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xG Appoints Non Executive Director
17 January 2007
The Board of xG®
Technology, Inc. (AIM: XGT), the Florida based communications
technology business, is pleased to announce the appointment of
James Woodyatt as a Non-executive Director. The appointment is
effective immediately.
Ross James
Woodyatt, aged 39, has over 16 years’ experience in the
banking and financial services industry in Switzerland. He
started his career as an equity sales executive with Nomura
Bank (Switzerland) SA and has held a number of broking and
sales positions with institutions including Tradition SA and,
most recently, Optimal Investment Services SA (a fund of hedge
funds wholly owned by Grupo Santander), where he held the
position of senior vice president and was a member of the
management committee. Mr Woodyatt’s roles have provided him
with exposure to worldwide markets including Europe, the Far
East and Latin America.
Mr Woodyatt
co-founded Veegoo Capital Services SA in 2006, which has an
active interest in assisting early stage companies in their
development, using its network of contacts to introduce such
companies to strategic partners and advisers. Veegoo Capital
Services SA, a company of which Mr Woodyatt is also a
director, has in place a non-exclusive international marketing
agreement with xG Technology, Inc. which the Directors believe
will assist the Company in its long term development plans.
Commenting on
today’s appointment, Rick Mooers, Chairman & CEO of xG
Technology Inc. stated: "I am delighted to welcome James
Woodyatt to the Board and believe his extensive skills and
experience will make a significant contribution as we set in
place our ambitious growth plans for xG. His outstanding
reputation and track record reflects the calibre we are
looking for in our directors.”
xG is a
registered trade mark of xG Technology, Inc. under US Trade
Mark Registration Number 3039835. xMax is a trademark of xG
Technology, Inc.
Enquiries:
Rick Mooers - Chairman and Chief Executive
Roger Branton – Chief Operating Officer and Chief Financial
Officer
020 7638 9571 (London)
Seb Hoyle /
Lucie Holloway
Citigate Dewe Rogerson
020 7638 9571 (London)
Mr Woodyatt’s
current and previous directorships and partnerships over the
past five years are as follows:
Current Past
Veegoo Holding
SA
Veegoo Capital Services SA None
On his
appointment, Mr. Woodyatt has a beneficial interest in 80,000
common shares of US$0.01 each in xG, equivalent to 0.07 per
cent. of the issued share capital of the Company. There is
nothing further to disclose in relation to James Woodyatt’s
appointment pursuant to Rule 17 of the AIM Rules.
ABOUT XG
TECHNOLOGY
XG TECHNOLOGY’S
BUSINESS
Based in Florida, USA, xG Technology has developed innovative
technologies that the directors believe have the potential to
change the building blocks, capabilities and economics of the
communications industry. Its patented technologies can be
applied to almost any type of communication including voice,
data or video in wired or wireless form.
xG Technology is
now designing a mobile VoIP (Voice over Internet Protocol)
base station and handset product line. Branded as xMax™, these
products are intended to be sold to regional carriers
(internet service providers, competitive local exchange
carriers and entrepreneurial parties) seeking to deliver
mobile Internet Protocol services directly to consumers
without using the incumbent circuit switched or coaxial cable
networks. In time, it is intended that the xMax product line
will expand from mobile VoIP to offer integrated video and
data applications.
MARKET AND
COMPETITION
There is a wide variety of wireless technologies in the
marketplace. The Directors believe that the key issue keeping
these technologies from achieving greater success is the price
versus performance of existing options. xMax changes this
price/performance relationship by enabling the delivery of
mobile IP services with less infrastructure using low-cost and
readily available unlicensed radio spectrum.
xG Technology
believes that xMax will be a viable solution for mobile VoIP
for a number of reasons:
* xMax is an IP solution rather than a circuit switched
solution; this is a prerequisite for handling the VoIP
application;
* xMax delivers high speed data in the order of Mbps rather
than Kbps, which is essential for supporting large numbers of
subscribers;
* xMax has a low latency physical layer, resulting in high
network efficiency;
* xMax’s signal profile also allows for improved
range/coverage and better signal penetration, which is
essential for maintaining call session reliability; and
* although this feature is not central to the VoIP application
itself, xG Flash Signal’s ability to deliver wireless signals
with far less RF output power than conventional applications
means that wireless VoIP handsets will show improved battery
life over other solutions.
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