HARRISON, N.Y., Nov. 19, 2014 /PRNewswire/ -- MGT Capital
Investments, Inc. (NYSE MKT: MGT) announced today that it has
entered into a revenue sharing agreement with
Las Vegas based FanWars LLC.
Under the agreement, MGT Sports will provide the technology
infrastructure for FanWars.com to offer daily fantasy sports
tournaments to its current and future user base.
"We are very excited about this deal — it allows us to offer our
players many more contest options and larger prize pools," said
Kevin De Vincenzi, CEO of Fanwars
LLC. "Today's partnership announcement enhances our ability
to offer the high-stakes, big-payout action that fantasy sports
players crave. We welcome our players to this new level of
skill and rewards." Mr. De Vincenzi is an experienced
Internet marketing expert; through ownership and management of
Rapid Response Marketing LLC and Xy7.com, he has been a leader in
performance based advertising since 2003, paying out over
$150 million in affiliate
commissions.
Robert Ladd, Chief Executive
Officer of MGT, said, "MGT Sports is pleased to enter into this
alliance with Fanwars, bringing further player liquidity to our
daily fantasy sports platform. Moreover, we look forward to sharing
the digital and traditional marketing skills of the Fanwars
team."
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 3rd largest daily fantasy sports wagering
platform, DraftDay.com. MGT Sports also provides branded
white label solutions that share player liquidity and the company's
technology platform. In addition, MGT offers daily fantasy
sports contests on Facebook through Daily Fantasy Legend, games of
skill through MGTplay.com, and has created an online portal for
fantasy sports news and commentary, FantasySportsLive.com.
Lastly, the Company owns intellectual property relating to slot
machines and has asserted its claims via a patent infringement
lawsuit.
About FanWars LLC:
Founded in the entertainment capital of the world, Las Vegas, FANWARS™ is a daily fantasy sports
platform created with the player in mind: More action, more data,
and higher engagement. The team and culture is comprised of top
sports enthusiasts and Internet marketers collectively responsible
for accelerating traffic and user engagement for many different
companies. FanWars also owns intellectual property in the sports
entertainment, online gaming, and Internet marketing arenas.
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.
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SOURCE MGT Capital Investments, Inc.