WINNIPEG, Jan. 21 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless"
or the "Corporation") (TSX: CWG), is pleased to announce that the board of
directors of Craig Wireless (the "Board") has determined to appoint Mr. Barry
J. Reiter as an additional independent director to the Board, effective as of
January 21, 2008 to hold office until the next annual meeting of shareholders.
Mr. Reiter has also been appointed as the chair of the Compensation, Corporate
Governance and Nomination Committee of the Board.
Mr. Reiter is a lawyer and senior partner in the Bennett Jones LLP
Toronto office. His practice focuses on corporate governance, finance and
development, particularly of new-economy companies. Mr. Reiter regularly
advises boards, standing and special board committees, directors and
management on corporate governance issues. Mr. Reiter is an experienced
director and has chaired boards and a variety of board committees. Mr.
Reiter's current board roles include: Avotus Corporation, Electric-Spin Ltd.,
HKMB International (Advisory Board), Mosaid Technologies Inc., Pharos Life
Corporation and SkyPower Corp. (Advisory Board). He is a member of the ICD
Blue Ribbon Commission on the Governance of Executive Compensation in Canada.
Formerly a law professor at the Faculty of Law, University of Toronto
(1974-1982), Mr. Reiter has published numerous books and articles on corporate
governance, advisory boards, joint ventures, contracts, real estate and the
legal process. His most recent book, Directors' Duties in Canada, 3rd Edition,
was published in 2006 by CCH Canadian Limited. Mr. Reiter also writes a
monthly column on corporate governance in Lexpert magazine.
The Board also announces that Mr. David Coriat, a longtime trusted
adviser and colleague of Mr. Gary Slaight, has been appointed as a director
and as member of the Audit Committee of the Board to fill the vacancy created
by the resignation of Mr. Slaight, effective as of January 21, 2008. Mr.
Coriat has had previous experience and involvement with the Corporation as an
aide to Mr. Slaight and as an observer and adviser to the Board. Mr. Coriat
was the Executive Vice-President and Chief Financial Officer and Director of
Standard Broadcasting Corporation Limited and now occupies those positions
with Slaight Communications Ltd. Mr. Coriat joined Standard Broadcasting in
1986 after a successful career with an international accounting firm. Mr.
Coriat is a board member for Image Entertainment, Inc. and is the former chair
of the board of directors of Entertainment One Income Fund.
"We are extremely pleased that Mr. Reiter and Mr. Coriat have agreed to
join the board of directors of Craig Wireless. Both Mr. Reiter and Mr. Coriat
bring with them a wealth of knowledge, experience and expertise that will be
of invaluable assistance to the Corporation." stated Boyd Craig, President and
Chief Executive Officer of Craig Wireless.
Craig Wireless also reports that Mr. Gary Slaight has resigned as a
director and as a member of the Audit Committee of the Board, effective as of
January 21, 2008. The Corporation has accepted the resignation of Mr. Slaight
and thanks Mr. Slaight for his past contributions to Craig Wireless and is
pleased to note that Mr. Slaight intends to continue his relationship with
Craig Wireless as an adviser to the Board.
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 applications, including portable and mobile
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, Executive Chairman, Craig
Wireless Systems Ltd., Tel: (416) 515-2222 ext. 2, email: