Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact firstname.lastname@example.org.
SOURCE xG Technology, Inc.
SARASOTA, Fla., May 22, 2014 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a developer of mobile broadband network products and spectrum sharing technologies, today announced that it has signed a letter of intent with Shoreline Energy International Limited ("Shoreline") to explore partnership and deployment opportunities for the xMax mobile broadband solution across a wide range of industries and countries throughout the sub-Sahara Africa region.
Shoreline is Africa's leading holding company, with vast interests in Oil and Gas, power, infrastructure, construction, agriculture, commodity trading, technology, food, entertainment and retail. Through their subsidiaries they are active in a number of countries, including Nigeria, Uganda, Angola and Kenya.
xG and Shoreline have identified a number of sectors where xMax cognitive radio technology can deliver a compelling wireless solution, with a particular focus on deployments in critical infrastructure environments. These include oil platforms, petroleum pipelines, ports and electrical distribution systems, where surveillance and protection of industrial assets is imperative to the prevention of economic loss. The ability of xMax to deliver a high level of resiliency, survivability and interoperability is a key benefit to these sectors.
Additional markets that have been identified as potential opportunities for xMax include security, police and emergency first responder markets, as well as rural wireless broadband, which has become a key delivery system for commercial, educational, health and other initiatives across Africa.
Stratos Group, a mobile solutions provider and contracted reseller of xG Technology, will play a key role in identifying and securing local partnering opportunities on behalf of xG and Shoreline.
"Combining xG's leading-edge technology with the Shoreline's already well-established experience within infrastructure and telecom markets in sub-Saharan Africa opens the door to substantial commercial opportunities for both companies," said Philip Rambech of Stratos Group. "Africa has repeatedly shown itself willing to sidestep conventional technology in an effort to find solutions tailored to its specific requirements. These markets have a real need for the disruptive cognitive radio solutions from xG Technology, particularly in delivering cost-efficient rural area coverage, bringing additional bandwidth to congested areas and being deployed in incident-related situations."
According to Ericsson's Mobility Report, Africa added 25 million new mobile subscribers in the third quarter of 2013, only surpassed by China (30 million), but with a significantly lower mobile subscription penetration.
"We are excited to be entering into this business relationship with Shoreline to work together in Africa, which is the world's fastest-growing wireless market," said George Schmitt, Chairman of xG Technology. "Our partnership to seek opportunities for xMax with Shoreline, one of Africa's most respected companies, underscores the increasing need for a robust, flexible, affordable wireless solution in developing international markets."
xMax is a comprehensive fixed and mobile broadband solution that is designed for rapid deployment and low operating costs. It offers a carrier-grade user experience and can serve as a network backbone or last-mile solution for a number of markets and applications. xMax leverages software defined radio (SDR) and cognitive radio access network technology that enable efficient sharing of both licensed and unlicensed spectrum.
About xG Technology
xG Technology has created a broad portfolio of intellectual property that makes wireless networks more intelligent, accessible, affordable and reliable. The company has created xMax, a patented all-IP cognitive radio technology that enables 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. xG's goal is to help wireless broadband networks deliver voice, video and data services to fixed and mobile users. The xMax cognitive radio system 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. xG offers solutions for numerous industries worldwide, including urban and rural wireless broadband, utilities, defense, emergency response and public safety.
Based in Sarasota, Florida, xG has 60 U.S. and over 140 international patents and pending patent applications, and its products have been sold in both domestic and foreign markets. 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.
About Stratos Group
Founded by entrepreneurs from the world of finance, consulting and telecommunications, Stratos Group is a provider of mobile internet communication solutions and a system integrator with local partners worldwide. Philip Rambech, with 30 years in international telecommunication experience holding senior roles within Ericsson, Sony Ericsson, Palm and BenQ-Siemens manages Stratos' global network to develop new markets with local partners.
Free Writing Prospectus Disclosure
On April 3, 2014, the issuer, xG Technology, Inc., filed a Registration Statement on Form S-1/A Amendment No. 1 (Registration No. 333-194810) with the Securities and Exchange Commission (the "SEC") with respect to the offering to which this press release relates. A copy of the preliminary prospectus for the offering is included in that registration statement. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies of the preliminary prospectus and, when available, the final prospectus relating to the offering may be obtained from Roth Capital Partners, LLC, Prospectus Department, 888 San Clement Drive, Newport Beach, CA 92660, telephone: 800-678-9147, e-mail: email@example.com; or Feltl and Company, Inc., Prospectus Department, 800 LaSalle Avenue, Suite 2100, Minneapolis, MN, 55402, telephone: 612-492-8800, e-mail: firstname.lastname@example.org.
Cautionary Statement Regarding Forward Looking Statements
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.
For More Information:
Media and Analyst Relations
Investor Relations Contacts:
Carolyn Capaccio/Jody Burfening
©2012 PR Newswire. All Rights Reserved.