SARASOTA, Fla., July 24, 2013 /PRNewswire/ -- xG Technology, Inc. (Nasdaq: XGTI, XGTIW; AIM: XGTU.L, XGT.L) ("xG" or the "Company"), announced today that it has closed the previously announced underwritten public offering of its common stock and warrants to purchase its common stock. The Company offered 1,337,792 shares of its common stock at $5.50 per share to the public and warrants to purchase 668,896 shares of its common stock to the public, with an exercise price of $6.87 per share. xG received gross proceeds from the offering, before deducting the underwriting discount and estimated offering expenses payable by xG, of approximately $7,364,545. xG intends to use the proceeds of this offering for general corporate purposes, including working capital, product development, marketing activities, expanding its internal sales organization and further developing sales channels, funding the set-up of contract manufacturing production lines and other capital expenditures. Feltl and Company Inc. and Aegis Capital Corp. acted as the book-running managers for the offering. The offering is being made pursuant to a registration statement on Form S-1 that xG Technology has filed with the Securities and Exchange Commission ("SEC") and which is effective. A final prospectus supplement containing important information relating to these securities was filed with the SEC. Copies of the final prospectus supplement relating to these securities may be obtained by contacting Feltl and Company, Inc., Prospectus Department, 800 LaSalle Avenue, Suite 2100, Minneapolis, MN 55402, telephone: 612-492-8800, e-mail: email@example.com or Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY,10019, telephone: 212-813-1010 or email: firstname.lastname@example.org. Electronic copies of the final prospectus supplement will also be available on the website of the SEC at http://www.sec.gov. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the preliminary prospectus supplement, the registration statement, or the final prospectus supplement.