Why XG Technology (XGTI) Stock Is Soaring Today

NEW YORK (TheStreet) -- XG Technology (XGTI) stock is soaring Thursday after announcing its second new U.S. patent award this week. In a statement, the company said it had been awarded a patent for interference mitigation techniques, an invention which "helps improve performance of wireless systems by overcoming impairments to transmission quality."

"This new patent enhances xG's position as a leader in developing innovative approaches to overcoming the challenges faced by today's wireless networks," said CEO John Coleman.

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On Tuesday, the wireless communications developer announced it had received a crucial cognitive radio patent covering a technology which provides "enhanced protection from interference to devices in shares and crowded spectrum environments. 

This latest patent brings xG Technology's intellectual property portfolio total to 60 U.S. patent matters (50 issued) and 145 international patent matters (65 issued).

By midmorning, shares had surged 51.6% to $2.58. Trading volume of 9.3 million shares was more than 17 times its three-month daily average. 

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