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Offers NATO Countries Expedited Acquisition Process for Purchasing Vislink Satcom Solutions and Engineering Services HACKETTSTOWN, NJ, July 24, 2019 — Vislink Technologies, Inc. (NASDAQ: VISL) announced today that it has signed a Basic Ordering Agreement (“BOA”) with the NATO Communications and Information Agency (“NCIA”). The scope of the agreement extends to the supply of Vislink MSAT…
HACKETTSTOWN, NJ, July 23, 2019 — Vislink Technologies, Inc. (NASDAQ: VISL) announced today that it has received orders valued at approximately $1.6 million from global clients for its industry-leading satellite communications equipment. The organizations clients include organizations in broadcast and MilGov markets. Vislink has been supplying satellite communications solutions to these sectors for over 30…
HACKETTSTOWN, NJ, July 17, 2019 — Vislink Technologies, Inc. (“Vislink” or the “Company”) (NASDAQ: VISL) announced today that it has closed the previously announced public underwritten offering of securities, with gross proceeds of approximately $12 million before deducting underwriting discounts, commissions and other offering expenses payable by the Company. A primary use of the proceeds…
HACKETTSTOWN, NJ, July 11, 2019 — Vislink Technologies, Inc. (“Vislink”) (NASDAQ: VISL) today announced the pricing of an underwritten public offering of (i) 1,550,000 shares of common stock together with common stock warrants (the “common warrants”) to purchase 1,550,000 shares of common stock and (ii) 4,450,000 pre-funded warrants, with each pre-funded warrant exercisable for one…
HACKETTSTOWN, NJ, July 10, 2019 — Vislink Technologies, Inc. (NASDAQ: VISL) announces that it has been awarded a contract worth approximately $2.8 million by the U.S. Army for the supply of intelligence, surveillance and reconnaissance (ISR) receiver devices. Equipment covered by the contract includes ruggedized, lightweight hand-held receivers designed to display real-time video imagery transmitted…
Through our IMT and Vislink businesses, we can offer a full spectrum of wireless video products which are built around providing complete solutions. Both companies have traditionally focused on the development of core product technologies that have the potential for application in final assembled products that cross market segments. Such technology focus areas include RF and microwave component development spanning the frequency range from DC to 18GHz, waveform modulation, H.264 video encoding and decoding, 4K UHD (Ultra High Definition) camera systems, IP-based electronic newsgathering systems, and digital signal processing. Through these products, we are positioned with significant technology IP and an established reputation for rapidly and economically delivering complex, bespoke engineering products and solutions to customers that are expertly managed to tight deadlines. Production of these products can be rapidly scaled to respond to changes in market demand.
Broadcast: IMT offers a line of high-margin receiver products including the CRx2, CRx6 and CIRAS-X6. These products may be interconnected over IP networks, expanding and simplifying their overall use and reducing the deployment cost significantly. The MicroLite is a small, low-cost wireless camera system enabling broadcast news operators to eliminate the use of coaxial cables in their remote news operations. This significantly reduces labor costs in the operation and increases the speed and agility of the cameramen to focus on capturing engaging content.
The union of IMT and Vislink created the market share leader in the professional broadcast and media video transmission sector. We believe that their products solve a growing market need for stable, high-definition, wireless video communications. Separately, IMT and Vislink have been able to successfully leverage their long history of broadcast industry leadership, reputations for advanced technology, and ability to provide end-to-end-solutions in order to maintain and increase their customer bases and to continue providing highly competitive offerings. Both companies have mature product offerings that address applications in growing market segments, including in-game sports video mobile feeds, real-time capture and display of footage from drones and other aerial platforms, and rapid-response electronic news gathering operations.
