CRAIG WIRELESS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

RANCHO MIRAGE, CA, 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, 2010. All dollar figures are reported in Canadian currency. 

Highlights:

Earnings Per Share

The Company reported a loss of $2,724,181 ($0.05 per share) for the first quarter ended November 30, 2010 compared to a loss of $4,084,583 ($0.08 per share) for the quarter ended November 30, 2009.

The Company reported a net loss of $2,638,009 ($0.05 per share) from continuing operations in the first quarter ended November 30, 2010 compared to a net loss of $3,047,695 ($0.06 per share) for the first quarter ended November 30, 2009. The net loss from discontinued operations decreased from $1,036,888 ($0.02 per share) at November 30, 2009 to $86,172 ($0.00 per share) in the current quarter.

Cash Reserves

Following the payment of taxes associated with the sale of the Canadian spectrum assets in Fiscal 2010, and as at November 30, 2010 the Company had cash reserves of approximately $30.5 million. The Company intends to utilize such reserves to execute on its strategies as outlined below and in the Company's most recently filed management discussion and analysis dated January 14, 2011.

Boyd Craig, the Company's President and Chief Executive officer commented on the Company's strategy by stating: "We believe that the sale of our Canadian spectrum assets at a significant profit confirms the value of our spectrum assets.  The Company continues to believe that it is well positioned to execute on its long term strategy of: maintaining regulatory compliance in respect of its existing 4G compatible spectrum assets; acquiring or leasing additional licenses for the rights to 4G compatible spectrum throughout the world at what the Company believes are attractive prices; and pursuing opportunities to maximize the value of its spectrum assets in due course." 

The detailed financial statements for the first quarter ended November 30, 2010, the management discussion and analysis of financial condition and results of operations in relation thereto and the Company's annual information form dated November 24, 2010 are all available for viewing on the SEDAR website at www.sedar.com.

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 2.5 GHz, 2.6 GHz or 3.5 GHz bands in Riverside County in Southern California, United States and in Greece. The CWS Group also has spectrum interests in Norway and New Zealand. 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. 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: craiginfo@craigwireless.com.

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Craig Wireless Systems Ltd.

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