SARASOTA, Fla., June 26, 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, is aware of a press release issued by
Purcell Julie & Lefkowitz, LLP claiming an alleged potential
breach of fiduciary duty involving the Company's board of
directors. The Company has received no communication of any kind
from this firm regarding such a claim. Moreover, no such claim or
allegation has been made by any shareholders or regulatory body.
The Company strongly believes there is no basis or merit behind the
claim and, to that end, has reported this matter to the relevant
authorities for appropriate action against those
responsible.
"While xG Technology strongly believes that it is important to
respond to legitimate shareholder inquiries, this claim is neither
correct or legitimate," stated George
Schmitt, Executive Chairman and CEO of xG Technology. "The
Company and its board of directors are committed to transparency in
its actions and in making decisions properly on behalf of all
holders of its securities. At the same time, the Company takes
seriously any false and misleading allegations made against it,
such as this one. Because frivolous claims such as these only to
serve to injure shareholders, particularly smaller shareholders, xG
Technology intends to vigorously defend itself using all means
necessary if there is any follow-on action."
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. 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. It was designed to serve as an
expeditionary and critical communications network for use in
unpredictable scenarios and during fluid situations, making it
ideal 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
xG Technology:
Daniel
Carpini
941-953-9035
daniel.carpini@xgtechnology.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xg-technology-responds-to-law-firm-claim-300479442.html
SOURCE xG Technology, Inc.