SARASOTA, Fla., July 13, 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 preliminary
record revenue results for the second quarter 2017 that exceed
analyst expectations.
xG expects to report record revenue for the second quarter 2017
in the range of $14.1 million and
$14.5 million. This is record
revenues for two successive quarters since closing the Vislink
acquisition in Q1 2017.
George Schmitt, CEO and Chairman
of the Board of xG Technology, said, "We are pleased to release our
preliminary revenue results in response to investor inquiries.
During Q2 2017, we continued to generate positive momentum in our
businesses, as displayed by our achieving record quarterly revenue
that exceeded both internal and external forecasts. We have
successfully completed the integration of key business functions of
our Vislink and IMT brands, and are increasing sales traction in
both our traditional and new markets. We expect the momentum to
continue into the third quarter and beyond. We look forward to
sharing more details shortly when we announce our full
results."
Roger Branton, CFO and co-founder
of xG Technology, said, "xG expects to end second quarter 2017 with
approximately $4.6 million in
cash, and continues to work on reducing non-essential costs
towards our goal of being cash flow positive for the year. We
anticipate that we will report positive EBITDA (earnings before
interest, taxes, depreciation and amortization) and net income for
the second quarter 2017."
xG has not finalized its financial statements for the second
fiscal quarter of 2017. As a result, the information in this
release is preliminary and based upon the information available to
xG as of the date of this release. During the course of finalizing
our financial results, items may be identified that would require
the Company to make adjustments, which could be material. As a
result, the preliminary selected financial information above is
forward-looking information and subject to risks and uncertainties,
including possible adjustments to the preliminary unaudited
financial information.
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
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SOURCE xG Technology, Inc.