SARASOTA, Fla., Dec. 29, 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 begun initial deliveries of HCAM, the world's-first
4K UHD wireless camera systems, to
its customers.
IMT Vislink has today delivered its first HCAM systems of 2017
to Broadcast RF, and will enter 2018 with a growing run rate of
orders for the systems. This reflects a continuing ramping of
demand for the systems that began with their introduction in 2017
and many high-profile order commitments from worldwide clients.
HCAM will be deployed at prestigious international sporting
competitions in 2018, including the Winter Olympics and
Commonwealth Games.
HCAM system deliveries would have been even higher, if not for
the constrained supply of a critical subcomponent. This will
negatively impact revenues attributable to HCAM systems in Q4 2017,
and, consequently, IMT Vislink will enter 2018 with a significant
backlog of orders that were unable to be manufactured and shipped
this calendar year.
George Schmitt, Executive
Chairman and CEO of xG Technology, said, "We are pleased to report
that we have commenced delivery of our HCAM systems, and we fully
expect the growing popularity of this all-new technology will play
a significant role in our revenue plans in 2018 and beyond. HCAM
systems are driving the worldwide migration from existing H.264
technology to HEVC and low-latency 4K
UHD for wireless camera systems. At the same time, due to component
supply issues, revenue from HCAM orders will be in excess of
$3 million below those forecast for
fiscal year 2017. We are working closely with our subcontractor
partners to alleviate these supply challenges, and expect to
accelerate HCAM system deliveries in Q1 2018. We will advise the
market in due course on our progress in these efforts."
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.