Wireless communications provider xG Technology, Inc. (Nasdaq: XGTI, XGTIW) has paid off debt incurred from the acquisition of Integrated Microwave Technologies and earlier than required in the original acquisition agreement, the company said.
xG completed the USD 3m acquisition of IMT on 29 January 2016 using debt financing from the seller, Skyview Capital, LLC. xG subsequently recorded a bargain purchase gain on the acquisition of approximately USD 2.7m after receiving an independent valuation of the assets acquired.
The original agreement required payoff of the debt over the following 18 months. xG made the final payment on the outstanding debt and, as such, the obligation to Skyview has now been paid in full.
Founded in 2002, xG Technology has developed technologies that enable always-available, always-connected and always-secure voice, broadband data and video communications.
IMT provides mission-critical video solutions, advanced digital microwave systems and engineering, integration, installation and commissioning services serving the Broadcast, Sports & Entertainment and MAG (Military, Aerospace & Government) markets. Based in Sarasota, Florida, xG has over 100 patents and pending patent applications.