SARASOTA, Fla., Oct. 16, 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, 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.
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.
For More Information:
David Worthington
Fusion PR (Media and Public Relations)
www.fusionpr.com
(212) 651-4200
Jody Burfening/Carolyn Capaccio
LHA (Investor Relations)
www.lhai.com
(212) 838-3777
SOURCE xG Technology, Inc.