xg technology inc (XGT) Snapshot

xG Technology, Inc. announced audited earnings results for the year ended December 31, 2012. For the year, the company reported net loss and loss before income tax provision of $13,787,000 or $0.07 basic and diluted loss per share compared to net loss and loss before income tax provision of $15,668,000 or $0.09 basic and diluted loss per share of prior year. Loss from operations was $12,966,000 against $13,480,000 of prior year. Net cash used in operating activities was $5,561,000 against $7,607,000 of prior year. Acquisition of property and equipment was $515,000 against $1,175,000 of prior year. Acquisition of intangible assets was $4,491,000 against $4,848,000 of prior year.

xG Technology, Inc. announced that it has entered into a reseller agreement with Telemedicine-MM Systems, under which Telemedicine-MM agrees to purchase a minimum of $2,500,000 of xMax network equipment through the term of the agreement to March 31, 2015. Telemedicine-MM will deploy xMax wireless voice and broadband services focusing on telemedicine/telehealth, medevac, and related applications throughout CARICOM, the community of 15 nations and dependencies located in the Caribbean. This agreement brings the total announced backlog of orders and reseller agreements for xMax equipment and services to over $33.1 million, and expands the growing market traction that xG's technology is experiencing into healthcare and telemedicine applications. Previous announcements have highlighted agreements for deploying xMax in a wide range of industries and applications, including rural telecom, public safety, education, utilities, local government, gaming and casinos, hospitality, transportation and logistics, manufacturing, and healthcare.

xG Technology, Inc. announced that it has received a new purchase order for $1,030,750 from Assist Wireless, LLC. This purchase order brings the total announced backlog of orders and reseller agreements for xMax equipment and services to over $30.6 million, and highlights the growing market traction that xG's technology is experiencing across a wide range of industries and applications including rural telecom, public safety, education, utilities, local government, gaming and casinos, hospitality, transportation and logistics, manufacturing, and healthcare. Under the terms of the order, xG will be paid upon the delivery of FCC certified xMax equipment to Assist Wireless, which is expected to commence in the second quarter of 2013.