XG Technology To Reduce Workforce - Quick Facts

(RTTNews) - xG Technology, Inc. (XGTI, XGTIW) announced it has implemented cost reduction initiatives that are expected to result in a decrease in monthly operating expenses to approximately $500 thousand on the xMax brand, a reduction in monthly cash burn of approximately $300 thousand. The company said savings will be realized through a combination of voluntary severance, a reduction in the full-time and part-time workforce, the elimination of certain contractors, transitioning other employees to non-cash compensation arrangements, and other reductions in expenses.

The company said additional reductions will be derived from synergies identified as a result of the acquisition of Integrated Microwave Technologies.