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xG Technology Inc. (XGT)

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Wednesday 01 May, 2013

xG Technology Inc.

Issue of Equity

RNS Number : 8059D
xG Technology Inc.
01 May 2013
 

May 1, 2013

 

xG Technology, Inc.

("xG Technology" or the "Company")

 

 

Application for Admission of Shares

 

xG Technology, the developer of a portfolio of wireless communications technologies, including cognitive radio networks, announces that, further to the announcements on May 2, 2012 and October 9, 2012, the Company has issued 6,923 new shares of $0.00001 each in the common stock of the Company ("Shares") to Treco International, S.A. ("Treco") in lieu of payment of interest under the promissory note issued to Treco pursuant to the agreement with Treco announced on April 14, 2011.

 

xG Technology also announces that, pursuant to an employment agreement under which part of the remuneration is payable in new Shares and further to related announcements made on January 15, 2013 and before, and pursuant to a consulting agreement with a member of the Company's Advisory Board under which the remuneration is payable in new Shares, the Company has issued a total of 1,156 new Shares.

 

Application is, therefore, being made for admission of 8,079 new Shares to trading on AIM. It is expected that admission of the new Shares will become effective on or about May 7, 2013. The new Shares will trade under the XGT symbol.

 

Following the issue of the new Shares, Treco will hold (directly or through other members of the group of companies of which Treco is a member) a total of 674,868 Shares, representing 9.22% of xG's enlarged issued and outstanding share capital.

 

 

Note: Following the issue of the new Shares referred to above, the Company's issued share capital will comprise 7,321,839 Shares, each Share having equal voting rights. The Company holds 2,286 Shares in treasury. Therefore, the total number of Shares with voting rights will be 7,319,555. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.

 

 

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Contacts

xG Technology, Inc.

www.xgtechnology.com

John Coleman, Chief Executive Officer

+1 212 651 4219

Roger Branton, Chief Financial Officer

+1 212 651 4219

James Woodyatt, Investor Relations

+1 954 572 0395



Allenby Capital Limited

www.allenbycapital.com

(Nominated Adviser and Joint Broker)

+44 20 3328 5656

Nick Naylor

+44 20 3328 5656

Mark Connelly




First Columbus LLP (Joint Broker)

www.first-columbus.com

Chris Crawford

+44 20 3002 2073



Fusion PR (Media and Analyst Relations)

www.fusionpr.com

 

 

David Worthington

+1 212 651 4200

 

ABOUT xG TECHNOLOGY

xG Technology has developed a broad portfolio of innovative intellectual property that we believe will enhance wireless communications. Its patented intellectual property portfolio covers a wide 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, a cognitive, or 'smart', radio network system. The Company's technology provides ways to 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 wireless networks, 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. In the U.S., the Company has 43 patents granted, 16 patent applications pending, and 5 provisional applications pending. Internationally, we have 51 patents granted, 82 patent applications pending, and 10 Patent Cooperation Treaty (PCT) applications. For more information, please visit www.xgtechnology.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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