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SOURCE xG Technology, Inc.
Will Allow xG To Begin Drawing Down $35 Million Order Backlog
SARASOTA, Fla., Oct. 7, 2013 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW; AIM: XGTU.L, XGT.L), a developer of wireless communications and spectrum sharing technologies, is pleased to announce that the xAP™ (xMax Access Point), has received FCC certification by way of a Grant of Equipment Authorization. This was the final regulatory approval needed to allow xG to begin delivery of all components of its xMax cognitive network solution to its customers. As a result, the Company is now positioned to begin commercial production against the previously announced backlog for xMax network equipment and services totaling over $35 million.
The xAP is the third xMax cognitive radio networking product to receive FCC certification, following the xMod Mobile Hotspot and xVM Vehicle Modem last month. The xAP provides wireless broadband connectivity to xMod and xVM devices that support end user access to fixed and mobile Internet, video and voice services.
"With all required FCC certifications now complete, we can begin fulfilling xMax network equipment orders for our xMax cognitive radio system," said John Coleman, CEO of xG Technology. "xG has been able to successfully achieve delivery of high-quality components from our supply chain, internal xMax production and testing and full FCC certification of our product suite, all while working under a capital constraint."
Coleman continued, "Our next steps are to transition our assembly and testing capability to external contract manufacturers. With external production in place, we can begin shipping against backlog orders in volume. We are now evaluating financing options to fund this next phase of operations. While our timetable to volume shipment and revenue recognition has been extended, we have made strong progress toward commercializing the xMax cognitive radio broadband solution with this latest FCC certification."
xMax is a comprehensive fixed and mobile broadband solution that is designed for rapid deployment and low operating costs. It offers a carrier-grade user experience and can serve as a network backbone or last-mile solution in a number of markets and applications. It leverages software defined radio (SDR) and cognitive networking technology that enables efficient sharing of both licensed and unlicensed spectrum.
About xG Technology
xG Technology develops a broad portfolio of intellectual property to make wireless networks more intelligent, accessible, affordable and reliable. The company has created xMax, a patented all-IP cognitive radio technology that enables spectrum sharing. xMax can solve the crisis facing the wireless industry caused by data-hungry devices and applications that are straining network capacity. It eliminates the need to acquire scarce and expensive licensed spectrum, thus lowering the total cost of ownership for wireless broadband access. xG's goal is to help wireless broadband network operators make more efficient use of their spectrum allocations and to create new opportunities for innovation in unlicensed spectrum. The xMax cognitive radio system incorporates advanced optimizing technologies that include spectrum sharing, interference mitigation and self-organizing networks. xG offers solutions for numerous industries worldwide, including urban and rural wireless broadband, utilities, defense, emergency response and public safety.
Based in Sarasota, Florida, xG has over 60 U.S. and over 140 international patents and pending patent applications, and its technology is available for licensing in both domestic and foreign markets. xG is a publicly traded company listed on the NASDAQ Capital Market and on the London Stock Exchange's Alternative Investment Market (AIM). On the NASDAQ, xG common stock is traded under the symbol XGTI and xG warrants are traded under the symbol XGTIW. On the AIM, xG's unrestricted shares trade under the stock symbol XGTU.L and xG's restricted 'Reg S' shares trade under the stock symbol XGT.L. 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.
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