RANCHO MIRAGE, CA, April 14 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for the second quarter ended February 28, 2011. All dollar figures are reported in Canadian currency.


Coachella Valley

As previously announced, in the latter part of the quarter, the Company commenced commercial operations on its newly installed leading edge 4G network in the Coachella Valley (Palm Springs), California and is now marketing its services and is successfully supporting active and revenue generating business customers.

Cash Reserves

As at February 28, 2011 the Company had cash reserves of approximately $26.8 million.  This is the cash remaining following the payment of taxes and expenses associated with the sale of the Company's Canadian spectrum assets in Fiscal 2010, the funding of ongoing operations and the payment of a significant dividend to shareholders of the Company in the amount of $20,536,812 (or $0.40 per share) on July 6, 2010.

The Company intends to utilize such reserves to continue to execute on its strategies as outlined in the Company's most recently filed management discussion and analysis dated April 14, 2011.

Earnings (Loss) Per Share

Consolidated Operations

The Company reported a loss of $3,451,662 ($0.07 per share) for the second quarter ended February 28, 2011, a significant improvement compared to a loss of $5,557,050 ($0.11 per share) for the quarter ended February 28, 2010.

Continuing and Discontinued Operations

The Company reported a net loss of $3,280,329 ($0.07 per share) from continuing operations in the second quarter ended February 28, 2011 compared to a net loss of $5,114,936 ($0.10 per share) for the second quarter ended February 28, 2010. The net loss from discontinued operations decreased from $442,114 ($0.01 per share) at February 28, 2010 to $171,333 (nil per share) in the current quarter.

Boyd Craig, the Company's President and Chief Executive Officer commented on the Company's second quarter results and continuing operations by stating: "Since the sale of our Canadian spectrum assets at a significant profit, which we believe confirms the value of our spectrum assets and the Company as a whole, we continue to pursue opportunities in our current markets and throughout the world. We believe there has never been a better time for our Company to continue to build on our successes and the strength of our team."

The detailed financial statements for the three and six months ended February 28, 2011, 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

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:

Profil de l'entreprise

Craig Wireless Systems Ltd.

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