SARASOTA, Fla., Oct. 20, 2016 /PRNewswire/ -- xG Technology,
Inc. ("xG" or "the Company") (Nasdaq: XGTI, XGTIW), a leader in
providing critical wireless communications for use in challenging
operating environments, announced today that it has entered into a
binding agreement to acquire the assets of the Vislink
Communication Systems ("Vislink") division from Hungerford,
United Kingdom-based Vislink, Plc.
The purchase is expected to close by year-end 2016. xG had
previously entered into a letter of intent ("LOI") with Vislink
Plc, and is now pleased to announce its binding agreement to
acquire Vislink.
Vislink Communication Systems, which has a present year sales
run rate that is expected to be between $45M-$50M, specializes in the wireless capture,
delivery and management of secure, high-quality, live video from
the field to the point of usage, or "from scene to screen." Vislink
delivers global solutions comprising hardware and related services
to two core markets: broadcast & media and public safety &
surveillance. In the broadcast & media market, Vislink provides
broadcast communication links for the collection of live news,
sport and entertainment events. In the public safety and
surveillance markets, Vislink provides secure video communications
and mission-critical solutions for law enforcement, defense and
homeland security applications.
Roger Branton, CFO and Co-founder
of xG Technology, said, "We believe that Vislink chose to sell the
division to a purchaser that would operate the business as a going
concern, versus financial acquirers. We further believe that
the combined business will create a market leader in video
technology providing scale and global reach. Considering the
inherent synergies with our business unit Integrated Microwave
Technologies, we believe the fair value of the ongoing business and
assets far exceeds the purchase price."
About xG Technology, Inc.
Founded in 2002, xG Technology has created a broad portfolio of
intellectual property that enables always-available,
always-connected and always-secure voice, broadband data and video
communications. The company is the developer of xMax, a patented
all-IP software-defined cognitive radio network that delivers
mission-assured wireless connectivity in any RF environment. xMax
provides a solution to the challenges of interoperability,
survivability and flexibility in expeditionary and critical
communications networks. xMax can be deployed as fixed or mobile
infrastructure to enhance and integrate seamlessly with legacy
communications systems, both private and commercial. Access and
priority can be controlled, and in the event of congestion, failure
or denial of access to commercial networks, xMax provides a fully
secure, scalable, private and highly resilient network for
essential communications – all at zero bandwidth cost.
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 military, emergency response and
public safety, telemedicine, urban and rural wireless broadband,
utilities, and critical infrastructure.
xG's Integrated Microwave Technologies (IMT) business unit
further supports xG's military and public safety customers with its
mission-critical wireless video solutions. IMT is a leader in
advanced digital microwave systems and a provider of engineering,
integration, installation and commissioning services serving the
MAG (Military, Aerospace & Government), broadcast, and sports
& entertainment markets. IMT's product lines include
digital broadcast microwave video systems and compact microwave
video equipment for licensed and license-free applications. More
information on IMT can be found at www.imt-solutions.com.
Based in Sarasota, Florida, xG
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
For More Information:
Daniel Carpini
xG Technology
daniel.carpini@xgtechnology.com
(941) 953-9035
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SOURCE xG Technology, Inc.