RANCHO MIRAGE, CA, April 24, 2015 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX-V: CWG) announces the reasons for the recent halt in the trading of its securities.
The resignations of Michael F. Dubois and David Coriat from the Board of Directors effective April 22, 2015 resulted in their being only two directors on the Company's Board. As the TSX-V requires not less than three directors on listed issuer boards, Market Regulation Services halted trading on April 23, 2015.
The TSX-V has since advised Craig Wireless that it has until May 7, 2015 to formalize the appointment of a third Director, failing which the Company's trading on the TSX-V will be suspended.
The Company is working at addressing this matter and hopes to comply by the May 7, 2015 deadline.
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 2.3 GHz, 2.5 GHz, 2.6 GHz or 3.5 GHz bands in New Zealand, Riverside County in Southern California, United States and in Greece. The CWS Group also has spectrum interests in Norway. 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.
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. Not to limit the generality of the foregoing, the forward-looking information set forth in this news release is subject to various risks and other factors including the following: availability of funding; the risks of conducting business in a foreign country; currency fluctuations; in addition to those risks enumerated under the heading "Risk Factors" in the Company's AIF, available on SEDAR at www.SEDAR.com. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Craig Wireless Systems Ltd.
For further information: T. Boyd Craig, Chief Executive Officer and director, Craig Wireless Systems Ltd., phone: (760) 346-3282, email: [email protected]