RANCHO MIRAGE, CA, Jan. 14, 2013 /CNW/ - Craig Wireless Systems Ltd. ("Craig
Wireless" or the "Company") (TSX: CWG), today released its financial results
for first quarter ended November 30, 2012. All dollar figures are reported in
During the quarter, on September 24, 2012, the Company acquired from treasury
additional common shares of Woosh Wireless Holdings Limited increasing the
Company's equity ownership of Woosh Wireless Holdings Limited from 51% to 75%.
Including the recently acquired Woosh Wireless Holdings Limited, revenues were
$3,485,965 during the quarter ended November 30, 2012. Total assets amounted
to $30,807,200 and total shareholders' equity was $25,941,414 at the quarter
end. The Company reported a net loss attributable to shareholders of
$2,344,633 ($0.05 per share) for the quarter ended November 30, 2012. As at
November 30, 2012 the Company had cash reserves of approximately $5.8 million.
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
inGreece. The CWS Group also has spectrum interests
inNorwayandspectrum interest and operations in 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. 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: the realization of income tax refunds
on a timely basis; 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.
Boyd Craig, Chief Executive Officer, Craig Wireless Systems Ltd., email:
SOURCE: Craig Wireless Systems Ltd.
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