SARASOTA — Wireless communication firm xG Technology sold a package of its patented cognitive radio networking products and services for $1 million, one of its largest deals of the year.
Sarasota-based xG, which develops and sells wireless communications and spectrum sharing technologies, mostly for rural communities, sold the package to Lewisville, Ark.-based Townes Tele-Communications, according to a release. The order, for xG's xMax broadband package, will be filled in two parts, the release adds. The first part, worth $500,000, is scheduled for immediate delivery and the second $500,000 will come later.
“The two companies look forward to capitalizing on the promise of xG's new generation of equipment designed to deliver broadband services to rural communities across the United States,” xG Executive Chairman of the Board George Schmitt says in the release.
xG, which owns 52 patents, is publicly traded on the Nasdaq exchange under the symbol XGTI. (Recent price: $0.44)