xG Technology Inc (NASDAQ:XGTI) announced that its Vislink business has received orders worth approximately $1 million for its HCAM HEVC (High Efficiency Video Coding) 4K Wireless Camera Systems for deployment in China. The orders are part of global pre-orders exceeding over $2.5 million received by Vislink for its latest wireless camera technology.
The Vislink HCAM, which was unveiled at NAB 2017, represents the next generation of HEVC 4K UHD wireless transmitters capable of supporting premium live broadcast events. These orders, which were placed by a key Vislink value-added reseller in the region, are for multiple systems and represent the latest in Vislink’s long history of supplying equipment to the China market, which dates back 15 years. The delivery of all systems is expected to take place by the end of 2017.
The Vislink HCAM systems will be at the forefront of a migration from existing H.264 technology to HEVC and low-latency 4K UHD for wireless camera systems expected to take place in China.
“This HCAM pre-order further emphasises market confidence in Vislink leading the development of next-generation wireless camera systems,” said James Walton, president of IMT, Ltd. and head of all IMT and Vislink business operations outside of the Americas.
“Vislink have received in excess of $2.5 million worth of pre-orders globally for the latest in wireless camera technology,” said David Robins, global sales director for Vislink. “With real-time testing taking place this coming week, we are really excited about rewarding our customers and partners for their continued commitment and confidence in the Vislink brand.”
“Our engineering teams have a passion for new technology, and HCAM proudly represents the first in a range of next-generation HEVC 4K Wireless Camera Systems designed with the customer in mind,” said Ashley Jackson, vice president of engineering for Vislink. “The HCAM design philosophy was to take the current industry standard products L1700, ClipOn4 and Campack2, and make something better. Needless to say, I am extremely pleased with the outcome of our new flagship product.”
Shares of XG Technology opened today at $1.95, down $-0.05 or 2.58%. XGTI has a 1-year high of $7.30 and a 1-year low of $0.32. The stock’s 50-day moving average is $1.79 and its 200-day moving average is $1.68.
On the ratings front, Roth Capital analyst William Gibson reiterated a Buy rating on XGTI, with a price target of $3.50, in a report issued on July 14. The current price target implies an upside of 84% from current levels. According to TipRanks.com, Gibson has a yearly average loss of 8.3%, a 43% success rate, and is ranked #4315 out of 4599 analysts.
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.