Craig Wireless Systems Ltd. announces it is withdrawing equity offering



    WINNIPEG, June 27 /CNW/ - Craig Wireless Systems Ltd. ( "Craig Wireless")
(TSX: CWG) reports that it has elected not to proceed with the previously
announced proposed public offering of subordinate voting shares and will
withdraw the preliminary prospectus filed with regulatory authorities in
Canada dated June 9, 2008.
    "The company's decision to withdraw the prospectus resulted from current
market conditions and the present market price of the company's subordinate
voting shares," commented David Lazzarato, Chief Executive Officer of Craig
Wireless. Mr. Lazzarato went on to say: "Given our view of the fundamental
value of the company's spectrum license assets, as supported by the recent
spectrum license auctions in Canada and elsewhere around the world, we feel
that at this time, it would not be in the best interests of our shareholders
to complete an offering. The company is presently exploring other financing
alternatives."

    About Craig Wireless Systems Ltd.

    Craig Wireless Systems Ltd. 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 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: David Lazzarato, Chief Executive Officer, Craig
Wireless Systems Ltd., Tel: (416) 515-2222 ext. 1, email:
craiginfo@craigwireless.com.

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Craig Wireless Systems Ltd.

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