XG Technology Clarifies Status On Relationship Of Company, Larry Townes

(RTTNews) - George Schmitt, Executive Chairman of xG Technology Inc. (XGTI, XGTIW) clarified that Townes resigned from the company's Board because of other pressing and time-consuming issues that made it difficult to attend meetings. These issues, both personal and professional, are requiring inordinate amounts of his time.

"Mr. Townes is a friend I have known for years and we have worked together on many projects over the years. I respect his decision to leave our Board and will continue to work with him on other projects where we can," Schmitt said.

Schmitt said that there had been no cancellation of any pending orders with Townes Tele-Communications Inc. Mr. Townes and he will meet in early January to discuss use cases his technical team has developed for deploying technology to support their businesses, and to show how new integrated system works for them and their end-user customers.

"It is because of our relationship with Townes that we developed the xRM dual-band routing modem product, which meets every proposed and ordered speed for rural broadband envisioned by federal regulators, while also providing multiple features that are not contemplated by regulators," he said.