From the Wires
xG Technology Board Considering US Listing
By: Marketwired .
Dec. 27, 2012 12:07 PM
SARASOTA, FL -- (Marketwire) -- 12/27/12 -- xG® Technology, Inc. ("xG" or the "Company") (AIM: XGTU.L) (AIM: XGT.L), the developer of a portfolio of wireless communications technologies, including cognitive radio networks, announces that the Directors of the Company have decided to consider a listing of the shares in the Company on The NASDAQ Stock Market ("NASDAQ") and, subject to favorable market conditions, a public offering of new shares in the United States. The Directors believe this would be the most appropriate and beneficial route for the Company to pursue in order to deliver long term value for its shareholders, having regard to the Company's incorporation and operation in the US, the large number of US technology companies listed on the US capital markets, the broader financial analyst coverage of the industry in the United States and the potential for higher liquidity on NASDAQ. The Company has, accordingly, submitted to the Securities and Exchange Commission a first draft registration statement for confidential non-public review pursuant to the Jumpstart Our Business Startups Act enacted on April 5, 2012.
In connection with such contemplated listing, the Company is also in discussions with its parent company, MB Technology Holdings, LLC ("MBTH"), regarding the strengthening of the Company's balance sheet, including conversion of the shareholder loan MBTH currently provides to the Company, details of which were announced on May 20, 2011.
The Directors are considering whether, in the longer term, it would be appropriate and cost effective for the Company to maintain a dual listing on both AIM as well as NASDAQ if a listing on the latter proceeds. Further announcements will be made in due course.
Commenting on the announcement, Rick Mooers, Executive Chairman, said: "As xG moves to commercialization of its xMax cognitive radio system and to production of equipment to fulfill the growing number of orders that we have already received, it is an ideal time to increase our public profile in our major domestic market with a listing on NASDAQ. Our strong and growing intellectual property portfolio, most recently boosted by the granting of two new patents on Self-Organizing Networks, provides a valuable asset base for the Company that we believe will be recognized by NASDAQ investors."
The Company will update the market and give further details as the Company progresses towards such a NASDAQ listing.
ABOUT xG TECHNOLOGY
xG Technology is a leading developer of innovative and disruptive communications technologies for wireless networks. Its patented intellectual property portfolio covers a broad range of applications, including smart wireless networks that can help address the global wireless spectrum crisis through advanced technology. xG is commercializing some of these technologies to create xMax, the world's first carrier-class cognitive (i.e. smart) radio network. The Company's technology provides ways to significantly increase the efficient use of spectrum, allowing network operators to offload existing voice or data traffic, reduce dropped calls, and enhance network capacity for their customers. xMax's standards-based IP architecture minimizes network deployment, management and operational costs while simplifying the delivery of high quality fixed and mobile voice and data services. xMax can enhance and extend any wireless network, and provides an economical last mile solution for hard to reach customers and devices. Using field-proven technology, xMax enables the delivery of mobile broadband services to consumers, agencies and enterprises worldwide in both licensed and free unlicensed bands. Based in the USA, xG has over 60 US and more than 140 international patents and pending patent applications. xG's intellectual property is available for licensing in domestic and international markets. For more information, please visit www.xgtechnology.com.
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