WINNIPEG, July 17 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless"
or the "Company") (TSX: CWG) announces that it has agreed to amend its
wholesale agreement with Lannet Communications S.A. ("Lannet"), dated October
20, 2006, as amended, for the marketing of WiMAX services (the "Lannet
Agreement"). Under the amendment, the Company and Lannet have agreed to a new,
more limited roll-out plan.
The Company's new deployment obligations are strictly limited to the
requirement to construct fifteen base stations by September 30, 2008. All
subsequent deployments requested by Lannet will be reviewed on the basis of
Lannet's financial and operational capabilities. The fees payable by Lannet,
and the capacity to be used by it, remain as per the existing agreement,
however, the Company has agreed to postpone invoicing Lannet until October 31,
2008 rather than on September 1, 2008.
The Company has completed its network operating centre, and has purchased
all equipment necessary to comply with its deployment obligations. In
addition, the majority of the work necessary to identify locations and
construct the additional base stations necessary to meet the Company's new
roll-out obligations has been completed at this time, noting however, that
additional expenditures will be necessary in connection with the commissioning
of the base stations that have not yet been completed.
David Lazzarato, the Chief Executive Officer of Craig Wireless stated:
"We are committed to our relationship with Lannet, however given the financial
difficulties that Lannet is currently experiencing, it was in the interest of
both parties to deploy the WiMAX-enabled network in Greece in a more
conservative manner. The accord is designed to allow Lannet to work through
its present issues and to ensure that the Company does not expend funds prior
to having agreements in place with parties that we are comfortable can meet
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
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: