xG Technology Announces $1 Million Purchase of Products by Townes Tele-Communications
Additional xMax Broadband Deployments Represent Expansion of Existing Relationship between xG and Townes
SARASOTA, Fla. –Â xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a developer of patented wireless communications and spectrum sharing technologies, announces a $1 million purchase agreement with Townes Tele-Communications, Inc. ("Townes") covering the delivery of xMax broadband cognitive radio networking products.
The products will include xMax access points as well as fixed and mobile hotspot devices. Among the hotspot devices will be xMax CN3200 dual-band routing modems, which have been specifically engineered to meet current federally-mandated performance requirements for delivering rural broadband data. xG will also provide Townes with network management, engineering and ongoing maintenance services in support of the xMax equipment. The xMax equipment is expected to be used in parts of several communications properties and in other areas requested by the Townes companies. The order is expected to be fulfilled in two parts, with $500,000 of products scheduled for immediate delivery and the balance to be supplied on a schedule to be determined by Townes.
The new purchase is the result of meetings recently held between George Schmitt, Executive Chairman of the Board of xG Technology, and Larry Townes, Chairman of Townes Tele-Communications. Mr. Schmitt said, "I am pleased to report that, as announced in our release dated Dec. 30, 2014, we have met with Mr. Townes, and after successful testing and technical exchanges between xG and Townes Tele-Communications engineering personnel, it was agreed that our FCC-certified equipment performed as advertised. This purchase order is the result of these meetings, and reflects the desire on the part of both companies to expand our business relationship. The two companies look forward to capitalizing on the promise of xG's new generation of equipment designed to deliver broadband services to rural communities across the US."
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 130 international patents and pending patent applications. 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.
For More Information:
Media Relations
Daniel Carpini
xG Technology
daniel.carpini@xgtechnology.com
(941) 953-9035
Jody Burfening/Carolyn Capaccio
LHA
ccapaccio@lhai.com
(212) 838-3777
SOURCE xG Technology, Inc.
Web Site: http://www.xgtechnology.com
