Under Memorandum of Understanding, Vislink will Have Responsibility for All Sales
of Cogent Products Outside of China
SARASOTA, FL—August 13, 2018—xG Technology, Inc. (“xG” or the “Company”) (Nasdaq: XGTI, XGTIW), whose brands are recognized as the global leaders in live video communications in the broadcast, sports and entertainment and public safety markets, today announced that Vislink has undertaken a strategic cooperation with Cogent Technologies Limited (“Cogent”), a wholly-owned subsidiary of Century Sage Scientific Holdings Limited (“CSS Group”) of which shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 1450). Pursuant to terms of a memorandum of understanding the companies have entered into, Vislink will have the exclusive right to help promote and sell Cogent’s products and solutions to all regions outside of China.
“We are excited to enter into this strategic partnership with Cogent,” said John Payne, President and Chief Operating Officer of IMT Vislink. “We are very confident that this agreement will be mutually beneficial to both companies. CSS Group has built a reputation as the leading provider of media solutions in China, with a focus on high-end systems for content production, broadcast and transmission, event broadcast services, and broadcasting equipment development and sales. We look forward to serving as the exclusive distributor of Cogent’s products in international markets outside of China.”
Cogent is mainly engaged in research, development and sales of transmission products including, but not limited to, 4G portable transmission devices, bonded cellular solutions and wireless microwave transmission products, which are able to provide quality and smooth broadcasting and signal return services for live events. Since its founding in 2007, CSS Group has had a long-term business relationship with Vislink and companies of xG. The establishment of the strategic cooperation relationship represents a broader and deeper cooperation between the companies.
About Century Sage Scientific Holdings Limited
Founded in 2007, CSS Group operates through Application Solutions, Sports and Events Business, System Maintenance Services, and sales of Self-Developed Products segments. It offers media and TV broadcast application solutions and system integration services and operates sports events. The company is also involved in the research, development, and sale of technical products; event broadcast and equipment trading activities; and provision of turnkey solutions to Internet protocol TV and over-the-top video service operators. The company is headquartered in Beijing, the People’s Republic of China, and operates in China and internationally.
About xG Technology, Inc.
xG Technology’s IMT and Vislink brands are recognized as the global leaders in live video communications and are trusted suppliers to tier-1 customers in broadcast/sports/entertainment, and law enforcement/public safety/defense markets. Their products are recognized for high levels of performance, reliability, build quality, extended operating ranges and compact form factors. In the broadcast, sports and entertainment sectors, IMT and Vislink provide high-definition communication links to reliably capture, transmit and manage live event footage. In the law enforcement, public safety & defense markets, IMT and Vislink provide secure video communications and mission-critical solutions to local, national and international agencies and organizations. More information can be found at www.imt-solutions.com and www.vislink.com.
Based in Sarasota, Florida, xG Technology has over 80 patents and pending patent applications. xG is a publicly traded company listed on the NASDAQ Capital Market (symbol: XGTI) 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.
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