Transition to Volume Production by Third Party Contract Manufacturing on Schedule for 1Q 2014
SARASOTA, Fla., Dec. 3, 2013 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW; AIM: XGTU.L, XGT.L), a developer of wireless communications and spectrum sharing technologies, has validated that all xMax products delivered by its contract manufacturer, Tropical Assemblies (Tropical), meet xG's strict quality standards and specifications. The Company will now commence with its plan to completely transition all production and testing to Tropical during the first quarter of 2014. This is a major step forward and will enable xG to satisfy its sales backlog, while rapidly scaling production capacity to fill new orders. xG took delivery of complete product assemblies and then conducted extensive in-house quality tests that successfully validated the quality of each unit.
"We are pleased that Tropical Assemblies completely delivered on their promise of high quality and fast delivery. With funding now in place, we are executing on our growth strategy, including volume xMax production by ISO certified manufacturing facilities," said John Coleman, CEO of xG Technology. "This achievement will enable xG to ramp volumes up quickly, facilitating the delivery of xMax wireless networks to fulfill new and existing customer orders. Given the success of this production run, we expect that all aspects of product manufacturing, assembly and testing will be transitioned to Tropical during the first quarter of 2014."
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 networking technology that enables 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 spectrum sharing. 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 network operators make more efficient use of their spectrum allocations and to create new opportunities for innovation in unlicensed spectrum. The xMax cognitive radio system incorporates advanced optimizing technologies that include spectrum sharing, interference mitigation and self-organizing networks. 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 130 international patents and pending patent applications, and its technology is available for licensing in both domestic and foreign markets. xG is a publicly traded company listed on the NASDAQ Capital Market and on the London Stock Exchange's Alternative Investment Market (AIM). On the NASDAQ, xG common stock is traded under the symbol XGTI and xG warrants are traded under the symbol XGTIW. On the AIM, xG's unrestricted shares trade under the stock symbol XGTU.L and xG's restricted 'Reg S' shares trade under the stock symbol XGT.L.
For more information, please visit www.xgtechnology.com.
About Tropical Assemblies
Established in 1993, Tropical Assemblies, Inc. is the most technically advanced electronics contract manufacturer in South Florida and is an ITAR registered facility. Tropical is certified to both ISO9001:2008 and AS9100:2009 Quality Management Systems for high reliability manufacturing with certified personnel to IPC-610E (Class 2 & 3), IPC 620 and J-STD Soldering. The facility is equipped with state of the art robotic manufacturing lines with fully trained operators. The company is a turnkey supplier to major OEM's in the defense, aerospace, RF/wireless, and medical industries.
For more information, please visit www.tropicalassemblies.com.
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:
Fusion PR (Media and Analyst Relations)
Jody Burfening/Carolyn Capaccio
LHA (Investor Relations)
SOURCE xG Technology, Inc.
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