SARASOTA, Fla., June 26, 2018 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), whose IMT and Vislink brands are recognized as the global leaders in live video communications in the broadcast, law enforcement and defense markets, today announced that is has implemented the balance of cost reduction initiatives that were originally announced in a press release issued April 30, 2018. That brings to $5 million the total cost savings to be realized on an annual basis.
"We originally informed the market back on April 30 of our intent to identify and implement the remaining half of the $5 million in cost cuts announced at that time," said Gary Cuccio, xG Technology Executive Board Chairman and CEO. "Today, we can say that we have successfully achieved this objective, and notably, within the 60-day time frame we forecasted. Moreover, the savings realized will allow us to further focus on and invest in our fast-growing live video communications business lines."
"The decisions taken in implementing the balance of these cost reductions will play a key role in our efforts to achieve EBITDA and cash flow profitability, which we are targeting for the third and fourth quarters of 2018," said Roger Branton, xG Technology CFO and co-founder. "Going forward, we will continue to focus our efforts on maintaining cost control, supporting revenue growth and evaluating strategic M&A opportunities where they would be beneficial for the company and the interests of its shareholders."
About xG Technology, Inc.
xG Technology's IMT and Vislink brands are recognized as the global leaders in live video communications and are trusted suppliers to tier-1 customers in 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 capture, transmit and manage 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.
xG is also the developer of xMax, 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.
For More Information
| xG Technology: |
Investor Relations: |
| Daniel Carpini |
John Marco/CORE IR |
| 941-953-9035 |
516-222-2560 |
SOURCE xG Technology, Inc.
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