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MGT Capital Investments, Inc. Provides Update on Recent Developments
Date:8/22/2011

dicsight has decided to close the Tokyo office as part of an overall program of expense reduction and corporate simplification.  
  • In addition to closing the Tokyo office, management of Medicsight has decided to close several other subsidiaries in Australia, China and the UAE citing the unjustifiably high legal, regulatory and accounting costs of maintaining such entities. However, in order to better exploit the recent U.S. Food and Drug Administration's approval of ColonCAD, the Company will open a U.S. subsidiary (Medicsight, Inc.) in New York.

  • The Board of Directors of Medicsight has also agreed to call a General Meeting of stockholders on September 14, 2011 to vote on whether to cancel its Ordinary Shares from trading on the AIM Exchange and to re-register as a private company.  Given that recent results have diminished the ability to raise new capital, along with the relatively large expense of maintaining a public listing, Medicsight's Board is recommending this course of action as in the best interest of Medicsight and all MDST stockholders.

  • On August 16, 2011 Peter Venton resigned from the Board of MGT. This action was taken to ensure that at least one Board member of MDST is independent of MGT.  In light of the announcement of the proposal to cancel the AIM quotation, it was considered impracticable to recruit any further independent directors for MDST at the current time.  However, should shareholders not pass the resolutions to effect the cancellation of the AIM quotation, the Board of Directors of MDST will take steps to supplement its current Board with an additional independent non-executive Director.

  • NYSE Amex LLC has halted trading in the common stock of MGT pending the restarting of trading of MDST shares on the AIM market
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SOURCE MGT Capital Investments, Inc.
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