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xG Technology Inc. (XGT)

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Tuesday 20 March, 2012

xG Technology Inc.

Update on Market Agreement; new share issue

RNS Number : 6537Z
xG Technology Inc.
20 March 2012
 

March 20, 2012

 

xG Technology, Inc.

("xG", "xG Technology" or the "Company")

 

 

Update on Sale of xMax Market Exclusivity; Application for Admission of Shares

 

Further to the announcement made on March 6, 2012, xG Technology, the developer of a portfolio of wireless communications technologies, including cognitive radio networks, confirms that discussions with Care 21 Limited ("Care 21") are continuing regarding the non-receipt of payments due under the agreement between xG and Care 21 entered into in December 2011. The Company confirms that it has received a further $400,000 from investors introduced to xG by Care 21, who have subscribed 400,000 new shares of $0.01 each in the common stock of the Company ("Shares") at $1.00 per Share, which represents a substantial premium to the current market price. Given the receipt of additional monies, xG has further extended the cure period and will update shareholders in due course.

 

Application is being made for admission of the new Shares to trading on AIM. It is expected that admission of the new Shares will become effective on or about March 26, 2012. The new Shares will trade under the XGT symbol.

 

 

Note:  Following the issue of the new Shares referred to above, the Company's issued share capital will comprise 211,003,454 Shares, each Share having equal voting rights. The Company holds 40,000 Shares in treasury. Therefore, the total number of Shares with voting rights will be 210,963,454. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.

 

 

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Contacts

 

xG Technology, Inc.

www.xgtechnology.com

John Coleman, Chief Executive Officer

+1 212 651 4219

Roger Branton, Chief Financial Officer

+1 212 651 4219

James Woodyatt, Investor Relations

+1 954 572 0395



Allenby Capital Limited (Nominated Adviser and Broker)

www.allenbycapital.com

Nick Naylor

+44 20 3328 5656

Mark Connelly

+44 20 3328 5656

Dan Robinson

+44 20 3328 5656



First Columbus LLP (Joint Broker)

www.first-columbus.com

Chris Crawford

+44 20 3002 2073



Fusion PR (Media and Analyst Relations)


Heather Lukens

+1 212 651 4227

 

 

ABOUT xG TECHNOLOGY

xG Technology is a leading developer of innovative and disruptive communications technologies for wireless networks. Its patented intellectual property portfolio covers a broad range of applications, including cognitive radio networks. The Company is commercializing some of these technologies to create xMax, the World's first carrier-class cognitive radio network.

 

xMax's standards-based IP architecture minimizes network deployment, management and operational costs while simplifying the delivery of fixed and mobile services. Using field-proven cognitive radio technology, xMax enables the delivery of these mobile services in both licensed and unlicensed bands. In its initial commercial offering, the xMax cognitive radio system enables carriers and other operators to monetize the free unlicensed spectrum in the 900MHz ISM band.

 

xMax also offers unique capabilities to enterprises, utilities, government agencies and others who require advanced wireless communications to support business operations and mission critical applications.

 

xG offers turnkey xMax network solutions including base stations, mobile switching centers, network management systems, deployment tools, end-user equipment and customer support.

 

xG has deployed a 32 square mile xMax network in Fort Lauderdale, Florida to showcase its cognitive radio, mobile VoIP and dynamic interference mitigation capabilities. The Company's xMax products have been successfully tested and trialed by the US Army at two of its US bases. Based in the USA, xG has over 60 US and more than 130 international patents and pending patent applications. For more information, please visit www.xgtechnology.com.

 

 


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