In a press release issued today, xG Technology announced that xG and Vislink, Plc have closed on the acquisition of Vislink Communication Systems and established a formal transition date of the business which is February 2, 2017. The mutually agreed upon transition date allows for Vislink shareholders to approve amendments to the existing agreements executed on December 16, 2016.
Given that Vislink shareholders approved the transaction nearly unanimously on January 9th, 2017, the Company anticipates approval of the amendments to be a formality.
George Schmitt, Executive Chairman and CEO of xG Technology, said, “We are excited to conclude this final step in the Vislink acquisition, and have begun the process of integrating our operational teams across all our business lines. We appreciate the ongoing efforts of our counterparts at Vislink, Plc to ensure a smooth transition of the business.”