XGT22 Jun 2011 08:24
xG Technology, Inc. (LSE-AIM: XGT, "xG" or the "Company"), the developer of a broad portfolio of wireless communications technologies, including cognitive radio networks, announces its audited results for the year ended 31 December 2010.
Key Points:
· xG was awarded a contract to deploy a trial xMax cognitive cellular network at the U.S. Army's base at Fort Bliss, Texas (United States) desert training area. Under the terms of the contract, xG installed a comprehensive xMax network solution consisting of several xMax BSN-250 base stations, an xMSC mobile switching centre and trial TX70 handsets to allow the Army to utilize and evaluate xMax's capabilities as an on-base and tactical cellular system. This brings to four the number of xMax networks operating in the field: two rural deployment trial networks with Townes Tele-Communications, Inc. (one installed after the 2010 year-end), an urban/suburban area network deployed in Fort Lauderdale, Florida (United States), and the Fort Bliss, Texas trial network.
· In addition, the contract called for xG to supply xMax network equipment for evaluation purposes to the Fort Monmouth, New Jersey (United States) lab facility of CERDEC, the U.S. Army's Communications-Electronics Research, Development and Engineering Center. xG has been informed that the evaluation has been successfully completed.
· Entered into a contract with Western DataCom, Inc. ("WDC"), a leading designer, developer, and manufacturer of hardware and software that secures voice, video, and data transmissions over any IP-based network. The contract calls for WDC to build xMax cognitive cellular technology into their products, including their widely deployed ComCase product line, for military and first responder markets. In return, WDC will pay a royalty to xG. xG also granted WDC the right to introduce xMax technology to one of its partners - a major military smartphone manufacturer and systems integrator.
· Received affirmation of the efficacy of the Company's technology solution in four white papers as well as in a comprehensive analysis performed by PA Consulting Group.
· Appointed John C. Coleman as Chief Executive Officer of the Company.
· Announced that veteran wireless industry executive George Schmitt was named Chief Executive Officer of, and significant investor in, MB Technology Holdings, LLC ("MBTH), xG's control shareholder (holding shares representing 39.72% of the Company's issued and outstanding share capital at year end). His extensive experience and background is playing a key role in helping xG develop and market its intellectual property, product and technology portfolios.