MGT Capital Investments Inc. (OTCMKTS:MGTI) announced today that John McAfee, the Company’s Executive Chairman, has officially been appointed Chief Executive Officer, effective immediately.
“The advancements in personal and enterprise technologies have exposed us to a greater number of cybersecurity threats than ever before. Despite the overwhelming concerns about today’s advanced threats, high profile breaches around the world, including those during the U.S. presidential election, have put a spotlight on the ineffectiveness and outdated approach of the antivirus software currently available from what is considered the ‘leading’ cybersecurity companies. My vision for the future of the cybersecurity industry is placed firmly in developing new technologies through MGT that apply the skill and knowledge of white hat hackers to protect society from these modern threats,” commented McAfee.
In the six months since Mr. McAfee began helping MGT move to the forefront of the cybersecurity market, the Company has made several key acquisitions of exciting new technologies, and has created one of the largest bitcoin mining operations in the U.S. Last month, MGT announced the launch of its first product, Sentinel, with plans to ship the product to the initial customers in the next few weeks. The stockholder-approved acquisitions of D–Vasive and Demonsaw remain pending, and the Company expects to reach a revised deal structure to benefit existing shareholders by the end of the year.
“My commitment today will dispel the half-truths in the market that MGT just wants to use my name. The momentum of MGT is building and we are excited to ramp up its activity over the coming months. Make no mistake, I am determined to once again personally disrupt the status quo in cybersecurity, and MGT has the resources and people to make it happen,” concluded Mr. McAfee. (Original Source)
MGT Capital shares surged nearly 16% to $1.35 following the news on Friday.
On the ratings front, Ascendiant Capital analyst Edward Woo initiated coverage with a Buy rating on MGT and a price target of $6.00, in a report issued on August 15. The current price target represents a potential upside of 341% from where the stock is currently trading. According to TipRanks.com, Woo has a yearly average return of 13.5%, a 63% success rate, and is ranked #390 out of 4197 analysts.
MGT Capital Investments, Inc. engages in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the casino industry. It operates through two reportable segments: Gaming and Intellectual Property.