OK so one of SCRA new guys is also CEO of this.... MBTH technologies.
http://mbtechnologyholdings.com/
George Schmitt and Winfried Kunz, directors of the Company, will form a Board-appointed Executive Committee to fulfill the duties of the Chief Executive Officer during the interim until a new Chief Executive Officer is identified and engaged by the Company.
Mr. Schmitt has more than 45 years of executive, operational, technological and financial experience all around the world. He currently serves as CEO of MBTH Technology Holdings and as lead director and board member of XG Technologies, Inc
Industry Pioneer George Schmitt to Become Chief Executive Officer of MB Technology Holdings. Will Focus on Driving Adoption of xG Technology’s Products
Schmitt Accepting Leadership Role After Extensive Technical Due Diligence and Experience Working with xG Senior Management Team
Sarasota, Fla.—December 1, 2010—MB Technology Holdings, LLC (“MBTH”), the holder of 39.72% of the shares in xG® Technology, Inc. (LSE-AIM: XGT, “xG”), announced today that wireless industry authority George Schmitt has agreed to become CEO of MBTH, effective December 1, 2010. MBTH is a recently-formed company wholly-owned by MB Merchant Group, LLC. Currently, xG, the developer of a broad portfolio of wired and wireless communications technologies, including cognitive radio networks, is the only holding of MBTH. In his new role, George will use his considerable experience and wireless industry contacts to help xG develop and market its intellectual property, product and technology portfolios.
“George has made outstanding contributions to the business as a member of xG’s advisory board,” said Rick Mooers, executive chairman of xG. “When he expressed an interest in taking a more formal role for MBTH, we leapt at the opportunity to bring him on board. When someone of George’s stature and accomplishments sees the potential that xG has worked so hard to create, and commits to working shoulder to shoulder with us to realise that potential - it’s very gratifying.”
“As an advisor to xG over the past 6 months, I have had the opportunity to view the company’s cognitive wireless technology up close, and work with the team at xG. I have been impressed with both, and am delighted to take a more active role to accelerate the deployment of xG’s technology and products in multiple markets,” said George Schmitt. “In fact, I am in discussions to invest my own money in the xG opportunity through MBTH because I feel xG presents just too great a prospect to pass up.”
“This is a very important announcement – an industry visionary joining a key innovator in the vital space of cognitive radio,” said Craig Mathias, a principal with the wireless and mobile advisory firm Farpoint Group. “George Schmitt brings deep experience in the wireless industry and exceptional management leadership that will help propel xG forward in the exciting growth opportunity they’ve staked out.”
“I look forward to working closely with the Company’s new CEO, John Coleman, and the rest of the people at xG,” said Schmitt. “It’s been fun to work with a team that’s breaking new ground in unlicensed frequency operation, mobile VoIP, cognitive radios and other solutions that the wireless industry really needs. I’m excited about the future for xG.”
George Schmitt Bio
George Schmitt has over 45 years of broad telecom experience in wireless and wireline companies. He currently serves on the boards of Calient, Kentrox, and Teleworx. George is an SBIC Director at TeleSoft Partners, a Silicon Valley-based venture capital firm, and is a Trustee of St. Marys College of California in Moraga, California.
His experience includes e.spire Communications, Omnipoint Communications, LHS Group, Objective Systems Integrators, PCS PrimeCo, AirTouch Communications, Mannesmann Mobilfunk (Germany), Pacific Telesis, Pacific Telephone, and AT&T. Most recently, George was Chairman and Chief Executive Officer of e.spire Communications, a provider of voice, data and Internet services to markets throughout the U.S.
Previously, George was President and a Director at Omnipoint Communication Services (NASDAQ: OMPT) until VoiceStream's acquisition of Omnipoint Corporation in 2000. Subsequently, Deutsche Telekom acquired Voicestream to form T-Mobile U.S. George was also a Director of two telecom software companies: LHS Group (NASDAQ: LHSG), where he was a director and member of the Audit Committee prior to its acquisition by Sema in 2000, and Objective Systems Integrators (NASDAQ: OSII), where he was also a director and chairman of the Audit Committee and member of the Compensation Committee, which was acquired by Agilent Technologies in 2000.
