SARASOTA, Fla., July 1, 2015 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a developer of wireless communications and spectrum sharing technologies, announced today that it has received an order for approximately $309,000 for xMax mobile broadband wireless equipment and services which will be integrated into a dedicated Telemedicine/Telehealth Systems Network Infrastructure. The initial network—Phase 1—will be built out in St. George's, the capital of Grenada, with a Network Operations Center (NOC) capable of supporting regional expansion and growth throughput CARICOM, the community of 15 nations and dependencies located in the Caribbean.
The xMax equipment order was received from Telemedicine MM Systems-New York ("Telemedisys"), an integrator of healthcare and other network systems. Telemedisys plans to integrate the xMax mobile broadband communications platform into its network infrastructure to deliver telemedicine/telehealth, emergency response services, disaster recovery and other applications at an affordable cost. The integration of xMax broadband wireless networking equipment into the network infrastructure will facilitate the desired turnkey-design effect.
The opportunity to enter the global telemedicine market was viewed as strategically important for xG. This sector is expected to double over the next five years, according to a ReportsnReports.com study, driven by a focus on health IT and mobile healthcare.
Tim Moynihan, Vice President of Sales for xG Technology, said, "This order, coming after ones we received in the past month for deployment in Costa Rica, confirms the growing acceptance of xMax as an attractive mobile broadband option for international markets. The telemedicine application is a particularly exciting opportunity for xG, since the main factor in its adoption is cost-efficient, widely-available mobile connectivity. These are the key benefits the xMax system is intended to deliver."
Rod Francis, CEO of Telemedisys, said, "The integration of the xMax wireless system and services into the network infrastructure will provide for universal access, reliability, stability and affordability. Affordable mobile broadband is of high importance to the region's socioeconomic future. Our mission and purpose, therefore, is to provide the framework for self-empowerment, upward mobility and the attainment of quality of life experiences."
About xG Technology, Inc.
Founded in 2002, xG Technology has created a broad portfolio of intellectual property that makes wireless networks more intelligent, accessible, affordable and reliable. The company is the developer of xMax, a patented all-IP cognitive radio network system that enables secure, robust mobile broadband communications for private, consumer and government networks. 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.
The xMax system delivers always-available voice, video and data services to both fixed and mobile users, and is interoperable with existing cellular and dedicated networks without being dependent on them. xMax incorporates advanced optimizing technologies that include spectrum sharing, interference mitigation, multiple-input multiple-output (MIMO) and software defined radio (SDR). These and other technologies make xMax ideal for wide area, as well as rapid emergency communication deployment in unpredictable environments and during fluid situations. xG offers solutions for numerous industries worldwide, including emergency response and public safety, military, urban and rural wireless broadband, utilities, and critical infrastructure.
Based in Sarasota, Florida, xG has over 50 U.S. and over 100 international patents and pending patent applications. xG is a publicly traded company listed on the NASDAQ Capital Market where xG common stock is traded under the symbol XGTI and xG warrants are traded under the symbol XGTIW. For more information, please visit www.xgtechnology.com.
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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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SOURCE xG Technology, Inc.