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FOR IMMEDIATE RELEASE
6 May
2008
xG Technology, Inc.
EXERCISE OF OPTIONS
On 18 February 2008 Mr. Mats Wennberg, a director of the Company, gave notice on behalf of Wennberg
Industries AB that he wished to exercise the options to acquire 1,500,000 ordinary shares of US$0.01 each
in the Company at an exercise price of US$0.27 per ordinary share. The options to be exercised were
granted to Wennberg Industries AB on joining the Company prior to the Company being admitted to AIM.
Following the exercise of the options, Mr. Wennberg (through his wholly owned company, Wennberg Industries
(AB) will be interested in 2,500,000 ordinary shares representing 1.91% of the total issued share capital
in the Company.
As the Company has now come out of the closed period due to its earnings release, an application will be
made for 1,500,000 ordinary shares of US$0.01 each in the Company, which will rank pari passu with
existing ordinary shares, to be admitted to trading on AIM. The new ordinary shares will be issued and
trading is expected to commence on or about 12 May 2008.
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.
CONTACTS
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
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.
This information is provided by RNS
The company news service from the London Stock Exchange |
