xG Technology Inc (NASDAQ:XGTI) announced that its Vislink business has received an order valued at approximately $1.2 million for wireless camera systems from a major worldwide news organization.
The systems have been purchased for deployment throughout the U.S. for ad-hoc, untethered newsgathering production and operations. They will be utilized to provide live, real-time coverage of major news events, including both scheduled and breaking events, special reports and other features. They will also be used to support live in-studio system applications.
“This order underscores the ability of our video transmission businesses to deliver systems that meet the stringent requirements of tier-one clients,” said George Schmitt, Executive Chairman and CEO of xG Technology. “The purchase was the culmination of extensive testing that confirmed our wireless camera solutions were uniquely suited to address their needs.”
John Payne IV, president of IMT USA, said, “The Vislink systems offer an unmatched suite of capabilities that made for a compelling purchase decision. The standout features of the system include superior H.264 encoding qualities, robust RF performance powered by Vislink’s proprietary LMS-T modulation scheme, and an ultra-low latency that perfectly matches the client’s workflows needs. The solution also incorporates the FocalPoint Camera Control System, which enables real-time remote control of all critical camera parameters. In summary, the attributes of our wireless systems have been implemented to ensure the integrity and consistency of newsgathering operations.”
Shares of XG Technology are currently trading at $1.43, up $0.07 or 5.15%. XGTI has a 1-year high of $34.68 and a 1-year low of $1.17. The stock’s 50-day moving average is $1.49 and its 200-day moving average is $1.27.
xG Technology, Inc. engages in the development of patented wireless communications and spectrum sharing technologies. It operates through the following segments: Broadcast, Sports and Entertainment, and Government/Surveillance. The Broadcast segment includes a line of margin receiver products including DR3, crx6, and CIRAS. The Sport and Entertainment segment offers microLite, available in both licensed and unlicensed frequency bands. The Government/Surveillance segment sells IMT, MiniMobile Commander and Mobile Commander.