Prior to joining Omnipoint, George was President and Chief Executive Officer of PCS PrimeCo (now part of Verizon Wireless), a national PCS partnership formed by AirTouch, Bell Atlantic, NYNEX and U.S. West. He came to PrimeCo from AirTouch, where he was Executive Vice President of International Operations responsible for AirTouch’s operations in its ventures in Germany, France, Sweden, Belgium, Italy, Portugal, Japan, Korea and Thailand. Prior to PCS PrimeCo, George was a member of the board of management of Mannesmann Mobilfunk in Germany, and also headed the company’s technical department. His department’s responsibilities included the complete development and operation of the D2 network, the first commercial GSM network in the world. He also served as the Chairman of the GSM Association, an international organization responsible for overseeing the worldwide implementation of GSM wireless technology.
George received an M.S. in Management from Stanford University, where he was a Sloan Fellow, and a B.A. in Political Science from Saint Mary’s College.
END”
“MB Technology Holdings intention to invest in xG Technology, Inc.
Sarasota, Fla.—December 1, 2010—MB Technology Holdings, LLC (“MBTH”), the holder of 39.72% of the shares in xG® Technology, Inc. (LSE-AIM: XGT, “xG”), announced today that, as part of George Schmitt’s joining MBTH as CEO and discussing an investment in MBTH (as announced earlier), it is MBTH’s current intention to invest in xG, in addition to the loans already made available to xG. MBTH is contemplating investment in xG of a total of up to $10 million pursuant to the additional shareholder loan facility announced by the Company on October 8, 2010. The intention is that any such investment will be made in such a way so as not to trigger the mandatory take-over provisions in the Company’s Amended and Restated Certificate of Incorporation, whether by waiver by consent of shareholders or otherwise. Provided such waiver is given or the mandatory take-over provisions are otherwise not triggered, MBTH intends to offer to purchase new xG shares at a price of $0.25 per share (representing a premium of over 55% based on the latest closing mid-price for xG’s shares). If MBTH is required to make a mandatory take-over offer to the holders of all of the xG Shares not held by MBTH then the offer price will be less than the latest closing mid-price of $0.16 per xG share since MBTH will have to offer to purchase more shares than under its contemplated investment in xG.
END”
Contacts
xG Technology, Inc.
Richard Mooers, Chairman and Chief Executive Officer
Roger Branton, Chief Operating Officer and Chief Financial Officer
James Woodyatt, Investor Relations
www.xgtechnology.com
+44 7827 444634
+44 7827 444634
+1 954 572 0395
Allenby Capital Limited (Nominated Adviser & Broker)
Brian Stockridge
Alex Price
+44 (0) 20 3328 5656
+44 (0) 20 3328 5656
Fusion PR (Media and Analyst Relations)
Bennie Sham
+1 212 651 4219
ABOUT XG TECHNOLOGY
xG Technology is a leading developer of innovative and disruptive communications technologies for both wired and wireless networks. Its extensive patented intellectual property portfolio covers a broad range of applications including cognitive radio networks. The Company has commercialized some of these technologies to create xMax, the world’s first carrier-class cognitive radio network.
xMax’s standards-based IP architecture minimizes network deployment, management and operational costs while simplifying the delivery of profitable fixed and mobile services. Using field-proven cognitive radio technology, xMax enables the delivery of these revenue-generating mobile services in both licensed and unlicensed bands. In its initial commercial offering, the xMax cognitive radio system enables carriers and other operators to profitably monetize free unlicensed spectrum in the 900MHz ISM band.
xMax also offers unique capabilities to enterprises, utilities, government agencies and others who require advanced wireless communications to support business operations and mission critical applications.
xG Technology offers turnkey xMax network solutions including base stations, mobile switching centers, network management systems, deployment tools, handsets and customer support.
To demonstrate its products and technologies, xG has deployed a 32 square mile xMax network in Fort Lauderdale, Florida to showcase its cognitive radio, mobile VoIP, and dynamic interference mitigation capabilities. Based in Florida, United States, xG Technology has over 50 US and more than 100 international patents and pending patent applications. For more information, please visit www.xgtechnology.com
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