Last checked at 6 Dec 2018 09:04
Pebble Beach Systems Group plc (the "Company" or the "Group")
Resolution of dispute with xG Technology Inc.
The Board are pleased to report that following negotiations, a resolution has been reached with xG Technology Inc. (xG) which concludes the ongoing dispute, last reported in our 2018 half year results.
The formal process to recover sums from xG has now been concluded and a mutual release signed to ensure no further liabilities are due by either party.
There is no material change to the Board's forecast of cash balances as a result of this resolution.
For further information please contact:
John VarneyNon-Executive ChairmanPebble Beach Systems Group plc | +44 (0) 75 55 59 36 02 |
Shaun Dobson / James WhiteN+1 Singer | +44 (0) 20 74 96 30 00 |
The Company is listed on the LSE AIM market (PEB.L). More information can be found at www.pebbleplc.com.
About Pebble Beach Systems Limited
Pebble Beach Systems Limited (Pebble) is a leading developer and supplier of automation, channel in a box, integrated and virtualised playout technology for TV broadcasters, service providers, and cable and satellite operators. Founded in 2000 and headquartered in Weybridge, Surrey, Pebble has developed a portfolio of successful products which have the flexibility to support a wide range of broadcast applications with scalable products designed for highly efficient multichannel transmission as well as complex news and sports television. Installed in more than 70 countries and with proven systems ranging from single up to over 150 channels in operation, Pebble's international client base includes TV Globo Brazil, Fox News and Business channels USA, ZDF Germany, Orbit Showtime Network UAE, TV4 Sweden, TV2 Denmark, MTG UK, DMC in the Netherlands and AMC Networks Inc. USA.