NEW YORK, Aug. 29, 2011 /PRNewswire/ -- MGT Capital
Investments, Inc. ("MGT", "we", or "the Company") (AMEX: MGT.BC), a
holding company engaged in the medical imaging industry, announced
today that NYSE Amex, LLC (the "Exchange") has accepted the
Company's plan of compliance (the "Plan") submitted in response to
a notice from the Exchange Staff dated June
8, 2011 indicating that the Company was not in compliance
with certain continued listing standards as set forth in Part 10 of
the Exchange's Company Guide.
Specifically, the Exchange Staff noted that the Company was not
in compliance with: (a) Section 1003(a)(i) of the Company
Guide, resulting from stockholders' equity on March 31, 2011 of less than $2,000,000 and losses from continuing operations
and/or net losses in two of its three most recent fiscal years; (b)
Section 1003(a)(ii) of the Company Guide with stockholders' equity
of less than $4,000,000 and losses
from continuing operations and/or net losses in three of its four
most recent fiscal years; and (c) Section 1003(a)(iii) with
stockholders' equity of less than $6,000,000 and losses from
continuing operations and/or net losses in its five most recent
fiscal years. The Company was afforded the opportunity to
submit the Plan to the Exchange and on July 15, 2011 presented the
Plan to the Exchange.
On August 23, 2011, the Exchange
notified the Company that it had accepted the Plan and granted the
Company an extension until December 8,
2012 to regain compliance with Sections 1003(a) (i)-(iii) of
the Company Guide. The Company will be subject to periodic
review by Exchange Staff during the extension period. Failure
to make progress consistent with the Plan or to regain compliance
with the continued listing standards by the end of the extension
period could result in the Exchange initiating delisting
proceedings pursuant to Section 1009 of the Company Guide.
The Exchange further notified the Company that its common stock
had fallen to a low trading price for a significant period of time
and that the Company was therefore not in compliance with Section
1003(f)(v) of the Company Guide. The Company was given until
February 23, 2012 to comply with this
Section. The Exchange noted that MGT could regain compliance
by effectuating a reverse-split of its common stock prior to
February 23, 2012. The Company
intends to use its best efforts to utilize this remedy.
MGT's common stock continues to trade on the Exchange under the
symbol MGT.BC. The trading symbol will bear this additional "B.C."
indicator until the Company regains its compliance with
the Exchange's continued listing requirements.
About MGT Capital Investments, Inc.
MGT is a holding company comprised of MGT, the parent company,
and its wholly-owned subsidiaries: MGT Capital Investments
(U.K.) Limited, MGT Investments (Gibraltar) Limited, and Medicsight Nominees
Limited. In addition we also have a controlling interest in
our operating subsidiary, Medicsight PLC, including its wholly
owned subsidiaries.
Medicsight is a medical technology company focusing on medical
imaging software development and medical hardware devices.
Medicsight is listed on the AIM Market of the London Stock Exchange
under the ticker symbol "MDST." The company provides
Computer-Aided Detection ("CAD") applications to analyze Computer
Tomography ("CT") scans in order to assist radiologists with early
detection and measurement of colorectal polyps. The CAD
software received a CE Mark in 2009, which allows for sales in the
European Union; In May of 2011, MDST's software also received
clearance from the U. S. FDA. Revenue is presently limited as
MDST attempts to commercialize its recent U.S. approval. MDST
has also developed an automated carbon dioxide medical inflation
device and associated disposable tubing (MedicCO 2 LON) that is
being commercialized in partnership with a global distributor.
On June 30, 2011, MGT held 83.75
million shares (53.85%) of the 155.5 million issued share capital
of MDST.
Contact:
MGT Capital Investments, Inc.
Robert Ladd, Interim Chief
Executive Officer
rladd@mgtci.com
Robert Traversa, Chief Financial
Officer
rtraversa@mgtci.com
SOURCE MGT Capital Investments, Inc.