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2
May
2008
xG Technology, Inc.
XG TECHNOLOGY,
INC. TERMINATES CONTRACT WITH FAR REACH TECHNOLOGIES, INC.
xG Technology,
Inc. (“xG” or “the Company”; LSE-AIM: XGT), the communications
technology business, has terminated its contract with Far
Reach Technologies, Inc. (“Far Reach”) of Daytona, Florida,
with immediate effect following a breach of contract. Far
Reach had been identified as an early customer of the Company.
The termination of
this contract is not expected to have a material effect on the
Company’s revenues in 2008.
xG continues to
make progress with its other contracted partners.
- Ends -
Enquiries:
Rick Mooers, Chairman and CEO
Roger Branton, COO and CFO
+44 20-7367-8888
www.xgtechnology.com
Steve Liebmann, Simon Bloomfield or Chris Price
Bankside
+44 20-7367-8888
Xavier Moreels or Francis Moore
ING Bank N.V., London Branch (Nominated Adviser)
+44 20-7767-1000
ABOUT
XG TECHNOLOGY (AIM:XGT)
XG TECHNOLOGY'S BUSINESS
Based in Florida, USA, xG Technology has developed innovative,
patented wireless communications technologies which offer the
potential to reduce significantly the capital investment in
and running costs of wireless voice and data communications
services.
XGT has designed a mobile VoIP (Voice over
Internet Protocol) base station and handset product line.
Branded as xMax, these products are intended for use by
regional carriers (internet service providers, competitive
local exchange carriers and entrepreneurial parties) seeking
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
extended range of operation and an expected superior handset
battery performance. Planned future releases of the xMax
product line include integrated video and data applications.
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