SARASOTA, Fla., May 2, 2018 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), whose IMT and Vislink brands are recognized as the global leaders in live video communications in the broadcast, law enforcement and defense markets, today announced the release of the following letter to shareholders from Executive Chairman and CEO, Gary Cuccio.
Dear Fellow Shareholders,
I am pleased to share with you today an update on recent corporate developments and our vision for the future of xG Technology. First, I wish to take this opportunity to thank all our shareholders for your continued support and commitment. We have accomplished a great deal to establish a strong foundation upon which to continue building xG Technology to fulfill the incredible promise that our solutions represent. We are well-aligned to continue our growth trajectory resulting from our IMT and Vislink acquisitions, and we are continuing to evaluate accretive opportunities to drive growth. As we reported Monday, we are well on our way in our cost cutting initiatives, which we foresee yielding an additional $5 million in annual savings. As we proceed, we are evaluating the possibility of divesting our xMax division which we expect to decide upon in the coming quarter. Our primary focus is on achieving profitability and the value drivers we require to execute our strategic growth plans. We approach our goals with a heightened sense of accountability to optimize our business operations and look forward to reporting on our progress as we proceed.
As we view the landscape for our existing business lines, we remain very confident that the worldwide potential for growth in our brands, in particular our video brands IMT and Vislink, is significant. We all look forward to building on our current momentum, as we continue our mission to position IMT and Vislink as the global leaders in live video communications. Among the products we are most excited about is our Vislink HCAM 4K wireless system. While 4K TV sets have become nearly ubiquitous for consumers, there is still a significant dearth of native 4K content available. This is beginning to change, and many observers expect traditional broadcasters to soon follow the lead of the early 4K adopter non-traditional broadcasters like Netflix and Amazon in upgrading their capabilities. As one of the first volume suppliers of 4K systems, we believe we are extremely well-positioned to capitalize on this technology shift as it takes place.
A further indication of the numerous growth opportunities available to us was our recent experience at the NAB (National Association of Broadcasters) 2018 Event. In addition to exhibiting at the event (in which our booth had its highest attendance in our history), we were invited to be a featured presenter on solutions (including our newsnet® platform) that extend IP-based workflows from broadcasters' studios out to the field. This is an exciting technology advance for the broadcast industry, and we are rapidly establishing our leadership role in the field. A full writeup of the highlights of our appearance at NAB can be viewed at this link, and we fully expect it to result in tangible business and other initiatives we will be able to report on in the near future.
The recent leadership transition in our management team is an appropriate next step for xG Technology, one we see as necessary for preparing the company for its next phase of our growth. Our entire Board of Directors, management team and I are keenly aware of our requisites in stewarding xG Technology through this transition and are driving our initiatives and execution with a sense of urgency and optimism. Our entire organization is united in our shared vision of the xG Technology future. Management is more optimistic than ever before about the prospects for our future and it is my hope that this update leaves our stakeholders with a strong sense of confidence in our team and our strategy.
In closing, it is my honor to communicate our vision for xG Technology's future and to marshal our resources and initiatives to accomplish our goals. We look forward to driving our growth as a team and to reporting on our successes as future events unfold.
Sincerely,
Gary Cuccio
Executive Chairman and CEO
About xG Technology, Inc.
xG Technology's IMT and Vislink brands are recognized as the global leaders in live video communications and are trusted suppliers to tier-1 customers in broadcast/sports/entertainment, and law enforcement/public safety/defense markets. Their products are recognized for high levels of performance, reliability, build quality, extended operating ranges and compact form factors. In the broadcast, sports and entertainment sectors, IMT and Vislink provide high-definition communication links to reliably capture, transmit and manage live event footage. In the law enforcement, public safety & defense markets, IMT and Vislink provide secure video communications and mission-critical solutions to local, national and international agencies and organizations. More information can be found at www.imt-solutions.com and www.vislink.com.
xG is also the developer of xMax, a secure, rapid-deploy mobile broadband system that delivers mission-assured wireless connectivity in demanding operating environments. xMax was specifically designed to serve as an expeditionary and critical communications network for use in unpredictable scenarios and during fluid situations. This makes it a compelling solution 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
[email protected]
Investor Relations:
John Marco
CORE IR
516-222-2560
[email protected]
SOURCE xG Technology, Inc.
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