Board authorizes buyback of up to 1,000,000 shares of MGT stock
NEW YORK, Feb. 14 /PRNewswire-FirstCall/ -- MGT Capital Investments, Inc. (Amex: MGT), a holding company focused on the Healthcare Information Technology ("HCIT") sector, today announced that its Board of Directors has authorized the repurchase of up to 1,000,000 shares, between February 14, 2008 and December 31, 2008.
Tim Paterson-Brown, Chairman and CEO, commented on the stock repurchase plan, stating: "The initiation of this stock repurchase program stems from recent news announcements by our two subsidiary companies. Medicsight PLC has announced a landmark preliminary agreement with the Systems Integration Division of Toshiba Medical Systems Corporation. Medicexchange PLC has announced a preliminary agreement for the acquisition of Maydeal.com, a Chinese medical equipment website. We see both of these announcements as accretive to shareholder value.
"Our belief is that the current market value of MGT shares does not accurately reflect the underlying value of the MGT group of companies. We are excited about Medicsight's future, including our expectation that the company will receive U.S. and Japanese regulatory approval for its ColonCAD software in 2008. We strongly believe that upon regulatory approval Medicsight will be the leading supplier of CAD software for virtual colonoscopy screening procedures in the U.S. and Japan."
The repurchase of shares by MGT will be made from time to time in the
open market on the American Stock Exchange ("AMEX") and in private
transactions. The timing for repurchasing shares will be determined by
MGT's broker based on its evaluation of market conditions and other
factors. The Board of Directors of MGT may amend
|SOURCE MGT Capital Investments, Inc.|
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