xG Technology Inc (XGTI) Adds Regional Sales Manager for Unmanned and Autonomous Systems

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xG Technology Inc (NASDAQ:XGTI) announced that Eric Haney has joined its IMT Vislink operations as Regional Sales Manager for Unmanned and Autonomous Systems. Reporting to John Procacci, Vice President of Sales, Eric will focus on unmanned systems across all markets throughout North America, with emphasis on law enforcement, public safety and commercial sectors.

IMT Vislink offers compact, long-range, low-power video systems with high image quality that are perfectly suited to UAV (Unmanned Aerial Vehicle) and UGV (Unmanned Ground Vehicle) deployment scenarios. With robust products that include the IMTDragonFly and MicroLite2 transmitters, plus a full complement of video receive and antenna systems and viewing components, IMT Vislink delivers complete high-bandwidth, real-time UAV/UGV video solutions.

John Payne IV, president of IMT USA, said, We are pleased to welcome Eric Haney to our team. His expertise will be invaluable in helping identify and close business for government, military and commercial UAV/UGV applications where our systems deliver considerable advantages. These sectors require robust, resilient and secure video communications capabilities, and these are the core benefits of our solutions.“

Most recently, Eric Haney managed Business Development for the Commercial Information Solutions Group of AeroVironment (Simi Valley, CA). In this position, he was responsible for business development activities within AeroVironment’s Unmanned Aircraft System (UAS), Commercial Services Business Area with a focus on oil and gas, utility, security and law enforcement markets. There he managed and lead customer accounts to ensure that products and services were delivered on time and customer expectations exceeded. He also supported AeroVironment’s Department of Defense and Foreign Military Sales. Prior to that, he served as Flight Operations Manager at AeroVironment, where he was directly responsible for all flight operations, flight testing, and initial and ongoing training of flight operators based out of Simi Valley.

Previously he served as a law enforcement officer with the Ventura County (CA) Sheriff’s office. He has also served as a helicopter crew chief in the US Marines and the US Navy Reserve. Eric is a member of professional organizations that include the California Tactical Officers Association and ALEA (Airborne Law Enforcement Association).

Shares of XG Technology are currently trading at $1.65, up $0.03 or 1.65%. XGTI has a 1-year high of $6.20 and a 1-year low of $0.32. The stock’s 50-day moving average is $1.77 and its 200-day moving average is $1.76.

On the ratings front, XGTI stock has been the subject of a number of recent research reports. In a report issued on August 22, Maxim analyst Brian Kinstlinger reiterated a Buy rating on XGTI, with a price target of $4.00, which represents a potential upside of 147% from where the stock is currently trading. On July 14, Roth Capital’s William Gibson reiterated a Buy rating on the stock and has a price target of $3.50.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Kinstlinger and William Gibson have a yearly average return of 4.3% and a loss of -9.0% respectively. Kinstlinger has a success rate of 54% and is ranked #1433 out of 4676 analysts, while Gibson has a success rate of 37% and is ranked #4474.

xG Technology 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.


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