MGT Capital Investments (MGT) Calls Showtime Film 'Hateful Piece of Fiction'

September 12, 2016 2:32 PM EDT

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(Updated - September 12, 2016 2:35 PM EDT. Update modified headline)

The Board of Directors of MGT Capital Investments, Inc. (NYSE: MGT) released the following statement today in response to inquiries:

While the general corporate policy of MGT is to not comment on the innuendo and ravings posted online by enemies of our Chairman John McAfee, the Company will make an exception today due to the involvement of a major Fortune 500 company. Showtime Networks, Inc., a division of the major broadcaster CBS, owner of a distinguished and trusted news organization, yesterday released a purported documentary on the life of Mr. McAfee. The Board believes the piece is purposefully misleading to its audience, and is merely a continuation of the biased tactics used by producer Jeff Wise against Mr. McAfee for several years. The Company is investigating potential willful damages inflicted upon MGT with particular emphasis on Mr. Wise's statements intended to possibly manipulate the Company's stock price in violation of SEC Regulation M.

"The motivations behind this production are evident to anyone familiar with my relationship to its executive producer, Jeff Wise. Mr. Wise has tried to craft a career based on an apparently deep-seated hatred he harbors against me, as catalogued by the numerous misleading articles he has written over the past six years. Mr. Wise uses colorful language, skillful editing techniques, and manufactured and out-of-context quotes to paint a fictional storyline that leads his readers and viewers to mistaken conclusions. The documented facts cannot support his conclusion, so he must resort to distortion and innuendo," stated Mr. McAfee.

"Over the past couple of years I have rebuilt my reputation. This comeback seems to infuriate those that have worked so hard against me, and has resulted in this latest hateful piece of fiction," concluded Mr. McAfee.

Robert Ladd, President of MGT, stated, "The Board and I fully stand behind John and his vision to create an innovative cybersecurity company. We believe that the media's attacks on his character are unwarranted and are the result of allegations long proven to be baseless. Our focus, and the focus of Mr. McAfee, continues to be on the creation of innovative and disruptive solutions to the problems of security and privacy."

The Company and Mr. McAfee have offered a detailed and fully documented account of Mr. Wise's coverage over the years in a letter published on its website.

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