With the business integrated, we believe these advantages have been further strengthened. Because there is currently minimal overlap in product offerings between IMT and Vislink, we believe we now offer an expanded range of product offerings, additional services and enhanced capabilities. We believe this expansion of product offerings will position us for continued growth in the broadcast and sports and entertainment markets, and we expect near term growth in the government/surveillance market. We also believe there are opportunities for growth in sectors that include transportation, oil and gas, and industrial. As we have realized full control of the production processes of IMT and Vislink, we expect to be able to realize improving margins, control over product quality and competitive agility.
Sales and Marketing
Our sales team currently is comprised of sales managers responsible for defined regional areas, inside sales personnel, and business development representatives focused on targeted sectors and/or regions. They are supported by solution engineers trained in technical sales with a given market focus. This sales team is focused on supporting our current customers, as well as nurturing relationships with prospective customers in key domestic and international markets. For our IMT and Vislink brands, we employ a combination of sales channels, including direct-to-end customer sales, network group sales, reseller/integrators and Original Equipment Manufacturer (“OEM”) sales channels in order to use the most efficient means of reaching customers depending on the market segment. Sales efforts are supported by marketing and public relations activities, digital and print marketing initiatives, the creation of support materials, and trade show and other event appearances.
As of December 31, 2018, our business development, sales and marketing team consisted of 44 full-time employees or contractors.
Our IMT and Vislink entities have developed significant followings based on the reputation of their product offerings for performance, reliability and use of advanced technology. Both have developed diverse and stable customer bases for repeat product purchases from blue chip, tier-1 clients in the broadcasting and sports and entertainment markets, as well as among high-profile agencies and organizations in the surveillance (military and government) markets.
Manufacturing and Suppliers
We have historically retained contract manufacturers to manufacture, test, assure the quality of, and ship our products. With the acquisitions of IMT and Vislink, we have additional options for both internal and external manufacturing of products. This provides us the opportunity to develop optimal supply chains that are tailored to our needs on a per-product and per-solution basis. Going forward, we anticipate that we will focus on our core strengths, which are innovation and technology design and the development and creation and exploitation of our intellectual property.
While we have integrated IMT and Vislink into our plan to build our products, we may continue to rely, particularly in the short term, on third party components and technology to build our products, as we procure components, subassemblies and products necessary for the manufacture of our products based upon our design, development and production needs. While components and supplies are generally available from a variety of sources, we currently depend on a single or limited number of suppliers for several components for our products. We rely on purchase orders rather than long-term contracts with our suppliers. We do not currently stockpile enough components to mitigate any potential supply disruption if we are required to re-engineer our products to use alternative components.
We have developed a broad portfolio of intellectual property that covers wired and wireless communications systems. As of December 31, 2018, in the U.S., we have 51 patents granted, 1 patent application pending, 1 provisional application pending and 1 disclosure. Internationally, we have 23 patents granted no patent applications pending, and no Patent Cooperation Treaty (PCT) applications.
Areas of our development activities that have culminated in filings and/or awarded patents include:
|?||Spatial Processing (MIMO);|
|?||Compression (protocols, payload, signaling, etc.);|
|?||Wired and Wireless Networks;|
|?||Media Access Control Protocols;|
|?||Cognition enabling over the air protocols (MAC layer);|
|?||Wireless data compression;|
|?||Dynamic Spectrum Access (DSA);|
|?||Quality of Service; and Quality of Service; and|
|?||Digital Broadcasting over Microwave Links.|
We protect our intellectual property rights by relying on federal, state and common law rights, as well as contractual restrictions. We control access to our proprietary technology by entering into confidentiality and invention assignment agreements with our employees and contractors, and confidentiality agreements with third parties. We also actively engage in monitoring activities with respect to infringing uses of our intellectual property by third parties.
In addition to these contractual arrangements, we also rely on a combination of trade secret, copyright, trademark, trade dress, domain name and patents to protect our products and other intellectual property. We typically own the copyright to our software code, as well as the brand or title name trademark under which our products are marketed. We pursue the registration of our domain names, trademarks, and service marks in the United States and in locations outside the United States. Our registered trademarks in the United States include “xG” “IMT”, “Vislink”, the names of our products, among others.
