based Bitcoin miners. Further, MGT is in active discussions with financial partners to grow Bitcoin output materially.
Lastly, MGT stockholders have voted to change the corporate name of MGT to "John McAfee Global Technologies, Inc." Following a dispute over ownership and permitted usage of the name McAfee, The Company and Intel have agreed to a mediation process to avoid unnecessary legal costs.
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." 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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MGT Capital Investments, Inc.