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24 October 2008
DIRECTOR INCREASES EQUITY POSITION
xG Technology, Inc. ("xG" or the "Company")
was notified on 23 October 2008 that Mats
Wennberg, a Non-Executive Director of the
Company, purchased in the market
10,000 Common Shares in the Company on 22 October 2008 at a
price of 2.30 US Dollars per share.
Following this transaction, Mats Wennberg's total beneficial
holding in xG is 2,510,000 Common Shares,
representing approximately 1.9% of the
total issued share capital of the Company.
Contacts
xG Technology, Inc.
www.xgtechnology.com
Richard Mooers, Chairman and Chief
Executive Officer
+44 20-7367-8888
Roger Branton, Chief Operating Officer and
Chief Financial Officer
+44 20-7367-8888
Jonas Krepp, Director of Investor Relations
+44 78-2744-4634
Bankside Consultants
+44 20-7367-8888
Steve Liebmann or Simon Bloomfield
Religare, Hichens Harrison PLC +44 20-7588-5171
Daniel Briggs
Daniel Stewart & Company PLC +44 20-7776-6550
Simon Starr
ING Bank N.V., London Branch (Nominated Adviser) +44
20-7767-1000
Xavier Moreels or Francis Moore
About xG Technology
Based in Florida, USA, xG Technology, Inc. has developed
innovative, patented
wireless communications technologies which offer the potential
to significantly
reduce the required capital investment and operating costs of
wireless voice and
data communications services. Its mobile VoIP (Voice over
Internet Protocol)
base station and handset product line - branded as xMax - is
intended for use by
regional carriers (internet service providers, competitive
local exchange
carriers and entrepreneurial parties) which seek to deliver
mobile Internet
Protocol voice and data services directly to consumers without
using the
incumbent circuit switched or coaxial cable networks. The xMax
system provides
an extended range of operation and is expected to provide
superior handset
battery performance and double the call capacity of mobile Wi-Max
networks.
Planned future releases of the xMax product line include
integrated video and
data applications.
This information is provided by RNS
The company news service from the London
Stock Exchange
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