SARASOTA, Fla., May 24, 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 that its IMT and Vislink businesses have received approximately $3 million in new order and pre-order commitments directly resulting from their appearance at the NAB 2017 Show. Subsequent to the show, which took place April 22-27, upwards of 20% of these commitments have been converted into firm orders.
The orders have included a wide array of IMT and Vislink video equipment, including comprehensive HEVC (High Efficiency Video Coding) and 4K UHD (Ultra High Definition) wireless camera systems, fully-integrated satellite systems, as well as other transmit and receive components. The purchases have originated from broadcast and media organizations located in both the U.S. and internationally. IMT and Vislink showcased the full range of their Industry-Leading video capture, delivery and management solutions at NAB 2017 and was also a featured presenter at conferences held during the event.
George Schmitt, CEO and Chairman of the Board of xG Technology, said, "The new business IMT and Vislink have booked from NAB 2017 represents further endorsement of their systems and confirms their appeal as a single source for professional, end-to-end video solutions. This was the perfect opportunity to show the broadcast and media industry that the teaming up of IMT and Vislink would drive expanded product and technology capabilities, and we took advantage of it in a robust fashion. By all measures, from the order commitments placed, to traffic to our booths, to the level of interest expressed by new potential resellers and other partners, the show was a resounding success."
John Payne IV, president of IMT USA, said, "We are extremely pleased with the results we have seen from IMT and Vislink's participation at NAB 2017. Because it is the broadcast industry's marquee event, it was essential that we make our presence felt there in a formidable way, and our onsite team delivered. We will be following up our NAB appearance with participation in other tier-one venues that target the broadcast and media, sports and entertainment, and law enforcement and defense sectors over the coming months."
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.
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