MGT Capital Investments Inc. (NYSEMKT:MGT) shares were down 5.04% on Tuesday and an additional 1.88% in after-hours trading to $3.14. The company has a market cap of $73.12 million at 23.80 million shares outstanding. Share prices have been trading in a 52-week range of $0.15 to $5.58.
MGT Capital Investments is engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the social casino industry. Its gaming portfolio includes a social casino platform Slot Champ and has minority stakes in the skill-based gaming platform MGT Play and fantasy sports operator DraftDay Gaming Group, Inc. Its subsidiaries include MedicSight, MGT Sports, MGT Studios, and MGT Gaming.
In a press release, the company announced the release of Demonsaw 3.0, which is a secure and decentralized x-platform information-sharing application with end-to-end encryption and no client P2P. This version inherits several features from Demonsaw 2.0 but enhanced network communication, speed, security, anonymity and extensibility.
Demonsaw 3.0 has been designed for speed, security and end-user customization, and will be our framework for bringing killer features such as file sync, media streaming, VOIP and, eventually, an enterprise version,” said Eric Anderson, creator and proposed Chief Technology Officer of MGT.
This platform revolutionizes file sharing and can be used to secure banking transactions, replace certificate based VPN’s, encrypt audio and video conferencing, streaming real-time content, and securing any type of data. What sets this product apart from most file sharing offerings is that it avoids P2P communications and leverages cryptography in a more user-friendly way. According to Anderson, this will be available in spring next year.
Investors seem unimpressed with the release though, judging from the initial stock reaction, but this is characteristic of most product launches before rallies occur later on. The company has also recently announced that John McAfee of the renowned anti-virus software will serve as the company’s CEO.
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