Company Plans to Build WiMAX networks, pursue acquisitions
WINNIPEG, Sept. 17 /CNW/ - Craig Wireless Systems Ltd. (TSX: CWG), a
leading rovider of broadband customer solutions, begins trading today on the
Toronto Stock Exchange under the symbol "CWG".
The TSX listing follows the recently completed $40-million private
placement and going public transaction by Craig Wireless, which was previously
a private company.
"Today marks an important new chapter for Craig Wireless," said Boyd
Craig, President and CEO, Craig Wireless Systems. "The funds raised from this
transaction will enable the company to build out its WiMAX networks, pursue
acquisitions, and acquire new spectrum licenses in high-growth markets around
the world. WiMAX technology enables fast, simple, portable and reliable
Internet communications at a lower cost than traditional broadband. It is the
future of connectivity."
With the anticipated explosion in WiMAX growth in the coming months,
Craig Wireless' goal is to build its valuable spectrum holdings and build out
its network to open up new customer opportunities.
Craig Wireless owns spectrum licenses in Canada, the US and
internationally which the company is using to build and operate next
generation WiMAX wireless broadband networks. Beginning in 2008, WiMAX
technology will be embedded in many consumer devices such as laptops, cell
phones, PDA's and other mobile devices.
"The opportunity for Craig Wireless is tremendous, given the new market
realities that are just around the corner," commented Drew Craig, Executive
Director, Craig Wireless Systems. "This is why it was so important for the
company to complete this listing and begin building out its networks and
looking for new licensed spectrum opportunities."
About Craig Wireless Systems Ltd.
Craig Wireless Systems Ltd. and its affiliates offer a broad range of
telecommunications services, including, broadband Internet access, television
programming delivery, business connectivity solutions, hosting, security and
telecommunications solutions. All of these services are delivered over
government licensed spectrum. Craig Wireless Systems holds or leases licenses
for spectrum in the 2.5 GHz or 3.5 GHz bands in Manitoba, British Columbia,
the Coachella Valley region of California, United States and Greece. Spectrum
in these ranges possesses robust bandwidth capability and supports emerging
WiMAX-based applications, including portable and mobile applications.
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.
Please note that a backgrounder on WiMAX is available upon request.
TV Editors : Media may pick up a feed from the TOC (television operations
centre) for all market open ceremonies. The feed is named TSX Transmit 2 and
is produced at the TSX and sent live to the TOC. Participants move into
position for the market open ceremony at approximately 9:27 a.m. and the
markets will open with the sound of a SIREN (the traditional market open on
Toronto Stock Exchange) at 9:30 a.m.
For further information:
For further information: Sarah Coombs, (416) 848-1447,