SARASOTA, Fla., Nov. 12, 2013 /PRNewswire/ -- xG Technology,
Inc. (Nasdaq: XGTI) ("xG" or the "Company"), a developer of
wireless communications and spectrum sharing technologies, today
announced the pricing of an underwritten public offering of
5,715,000 shares of common stock at a public offering price of
$1.75 per share. The Company
expects to receive approximately $10,000,000 in gross proceeds, before
underwriting discounts and commissions and offering expenses
payable by the Company. The Company has granted the
representative of the underwriters a 45-day option to purchase up
to 857,250 additional shares of common stock.
The Company intends to use the net proceeds received from the
offering for general corporate purposes, including working capital,
product development and fulfillment, marketing activities,
expansion of internal sales organization, further development of
sales channels, funding the set-up of contract manufacturing
production lines, and other capital expenditures.
The offering is expected to close on November 18, 2013, subject to customary closing
conditions.
Aegis Capital Corp. and Feltl & Company are acting as joint
book-running managers for the offering.
A registration statement on Form S-1 relating to the shares was
filed with the Securities and Exchange Commission and is
effective. A preliminary prospectus relating to the offering
has been filed with the SEC and is available on the SEC's web site
at http://www.sec.gov. Copies of the final prospectus
relating to the offering, when available, may be obtained from the
offices of Aegis Capital Corp., Prospectus Department, 810 Seventh
Avenue, 18th Floor, New York, NY,
10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com.,
or from the above-mentioned SEC website.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
ABOUT xG TECHNOLOGY
xG Technology develops a broad portfolio of intellectual
property to make wireless networks more intelligent, accessible,
affordable and reliable. The company has created xMax, a patented
all-IP cognitive radio technology that enables spectrum sharing.
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
network operators make more efficient use of their spectrum
allocations and to create new opportunities for innovation in
unlicensed spectrum. The xMax cognitive radio system incorporates
advanced optimizing technologies that include spectrum sharing,
interference mitigation and self-organizing networks. 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 over 60 U.S. and over 130 international patents and pending
patent applications, and its technology is available for licensing
in both domestic and foreign markets. xG is a publicly traded
company listed on the NASDAQ Capital Market and on the London Stock
Exchange's Alternative Investment Market (AIM). On the NASDAQ, xG
common stock is traded under the symbol XGTI and xG warrants are
traded under the symbol XGTIW. On the AIM, xG's unrestricted
shares trade under the stock symbol XGTU.L and xG's restricted 'Reg
S' shares trade under the stock symbol XGT.L.
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.
For More Information:
David
Worthington
Fusion PR (Media and Analyst Relations)
www.fusionpr.com
(212) 651-4200
Jody Burfening/Carolyn Capaccio
LHA (Investor Relations)
www.lhai.com
(212) 838-3777
SOURCE xG Technology, Inc.