RNS Number:8009T
xG Technology Inc.
06 May 2008
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.
CONTACTS
xG Technology, Inc. +44 20-7367-8888
Richard Mooers, Chairman and Chief Executive Officer www.xgtechnology.com
Roger Branton, Chief Operating Officer and Chief Financial
Officer
Bankside +44 20-7367-8888
Steve Liebmann, Simon Bloomfield or Chris Price
ING Bank N.V., London Branch (Nominated Adviser) +44 20-7767-1000
Xavier Moreels or Francis Moore
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.
xG 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
an extended range of operation and is expected to provide 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
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