xG Technology Inc (NASDAQ: XGTI) is having an incredibly strong start in the pre-market hours today, and for good reason. The company announced that it has received a $1.2 million order, prompting excitement among investors and pushing the stock upward. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:32), XGTI is trading at $1.48 per share after a gain of $0.12 per share or 8.82% thus far today.
XGTI Gains On $1.2 Million Order
As mentioned above, xG Technology is having an incredibly strong time in the market at the moment after announcing that it has received an order for approximately $1.2 million surrounding wireless camera systems. The order comes from a major worldwide news organization.
According to XGTI, the camera systems were purchased for deployment throughout the United States. The camera systems will provide live, real time coverage of major news events including breaking news, special reports and other feature presentations. In a statement, George Schmitt, Executive Chairman and CEO at XGTI had the following to offer…
“This order underscores the ability of our video transmission business to deliver systems that meet the stringent requirements of tier-one clients…The purchase was the culmination of extensive testing that confirmed our wireless camera solutions were uniquely suited to address their needs.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on XTGI. In particular, we’re going to be following the fulfillment of this order. We’re also interested in seeing if the order announced today will lead to a domino effect of new orders from more tier 1 clients. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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