xG Technology Inc. Re Contract (6420Q)
October 16 2013 - 8:30AM
UK Regulatory
TIDMXGT TIDMXGTU
RNS Number : 6420Q
xG Technology Inc.
16 October 2013
October 16, 2013
xG Technology, Inc.
("xG", "xG Technology" or the "Company")
xG Technology Ships World's First Comprehensive Cognitive Radio
System
To Walnut Hill Telephone Company
Represents First Fulfilled Delivery of xMax Broadband Networking
Equipment and Services
xG Technology (Nasdaq: XGTI, XGTIW; AIM: XGTU.L, XGT.L), a
developer of wireless communications and spectrum sharing
technologies, has completed the first delivery of its xMax
comprehensive cognitive radio system, shipping all equipment
required to fulfill the $155,000 purchase order that was received
from rural broadband provider Walnut Hill Telephone Company on
November 26, 2012.
The order was conditional upon FCC equipment certification,
which has been received as announced on October 7, 2013. The
shipment includes six xMax xAP Access Points, 48 xMod Mobile
Hotspot devices and one xMSC Mobile Switching Center. This order is
the first of the previously announced $35 million xMax network
equipment and services backlog to be completed.
"The development of rural broadband is a priority for rural
telephone companies. FCC policies, however, have had the result of
making cost recovery for broadband networks more difficult," said
Larry Townes, Chairman of Townes Tele-Communications, Inc., parent
company of Walnut Hill Telephone Company. "Technological innovation
is thus a key to addressing this deployment challenge and
unintended policy consequences. Townes Tele-Communications is glad
to be part of this effort."
"We are extremely proud to announce that we have now completed
assembly, testing and shipment of our first order against our
backlog. In completing Walnut Hill's xMax network equipment order,
we have achieved the significant milestone of officially commencing
delivery of the first truly cognitive, spectrum sharing radio
system deployed for rural broadband services in the country," said
John Coleman, CEO of xG Technology. "We look forward to working
closely with Walnut Hill to help their customers experience the
benefits of the xMax system, and to working to fill additional
orders from our backlog."
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. xMax
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 www.first-columbus.com
Broker)
Chris Crawford +44 20 3002 2070
Fusion PR (Media and Analyst www.fusionpr.com
Relations)
David Worthington +1 212 651 4200
LHA (Investor Relations) www.lhai.com
Jody Burfening/Carolyn Capaccio +1 (212) 838-3777
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 and
interference mitigation. 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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