MGT Capital Investments Inc. (OTCMKTS:MGTI) 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 release, 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.
Shares of MGT Capital are currently trading at $0.77, up $0.01 or 1.32%. MGTI has a 1-year high of $5.58 and a 1-year low of $0.22. The stock’s 50-day moving average is $0.85 and its 200-day moving average is $1.14.
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. The company operates through two reportable segments: Gaming and Intellectual Property. Its in the process of acquiring D-Vasive. The company’s product include Sentinel, which protects networks, computers, users and data.