XGTI.
xG Technology's IMT Vislink Business Begins Shipping World's-First HCAM HEVC 4K Wireless Camera Systems in Fulfillment of Cli...
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XG Technology, Inc. (NASDAQ:XGTI)
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Today : Friday 29 December 2017
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SARASOTA, Fla., Dec. 29, 2017 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), a leading provider of wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for critical communications, announced today that its IMT Vislink business has begun initial deliveries of HCAM, the world's-first 4K UHD wireless camera systems, to its customers.
IMT Vislink has today delivered its first HCAM systems of 2017 to Broadcast RF, and will enter 2018 with a growing run rate of orders for the systems. This reflects a continuing ramping of demand for the systems that began with their introduction in 2017 and many high-profile order commitments from worldwide clients. HCAM will be deployed at prestigious international sporting competitions in 2018, including the Winter Olympics and Commonwealth Games.
HCAM system deliveries would have been even higher, if not for the constrained supply of a critical subcomponent. This will negatively impact revenues attributable to HCAM systems in Q4 2017, and, consequently, IMT Vislink will enter 2018 with a significant backlog of orders that were unable to be manufactured and shipped this calendar year.
George Schmitt, Executive Chairman and CEO of xG Technology, said, "We are pleased to report that we have commenced delivery of our HCAM systems, and we fully expect the growing popularity of this all-new technology will play a significant role in our revenue plans in 2018 and beyond. HCAM systems are driving the worldwide migration from existing H.264 technology to HEVC and low-latency 4K UHD for wireless camera systems. At the same time, due to component supply issues, revenue from HCAM orders will be in excess of $3 million below those forecast for fiscal year 2017. We are working closely with our subcontractor partners to alleviate these supply challenges, and expect to accelerate HCAM system deliveries in Q1 2018. We will advise the market in due course on our progress in these efforts."
