Medicsight Changes Company Name To MGT Capital Investments, Inc.
LONDON, Jan. 26 /PRNewswire-FirstCall/ -- Medicsight, Inc. , a medical imaging software company offering products for disease detection, diagnosis and patient management, today announced it has changed its corporate name to MGT Capital Investments, Inc. ("MGT"). The new name reflects its position as the parent company to Medicsight plc, a leading developer of computer-aided detection (CAD) technologies and software, and Medicexchange plc, an online multi-vendor sales channel for diagnostic, treatment and surgery planning solutions.
MGT now has cash and cash equivalents of $40 million and is well positioned to accelerate the commercialization of the business solutions developed by its subsidiaries and seek additional opportunities that are complementary to its business strategy.
Tim Paterson-Brown, Chief Executive Officer, commented, "We have made tremendous progress in the development of Medicsight's CAD products and continue to gain traction and see strong demand in the market for this advanced detection software. We have also received positive initial feedback following the US and China launches of Medicexchange.com, our radiologists' portal that we believe will enhance the sales opportunity for medical imaging software solutions. The re-branding as MGT Capital Investments, Inc. more accurately represents our position as an investment company creating shareholder value by supporting the growth of our health care information technology subsidiaries. We believe that this initiative should eliminate any confusion between the American Stock Exchange-listed parent company and our CAD-company subsidiary."
In conjunction with the change of its corporate name, the Company also launched a new corporate Web site, www.mgtci.com. The new site contains investor relations resources and is independent from the Web sites of the Company's two subsidiaries, www.medicsight.com and www.medicexchange.com.
About MGT Capital Investments, Inc.
MGT Capital Investments is an investment company with two direct subsidiaries that focus solely on the dynamic and consolidating HCIT sector. The first subsidiary, Medicsight plc, is a leading developer of computer-aided detection (CAD) and computer assisted reader (CAR) software solutions that are tested using one of the world's largest databases of verified CT scan data. Medicsight's CAD and CAR products help clinicians identify, measure, and analyze suspicious pathology, such as colorectal polyps and lung lesions. MGT Capital Investments has invested in and controls a second subsidiary, Medicexchange plc, which operates Medicexchange.com, an online multi-vendor sales channel for diagnostic, treatment and surgery planning solutions for cardiac, thoracic, breast imaging, orthopedic, and gastro intestinal imaging. Medicexchange.com provides these solutions in a low-cost, on-demand and downloadable format, enhancing access to information and products for medical imaging professionals. Additional information can be found at www.mgtci.com.
All forward-looking statements are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in company filings with the Securities and Exchange Commission.
Company contacts: For more information: MGT Capital Investments, Inc. Investors: Alex van Klaveren Stephanie Carrington / Zack Kubow 1410 Broadway +1 646-536-7017 / 7020 22nd Floor scarrington@theruthgroup.com New York, NY 10018 zkubow@theruthgroup.com +1 646-257-2644 alex@medicsight.com
MGT Capital Investments, Inc.CONTACT: Alex van Klaveren, MGT Capital Investments, Inc., +1646-257-2644, alex@medicsight.com; Investors - Stephanie Carrington, +1646-536-7017, scarrington@theruthgroup.com, or Zack Kubow, +1 646-536-7020,zkubow@theruthgroup.com