Craig Wireless announces first quarter financial results



    WINNIPEG, Jan. 14 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless"
or the "Company") (TSX: CWG), today released its financial results for the
first quarter ended November 30, 2008. All dollar figures are reported in
Canadian currency.

    Highlights:

    Revenue declined from $468,712 in the first quarter ended November 30,
2007 to $440,723 in the first quarter ended November 30, 2008 as the Company
continued to shift its focus away from its current fixed-wireless digital
television distribution business in British Columbia and Manitoba.
    The net loss for the first quarter ended November 30, 2008 was $1,259,777
compared to $787,884 for the first quarter ended November 30, 2007. The loss
per share, basic and diluted for the first quarter ended November 30, 2008 was
$0.03 per share compared to a loss of $0.02 per share for the first quarter
ended November 30, 2007. The increase in the loss and loss per share is due
primarily to the increase in amortization of spectrum license assets, as the
Company's WiMAX wireless broadband network in Greece was available for
commercial use during the quarter, and interest expense incurred on advances
from T. Boyd Craig and J. D. Craig Holdings Inc. (the "Lenders").
    As previously announced, on January 6, 2009 the Lenders executed an
amending agreement waiving their rights to convert all or part of funds
advanced by the Lenders into subordinate voting shares of the Company upon the
July 31, 2009 maturity date.
    The detailed financial statements for the first quarter ended November
30, 2008, the management discussion and analysis of financial condition and
results of operations in relation thereto and the Company's annual information
form dated November 28, 2008 are all available for viewing on the SEDAR
website at www.sedar.com

    About Craig Wireless Systems Ltd.

    Craig Wireless Systems and its affiliates (collectively, the "CWS Group")
offer a broad range of telecommunications services, including, broadband
Internet access, television programming delivery, 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 Manitoba, British Columbia, the
Coachella Valley region, California, United States, Greece, Norway and New
Zealand. Spectrum in these ranges is effective for delivery of
point-to-multipoint signals, possesses robust bandwidth capability and
supports emerging WiMAX-based and other fourth generation (4G) 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. 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.





For further information:

For further information: J. Drew Craig, Co-Chief Executive Officer,
Craig Wireless Systems Ltd., Tel: (416) 515-2222 ext. 2, email:
craiginfo@craigwireless.com

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Craig Wireless Systems Ltd.

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