Today, shareholders of xG Technology Inc (NASDAQ:XGTI) woke up to a nice 10% pop in the value of their shares, after the wireless communications firm announced that its IMT and Vislink businesses have received approximately $3 million in new order and pre-order commitments directly resulting from their appearance at the NAB 2017 Show. Subsequent to the show, which took place April 22-27, upwards of 20% of these commitments have been converted into firm orders.
The orders have included a wide array of IMT and Vislink video equipment, including comprehensive HEVC (High Efficiency Video Coding) and 4K UHD (Ultra High Definition) wireless camera systems, fully-integrated satellite systems, as well as other transmit and receive components. The purchases have originated from broadcast and media organizations located in both the U.S. and internationally. IMT and Vislink showcased the full range of their Industry-Leading video capture, delivery and management solutions at NAB 2017 and was also a featured presenter at conferences held during the event.
George Schmitt, CEO and Chairman of the Board of xG Technology, said, “The new business IMT and Vislink have booked from NAB 2017 represents further endorsement of their systems and confirms their appeal as a single source for professional, end-to-end video solutions. This was the perfect opportunity to show the broadcast and media industry that the teaming up of IMT and Vislink would drive expanded product and technology capabilities, and we took advantage of it in a robust fashion. By all measures, from the order commitments placed, to traffic to our booths, to the level of interest expressed by new potential resellers and other partners, the show was a resounding success.”
John Payne IV, president of IMT USA, said, “We are extremely pleased with the results we have seen from IMT and Vislink’s participation at NAB 2017. Because it is the broadcast industry’s marquee event, it was essential that we make our presence felt there in a formidable way, and our onsite team delivered. We will be following up our NAB appearance with participation in other tier-one venues that target the broadcast and media, sports and entertainment, and law enforcement and defense sectors over the coming months.”
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.