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xG Technology Inc. (XGT)

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Monday 26 January, 2009

xG Technology Inc.

Director Increases Equity Pos

RNS Number : 2080M
xG Technology Inc.
26 January 2009
 




FOR IMMEDIATE RELEASE

26 January 2009


DIRECTOR INCREASES EQUITY POSITION



xG Technology, Inc. ('xG' or the 'Company') was notified on 23 January 2009 that Mats Wennberg, a Non-Executive Director of the Company, purchased in the market 5,000 Common Shares in the Company on 23 January at a price of 0.85 US Dollars per share.  Following this transaction, Mats Wennberg's total beneficial holding in xG, privately and through his wholly owned company, is 2,600,000 Common Shares, representing approximately 1.97% of the total issued share capital of the Company.





Contacts


xG Technology, Inc.

www.xgtechnology.com

Richard Mooers, Chairman and Chief Executive Officer

+44 20-7429-6666

Roger Branton, Chief Operating Officer and Chief Financial Officer

+44 20-7429-6666

Jonas Krepp, Director of Investor Relations

+44 78-2744-4634



Conduit PR

+44 20-7429-6666

Ben Way 




Religãre, Hichens Harrison PLC

+44 20-7588-5171

Daniel Briggs




Daniel Stewart & Company PLC

+44 20-7776-6550

Simon Starr




ING Bank N.V., London Branch (Nominated Adviser)

+44 20-7767-1000

Xavier Moreels or Ali Awan




ABOUT XG TECHNOLOGY 


Based in FloridaUSA, xG Technology, Inc. has developed innovative, patented wireless communications technologies which offer the potential to significantly reduce the required capital investment and operating costs of wireless voice and data communications services. Its mobile VoIP (Voice over Internet Protocol) base station and handset product line - branded as xMax - is intended for use by regional carriers (internet service providers, competitive local exchange carriers and entrepreneurial parties) which seek to deliver mobile Internet Protocol voice and data services directly to consumers without using the incumbent circuit switched or coaxial cable networks. The xMax system provides an extended range of operation and is expected to provide superior handset battery performance and double the call capacity of mobile WiMAX networksPlanned future releases of the xMax product line include integrated video and data applications.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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