CHICAGO, Aug. 23, 2017 (GLOBE NEWSWIRE) -- UAHC Ventures, LLC, a wholly-owned subsidiary of United American Healthcare Corporation (OTC:UAHC)("UAHC Ventures"), has partnered with MGT Capital Investments, Inc. (OTC:MGTI) ("MGTI") by providing a $2 million investment to MGTI, the proceeds of which will be utilized by MGTI to further expand and develop its Bitcoin mining operations.
In exchange for UAHC Ventures' $2 million investment, MGTI has issued UAHC Ventures both a Secured Convertible Promissory Note and a warrant to purchase shares of MGTI's common stock. Monthly redemption payments due under the financing begin three months following the close of the transaction, and may be made in cash or by converting redemption amounts into shares of MGTI's common stock.
UAHC Ventures is a newly formed subsidiary of UAHC, created to pursue strategic-investment opportunities in promising growth industries, such as blockchain technologies and digital currency. Mining of Bitcoin and other digital currencies within the digital currency space has experienced immense momentum and growth.
"Today we see Bitcoin and related-mining activities as a promising and fast-growing segment of the digital currency sector. Accordingly, we've identified MGT Capital Investments, Inc. as a leader in Bitcoin mining that is uniquely poised to capture market value as it expands its mining operations. As our commitment to making strategic investments through UAHC Ventures continues, we will further explore potential value-adding opportunities in the digital currency space, as they present themselves," said John Fife, CEO of UAHC Ventures, LLC.
About United American Healthcare Corporation
United American Healthcare Corporation ("UAHC"), through its subsidiary, UAHC Ventures, LLC, pursues strategic investment opportunities in various growth industries. Additionally, UAHC, through its subsidiary Pulse Systems, LLC, is a contract manufacturing company that provides services to the medical device industry.
UAHC nor any of its existing subsidiaries are an "Investment Company" as defined by Section 3(a)(1) of the Investment Company Act of 1940 (the "Act") and are therefore not subject to the regulations contained in the Act.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.