Craig Wireless Systems Ltd. announces filing of preliminary prospectus

    WINNIPEG, June 10 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless"
or the "Company") (TSX: CWG), is pleased to announce that it has filed a
preliminary prospectus with the securities regulatory authorities in each of
the provinces of Canada, except Quebec, with respect to a public offering (the
"Offering") of subordinate voting shares of the Company (the "Subordinate
Voting Shares"). The offering price of the Subordinate Voting Shares will be
determined at the time of filing the final prospectus. The Offering will be
conducted on a best efforts basis and will be made through a syndicate of
agents, co-led by National Bank Financial Inc. and Clarus Securities Inc., and
including CIBC World Markets, Cormark Securities Inc. and RBC Capital Markets.
    The Offering is subject to usual conditions, including completion of
documentation and receipt of applicable regulatory approvals.
    It is anticipated that the net proceeds from the Offering will be used by
Craig Wireless for general corporate purposes including for expenses relating
to the commencement of operations in certain of its markets and for operating
expenses, to pursue growth opportunities, including direct or indirect
strategic acquisitions of additional spectrum licenses or rights, and for
other capital expenditures.

    The preliminary prospectus containing important information relating to
the Company and the Subordinate Voting Shares has been filed with the
regulatory authorities in certain jurisdictions of Canada. The preliminary
prospectus is still subject to completion or amendment. Copies of the
preliminary prospectus may be obtained from National Bank Financial Inc. at
(514) 879-2465. There will not be any sale or any acceptance of an offer to
buy the securities until a receipt for the final prospectus has been issued.

    A copy of the preliminary prospectus is also available on the SEDAR
website (

    This press release is not an offer to sell or a solicitation of an offer
to buy securities in the United States. The Subordinate Voting Shares of the
Company have not been and will not be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an exemption from registration.

    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: J. Drew Craig, Co-Executive Chairman, Craig
Wireless Systems Ltd., Tel: (416) 515-2222 ext. 2, email:

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