RANCHO MIRAGE, CA, Nov. 10, 2011 /CNW/ - As previously announced by
Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG) on September 15, 2011, the Company's subsidiary Craig
Wireless South Inc. ("CW South") entered into an agreement to purchase certain secured advances owed by
Woosh Wireless Limited ("Woosh"). The Company is pleased to announce that the acquisition of the
advances and certain of the spectrum rights held by Woosh has now been
completed. Closing on the remaining spectrum rights held by Woosh is
expected to occur at a later date in accordance with the agreement
between the parties.
About Craig Wireless Systems Ltd.
Craig Wireless and its affiliates (collectively, the "CWS Group") offer a broad range of telecommunications services, including,
broadband internet access, business connectivity solutions, hosting,
security and telecommunications solutions. Through certain members of
the CWS Group, Craig Wireless holds or leases licenses for spectrum in
the 2.5 GHz, 2.6 GHz or 3.5 GHz bands in Riverside County in Southern
California, United States and in Greece. The CWS Group also has
spectrum interests in Norway and New Zealand. Spectrum in these ranges
is effective for delivery of point-to-multipoint signals, possesses
robust bandwidth capability and supports emerging 4G-based services and
applications, including portable and mobile applications.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Notice on forward-looking statements
This release includes forward-looking statements regarding Craig
Wireless and its business. Such statements are based on management's
current expectations. The forward looking events and circumstances
discussed in this release may not occur and actual results could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Craig Wireless and its business. Not to limit
the generality of the foregoing, the forward-looking information set
forth in this news release is subject to various risks and other
factors including the following: the risk that the acquisition of the
remaining spectrum rights from Woosh will not be completed for any
reason, the risks of conducting business in a foreign country, currency
fluctuations. No forward-looking statement can be guaranteed.
Forward-looking statements speak only as of the date on which they are
made and Craig Wireless does not undertake any obligation to publicly
update or revise any forward-looking statement, whether as a result of
new information, future events, or otherwise.
SOURCE Craig Wireless Systems Ltd.
For further information:
Boyd Craig, Chief Executive Officer, Craig Wireless Systems Ltd., email: email@example.com.