Delivers first HCAM Systems; Enters 2018 with Growing Run Rate and Order Backlog
SARASOTA, Fla., Dec. 29, 2017 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a leading provider of wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for critical communications, announced today that its IMT Vislink business has begun initial deliveries of HCAM, the world's-first 4K UHD wireless camera systems, to its customers.
IMT Vislink has today delivered its first HCAM systems of 2017 to Broadcast RF, and will enter 2018 with a growing run rate of orders for the systems. This reflects a continuing ramping of demand for the systems that began with their introduction in 2017 and many high-profile order commitments from worldwide clients. HCAM will be deployed at prestigious international sporting competitions in 2018, including the Winter Olympics and Commonwealth Games.
HCAM system deliveries would have been even higher, if not for the constrained supply of a critical subcomponent. This will negatively impact revenues attributable to HCAM systems in Q4 2017, and, consequently, IMT Vislink will enter 2018 with a significant backlog of orders that were unable to be manufactured and shipped this calendar year.
George Schmitt, Executive Chairman and CEO of xG Technology, said, "We are pleased to report that we have commenced delivery of our HCAM systems, and we fully expect the growing popularity of this all-new technology will play a significant role in our revenue plans in 2018 and beyond. HCAM systems are driving the worldwide migration from existing H.264 technology to HEVC and low-latency 4K UHD for wireless camera systems. At the same time, due to component supply issues, revenue from HCAM orders will be in excess of $3 million below those forecast for fiscal year 2017. We are working closely with our subcontractor partners to alleviate these supply challenges, and expect to accelerate HCAM system deliveries in Q1 2018. We will advise the market in due course on our progress in these efforts."
About xG Technology, Inc.
xG Technology's brands provide wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for use in challenging environments. xG's brand portfolio includes Integrated Microwave Technologies (IMT), Vislink, and xMax.
IMT has pioneered advanced digital microwave systems and is a trusted supplier to broadcast, sports and entertainment, and MAG (Military, Aerospace & Government) markets. Their products are recognized for high levels of performance, reliability, build quality, extended operating ranges and compact form factors. More information about IMT can be found at www.imt-solutions.com. Vislink specializes in the wireless capture, delivery and management of secure, high-quality, live video, and serves broadcast & media and public safety & surveillance markets. More information about Vislink can be found at http://www.vislink.com/.
xMax is a secure, rapid-deploy mobile broadband system that delivers mission-assured wireless connectivity in demanding operating environments. It was designed to serve as an expeditionary and critical communications network for use in unpredictable scenarios and during fluid situations, making it ideal 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.
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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.
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