22 September 2006

xG Technology Inc, which is planning to raise 30m pounds ($56.9m) in an IPO on the London stock exchange, claims to offer a massively disruptive 4G technology that has the potential to transform worldwide communications and cause huge damage to companies that have invested billions in 3G and WiMAX.

The Sarasota, Florida-based company, which is only selling less than 9% of its stock in a deal that will value the company at up to $750m, says it can offer a wireless technology that could cover the US for $15m, while Sprint has plans to roll out a WiMAX network for $3bn.