RANCHO MIRAGE, CA, July 11, 2013 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for third quarter
ended May 31, 2013. All dollar figures are reported in Canadian currency.
New Zealand spectrum
During the quarter, the Company concluded the acquisition of spectrum
management rights for an additional 35 MHz in the 2.3 GHz range in New
Zealand from Kordia Limited. Also, following final approval by the
regulator in New Zealand, the Company completed the transfer of the
remaining spectrum management rights over a further 35 MHz of 2.3 GHz
spectrum, representing the final stage of the transaction involving the
acquisition of assets of Railway St Industries Limited (formerly Woosh
Wireless Limited). These two 4G spectrum acquisitions support the
Company's focus and commitment to the New Zealand market.
Revenues were $3,389,103 during the quarter ended May 31, 2013. Total
assets amounted to $26,234,564 and total shareholders' equity was
$22,087,293 at the quarter end. The Company reported a net loss
attributable to shareholders of $2,272,252 ($0.04 per share) for the
quarter ended May 31, 2013.
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 2.3 GHz, 2.5 GHz, 2.6 GHz or 3.5 GHz bands in New Zealand,
Riverside County in Southern California, United States and in Greece.
The CWS Group also has spectrum interests in Norway. Spectrum in these
ranges is effective for delivery of point-to-multipoint signals,
possesses robust bandwidth capability and supports emerging 4G-based
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: availability of funding; the risks of
conducting business in a foreign country; currency fluctuations; in
addition to those risks enumerated under the heading "Risk Factors" in
the Company's AIF, available on SEDAR at www.SEDAR.com. 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: firstname.lastname@example.org.