Shares of xG Technology (NASDAQ: XGTI) are higher 23% in morning trade following news that the wireless solutions provider has completed its acquisition of Vislink Communication Systems, assuming full ownership of the business. The previously announced acquisition was a $16 million binding asset purchase agreement and was paid for with $6.5 million in cash and a $9.5 million promissory note. xG said it intends to use a combination of new debt and internal funding to pay the promissory note off.
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About xG Technology, Inc.
xG Technology is a provider of wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for use in challenging environments. The company is focused in delivering communications technologies that provide its customers enhanced levels of reliability, mobility, performance and efficiency in their business operations and missions. xG markets its technology solutions across three business units: Integrated Microwave Technologies (IMT), Vislink Communication Systems and xMax. IMT is a pioneer in the design, development and distribution of advanced digital microwave systems and has been a trusted supplier to broadcast, sports and entertainment, and MAG (Military, Aerospace & Government) markets. The company’s product lines are recognized for their high level of performance, reliability, build quality, extended operating ranges and compact form factors. Vislink specializes in the wireless capture, delivery and management of secure, high-quality, live video from the field to the point of usage, serving broadcast & media and public safety & surveillance markets. 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. Based in Sarasota, Florida, xG Technology has over 100 patents and pending patent applications. For more information, please visit www.xgtechnology.com.
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