SARASOTA, Fla., Oct. 24, 2018 /PRNewswire/ -- 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, law enforcement and defense markets, announces the
appointment of Sue Swenson as
non-executive Chairman of the Board of Directors. Ms. Swenson
replaces Gary Cuccio, who is
stepping down from the Board. The Company also announces that
Kenneth Hoffman will be stepping
down from the Board. The departures of Messrs. Cuccio and Hoffman
are entirely by amicable agreement. These changes will all be
effective October 31, 2018.
Roger Branton, CEO and co-founder
of xG Technology, said, "We are pleased to welcome Sue Swenson as xG Technology's new Board
Chairman. Her strategic knowledge and vast business experience,
which includes her time spent leading FirstNet, is as broad as it
is deep, and will allow her to make an important and positive
impact on our Company. Sue's appointment is a notable development
for xG, and one that coincides well with the recent changes we have
implemented around rightsizing our business, repositioning it for
organic growth with positive cash flow and supplemented with
strategic mergers and acquisitions."
He continued, "I would also like to thank Gary Cuccio and Ken
Hoffman for their guidance and dedicated service to the
Company. We are very grateful for their efforts and wish them well
in their endeavors."
Sue Swenson said, "I am excited
to be joining xG Technology as Board Chairman at a time when the
Company has made impressive strides to completely reimagine and
reposition itself. Now that critical turnaround decisions have been
made, I look forward to playing a part in the next stage of xG's
development. This will include, first and foremost, enhancing
organic business growth and achieving a cash flow positive
position. At the same time, we will continue to seek M&A
candidates suitable for integration with our existing
businesses."
Ms. Swenson's xG Technology Board duties also include serving on
the Audit, Governance and Nominating Committees.
Sue Swenson bio:
Sue Swenson has several decades
of operating experience in wireless telecom, video technologies and
digital media, as well as telematics and small business software.
Ms. Swenson currently serves on the board of Harmonic, Inc. and
chairs the Governance and Nominating Committee. Harmonic, Inc. is
the worldwide leader in video delivery technology and services
enabling media companies and service providers to deliver
ultra-high-quality broadcast and OTT video services to consumers
globally.
From August 2012 to August 2018 Ms. Swenson served on the board of
the First Responder Network Authority and chaired the board from
2014 to 2018. This independent authority within NTIA/Department of
Commerce established a single nationwide public safety broadband
network enabling first responders to have voice and data
communications across all 56 states, territories and
commonwealths.
From October 2015 to June 2017, Ms. Swenson served as Chair and Chief
Executive Officer of Inseego Corp. (previously Novatel Wireless,
Inc), a wireless internet solutions and telematics provider, and
served as the board chair from April
2014 to June 2017 after
joining the board in 2012. From March
2008 to April 2011, Ms.
Swenson served as President and Chief Executive Officer of Sage
Software-North America, a division of The Sage Group PLC, a global
supplier of business management software and services.
From August 2007 to March 2008, she was Chief Operating Officer at
Atrinsic, Inc. a digital content company. Prior to joining
Atrinsic, Inc., she served as Chief Operating Officer of Amp'd
Mobile, Inc, a mobile virtual network start-up, from 2006 to 2007.
Ms. Swenson was the President and Chief Operating Officer of
T-Mobile USA from 2004 to 2005 and
of Leap Wireless International, Inc. from 1999 to 2004. She served
as the President and Chief Executive Officer of Cellular One from
1994 to 1999. From 1979 to 1994 she served in various management
capacities at Pacific Bell, ultimately serving as President and
Chief Operating Officer of PacTel Cellular and Vice President,
Pacific Bell - Northern California Business Unit. Ms. Swenson
holds a B.A. in French from San Diego State
University.
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
have been engineered to deliver elevated 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.
FOR MORE INFORMATION
xG Technology:
Daniel
Carpini
941-953-9035
daniel.carpini@xgtechnology.com
Investor Relations:
John
Marco
CORE IR
516-222-2560
johnm@coreir.com
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SOURCE xG Technology, Inc.