SARASOTA, Fla., March 17, 2017 /PRNewswire/ -- xG Technology,
Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a leading
provider of wireless video solutions to broadcast, law enforcement
and defense markets, and private mobile broadband networks for
critical communications, today announced that it has reached an
agreement with Pebble Beach Systems ("PBS" or "the Seller" and
formerly known as Vislink, plc) for extinguishing the remaining
deferred debt from the acquisition of Vislink. All deferred
payments due from xG against the original promissory notes covering
the acquisition of Vislink are now settled in full, and all liens
are released.
The agreement included cash and sharing the proceeds from a
customer receivable, among other considerations.
George Schmitt, Executive
Chairman and CEO of xG Technology, said, "We are pleased to
announce the final settlement of all debt arising from the
acquisition of Vislink. We have done this without adding any
additional debt to our balance sheet, leaving us in an even better
position than we expected when we originally made the acquisition.
We want to thank the team at MB Technology Holdings for
spearheading the negotiations involved in the acquisition on xG's
behalf, especially in reaching this most recent agreement with the
seller. Their ability to bring these very difficult and
time-consuming negotiations to a successful conclusion is the key
reason we have been able to increase our revenue base almost
tenfold."
Mr. Schmitt continued, "We would also like to thank Pebble Beach
Systems for working closely with us to successfully resolve all
outstanding issues related to the Business Purchase Agreement. The
integration of Vislink with IMT and xG is progressing well and
ahead of schedule and expectations. We will be updating the market
in the next few business days with further details."
About xG Technology, Inc.
xG Technology's brands provide wireless video solutions to
broadcast, law enforcement and defense markets, and private mobile
broadband networks for use in challenging environments. Their focus
is delivering communications technologies that provide enhanced
levels of reliability, mobility, performance and efficiency to
customer business operations and missions. xG's brand portfolio
includes Integrated Microwave Technologies (IMT), Vislink, and
xMax.
IMT has pioneered advanced digital microwave systems and is a
trusted supplier to broadcast, sports and entertainment, and MAG
(Military, Aerospace & Government) markets. Their products are
recognized for their high level of performance, reliability, build
quality, extended operating ranges and compact form factors. More
information about IMT can be found at www.imt-solutions.com.
Vislink specializes in the wireless capture, delivery and
management of secure, high-quality, live video, and serves
broadcast & media and public safety & surveillance markets.
More information about Vislink can be found at
http://www.vislink.com/.
xMax is a secure, rapid-deploy mobile broadband system that
delivers mission-assured wireless connectivity in demanding
operating environments. xMax was specifically designed to serve as
an expeditionary and critical communications network for use in
unpredictable scenarios and during fluid situations. This makes it
a compelling solution for disaster response, emergency
communications, and defense applications. More information about
xMax can be found at
http://www.xgtechnology.com/system-overview/.
In addition to the above business lines, xG has a dedicated
Federal Sector Group (xG Federal) focused on providing
next-generation spectrum sharing solutions to national defense,
scientific research and other federal organizations. Additional
information about xG Federal can be found at
http://www.xgtechnology.com/technology/xg-federal/.
Based in Sarasota, Florida, xG
Technology has over 100 patents and pending patent applications. xG
is a publicly traded company listed on the NASDAQ Capital Market
(symbol: XGTI) 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:
Daniel Carpini
xG Technology
daniel.carpini@xgtechnology.com
(941) 953-9035
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SOURCE xG Technology, Inc.