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xG Technology's IMT Vislink Business Ships 50 HCAM 4K UHD Units In Q1 2018
SARASOTA, Fla., April 9, 2018 /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, announced that its IMT Vislink business unit has shipped 50 HCAM 4K UHD units during Q1 2018. The Company expects to deliver over 200 HCAM systems over the course of 2018.
"I am pleased to report that the issues that prevented us from delivering HCAMs in Q4 2017 have been rectified, and the backordered systems began shipping in Q1 2018," said George Schmitt, CEO and Board Chairman of xG Technology. "We are confident that these represent the first volume worldwide commercial shipments of 4K systems in the industry. Delivery of the balance of the backordered systems will be complete by the end of Q2, and we expect to average at least 50 units per quarter for the balance of the year. It is likely we will exceed those numbers, as we have orders and preorders for 200 units in hand now."
Mr. Schmitt continued, "We are extremely proud of the work done by our engineering and production personnel, given the substantial complexity and sophistication of these systems. In fact, according to Rob Williamson, one of the hardware engineers in our IMT Vislink unit, 'The board is not only a major technical achievement. It's also a work of art.'"
Mr. Schmitt concluded, "Having successfully begun delivery of the HCAM systems reaffirms our leadership in developing, productizing and deploying wireless broadcast technology innovations. The IMT Vislink HCAM represents the product segment leader in terms of performance and features and, based on what we know, we will have the smallest, lightest weight and lowest power consumption system in the market. We will continue to keep the market informed on the progress we make in supplying HCAM systems to the market."
HCAM systems will be on display in IMT Vislink's booth (Booth C6008) at NAB 2018 in Las Vegas from April 9-12, 2018.
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. xG's brand portfolio includes Integrated Microwave Technologies (IMT), Vislink and xMax.
IMT and Vislink are the leading suppliers of advanced digital microwave systems for capturing, transmitting and managing secure, high-quality, live video. IMT and Vislink are trusted suppliers to tier-1 global customers in the broadcast/sports/entertainment, and law enforcement/public safety/defense markets. Their products are recognized for high levels of performance, reliability, build quality, extended operating ranges and compact form factors. In the broadcast, sports and entertainment sectors, IMT and Vislink provide high-definition communication links to reliably collect and distribute live event footage. In the law enforcement, public safety & defense markets, IMT and Vislink provide secure video communications and mission-critical solutions to local, national and international agencies and organizations. More information can be found at www.imt-solutions.com and 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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