SARASOTA, Fla., Oct. 7, 2013 /PRNewswire/ -- xG Technology,
Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW; AIM: XGTU.L,
XGT.L), a developer of wireless communications and spectrum sharing
technologies, is pleased to announce that the xAP™ (xMax Access
Point), has received FCC certification by way of a Grant of
Equipment Authorization. This was the final regulatory approval
needed to allow xG to begin delivery of all components of its xMax
cognitive network solution to its customers. As a result, the
Company is now positioned to begin commercial production against
the previously announced backlog for xMax network equipment and
services totaling over $35
million.
The xAP is the third xMax cognitive radio networking product to
receive FCC certification, following the xMod Mobile Hotspot and
xVM Vehicle Modem last month. The xAP provides wireless broadband
connectivity to xMod and xVM devices that support end user access
to fixed and mobile Internet, video and voice services.
"With all required FCC certifications now complete, we can begin
fulfilling xMax network equipment orders for our xMax cognitive
radio system," said John Coleman,
CEO of xG Technology. "xG has been able to successfully achieve
delivery of high-quality components from our supply chain, internal
xMax production and testing and full FCC certification of our
product suite, all while working under a capital constraint."
Coleman continued, "Our next steps are to transition our
assembly and testing capability to external contract manufacturers.
With external production in place, we can begin shipping against
backlog orders in volume. We are now evaluating financing options
to fund this next phase of operations. While our timetable to
volume shipment and revenue recognition has been extended, we have
made strong progress toward commercializing the xMax cognitive
radio broadband solution with this latest FCC certification."
xMax is a comprehensive fixed and mobile broadband solution that
is designed for rapid deployment and low operating costs. It offers
a carrier-grade user experience and can serve as a network backbone
or last-mile solution in a number of markets and applications. It
leverages software defined radio (SDR) and cognitive networking
technology that enables efficient sharing of both licensed and
unlicensed spectrum.
About xG Technology
xG Technology develops a broad portfolio of intellectual
property to make wireless networks more intelligent, accessible,
affordable and reliable. The company has created xMax, a patented
all-IP cognitive radio technology that enables spectrum sharing.
xMax can solve the crisis facing the wireless industry caused by
data-hungry devices and applications that are straining network
capacity. It eliminates the need to acquire scarce and expensive
licensed spectrum, thus lowering the total cost of ownership for
wireless broadband access. xG's goal is to help wireless broadband
network operators make more efficient use of their spectrum
allocations and to create new opportunities for innovation in
unlicensed spectrum. The xMax cognitive radio system incorporates
advanced optimizing technologies that include spectrum sharing,
interference mitigation and self-organizing networks. xG offers
solutions for numerous industries worldwide, including urban and
rural wireless broadband, utilities, defense, emergency response
and public safety.
Based in Sarasota, Florida, xG
has over 60 U.S. and over 140 international patents and pending
patent applications, and its technology is available for licensing
in both domestic and foreign markets. xG is a publicly traded
company listed on the NASDAQ Capital Market and on the London Stock
Exchange's Alternative Investment Market (AIM). On the NASDAQ, xG
common stock is traded under the symbol XGTI and xG warrants are
traded under the symbol XGTIW. On the AIM, xG's unrestricted
shares trade under the stock symbol XGTU.L and xG's restricted 'Reg
S' shares trade under the stock symbol XGT.L. For more information,
please visit www.xgtechnology.com.
Cautionary Statement Regarding Forward Looking
Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and
uncertainties. These statements include but are not
limited to statements regarding the intended terms of the offering,
closing of the offering and use of any proceeds from the offering.
When used herein, the words "anticipate," "believe," "estimate,"
"upcoming," "plan," "target", "intend" and "expect" and similar
expressions, as they relate to xG Technology, Inc., its
subsidiaries, or its management, are intended to identify such
forward-looking statements. These forward-looking statements are
based on information currently available to the Company and are
subject to a number of risks, uncertainties, and other factors that
could cause the Company's actual results, performance, prospects,
and opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
For More Information:
David Worthington
Fusion PR (Media and Public Relations)
www.fusionpr.com
(212) 651-4200
LHA (Investor Relations)
Jody Burfening/Carolyn Capaccio
212-838-3777
CCapaccio@lhai.com
SOURCE xG Technology, Inc.