NEW YORK ( TheStreet) -- Wireless communications xG Technology (XGTI - Get Report) exploded on Monday after announcing it had been awarded a key cognitive radio patent to enable high-performance spectrum sharing.
By midmorning, shares had added 59.2% to $2.07.
The latest spectrum access innovation is an essential component in enabling the company's wireless solutions and will protect xG's ability to deliver radio systems which operate on crowded frequencies.
"The announcement of this patent award underscores xG's position as the leading innovator in the field of cognitive radio development," said CEO John Coleman in a statement. "It continues our aggressive efforts to codify our intellectual property portfolio and bring game changing spectrum sharing solutions to the market." XGTI data by YChartsAlso See: Android Fuels More 2013 Tablets Than iOS STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.