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xG Technology Announces Timely and Final Payment of Remaining Deferred Debt from Vislink Acquisition
SARASOTA, Fla., March 17, 2017 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a leading provider of wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for critical communications, today announced that it has reached an agreement with Pebble Beach Systems ("PBS" or "the Seller" and formerly known as Vislink, plc) for extinguishing the remaining deferred debt from the acquisition of Vislink. All deferred payments due from xG against the original promissory notes covering the acquisition of Vislink are now settled in full, and all liens are released.
The agreement included cash and sharing the proceeds from a customer receivable, among other considerations.
George Schmitt, Executive Chairman and CEO of xG Technology, said, "We are pleased to announce the final settlement of all debt arising from the acquisition of Vislink. We have done this without adding any additional debt to our balance sheet, leaving us in an even better position than we expected when we originally made the acquisition. We want to thank the team at MB Technology Holdings for spearheading the negotiations involved in the acquisition on xG's behalf, especially in reaching this most recent agreement with the seller. Their ability to bring these very difficult and time-consuming negotiations to a successful conclusion is the key reason we have been able to increase our revenue base almost tenfold."
Mr. Schmitt continued, "We would also like to thank Pebble Beach Systems for working closely with us to successfully resolve all outstanding issues related to the Business Purchase Agreement. The integration of Vislink with IMT and xG is progressing well and ahead of schedule and expectations. We will be updating the market in the next few business days with further details."
About xG Technology, Inc.
xG Technology's brands provide wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for use in challenging environments. Their focus is delivering communications technologies that provide enhanced levels of reliability, mobility, performance and efficiency to customer business operations and missions. xG's brand portfolio includes Integrated Microwave Technologies (IMT), Vislink, and xMax.
IMT has pioneered advanced digital microwave systems and is a trusted supplier to broadcast, sports and entertainment, and MAG (Military, Aerospace & Government) markets. Their products are recognized for their high level of performance, reliability, build quality, extended operating ranges and compact form factors. More information about IMT can be found at www.imt-solutions.com. Vislink specializes in the wireless capture, delivery and management of secure, high-quality, live video, and serves broadcast & media and public safety & surveillance markets. More information about Vislink can be found at http://www.vislink.com/.
xMax is a secure, rapid-deploy mobile broadband system that delivers mission-assured wireless connectivity in demanding operating environments. xMax was specifically designed to serve as an expeditionary and critical communications network for use in unpredictable scenarios and during fluid situations. This makes it a compelling solution for disaster response, emergency communications, and defense applications. More information about xMax can be found at http://www.xgtechnology.com/system-overview/.
In addition to the above business lines, xG has a dedicated Federal Sector Group (xG Federal) focused on providing next-generation spectrum sharing solutions to national defense, scientific research and other federal organizations. Additional information about xG Federal can be found at http://www.xgtechnology.com/technology/xg-federal/.
Based in Sarasota, Florida, xG Technology has over 100 patents and pending patent applications. xG is a publicly traded company listed on the NASDAQ Capital Market (symbol: XGTI) For more information, please visit www.xgtechnology.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.
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SOURCE xG Technology, Inc.
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