xG Technology, Inc. (Nasdaq: XGTI, XGTIW) has entered into a binding letter of agreement to acquire the assets of Mt. Olive, NJ-based Integrated Microwave Technologies, LLC from Skyview Capital, LLC, the company said.
The USD3 million purchase price reflects a combination of cash and long-term debt. The purchase is expected to close by no later than Feb. 15, 2016.
IMT, which recorded annual revenues of USD7.2 million in 2015, is a leader in high-performance video transmission technology, and has 20 years of experience in the design and manufacture of state-of-the-art wireless digital and analog video products.
Founded in 2002, xG Technology has created a broad portfolio of intellectual property that makes wireless networks more intelligent, accessible, affordable and reliable. Based in Sarasota, Florida, xG has over 100 patents and pending patent applications.
Integrated Microwave Technologies provides engineering, integration, installation and commissioning services serving the Broadcast, Sports and Entertainment and MAG (Military, Aerospace and Government) markets.