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xG Technology Reports Third Quarter 2015 Results

SARASOTA, Fla., Nov. 16, 2015 /PRNewswire/ -- xG Technology, Inc. (XGTI) ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a developer of wireless communications and spectrum sharing technologies, announced its results for the third quarter ended September 30, 2015.

Key Recent Accomplishments

  • Entered into a partnership with GlobalMedia Group, LLC ("GlobalMed") to market integrated health delivery systems that incorporate xG mobile broadband technology and GlobalMed's telemedicine hardware, devices and software. The xMax Telemedicine Network Solution ("xMax TMN") facilitates the immediate and reliable transmission of critical health information, multimedia medical applications, and lifesaving services to locations that are difficult to reach or have limited communications options available. It consists of a rapidly-deployable, easy-to-install, turnkey mobile network solution that provides a secure, two-way telemedicine communications infrastructure.
  • Received an order from the U.S. State Department valued at approximately $200,000, for xMax mobile broadband wireless networking equipment and associated support services. The equipment will provide essential communications to assure the safety of U.S. government personnel serving in Mexico, their families, and U.S. citizens in Mexico during disaster events.
  • Received an order from a Department of Defense agency for xMax mobile broadband wireless equipment and services. The equipment will be used for additional testing and validation of xMax as a mobile tactical data communications system in response to specific technology objectives.
  • George Schmitt, Chief Executive Officer and Chairman of the Board of Directors of xG, converted $500,000 of existing loans due from the Company into shares of the Company's common stock at a price of $0.56 per share, the high bid price of the Company's common stock on October 6, 2015, the day prior to the conversion, as reported by the Nasdaq Capital Market. The balance of the loans due from the company to Mr. Schmitt remain senior secured and rank pari passu with other existing senior secured debt of the Company. Mr. Schmitt also indicated his intention to purchase modest quantities of additional shares of xG common stock from time to time through open market transactions.
  • Introduced the xMax NOW Network on Wheels" transportable broadband wireless system. xMax NOW, which is available for customer shipments, has everything needed to establish instant, wide-area mobile communications capabilities in a roll-out format. xG specifically designed xMax NOW to meet the rapid-deploy requirements of emergency response, homeland security, law enforcement, military and private entities.
  • Expanded its Business Partner Program in development of an ecosystem of resellers, system integrators, consultants, and other technology vendors to offer products and services that are complementary to the xMax mobile broadband wireless network solution. The goal of the xG Business Partner Program is to maximize the emerging market opportunity in private mobile wireless broadband for voice, video, and data communications.
  • xMax private mobile broadband wireless networks was found to deliver superior interference tolerance capabilities compared to current, commercially available communications systems in a report prepared by Paul Kolodzy, PhD that can be viewed at this link.
  • Completed an underwritten public offering of Class A Units, Class B Units, Series C Warrants and Series D Warrants. The Company received approximately $4,975,500 in gross proceeds from the offering, before underwriting discounts and commissions and offering expenses payable by the Company.
  • Completed a 1-for-10 reverse split of its common stock at 5:00 p.m. Eastern Time on Friday, July 17, 2015.

George Schmitt, CEO and Chairman of the Board of xG Technology, said, "Over the coming months, our objective is to reinforce the recent traction xG has made with the U.S. Departments of Defense and State in order to extend this progress in both military and commercial markets. We are supporting our sales and marketing efforts with industry-specific partnerships, such as telemedicine, to reach decision makers in key end markets where our flexible xMax solution, robust in both fixed and mobile applications, can bring immediate relief to an existing need. We continue to focus on leveraging our unique competitive strengths to monetize our large market opportunity."

Review of Results

Total third quarter 2015 revenues were $189,000 compared to $150,000 revenue in the third quarter of 2014. Revenue generated from equipment sales totaled $172,000 and...