Attached files
| file | filename |
|---|---|
| 8-K - MGT CAPITAL INVESTMENTS, INC. | v205485_8k.htm |
| EX-10.2 - MGT CAPITAL INVESTMENTS, INC. | v205485_ex10-2.htm |
| EX-10.1 - MGT CAPITAL INVESTMENTS, INC. | v205485_ex10-1.htm |
Exhibit
99.1
Press Release Source: MGT
Capital Investments, Inc. On December 14, 2010
MGT
announces Laddcap investment and board changes
NEW YORK,
December 14, 2010 -- MGT Capital Investments, Inc., ("MGT"), announced today
that it has entered into an Amended and Restated Securities Purchase Agreement
with Laddcap Value Partners LP (“Laddcap”). This Agreement amends and restates
in its entirety the original Securities Purchase Agreement dated November 16,
2010, which the Company had entered into with an affiliate of
Laddcap. The parties agreed to these amendments after discussions
with the staff of the American Stock Exchange in connection with the submission
of MGT’s Additional Share Listing Application for AMEX
approval. Pursuant to the amended Agreements, Laddcap is purchasing
6,500,000 shares of the Company’s common stock for $1,000,000; Laddcap is not
purchasing any warrants. Further, Robert Ladd will be appointed to
the Company’s board to fill a vacancy following the resignation of Tim Paterson
Brown.
At a
board meeting held on December 13, 2010, Peter Venton was appointed Chairman of
the Board, Allan Rowley (formerly the Company’s Chief Financial Officer) was
appointed to Chief Executive Officer, and Troy Robinson was appointed to Chief
Financial Officer.
Robert
Ladd commented: "I am pleased to conclude the transaction stage of this
investment, and look forward to helping grow shareholder value for MGT and
Medicsight stockholders"
All
forward-looking statements are made pursuant to the 'safe harbor' provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are based on current management expectations that involve risks and
uncertainties that may result in such expectations not being realized. Potential
risks and uncertainties include, but are not limited to, the risks described in
company filings with the Securities and Exchange Commission.