MGT Capital (MGT) Pops on Patent, MGT Gaming Acquisition
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MGT Capital Investments, Inc. (AMEX: MGT) shares are up about 22 percent on the following news:
"MGT announced strategic actions to capitalize on opportunities in the business of monetizing intellectual property. After several months of examining how best to maximize the value of its present operations, its cash-rich, debt-free balance sheet, and public stock listing, the Board of Directors has decided to pursue the acquisition of patents and underlying technologies with the intent of commercializing and/or enforcing the economic rights to such inventions. The Company’s first purchase addresses methods of play used in fast-growing popular segments of the slot machine business. The Company will also move to selectively exploit its existing global patent portfolio (12 issued, 19 pending) relating to the algorithmic calculation of anomalies in medical images for use in cancer detection.
To set the foundation of this strategy, MGT announced today that it has agreed to acquire a majority interest in MGT Gaming, Inc., which has entered into a binding agreement to acquire U.S. Patent #7,892,088, entitled “Gaming Device Having a Second Separate Bonusing Event.” The invention specifically relates to gaming systems linked to an interactive sign, and includes all filed continuation patents. The United States Patent and Trademark Office issued this patent on February 22, 2011; the corresponding patent application was filed on October 18, 2001."
"MGT announced strategic actions to capitalize on opportunities in the business of monetizing intellectual property. After several months of examining how best to maximize the value of its present operations, its cash-rich, debt-free balance sheet, and public stock listing, the Board of Directors has decided to pursue the acquisition of patents and underlying technologies with the intent of commercializing and/or enforcing the economic rights to such inventions. The Company’s first purchase addresses methods of play used in fast-growing popular segments of the slot machine business. The Company will also move to selectively exploit its existing global patent portfolio (12 issued, 19 pending) relating to the algorithmic calculation of anomalies in medical images for use in cancer detection.
To set the foundation of this strategy, MGT announced today that it has agreed to acquire a majority interest in MGT Gaming, Inc., which has entered into a binding agreement to acquire U.S. Patent #7,892,088, entitled “Gaming Device Having a Second Separate Bonusing Event.” The invention specifically relates to gaming systems linked to an interactive sign, and includes all filed continuation patents. The United States Patent and Trademark Office issued this patent on February 22, 2011; the corresponding patent application was filed on October 18, 2001."
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