xG Technology Inc. xG xAP granted FCC certification (9096P)
October 07 2013 - 9:32AM
UK Regulatory
TIDMXGT TIDMXGTU
RNS Number : 9096P
xG Technology Inc.
07 October 2013
October 7, 2013
xG Technology, Inc.
("xG", "xG Technology" or the "Company")
xG xAP granted FCC certification, enabling xMax network
commercial shipments
Will Allow xG To Begin Drawing Down $35 Million Order
Backlog
xG Technology (Nasdaq: XGTI, XGTIW; AIM: XGTU.L, XGT.L), a
developer of wireless communications and spectrum sharing
technologies, is pleased to announce that the xAP(TM) (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.
END
Contacts
xG Technology, Inc. www.xgtechnology.com
John Coleman, Chief Executive Officer +1 212 651 4219
Roger Branton, Chief Financial Officer +1 212 651 4219
James Woodyatt, Investor Relations +1 954 572 0395
Allenby Capital Limited www.allenbycapital.com
(Nominated Adviser and Joint Broker)
Nick Naylor +44 20 3328 5656
Mark Connelly +44 20 3328 5656
First Columbus LLP (Joint Broker) www.first-columbus.com
Chris Crawford +44 20 3002 2070
Fusion PR (Media and Analyst Relations) www.fusionpr.com
David Worthington +1 212 651 4200
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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