SARASOTA, Fla., Nov. 20, 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, announced today that its IMT
Vislink business has been awarded a $12.5 million contract by the
U.S Army with an estimated completion date of Sept. 24, 2020 for the supply of hand-held
intelligence, surveillance and reconnaissance receiver devices.
This represents the third contract received from the Army since
2013 for this same requirement.
Equipment covered by the contract includes ruggedized,
lightweight hand-held receivers designed to display real-time video
imagery transmitted by aerial assets or frontline surveillance
platforms, as well as related accessories.
George Schmitt, Executive
Chairman and CEO of xG Technology, said, "We are honored to have
been chosen by the U.S. Army to fulfill this important contract. It
is a huge game changer that underscores our proven expertise in
designing and delivering best-in-class wireless video
communications solutions that enhance tactical insights. We will
work closely with the Army to ensure they gain maximum
effectiveness of our equipment in conducting their operations. We
look forward to commencing product deliveries, and have already
manufactured 50 units that are ready to ship as needed to our
forces overseas."
Mr. Schmitt continued, "Beyond just the value of the contract to
us, we are proud to have our technology support our fighting men
and women overseas and look forward to supporting our troops in any
way we can. This is hopefully the first of many contracts we will
be successful in obtaining in the future."
IMT and Vislink have decades-long experience providing secure
wireless video communications and mission-critical solutions for
law enforcement, defense and homeland security applications around
the world. With thousands of digital microwave radio systems
deployed, they are the de facto standard in high performance,
rapidly deployable systems that meet the most stringent
requirements.
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 high levels 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.