TIDMXGT TIDMXGTU
RNS Number : 5959N
xG Technology Inc.
10 September 2013
September 10, 2013
xG Technology, Inc.
("xG", "xG Technology" or the "Company")
Conversion of Bridge Loan; Application for Admission of
Shares
xG Technology, a developer of wireless communications and
spectrum sharing technologies, is pleased to announce that,
following the exercise of conversion rights at the time of the
Company's NASDAQ listing and US public offering on July 19, 2013,
the outstanding balance of $11,429,728 in principal and accrued
interest and fees under the subscription agreement and convertible
promissory note (the "Bridge Loan") dated January 16, 2013 has been
converted at a price of $5.225 per new share of $0.00001 each in
the common stock of the Company ("Share"). Accordingly, the Company
has issued 2,187,529 new Shares to more than 30 shareholders,
including George Schmitt, Executive Chairman of the Company, family
entities or trusts related to Richard Mooers, a Director of the
Company, and the wife of John Coleman, a Director and CEO of the
Company.
Application is, therefore, being made for admission of 2,187,529
new Shares to trading on AIM. It is expected that admission of the
new Shares will become effective on or about September 16, 2013.
The new Shares will trade under the XGT symbol.
Following the issue of the new Shares, MB Technology Holdings,
LLC ("MBTH") holds a total of 4,593,570 Shares, representing 41.59%
of xG's enlarged issued and outstanding share capital of the
Company (the "Enlarged Capital"), George Schmitt holds directly in
his own name a total of 1,220,223 Shares representing 11.05% of
xG's Enlarged Capital, family entities or trusts related to Richard
Mooers hold directly a total of 359,900 Shares, representing 3.26%
of xG's Enlarged Capital and John Coleman and his family hold
directly a total of 11,005 Shares, representing 0.13% of xG's
Enlarged Capital. In addition, MB Merchant Group, LLC, a merchant
bank partly owned by family entities or trusts related to Richard
Mooers, has a 75.09 percentage interest in MBTH and George Schmitt
has a direct 6.16% ownership interest in MBTH and has been granted
an option to purchase MBTH shares sufficient to give him an
additional 5% of the equity ownership of MBTH shares and its
subsidiaries.
Note: Following the issue of the new Shares referred to above,
the Company's issued share capital will comprise 11,047,828 Shares,
each Share having equal voting rights. The Company holds 2,286
Shares in treasury. Therefore, the total number of Shares with
voting rights will be 11,045,542. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company.
END
Contacts
xG Technology, Inc. www.xgtechnology.com
John Coleman, Chief Executive
Officer +1 212 651 4219
Roger Branton, Chief Financial
Officer +1 212 651 4219
James Woodyatt, Investor
Relations +1 954 572 0395
Allenby Capital Limited www.allenbycapital.com
(Nominated Adviser and Joint
Broker)
Nick Naylor +44 20 3328 5656
Mark Connelly +44 20 3328 5656
First Columbus LLP (Joint www.first-columbus.com
Broker)
Chris Crawford +44 20 3002 2070
Fusion PR (Media and Analyst www.fusionpr.com
Relations)
David Worthington +1 212 651 4200
ABOUT XG TECHNOLOGY
xG Technology, Inc. develops a broad portfolio of intellectual
property to make wireless networks more intelligent, accessible,
affordable and reliable. The company has created xMax, a patented
all-IP cognitive radio technology that enables spectrum sharing.
xMax can solve the crisis facing the wireless industry caused by
data-hungry devices and applications that are straining network
capacity. It eliminates the need to acquire scarce and expensive
licensed spectrum, thus lowering the total cost of ownership for
wireless broadband access. xG's goal is to help wireless broadband
network operators make more efficient use of their spectrum
allocations and to create new opportunities for innovation in
unlicensed spectrum. The xMax cognitive radio system incorporates
advanced optimizing technologies that include spectrum sharing,
interference mitigation and self-organizing networks. xG offers
solutions for numerous industries worldwide, including urban and
rural wireless broadband, utilities, defense, emergency response
and public safety.
Based in Sarasota, Florida, xG has over 60 U.S. and over 140
international patents and pending patent applications, and its
technology is available for licensing in both domestic and foreign
markets. xG is a publicly traded company listed on the NASDAQ
Capital Market and on the London Stock Exchange's Alternative
Investment Market (AIM). On the NASDAQ, xG common stock is traded
under the symbol XGTI and xG warrants are traded under the symbol
XGTIW. On the AIM, xG's unrestricted shares trade under the stock
symbol XGTU.L and xG's restricted 'Reg S' shares trade under the
stock symbol XGT.L.
For more information, please visit www.xgtechnology.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the intended terms of the offering, closing of the
offering and use of any proceeds from the offering. When used
herein, the words "anticipate," "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as
they relate to xG Technology, Inc., its subsidiaries, or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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