Circumstances outside our control could pose a threat to our intellectual property rights. For example, effective intellectual property protection may not be available in the United States or other countries in which our products are sold or distributed. Also, the efforts we have taken to protect our proprietary rights may not be enough or effective. Any significant impairment of our intellectual property rights could harm our business or our ability to compete. In addition, protecting our intellectual property rights is costly and time-consuming. Any unauthorized disclosure or use of our intellectual property could make it more expensive to do business, thereby harming our operating results.
Companies in the mobile wireless communications technology and other industries may own large numbers of patents, copyrights and trademarks and may frequently request license agreements, threaten litigation or file suit against us based on allegations of infringement or other violations of intellectual property rights. We may face allegations by third parties, including our competitors and non-practicing entities, that we have infringed their trademarks, copyrights, patents and other intellectual property rights. As our business grows, we will likely face more claims of infringement.
Effective February 11, 2019, xG Technology, Inc. changed its name to Vislink Technologies, Inc. Our executive offices are located at 240 S. Pineapple Avenue, Suite 701, Sarasota, FL 34236, and our telephone number is (941) 953-9035. Our website address is www.vislinktechnologies.com. Information contained in our website does not form part of the report and is intended for informational purposes only.
As of January 1, 2019, we are no longer an “emerging growth company” as the term is used in the Jumpstart Our Business Startups Act of 2012.
As of December 31, 2018, we employed a total of 167 full-time employees, contractors or consultants, which included 38 in development, 2 officers, 17 in general and administrative, 4 in business development, 66 in operations and 40 in sales and marketing. We also engage several temporary employees and consultants. None of our employees are represented by a labor union or are party to collective bargaining agreements. We believe that we have good relations with our employees.
As a smaller reporting company, the Company is not required to include the disclosure required under this Item 1A.
Our headquarters are in Hackettstown, New Jersey which has 14,416 square feet pursuant to a lease that expires on April 29, 2020 and an executive, marketing and business development office is in Sarasota, Florida, in an office consisting of a total of 3,403 square feet pursuant to a lease that expires on October 31, 2019. The Company also has 39,327 square feet in Billerica, Massachusetts pursuant to a lease that expires on May 31, 2021; 12,435 square feet in Hemel, United Kingdom pursuant to a lease that expires October 31, 2020; 14,000 square feet in Colchester, United Kingdom pursuant to a lease that expires on March 24, 2025; 839 square feet in Dubai, U.A.E. pursuant to a lease that expires on July 2, 2019; 1,100 square feet in Singapore pursuant to a lease that expires on August 9, 2020; and 3,000 square feet in Anaheim, California pursuant to a lease that expires on July 31, 2021. The Company terminated its lease in Sunrise, Florida which consisted of 11,029 square feet. The Sunrise lease is set to expire on May 13, 2019.
We believe our current facilities are enough for our current needs and will be adequate, or that suitable additional or substitute space will be available on commercially reasonable terms, for the foreseeable future
We are currently not involved in any litigation that we believe could have a materially adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our company’s or our company’s subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect. From time to time, we may become involved legal proceedings, lawsuits, claims and regulations in the ordinary course of our business.
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|XGTI Split History Table|
|07/20/2015||1 for 10|
|06/21/2016||1 for 12|
|12/16/2016||1 for 10|
|VISL Split History Table|
|05/13/2019||1 for 10|
|VISL News: Vislink to Debut Cliq OFDM Mobile Transmitter at IBC 2022||09/09/2022 03:00:00 AM|
|VISL News: Vislink Announces New 5G 4Live Event Production Solution||08/30/2022 09:02:00 AM|
|VISL News: Vislink Presents Updates to IQ Sports Producer at IBC 2022||08/18/2022 08:00:00 AM|
|VISL News: Current Report Filing (8-k)||08/16/2022 06:07:21 AM|
|VISL News: Vislink Reports Second Quarter 2022 Financial Results||08/15/2022 04:15:00 PM|