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xG Technology Inc. (XGT)

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Friday 14 March, 2008

xG Technology Inc.

Exercise of options

xG Technology Inc.
14 March 2008


FOR IMMEDIATE RELEASE                                              14 March 2008

                               XG TECHNOLOGY, INC.
                                        
                               EXERCISE OF OPTIONS


Application has been made for 15,000 common shares of US$0.01 each in xG
Technology Inc. (the 'Company') to be admitted to trading on the Alternative
Investment Market ('AIM') market of the London Stock Exchange pursuant to the
exercise of options of 15,000 common shares at a price of US$0.55 per share.
These shares will rank pari passu with the Company's existing shares and
dealings are expected to commence on AIM on 19 March 2008.

Following the Admission of these shares, the Company's total issued share
capital will be 129,325,818 common shares.

                                      Ends



CONTACTS

xG Technology, Inc.                                           +44 20-7367-8888
Rick Mooers, Chairman & CEO                               www.xgtechnology.com
Roger Branton, Chief Financial Officer

Bankside                                                      +44 20-7367-8888
Steve Liebmann, Simon Bloomfield or Chris Price

ING Bank N.V., London Branch (Nominated Adviser)               +44 20-7767-1000
Herry Cho or William Marle


About xG Technology

Based in Florida, USA, xG Technology has developed innovative, patented wireless
communications technologies which offer the potential to reduce significantly
the capital investment in and running costs of wireless voice and data
communications services.

XGT has designed a mobile VoIP (Voice over Internet Protocol) base station and
handset product line. Branded as xMax, these products are intended for use by
regional carriers (internet service providers, competitive local exchange
carriers and entrepreneurial parties) seeking 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
extended range of operation and an expected superior handset battery
performance. Planned future releases of the xMax product line include integrated
video and data applications.



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